Make a Difference: Hong Kong Seeks to Reinvigorate Its Entrepreneur
Hub Status
HONG KONG, Jan. 28, 2013 /PRNewswire/ -- A new Make a
Difference (MaD) Venture Fellows Programme took place in
Hong Kong from 24-27 Jan, marking
the Special Administrative Region's renewed efforts to nurture and
attract a new generation entrepreneurial talents.
Hong Kong used to be known as
the entrepreneurial hub of Asia.
But the entrepreneurial spirit in this city has been
dwindling in the last two decades. According to the International
Total Entrepreneurship Activity (TEA) Index, Hong Kong has a relatively low level of
entrepreneurship amongst major Asian cities.
New Make a Difference Ventures Fellow Programme
"Hong Kong faces the challenge
of developing a more diversified economy, a fairer society and a
greener environment. We need to nurture and attract, as a matter of
urgency, a new generation of high impact, innovative and
entrepreneurial talent, to inject new momentum to our economy and
society. We need to inspire our young people to dream BIG and think
DIFFERENTLY," said Ms Rachel Chan,
Convenor of the Make a Difference Ventures Programme at the MaD
Ventures Salon on 25 Jan.
Sixteen innovative and high impact MaD Venture Fellows were
invited to present at the MaD Ventures Salon, pitching to 300
people in the investment, finance and business communities in Hong
Kong. The Salon, a public-private-NGO partnership sponsored
by the Innovation and Technology Commission of the HKSAR
Government, DBS, Outblaze and A Better Tomorrow, is Hong Kong's first international pitching
platform to connect start-ups with potential investors and business
partners.
"I am delighted that Hong Kong
is hosting this event which brings each of the key elements;
capital, talent and ideas together in a great networking
environment to support the entrepreneurial spirit. I believe that
Hong Kong has enormous potential
to develop as a hot bed for innovation," said John Tsang, the Financial Secretary of the HKSAR
Government and the officiating guest at the Salon.
"Hong Kong is renowned for its
effective rule of law, robust IP protection regime, world-class
financial infrastructure and experience in doing business in
Mainland China and across Asia.
All this, together with a full range of services, is highly
conducive to the success of new start-ups," he added.
A distinguished panel chaired by the HKSAR Executive Council
Member Bernard Chan selected 3 Make a Difference Venture Stars from
the MaD Venture Fellows, together with the Salon audience. The
three winners were:
3 MaD Venture Stars
Insight Robotics, Hong
Kong (www.insightrobotics.com), an incubate at the Hong
Kong Science and Technology Park, applies robotics technology to
the protection of critical infrastructures and key resources around
the world. It visualizes remote incidents like forest fire,
structural damage in buildings, oil leak, water pollution,
flooding, drought and security breach to management authorities and
assist them to make the most efficient contingency plans. It also
assists the management authorities in disaster recovery and in
building a better world with less disaster.
"It is very important to have programmes like the MaD Venture
Fellows Programme to connect Hong
Kong start-ups with innovative entrepreneurs around the
world. This will help build the international links of local
start-ups and foster the development of a more innovative
entrepreneurship ecosystem," said Kevin
Chan, founder of Insight Robotics.
Wibbitz, Israel
(www.wibbitz.com) creates a text-to-video technology that
automatically turns any text-based article, post or feed on the web
into a video in 20 seconds. Its technology introduces a whole new
way of consuming content and information in a much more visual and
effortless way. It brings costs and production time down for
SME publishers and content providers. It reduces the barriers of
language limitations and content complexity. "I am amazed by
the business culture of Hong Kong.
I think more Israeli companies should consider using the
Hong Kong platform for the
Asia market, instead of focusing
just on the US," said Yotam Cohen,
the co-founder of Wibbitz. This Israeli start-up received its
Series A funding from K S Li's Horizons Ventures in June last
year.
Wifinity Tech, India
(www.wifinity.tech) applies innovative wireless sensing, artificial
intelligence and machine to machine learning to help enterprises,
buildings, hospitals and other organisations to monitor, manage and
save their energy and water consumption. Users can save on average
20% of their energy bills. Wifinity is an Indian company with
market presence in India and the
US. It is looking to establish a presence in Hong Kong to develop the East Asia market.
"I have benefited so much from the MaD Venture Fellows
Programme," said Jay Krishnan of
Wifinity Tech, "I have got some potential investors and clients
lined up and identified some manufacturing partners as well."
Jay has decided to set up an office in Hong Kong to develop the East Asia market, in addition to their
presence in India and the US.
Building Silicon Valley in Asia
Apart from the young entrepreneurs, international experts were
brought to Hong Kong to discuss
how Hong Kong can reinvorgorate
its entrepreneurship ecosystem. Prof Wong
Poh Kam of National University of
Singapore believed that Asia should not follow blindly the Silicon
Valley. A general consensus arising from the discussion is
the importance of nurturing an entrepreneurial mindset and
culture.
Prof Wong said Singapore has
invested in changing the mindset of young people through the
education system and establishing deep links with the
entrepreneurial hubs in the world. Similar to Singapore, Hong
Kong has to develop a new generation of investors with
knowledge and experience in the new sectors.
Victor Hwang, co-author of 'the
Rainforest: the Secret to Building the Next Silicon Valley" spelt
out the unwritten rules of the Silicon Valley, including a culture
that encourage breaking rules and dream, experimenting, sharing and
encouragement and the ability to embrace failure. "It is critical
to move into a new paradigm of innovation; resembling a rainforest,
the best environment for unpredictable weeds to grow", says Hwang.
"To thrive in this rainforest setting, entrepreneurs and investors
need what makes us uniquely human – dreams, trust and love."
Yat Siu from Outblaze echoed the
comments of Prof Wong: "We need to look at ourselves as global
citizens, able to grow relationships, networks and ecosystems
across the globe. We should not limit ourselves to the domestic
arena". "Whilst the education system is very important, parents
should not abduct their responsibiity," he added.
The Salon also sought to encourage more investors in
Hong Kong to join the rank of
impact investors, in providing funding and mentorship to start-ups
that seek to create positive changes to the society, whilst doing
well financially.
"Passionate start-ups need financial, social and intellectual
captial. We would like to appeal to and grow a new generation of
investors who seek to make both meaning and money – people who are
looking for opportunities to give back to society, to pass on their
experience and to leave a legacy." Rachel
Chan said.
Brigitte Baumann of GoBeyond
Early Stage Investing believed "it is not a matter of choice; it is
time to start to invest differently by acknowledging all the
stakeholders in stead of just the shareholders".
In recent years, there are signs that the entrepreneurial scene
in Hong Kong is regaining some
vigor. There are start-up events almost every week. Universities
are investing more resources into entrepreneurship courses. Several
co-work spaces have also been established, including the Good Lab
with Make a Difference as a founding partner. There is
AcceleratorHK, a three-month accelerator programme for early stage
startups focused on building hybrid mobile apps, attracting
aspiring entrepreneurs from Hong
Kong and beyond. General Assembly, a leading global start-up
learning network, is hosting a three-month pop-up in Hong Kong. "The MaD Venture Fellows Programme
is a timely initiative to put Hong
Kong back on the map of the world's leading entrepreneurial
hub." Rachel Chan concluded.
About Make a Difference
Make a Difference (www.MaD.asia) is a Hong Kong-based initiative launched in 2010 to
inspire and empower a new generation of leaders. Targeting young
people aged 16-35, MaD comprises an annual forum in January with
1,600 participants and over 20 inspiring speakers from different
arenas around the world; and activities throughout the year in and
outside Hong Kong to promote
creativity, innovation and entrepreneurship.
MaD is a not-for-profit NGO-public-private partnership,
organised by Hong Kong Institute of Contemporary Culture and
co-created by InnoFoco. The HKSAR Government is the patron and
founding sponsor.
For enquiry about the MaD Venture Fellows Programme, please
contact Rachel Chan of InnoFoco, the
Convenor of the Programme at venture@mad.asia or (852) 2560
5226.
Photos:
1. MaD Venture Star Finalist pitching at the MaD Ventures Salon:
https://docs.google.com/a/mad.asia/file/d/0B2pQRTw_3e4QXzlHYWo1YjdySFE/edit
2. Victor Hwang speaking at the
MaD Ventures Salon:
https://docs.google.com/a/mad.asia/file/d/0B2pQRTw_3e4QVGVlNUNjWW1SMGs/edit
3. Brigitte Baumann speaking at
the MaD Ventures Salon:
https://docs.google.com/a/mad.asia/file/d/0B2pQRTw_3e4QUzgyWHdmaEJPVm8/edit
SOURCE Make a Difference