Hong Kong offers incubation programme for startups
Hong Kong is offering an incubation programme to boost the potential of domestic and international startups in the global market, the Hong Kong Science and Technology Parks Corporation (HKSTP) told The Nation on Friday.
This move aims to support the special administrative region’s bid to create a thriving innovation and technology ecosystem that attracts talent and allows possibilities for the development in fields of medical technology, big data and artificial intelligence (AI), robotics, new materials, microelectronics, financial technology and sustainability.
“We want to let the world know Hong Kong is an international research and development hub, and we can attract people from all over the world to see what opportunities are in Asia,” said Albert Wong, chief executive of the science park.
As Hong Kong's market is still small, the science park’s head of partnerships Eric Or said many activities are being prepared to enable startups to expand abroad, especially in Southeast Asia, the Middle East and the US.
“Southeast Asia and Thailand are our next target markets, so we want [startups] to expand to Thailand in the construction business,” he said.
Asked if there is any plan to boost the potential of Thai startups, he said the science park would attract them to take part in the incubation programme so they will be able to access bigger markets like mainland China.
The science park is planning to attract Thai startups to Hong Kong in the second half of this year, he added.
Incubation programme
Similar to Thailand, several startups in Hong Kong say they have faced difficulties doing business, especially in terms of funding, advertising and expansion abroad.
To tackle these issues, HKSTP’s incubation programme will enable startups to go through from zero to doing business:
• Ideation: Startups that have not come up with ideas will receive support to get inspiration for operating their business.
• Incubation: Startups will be allowed to develop their products and/or innovation. Also, the science park will enable them to access customers and investors if their development goes well.
• Acceleration: Startups will receive support to accelerate their business’ growth.
• Global expansion: Startups will be encouraged to expand their business abroad, which will offer more opportunities for them.
With support on facilities and business models, the science park has more than 13,000 research professionals and more than 1,400 technology companies so far.
“The incubation programme will go on for three years,” Wong said. “Each startup can get a reimbursement of up to HK$1.2 million [5.67 million baht] for product development.”
Because not all startups will succeed, he advised them to have a strong belief and commitment to doing business. “Being a startup is very frustrating, very difficult and very long. But it is a worthy journey,” he said.
Startup competition
HKSTP also held an Elevator Pitch Competition (EPiC) event, which allows startups worldwide to showcase their innovation and technology, and mark their milestone on global expansion.
“At the same time, we want multi-international startups to recognise Hong Kong as an innovation and technology hub, and expand their market in China and Asia,” Eric Or said.
He expects the competition to be expanded to other countries, so more and more startups will be able to expand their business abroad.
As many as 603 fintech, property tech and mobility tech startups from 47 economies participated in the competition from January to April this year, including from China, Singapore, the United Arab Emirates, South Korea, the US, Germany, Italy and Australia.
During the grand finale at the International Commerce Centre in Hong Kong on Friday, Germany-based mobility tech firm Tozero won the competition for a plan to establish Europe’s leading lithium-ion battery recycling plant in a bid to create a circular economy.
Singaporean firm Bizbaz and Chinese counterpart Roboticplus.AI were named winners in the fintech and proptech categories respectively.
Bizbaz introduced AI and data analytic tools to support entrepreneurs in doing business. Roboticplus.AI, meanwhile, offers intelligent robotic solutions to support construction and manufacturing sectors.
These companies were awarded cash prizes, including US$80,000 (2.97 million baht) for Tozero and $20,000 each (742,000 baht) for Bizbaz and Roboticplus.AI. They will receive invaluable opportunities to access investors' funding and business expansion abroad with the science park’s support, according to HKSTP.
