HKSTP Accelerates the Growth of Hong Kong’s Technology Start-ups and Innovation & Technology Sector with the HKSAR Government’s $10 billion Injection

Albert Wong, Chief Executive Officer of HKSTP announcing the launch of the first phase of roll-outs utilising the HK$10 billion funding support provided by the HKSAR Government.

George Tee, Chief Technology Officer, HKSTP together with the incubatees and partner companies based at Hong Kong Science Park are pictured discussing how HKSTP’s new resources could foster the development of the city’s start-ups and the I&T ecosystem.

HKSTP organised a global signature start-up event – the Elevator Pitch Competition 2018. One hundred start-ups from 24 economies, who were competing for funding investment, were given one minute to pitch their innovative ideas to judges whilst taking an elevator ride at the ICC.

(Hong Kong, 26 October 2018) - Hong Kong Science and Technology Parks Corporation (“HKSTP”) today announced a wide array of new initiatives and enhanced programmes and support services aimed at strengthening and accelerating the growth of Hong Kong’s Innovation and Technology (I&T) sector and start-ups.

These new measures are the first phase of roll-outs utilising the HK$10 billion funding support provided by the HKSAR Government.  The measures focus on achieving a few key objectives: nurturing start-ups of different stages to achieve their next level of growth; enhancing the Park’s current suite of value-added services to attract talent and funding; building a strong and robust portfolio of I&T companies, thereby creating new opportunities for business and employment and eventually strengthening the whole I&T ecosystem in Hong Kong.

Albert Wong, Chief Executive Officer of HKSTP, said, “The time is now for us to capture the global opportunities and make Hong Kong truly competitive on the I&T landscape. The HKSAR Government is fully committed to growing Hong Kong’s I&T sector, and HKSTP plays a central role in building a strong and vibrant I&T ecosystem here. We must leverage the core strengths and strong fundamentals that Hong Kong enjoys as an I&T Hub, to build the critical mass that can eventually attract more technology companies, talent and investment to our shores. In the long run, we all stand to benefit and improve the betterment of the community.”

Understanding that all start-ups require different types of support throughout their business lifecycles, substantial efforts have been placed in enhancing funding and value-added services, in line with their needs.

HKSTP will introduce a new seed funding initiative called the “Science and Technology Entrepreneur Programme” (STEP) to provide financial support for budding start-ups and young technopreneurs. “We recognise that there are individuals out there with great ideas for a new or disruptive technology. Often, the challenge is that they don’t know where to go for advice or how to turn their ideas into a product. This new programme will assist them in crystallising their ideas or business plans and make the right connections within our ecosystem,” said Albert.

To introduce more industry and professional partners to Hong Kong’s I&T ecosystem, HKSTP will proactively connect with incubation and acceleration programmes run by the other organisations. The Global Acceleration Academy (GAA), which HKSTP currently partners with international industry leaders to develop thematic programmes, will expand the scale and support for Hong Kong startups to get into industries and overseas markets successfully. At the same time, HKSTP will enrich the Leading Enterprises Acceleration Programme (LEAP), which is designed to nurture high potential enterprises into regional or global companies and prepare them for public listing or M&A (mergers and acquisitions).

HKSTP will also expand its current Corporate Venture Fund (CVF), a co-investment fund that combines HKSTP’s resources with investors from the private sector. CVF assists high-potential startups in raising seed to Series A funding through encouraging more private funding from angel and VC investors to expand Hong Kong’s startup ecosystem.

With talent being the crucial element for a vibrant  I&T ecosystem, HKSTP will also provide accommodation support to attract overseas technology talent to come to Hong Kong and add to the pool of local talent, as part of its enhanced value-added service.

HKSTP will also woo high-potential companies with groundbreaking technologies and pioneering R&D capabilities from all over the world to move to Hong Kong. This initiative aims to attract these companies to invest long-term into Hong Kong, bringing new ideas, collaboration opportunities as well as talent to the I&T sector. This will help establish a robust portfolio of startups and enterprises, thereby strengthening the Park’s I&T ecosystem further.

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