Startups urge cutting red tape in I&T
Local startups are optimistic about the city’s innovation and technology (I&T) prospects with the hefty support endorsed by the SAR government, but many hope more red tape can be cut to ensure their competitiveness in today’s ever-changing tech industry. Timely funding is a necessary catalyst for startups’ success and lengthy application procedures may stand in its way, a group of young entrepreneurs emphasized to Chief Executive Leung Chun-ying on an online radio program on Monday. Raymond Yeung, founder and customer journey officer of Riverland, which offers marketing solutions for startups, said that the I&T support proposed in the latest Policy Address is “promising” but needs to be provided with a sense of urgency. Yeung added that the city’s I&T industry is still lagging behind that of many Western cities in term of innovativeness and sophis- tication of technology. “Many local startups have come up with a lot of original ideas, but they need a quick push by the government so that they can speed up to vie with overseas rivals,” he said. In response to the stakeholders’ concerns, Leung said that the government may augment the support to create a more favorable environment for startups. Leung also encouraged tech startups to grab existing opportunities to translate their ideas into prototypes, so as to breed a startup-friendly atmosphere for the whole city. Hong Kong will strive to create more platforms for all stakeholders in I&T-related industry, including startups and investors, to exchange ideas and identify cooperation opportunities, said Secretary for Innovation and Technology Nicholas Yang Wei-hsiung on the same online radio program. Yang added that the upcoming 87-hectare science park in Lok Ma Chau Loop, a joint project by Hong Kong and Shenzhen, is a prime opportunity that local startups can utilize to unleash their potential and promote their products and services outside Hong Kong. With the geographical vicinity to the nation’s top manufacturing base Shenzhen, the new science park in Lok Ma Chau Loop is expected to deliver another impetus to the city’s I&T industry. However, entrepreneurs said that the remote location of the park might be a discouragement for some I&T talents, as many of them might feel exhausted commuting to and from the northern border of the city. “If residential rental units are to be provided in the park, this may offer some incentives to attract talents to stay and work in the site,” suggested Oswis Wong, founder of Air Button Technology, a tech startup on creative buttons attached to Android smartphones as shortcuts to many designated functions.