21 July 2019
Cyberport has been the breeding ground of successful startups such as GoGoVan, Kook and TnG. Photo: Bloomberg
Cyberport has been the breeding ground of successful startups such as GoGoVan, Kook and TnG. Photo: Bloomberg

Why Cyberport expansion plan is well justified

A recently published article criticized Cyberport for accepting tenants running “non-digital” businesses such as those engaged in fund investment and furniture retail. While some rented office units in the complex are said to be unoccupied, doubts have even been raised on whether film, advertising and production companies are information technology-related and if Cyberport’s expansion is at all necessary.

First of all, one must have an understanding of the IT sector, the ecosystem of digital technology businesses.

On top of talent, a robust digital technology ecosystem should also include support facilities and financing channels; these elements are especially vital for startups.

The world-famous Silicon Valley is exactly a hub for both innovative businesses and venture capital firms.

As many young entrepreneurs would seek funding support, having venture capitalists in Silicon Valley would come in handy.

It is precisely because Silicon Valley brings together a massive number of investors, startups and projects that makes it a tech hub. Projects attract financiers and the more investors there are, the more projects are attracted to the ecosystem.

The article pointed out that 31 percent of the office space at Cyberport has been rented to finance/ investment service providers, fund managers or lending companies. This, in fact, is a sign of Cyberport’s success.

To deny the digital nature of filmmakers and advertising and production agencies is to miss the point. Would production of films and commercials nowadays be possible in the absence of technology support?

Being the breeding ground of successful startups like GoGoVan, Kook and TnG, Cyberport is undeniably Hong Kong’s cradle of innovation.

With an occupancy rate of over 90 percent, the government’s decision to expand Cyberport is a timely answer to the market and digital sector’s emerging demands.

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