PolyU Innovation and Technology Forum addresses barriers for Hong Kong start-ups and investment

The Policy Research Centre for Innovation and Technology (PReCIT) of The Hong Kong Polytechnic University (PolyU) concluded its fourth Innovation and Technology Forum Series with the theme of “Breaking Barriers for Hong Kong’s Start-ups and Investment”, gathering leaders and stakeholders from the I&T ecosystem, policymakers, entrepreneurs and investors to contribute ideas in-person and online about how to support the growth of start-ups and research commercialisation.

Dr Miranda LOU, Executive Vice President of PolyU, said, “To propel the growth of start-ups in Hong Kong, a supportive environment, facilitating policies and strong incentives are essential

for attracting talents to commercialise their research and innovations. Through different initiatives, PolyU has nurtured more than 480 startups, including more than 50 academic-led initiatives, 4 unicorns and quite a number of ponies. Our first-in-Asia ‘GBA Start-up Postdoc Programme’ is progressing well in nurturing technopreneurs.”

At the Forum, Mr Hendrick SIN, Co-founder and the Vice Chairman of CMGE and Founding and Managing Partner of China Prosperity Fund; Mr Chris SHUM, Founder and Chief Financial Officer of Asiabots Limited; Dr Abraham LAM, Founder and Chief Executive Officer of MEGA Automation Limited; and Mr Hugh CHOW, Executive Director of The ESG Consortium delivered keynote presentations covering topics on how start-ups secure early-stage funding, the significance of incorporating environment, social, governance (ESG) elements into business development strategies, leveraging opportunities in the Greater Bay Area (GBA) to scale up businesses and how policies can boost entrepreneurial spirit. They also exchanged ideas with participants during the panel discussion.

Policy recommendations proposed at the Forum include: shortening funding application time, expanding the scope of funding support, increasing funding flexibility, establishing a quality assessment mechanism for investors and increasing adoption of new local technologies.

Start-ups are advised not to solely focus on funding, but to also identify the right investors and industry, and understand that business development prospects and market situation can help with financing. Seeking partnerships and strategic alliances to gain resources and knowledge, and to build a sustainable business model from the start are essential to long-term success.

For start-ups looking to tap into the GBA market, seeking support from the Qianhai government for affordable incubation space and resources is also recommended.

The Forum was co-organised by PolyU’s Department of Applied Social Sciences and the Knowledge Transfer and Entrepreneurship Office, and supported by the Hong Kong Cyberport Management Company Limited.

Founded in 2022, PReCIT is a University-level interdisciplinary policy research centre. Led by Prof. Christopher CHAO, Vice President (Research and Innovation) of PolyU and Director of PReCIT, and Prof. Eric CHUI, Co-Director of PReCIT and Head of Department of Applied Social Sciences of PolyU, PReCIT’s primary areas of research include carbon-neutral cities, Greater Bay Area I&T development and the Belt and Road Initiative development in Southeast Asia.