222 Asia Pacific’s Brightest Startups Battled for 20 Semi-finalist Quotas in Singapore for HKSTP Elevator Pitch

(Hong Kong, 23 February 2024) – Hong Kong Science and Technology Parks Corporation (HKSTP) successfully completed the first Elevator Pitch Competition 2024 (EPiC) Region Semi-Final in Singapore on 22 and 23 February 2024. A total 222 of the Asia Pacific region’s brightest startups battled for 20 semi-finalist places at the EPiC 2024 Grand Finale in Hong Kong on 26 April 2024. All applicants of EPiC 2024 target US$45 million investment to be arranged[1], qualify for a chance to have up to US$5 million investment by the HKSTP Corporate Venture Fund (CVF), US$240,000 in cash prizes, plus partnership opportunities.

As Hong Kong’s largest incubator, HKSTP integrates high-growth ventures directly into its innovation ecosystem and seamlessly to the HKD2,827 billion (USD 362 billion)[2] economic opportunity in China’s Greater Bay Area (GBA) encompassing Guangdong and the even broader mainland China market and beyond. Guangdong province is China’s largest provincial economy and is projecting 5% GDP growth in 2024[3]. Being in Hong Kong, EPiC forms a critical growth launchpad which positions Asia Pacific innovators at the heart of the Greater Bay Area (GBA) innovation powerhouse and connecting the surging investment and market potential of the globe, Mainland China and beyond.

Eric Or, Head of Partnerships, HKSTP, said: “This first-ever Asia Pacific EPiC semi-final in Singapore is another major milestone in our mission to take EPiC global. By connecting the best SEA startups to Hong Kong’s largest innovation ecosystem of HKSTP, EPiC is now creating a truly pan-Asian growth platform bridging entrepreneurs from South Asia with North Asia.”

The Singapore regional semi-final took place at the Plug and Play office at The Great Room Centennial Tower, with 94 participants in the FinTech track, 65 in PropTech and 63 in MobilityTech. The FinTech and PropTech innovations are on Day 1, with MobilityTech innovations featured on Day 2.

Hosting the first-ever Asia Pacific EPiC semi-final in Singapore is a key step in the EPiC mission to attract the very best startups from around the world. The 222 semi-finalists fiercely competed across FinTech, PropTech and MobilityTech tracks while pitching their innovative ideas and business models in a strict eight-min period with a two-minute Q&A session to a professional judging panel. The shortlisted 20 startups will join fellow semi-finalists from the Silicon Valley semi-final that took place on 18-19 January 2024, with further rounds in Hong Kong (29 Feb 2024) and in Stuttgart in Germany (4-5 Mar 2024), seeing a total 72 semi-finalists selected for the Grand Finale at the iconic Sky100 venue atop Hong Kong’s tallest building, International Commerce Centre. 

[1] Target to arrange USD45 Million investment: Investors (including funds managed by HKSTP CVF, Beyond Ventures, BitRock Capital, Gaw Capital, HKX, InnoAngel, Jafco Asia, Mindworks Capital and Radiant Tech Ventures) will consider investing in applicants (subject to terms and conditions to be agreed between the parties)

[2] Major Social and Economic Indicators (2022) , The Guangdong-Hong Kong-Macao Greater Bay Area Development Office, Constitutional and Mainland Affairs Bureau

[3] 2024 Government Work Report, cnbayarea.org.cn & GDToday  

Photo 3-5: Featured startups showcased FinTech, PropTech and MobilityTech innovations on Day 1-2.