At the recent Entrepreneur Day (E-Day), some of Hong Kong’s major start-up ecosystem players evaluated funding and development opportunities at a special session on Start-up Express International – the international edition of the long-standing Start-up Express support programme of the Hong Kong Trade Development Council.
Jayne Chan, Head of Startups at Invest Hong Kong, acknowledged the difficulties start-ups face in securing funding, while highlighting the range of Government initiatives supporting innovation and technology (I&T).
“The Hong Kong Government has been putting more financial resources into funding programs than ever before,” Ms Chan said.
Recent measures from the Chief Executive’s 2024 Policy Address included a new HK$10 billion fund of funds, which will pool capital from different sources to systematically build an I&T ecosystem in Hong Kong.
The Chief Executive also announced plans to reallocate HK$1.5 billion from the Government’s Innovation and Technology Venture Fund for joint investment vehicles, run in collaboration with market players, to back start-ups in strategic industries.
“The Hong Kong Government is investing in VCs and other types of investors to encourage them to invest in Hong Kong start-ups,” Ms Chan said. “There’s money being put into that as well.”
To support its I&T ambitions, Hong Kong’s Government is also building a new innovation hub as part of its Northern Metropolis development.
This includes a Hong Kong-Shenzhen Innovation and Technology Park (HSITP) – currently under construction – located on the border between the two cities to facilitate cross-border exchange of information, capital and people.
“We want to help mainland companies to go overseas, and also to help foreign companies enter the China market,” said HSITP’s Associate Director of Ecosystem Development, Mike Lam.
HSITP has signed up 59 partners – including banks, incubators and investors as well as research institutions from Australia, Asia, Europe and the US – who can work with start-ups to help them grow, Mr Lam explained.
“We are working very hard to create a tech ecosystem to support our future start-ups,” he said.
The discussion also featured seven Start-up Express International 2024 winners who presented their solutions and growth plans during on-stage presentations.
Start-up Express International’s 10 winning entrants include five winners who specialise in healthtech and medtech, reflecting the breadth of innovation within these sectors.
Wuxi Yingzhui Technology Development is using Eucommia gum, which is native to China, to make rehabilitation medical aids and heat-sensitive wearables. South Korea’s GeoVista, which provides medical treatment for pets, is commercialising four development pipelines for animal health. Among winners from ASEAN, Zoala, a mental wellness platform from Singapore, works with schools to prioritise mental health.
Among winners hailing from further afield, Your Sound Therapeutics from Australia is personalising sound therapy to help enhance people’s mental, emotional and physical health. EveryBaby from Ireland offers a cost-effective and user-friendly diagnostic tool to improve prenatal care.
Another three winners are focusing on environmental and green solutions, as interest and demand in these areas continues to rise. AquaViolet, a spin-off from the National University of Singapore, disinfects water in fish farms and other water-based systems using ultraviolet rays.
French start-up Bioteos uses microscopic algae to purify the air in polluted urban environments. EntoSus from Germany has developed a semi-automated farming system to harvest crickets, as an alternative source of protein.
The programme’s final two winners operate in e-commerce and fintech, two other transformational growth sectors. Qatari fintech firm Qaiver offers an alternative credit system for areas such as microloans and remittances. US-based ChurchSpace, which describes itself as the Airbnb of churches, provides a marketplace to help churches monetise under-used space.
Now in its third edition, Start-up Express International helps promising tech ventures from outside Hong Kong to establish a presence in the city and expand to regional markets. More information on the 2024 winners can be found here.
