Recog­ni­tion as to­mor­row’s en­trepreneurs scoop awards

China Daily (Hong Kong) - - HK | BUSINESS - By DENG YANZI in Hong Kong iris@chi­nadai­lyhk.com

Eleven lo­cal en­trepreneurs won the Hong Kong Young En­tre­pre­neur Awards at a cer­e­mony on Tues­day for their in­no­va­tive busi­ness ideas, as well as their pas­sion for en­trepreneur­ship.

At the event, or­ga­nized by the Hong Kong Young En­trepreneurs As­so­ci­a­tion, the young busi­ness­peo­ple and their com­pa­nies were com­mended for the cre­ativ­ity of their busi­nesses, fi­nan­cial abil­ity, po­ten­tial for fur­ther de­vel­op­ment and mar­ket­ing per­for­mance.

Ocean Three De­vel­op­ment Ltd — an on­line and brick-and­mor­tar ven­dor of lux­ury foods — scooped the top award with the high­est mark among the win­ners. Apart from its on­line store, the com­pany has opened up seven shops across Hong Kong.

Ocean Three founder Hamish Ho Chi-chung said his com­pany is com­mit­ted to launch­ing a new prod­uct or ser­vice ev­ery three months to stay ahead of the mar­ket.

He pointed out that in Hong Kong , the busi­ness side of en­trepreneur­ship seems to have been left out as many “suc­cess­ful” lo­cal com­pa­nies mil­lion are, in fact, still strug­gling to sur­vive.

“Ma ny b i g m o b i l e a p p star­tups in Hong Kong, such as GoGoVan, are well known for be­ing able to raise a large amount of money, while they are hardly a prof­itable oper­a­tion. But, their sto­ries do have some im­pact on how we think busi­ness should work,” Ho said.

Vet­eran en­trepreneurs at the cer­e­mony en­cour­aged young peo­ple to ex­plore op­por­tu­ni­ties in Shen­zhen and other parts of the Chi­nese main­land.

“En­trepreneurs should now think out­side of Hong Kong and keep a global vi­sion to grow big­ger,” said Wit­man Hung Waiman, pres­i­dent of the In­ter­net Pro­fes­sional As­so­ci­a­tion and chair­man of the com­pe­ti­tion’s panel of judges.

While the awards value the en­ter­prises’ oper­a­tion and prof­itabil­ity, the or­ga­niz­ers em­pha­sized how the win­ners have plowed through with their en­tre­pre­neur­ial spirit.

C i t i n g a s u r v e y, w h i c h showed that more than 60 per­cent of Hong Kong peo­ple do in­tend to start a busi­ness although only a quar­ter of them have ex­e­cuted it, Hung praised the courage of the awardees for their con­tin­ued ded­i­ca­tion to their ideals.

Christina Ye­ung, one of the win­ners and founder of pet ac­com­mo­da­tion provider Dog Cheers, be­lieves that pas­sion is cru­cial to all en­trepreneurs.

“It’s hard to start your own com­pany. This is the sec­ond award we’ve re­ceived since we started last year, and I think we’re rec­og­nized for our work be­cause we truly be­lieve that our ideas will make a con­tri­bu­tion to so­ci­ety,” she said.

Govern­ment sup­port for lo­cal en­trepreneur­ship has been stepped up in re­cent years as Hong Kong seeks to di­ver­sify its eco­nomic struc­ture and cre­ate jobs by pro­mot­ing in­no­va­tion and en­trepreneur­ship.

The govern­ment launched a HK$300-mil­lion Youth De­vel­op­ment Fund in July this year to help young peo­ple wish­ing to start an en­ter­prise, and set up a HK$2-bil­lion In­no­va­tion and Tech­nol­ogy Ven­ture Fund to in­vest in tech­nol­ogy star­tups in the city.

the value of the govern­ment’s Youth De­vel­op­ment Fund launched in July this year

ED­MOND TANG / CHINA DAILY

Young peo­ple walk in a col­lege cam­pus in Hong Kong. Eleven lo­cal en­trepreneurs won the Hong Kong Young En­tre­pre­neur Awards on Tues­day, with vet­eran en­trepreneurs en­cour­ag­ing the SAR’s younger pop­u­la­tion to ex­plore busi­ness op­por­tu­ni­ties in Shen­zhen and other parts of the Chi­nese main­land.

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