China’s Ministry of Science and Technology has named Hong Kong Science and Technology Parks Corporation (HKSTP) as a “State-level Scientific and Technological Enterprise Incubator”, marking the mainland’s first such honor to a Hong Kong entity.
The label is in recognition of the efforts that the HKSTP has made in providing incubation and support services to Hong Kong innovation and technology startup enterprises, according to a press release from the Hong Kong government.
Nicholas Yang, Hong Kong’s Secretary for Innovation and Technology; Professor Huang Wei, China’s Vice Minister of Science and Technology; and Fanny Law, the chairperson of HKSTP, officiated at a plaque unveiling ceremony last Friday.
Promoting innovation development is the common goal of the central and Hong Kong governments, Huang was quoted as saying.
The mainland official believes that the resources dedicated to technology and innovation at HKSTP, coupled with financial and investment capabilities of the city, provide a great advantage for Hong Kong startups venturing into the Chinese market.
Hong Kong enjoys the staunch backing of China, and the Chinese market is always the first choice for Hong Kong startups, said Law.
The award will boost investors’ confidence in HKSTP and strengthen exchanges and cooperation with startup incubators in foreign countries, she said.
‘Startup Incubator’ is a collaborative program designed to help new startups succeed. Incubators help entrepreneurs solve the problems commonly associated with running a startup by providing workspace, seed funding, mentoring, and training services.
HKSTP offers three incubation programs, namely Incu-Tech, Incu-App and Incu-Bio, to nurture start-ups focused on developing technology for healthy aging, smart city and robotics projects, three key strategic areas that the Park has identified as being most beneficial to the city’s re-industrialization.
Since the programs’ inception, HKSTP has incubated over 500 entities. As of date, the incubatees operating under the programs have been able to attract over HK$2 billion in investment, and the entities had won over 500 industry awards or international startup competitions.
As of June 2017, there were a total of 623 companies in HKSTP, with local tech firms making up for 72 percent of the number.
The local names include Artificial Intelligence company SenseTime and logistics startup Lalamove.
This article appeared in the Hong Kong Economic Journal on Nov 8
Translation by Ben Ng
[Chinese version 中文版]
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