(Hong Kong, 19 July 2024) — Hong Kong Science and Technology Parks Corporation (HKSTP) hosted the Graduation Party 2024 for its Ideation, Incubation, and Acceleration Programmes today. This year, a total of 641* startup units from 23 economies have successfully completed the Ideation, Incubation, Incu-Bio, and Acceleration programmes. Nearly 70% of the Incubation Programme graduates will continue their entrepreneurial journey at the Science Park, becoming partner companies focused on advancing the commercialisation of innovative solutions, expanding their businesses globally and showcasing worldwide ambitions.
The number of graduates from the Incubation Programme continues to reach new heights, underscoring the burgeoning strength of the innovation and technology (I&T) ecosystem. HKSTP offers an extensive network that includes public and private sector corporate partners, investors, tertiary institutions, and global I&T enterprises, providing comprehensive support to startups engaged in diverse business sectors, both locally and globally in every stage from ideation, incubation and acceleration stages. The support provided encompasses training, mentorship, facilities, funding, as well as promotion and networking opportunities.
Dr Sunny Chai, Chairman of HKSTP, said, "Hong Kong's position in the global I&T landscape continues to rise. According to the Global Start-up Ecosystem Index Report 2024, Hong Kong first in Asia in the top 100 emerging ecosystems. The development of I&T is the pivotal driving force behind Hong Kong's new economic growth. It is gratifying to see a record number of graduates this year, each contributing a continuous stream of talent and creativity to our region. HKSTP has consistently provided comprehensive support to startups at various stages of their entrepreneurial journey, aiding in the commercialisation of their innovative ideas and fostering success. Some companies have even achieved recognition on the global stage, underscoring the essential role of our I&T ecosystem in nurturing startups and creating long lasting global impact."
HKSTP also announces the launch of the new global branding initiative "Keep Up," a powerful call to action for the tech community to sustain and accelerate innovation momentum. This campaign champions a relentless pursuit of progress, celebrating and propelling Hong Kong's innovative technology onto the global stage.
Professor Dennis Lo, Scientific Director at the Centre for Novostics and the world's first inventor of non-invasive prenatal testing, along with Ms Vriko Yu, Co-founder & CEO of Archireef and a pioneer in using 3D printing technology for coral reef restoration, attended the graduation party. They shared the various challenges encountered on their innovation journeys and discussed the spirit of the "Keep Up" initiative. Additionally, this year, HKSTP launched the Startup Booster Programme, which selected five high-potential Hong Kong startups for a six-month training and business development programme in Silicon Valley in the US, in early May. Embodying the "Keep Up" spirit, these pioneering entrepreneurs also shared their recent experiences from Silicon Valley at the graduation party.
This year's cohort of graduating units totals 641, with 545 completing the Ideation Programme, 74 graduating from the Incubation Programme, 12 from the Incu-Bio Programme, and 10 from the Acceleration Programme. These units come from 23 economies, including Hong Kong, China, Australia, France, Germany, India, Italy, Korea, New Zealand, Singapore, Thailand, US and the UK.
To harness this substantial I&T strength, HKSTP has established the “HKSTP Startups Alumni Association (HKSTP SAA)”. All graduating units are eligible to join. Currently, the HKSTP SAA boasts over 560 members who continue to support each other on their innovation journeys by sharing knowledge, experiences, and networks to drive the long-term development of the community. Additionally, the HKSTP SAA supports startups currently participating in HKSTP's Incubation Programme by helping them grow and contribute back to the community.
The Ideation programme, lasting up to one year, supports entrepreneurs from business model design to fundraising and provides seed funding up to HK$100,000.The three-year Incubation programme offers comprehensive support, including funding assistance of up to HK$ 1.29 million. The four-year Incu-Bio programme provides startups with access to advanced laboratories essential for translational research and offers financial support of up to HK$ 6million to alleviate R&D costs. The two-year Acceleration programme aids startups in driving business development, rapidly enhancing profitability, and includes financial support of up to HK$ 4.8 million.
In addition, HKSTP invites experienced industry professionals to mentor these startups. These mentors share their knowledge and experience, offering guidance on business strategy and operations to help these enterprises thrive on their entrepreneurial journey.
*The 2024 graduate cohort included those in HKSTP’s Ideation, Incubation, Incu-bio and Acceleration Programmes between 1 April 2023 and 31 March 2024.
