With an acceptance rate of a dismal 1 percent, getting into 500 Startups’ accelerator program is definitely not easy. To put that number into perspective, Stanford’s fall 2012 acceptance rate is a more encouraging 6.6 percent.
Now, to work on a bitcoin startup and get accepted into the prestigious accelerator program, that is even more challenging.
So how did CoinPip, a bitcoin wallet service and payment solution for merchants in Asia started in January 2014, get accepted into 500 Startups Batch 11?
Back in 2010, the seeds of CoinPip were already planted when Ben Bernanke announced Quantitative Easing (QE) infinity. Anson Zeall, now founder of CoinPip, was then a successful hedge fund manager returning 35% P.A. for investors. He thought it was time for something else when he heard the news. A friend of his then introduced him to bitcoin and he jumped in.
Within a short span of 1 year, the company has expanded operations quickly into neighbouring countries – Indonesia, Taiwan, Hong Kong, Singapore, Philippines and even the USA. However, not all was easy and smooth sailing. In mid 2014, the company was running out of money. Around this time, a group of startups in Singapore, together with CoinPip, started the Association of Cryptocurrency Enterprises and Startups Singapore (ACCESS). This caught the attention of Sean Percival – venture partner at 500 Startups and the road to securing their seed funding began.
The first secret is – Do something big and bold to show your belief
This coming Friday, 17th July, Anson Zeall will be sharing with participants of Startup Weekend Asia-America in person, his personal story of overcoming all obstacles to finally building a company in the Bitcoin space that spans across countries in Asia and America.
See you there!
Startup Weekend Asia-America
July 17th-19th, 2015