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Taking an entrepreneurial path is like diving into the unknown.  Even if you have a deep passion and a clear vision, it’s no easy feat to navigate the many unexpected hurdles.  Studies say 98% of startups fail within three years, so how can you ensure yours won’t?

A SpeechAI startup spun out from the University with the support of HKU TSSSU and HKSTP IncuTech has now developed into a leading provider of performance language AI solutions. Fano Labs was set up in 2015 by Professor Victor Li, Chair Professor of Information Engineering, and his then PhD student Dr Miles Wen. Fano’s development has been supported through multiple rounds of funding secured from key investors including Gobi Partners, Openspace Ventures, and Horizons Ventures, the private investment arm of Mr Li Ka-shing.  

Below is Professor Li’s advice to empower aspiring students to embark on their own startup odyssey. A video of Professor Li’s sharing is also available here.
 

1. Validate your idea
Before diving into a startup, ensure that your idea or technology has a viable market. Conduct thorough market research to identify your target audience, their needs, and potential competitors.

2. Develop a strong business plan
Having a well-structured business plan is crucial for the success of your startup. Outline your objectives, target market, revenue streams, marketing strategies, and financial projections.

3. Build a diverse team
Assemble a team with varied skill sets, backgrounds, and experiences that complement your own. This diversity will contribute to better problem-solving and decision-making processes.

4. Networking
Establish connections with experienced entrepreneurs, mentors, and industry professionals to learn from their experiences and seek guidance. Attend conferences, workshops, and networking events to expand your professional network.

5. Be prepared for challenges
Entrepreneurship is a demanding and unpredictable journey. Be mentally prepared for setbacks, financial challenges, and market fluctuations. Develop resilience and adaptability to navigate through difficult times.

6. Manage your time and resources wisely
As a research student, you may have academic responsibilities as well. Prioritise your time and energy to balance both your research and entrepreneurial pursuits.

7. Acquire business skills
Complement your research skills with business acumen by learning about marketing, finance, and management. You can enrol in courses, attend workshops, or seek mentorship to develop these skills.

8. Be open to feedback and learning
Continuously seek feedback from your customers, mentors, and peers. Be open to criticism and use it to improve your product, service, or business strategy.

9. Protect your intellectual property
If your startup is based on a novel research idea, ensure that you protect your intellectual property through patents, copyrights, or trademarks.

10. Be patient and persistent
Success in entrepreneurship does not happen overnight. It requires dedication, hard work, and perseverance. Stay focused on your goals, learn from failures, and adapt to the ever-changing market landscape.

Remember that the entrepreneurial journey is a learning experience, so take each challenge as an opportunity to grow and develop both personally and professionally.

Professor Victor O.K. Li, BBS, is Chair of Information Engineering and Cheng Yu-Tung Professor in Sustainable Development (until June 2023) in the Department of Electrical and Electronic Engineering at HKU.  He is also a Fellow of the Hong Kong Academy of Engineering Sciences, the IEEE, the HKIE, and the IAE.

Professor Li co-founded Fano with his then PhD student Dr Miles Wen in 2015 and is currently the Chairman of its Board. Fano is an award-winning company specialised in speech recognition and natural language processing technologies, and the only AI company specialising in mixed languages. Visit its website at https://fano.ai for more information.