HKSTP Wants to Cultivate Startups at Every Point of Their Life Cycle in Hong Kong with HK$10 Billion Fundingby Fintech News Hong Kong October 29, 2018
Hong Kong Science and Technology Parks Corporation (HKSTP) announced new initiatives, enhanced programmes and support services aimed at strengthening and accelerating the growth of Hong Kong’s tech sector, with a particular focus on startups.
These new measures are the first phase of roll-outs utilising the HK$10 billion funding provided by the HKSAR Government.
Programmes to Tackle Startup Needs at Different Phases
Some of the new programmes include a new seed funding initiative called the “Science and Technology Entrepreneur Programme” (STEP) to provide financial support for budding start-ups and young technopreneurs with disruptive ideas that need a bit of help turning it into a product.
To this end, the HKSTP will be connecting with incubation and acceleration programmes run by other organisations.
For more mature startups, there is the Global Acceleration Academy (GAA) leveraging HKSTP’s current partnerships with industry leaders across the glove to expand the scale and support for Hong Kong startups to get into industries and overseas markets.
The corporation will also be enriching its existing Leading Enterprises Acceleration Programme (LEAP) which was made to nurture what the company deems as high potential enterprises into regional and global companies to prepare them for public listings or mergers. At this juncture, it is not yet clear what the aforementioned enrichment would entail.
And finally, 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.
HKSTP will also launch the Global Acceleration Academy (GAA), where 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).
Attempting to Strengthen Hong Kong’s Tech Hub Status in Asia
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 and building a strong and robust portfolio of I&T companies in the region.
This development marks a crucial potential for disruptive fintech companies that could further push Hong Kong’s fintech scene above and beyond its international contemporaries.
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 information and technology 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 information and technology 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.”
On top of these startup-geared efforts, HKSTP will also be attempting to curate talent within the Hong Kong region with accomodations to support overseas tech talents to lend their expertise.
The corporation will also be attempting to 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.