Recently, Hong Kong Science and Technology Parks Corporation (HKSTP) announced proptech startup Skyland Innovation as the overall champion of the 7th Elevator Pitch Competition (EPiC), beating over 610 startups from 55 economies around the world.

This competition is just one of the initiatives that HKSTP is doing to support the local–and global–startup ecosystem, in a way. For over 20 years, the organisation is committed to building up Hong Kong as a global innovation and technology hub to propel success for local and global startups through facilities such as Hong Kong Science Park in Shatin, InnoCentre in Kowloon Tong and three modern INNOPARKs in Tai Po, Tseung Kwan O and Yuen Long.

It has established a thriving I&T ecosystem that is home to two unicorns and Hong Kong’s leading R&D hub with over 13,000 research professionals and over 1,300 technology companies focused on healthtech, AI and robotics, fintech and smart city technologies.

In the midst of EPiC 2023, e27 speaks to HKSTP Head of Partnerships Eric Or about the challenges faced by local and global startups in growing in the region–and what opportunities are available to seize.

Beyond innovation, there is commercialisation

Hong Kong is a hub for startups in Asia, with a thriving ecosystem that is constantly evolving. However, like any startup ecosystem, there are a number of challenges that entrepreneurs face when trying to build and grow their businesses in Hong Kong.

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According to Or, one of the biggest challenges that startups face in Hong Kong is commercialisation.

“Many startups have great ideas and innovative solutions but struggle to find customers who are willing to buy their products or services. This is partly due to the fact that Hong Kong is a very competitive market, with many established companies and startups vying for the same customers,” he says.

Like many other regions, the startup ecosystem in Hong Kong is also struggling to find the right talent. While there are many talented individuals in Hong Kong, there is also a lot of competition for the best talent. Many startups struggle to attract and retain top talent, which can make it difficult to build a strong team that can help the company grow and succeed.

There is also another challenge of COVID-19 pandemic recovery. Despite opening itself up to international and regional visitors, the pandemic has made it more difficult to network and build relationships with potential customers and partners.

This is why HKSTP offers a range of programs and services to help startups grow and succeed, including incubation and acceleration programmes, funding opportunities, and access to a network of mentors and advisors.

There are also a number of events in Hong Kong that bring together startups, investors, and corporate partners. For example, the StartmeupHK Festival is an annual event that showcases the latest trends and innovations in the startup ecosystem. The event features keynote speakers, panel discussions, and networking opportunities, and is an excellent way for startups to connect with potential partners and investors.

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What it takes to build a global tech hub

One of the key strengths of Hong Kong’s startup ecosystem is its global outlook and rock-solid regulations. Hong Kong is a gateway to China and the wider Asia Pacific region, and startups in Hong Kong are well-positioned to expand into these markets. In addition, Hong Kong has a strong legal and regulatory framework, which provides startups with a stable and predictable environment in which to operate.

“Many startups in Hong Kong are also looking to take advantage of the opportunities presented by China’s rapidly growing economy,” Or explains.

“While China can be a challenging market to navigate, Hong Kong provides a safer approach for startups looking to expand into China. Hong Kong’s proximity to China, its cultural and linguistic similarities, and its well-established business networks make it an attractive option for startups looking to tap into the Chinese market.”

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

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