HK high-tech startups get cross-boundary financial support
The special administrative region government has joined efforts with mainland social organizations to give the city’s top young tech entrepreneurs funds to develop their businesses in Hong Kong and mainland markets.
This is Hong Kong’s latest initiative to catch up with other global cities in hightech development.
Ten teams were singled out among a total of 82 applications. Each team — who has been eager to operate in both the city’s and mainland tech industries — was granted HK$450,000 to develop their innovative products and services.
Innovation and technology (I&T) is one of the leading industries valued by the two regions. David Chung Waikeung, under secretary for innovation and technology, said I&T has considerable market value and would help foster the rapid growth of both economies.
“The 10 winning teams are some fresh and young I&T entrepreneurs who conceived a wide variety of high-tech products which are going to invigorate cross-boundary markets,” Chung said.
A total of HK$5.35 million was provided for all prizewinners involved in the tech competition NewGen Innovation and Entrepreneurship Supporting Scheme 2016-17. It was launched by charitable organization Hong Kong New Generation Cultural Association.
Of the total subsidy, the SAR government was responsible for HK$3 million. The rest, HK$2.35 million, is an interest-free loan from the Beijing-based Mingxi Charity Foundation and the Hong Kong Beijing Association.
A spokeswoman for Mingxi Charity Foundation encouraged the city’s young people to extend their vision to the huge mainland market. She said the city’s startups could benefit from the mainland’s vast numbers of consumers.
Mainland organizations are keen to help. Irons Sze, president of the Hong Kong Beijing Association, said: “We hope to contribute our expertise and network in various industries to the winners, and guide them to set up sustainable businesses in both Hong Kong and the mainland.”
The young winners were also upbeat about the mainland market. Ha Yuk-mei, 29, one of the 10 prizewinners, invented an augmented reality eyewear device designated to providing route information for aviators in flight.
Ha said: “We have confidence our product can grow rapidly in aviation industry once it’s launched on the Chinese mainland.”
Ha also said that she has seen huge potential demand for I&T products from techhungry mainland consumers. This encouraged her to participate in the contest.