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Business / Companies

Creating an ecosystem for entrepreneurs

By Deng Yanzi in Hong Kong (China Daily) Updated: 2015-08-31 09:52

Creating an ecosystem for entrepreneurs

The government now offers over 20 funding schemes to entrepreneurs, after a cash infusion of HK$5 billion ($645 million) into the Innovation and Technology Fund earlier this year.

But startups shouldn't pin all their hopes on the government in the first place, say many local entrepreneurs.

"To be an entrepreneur is your own choice," Kwong said.

"You should not rely on any city policies or support from the government. All those things (are) an extra bonus for you. You have to focus on what you are doing."

Rex Sham, co-founder of Insight Robotics, said he believes that funding is a business decision and the government should not be the priority for financial support.

A healthy business always relies on its own business model, Sham said.

His company that makes wildfire detection robots raised $2 million from a local angel investor and has now closed the first round of funding with another $2 million.

Some innovators who have benefited from the government funding also agree that funding should not be the top priority for the authorities.

Wallace Wong, founder and technical director of Well Being Digital, received grants for patenting his accurate heart rate measurement technology when he started his company in 2012.

He said that the government funding is sufficient, and would like to see more attention paid to attracting foreign investors, to offset conservatism and lack of foresight by the local investors.

That task rests squarely on Invest Hong Kong, or InvestHK, the government's foreign direct investment promotion agency.

InvestHK is seeking to attract investors from overseas who are keen on investing in startups and also to assist local investors who lack the experience in investing in innovative firms, Charles Ng, associate director-general of InvestHK, told China Daily.

The government will function as a facilitator and bring people together into the ecosystem, as innovation and entrepreneurship emerge and grow in a bottom-up approach in the local startup scene, Ng said.

However, experts expect more thorough planning and coordination of government resources and initiatives.

Allen Ma, chief executive of Hong Kong Science and Technology Parks Corporation, believes that a critical role of government in driving the development of any industry was policy setting.

"To better meet the needs of the dynamic information technology industry, it would be better for the government to map out a long-term development blueprint and formulate supportive policies to attract more investors and talents to the industry," Ma said.

iris@chinadailyhk.com

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