customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

knowledgeQuestion

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Raymond Yeung

A group of industrialists and entrepreneurs have pledged their support for start-ups by creating a HK$10 million investment fund as well as networking opportunities with the city’s elite.
Established by the Federation of Hong Kong Industries, the Hong Kong Startup Council would act as a platform for up-and-coming companies to engage investors, while receiving assistance on aspects ranging from bookkeeping and logistics to patent registration.
The initiative is in line with Financial Secretary John Tsang Chun-wah’s budget this year, where he announced the establishment of a HK$2 billion innovation and technology matching fund to boost support for technology start-ups.
But council chairman Jack Yeung Chung-kit said what they offered was not just monetary support, but a network of experts to give start-ups a shortcut to getting into their targeted industries.
“The [Federation of Hong Kong Industries] represents 32 industry groups, which means we know people from everywhere,” he said.
Project to offer US$30,000 in seed funding to five Hong Kong start-ups
But applicants would need to meet certain requirements: they must have a business registration and must not be operating in the city for more than five years. A four-member advisory committee would then vet applications based on their individual merits and potential.
Those selected would then join a six-to-nine months programme, guided by industry professionals. Mentors from specific business fields would be paired with young entrepreneurs to help iron out obstacles.
Karmen Yeung Ka-yin, who is one of the mentors, pointed out that start-ups often neglect the importance of maintaining a sound financial statement.
“Tidying your books is vital for any company to maintain a good relationship with banks, as well as the prospects of future listing,” she reminded entrepreneurs.
At the end of the programme, a demo day would be organised for start-ups to make their pitch to the panel for a chance to win a grant of up to HK$10 million. After that. the programme would start again, covering different themes each time such as the internet of things, robotics or artificial intelligence.
The number of start-ups has grown rapidly in recent years. According to InvestHK, there are now 1,600 start-ups in the city, a 50 per cent jump compared with 2014.
The science park in Sha Tin has been earmarked to provide an additional 70,000 sq m of floor space by 2020, with the government bearing half of the HK$4.4 billion construction costs.


12 successful women entrepreneurs in Southeast Asia whose names you should know

How artificial intelligence makes travel safer during Covid-19 and city commuting easier

‘Time and place no longer a factor’ for businesses, says wine entrepreneur Bernice Liu 

Make it rain: Chinese entrepreneurs turn snow into hot commodity

Entrepreneurship

HK$10m up for grabs as new council aims to give start-ups in Hong Kong a helping hand

Hong Kong Startup Council. Photo: Jonathan Wong

News

Hong Kong

Hong Kong economy

Business

New Hong Kong Startup Council launches programme where companies are shown the ropes by industry experts, and stand a chance to win a grant


SCMP Education