The following all sound too familiar for a typical startup (including a local Hong Kong startup company) to go through when the founder is aiming for the development of a new product. Figuring out what exactly your minimum viable product (MVP) is, does not take you to the end of the Lean project management. Building it is the next immediate step. Once you have successfully built your MVP for your new Hong Kong business, you will need to measure the responses of customers. Based on their feedback, only you will be able to adjust and improve the demand/supply of your key product. You may even have to make a significant change in your initial product and local HK marketing strategies.

To support all the above daily operations, you will have to go through many steps including some of the following:

• Finding a business partner who will become your new startup company’s co-founding member.
• Execute the company formation in Hong Kong of your new startup business.
• Determine the belonging of the shares capital of each of the founders (including yourself, as the main entrepreneur person).
• When incorporating the business, besides all the paperwork, you will have to appoint a company secretary who will be locally based in Hong Kong. You may not want to hire someone just yet as a secretary or administrative person at this early stage of your startup. Alternative to this is to get a business service agency who can provide a company secretary on behalf of you.
• For your company to be eligible in HK, you must rent an office so you can provide a business address that is based in Hong Kong. You may find renting at this early stage is too expensive, so the alternative is to get a business service agency who can provide you with a valid business address which is physically located in Hong Kong.

Speed in the product development world is essential, especially in the fast moving commercial world in the Hong Kong market. Initially you and your team should simply focus on getting something out there. The main reason behind this is to let you move on to the next step to improve your product through validated learning. Think of it this way: When you are putting your major resources into developing an extra feature beyond the MVP, and you thought it is just a little thing to have, you are making a big mistake. You and your team would be wasting time, manpower, and capital that should have been spent wisely somewhere else. By doing this you could be setting yourself up as the next failed startup in the HK market. Think twice.