Hong Kong’s risk-averse attitude must change to foster more successful hi-tech entrepreneurs and start-ups, local industry leaders urged, as the city struggles to build its own innovation and technology ecosystem that could rival those of other major cities in Asia.
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A risk-taking culture needs to take root in the city, which would help young entrepreneurs expand their horizons and not be afraid to fail, as they sharpen their efforts to develop new businesses in the hi-tech field, according to panellists at the latest edition of the “Redefining Hong Kong” series organised by the South China Morning Post on Thursday.
“It’s important to not just focus on winning ultimately,” said Norma Chu, co-founder and chief executive of Hong Kong cooking and lifestyle digital publisher DayDayCook. She recalled her struggles to hire local talent in 2012, when her company – formally established as Grand Leader Technology – started its operations.
As an example of Hong Kong’s risk-averse attitude, Chu said her local team turned down an opportunity to relocate to Shanghai in 2016, as DayDayCook expanded its operations in the world’s second largest economy.
Norma Chu, co-founder and chief executive of DayDayCook, speaks at the latest edition of the “Redefining Hong Kong” series, organised by the South China Morning Post, held on Thursday at the JW Marriott Hotel in Admiralty. Photo: K Y Cheng
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Efforts in Hong Kong to change that mindset have taken on more significance amid increased competition for talent, capital and start-ups with other hi-tech hubs like Singapore, Israel and Silicon Valley. Governments worldwide are tapping the opportunities thrown up by the array of new technologies that have emerged in recent years, while trying to minimise the impact that these disruptive forces may have on current jobs and industries.
In February, the Hong Kong government doubled down on its support for innovation and technology by setting aside a HK$45 billion funding package in its latest budget. That package will finance initiatives that include the IT Innovation Lab programme in secondary schools; the refurbishing of research laboratories and other related facilities in government-funded universities; and further support for the Innovation and Technology Fund to launch a re-industrialisation scheme.
