Opinion | John Lee must ensure support for technology development and innovation in Hong Kong meets real industry needs
- Pouring money into developing new technology without strengthening the market it is destined for means many tech start-ups won’t survive
- What is needed is a self-sustaining system that connects start-ups and research institutes with industry leaders and consumers, so that all needs are met
Chief executive-elect John Lee Ka-chiu said in the outline for his new government that Hong Kong can have no future without technological innovation. He vowed to develop the city into an international innovation and technology hub, as outlined in China’s Greater Bay Area plan and the 14th five-year plan.
The list goes on. Various schemes are being set up to encourage local industries to develop new technologies. In 2020, the Public Sector Trial Scheme made a special call for projects related to combating Covid-19. It approved 63 projects, with funding of over US$12.9 million.
In addition to financial support, the government continues to offer space for nurturing innovation in the form of the Science Park and Cyberport, going some way to solve a pressing problem for start-up tech companies in the city: the sky-high price of real estate.
All these measures are steps in the right direction. However, the underlying assumption is that innovation and technology are independent and self-sustaining fields. In other words, there is a lack of connection between plans for development on the one hand, and existing local industries and the local market on the other.
To boost the city’s innovative capacity, we must build supply chains between innovators and local industries. This would not only boost technological innovation, but also support Hong Kong’s re-industrialisation scheme.
