Game Changers: Hong Kong entrepreneurs discuss their keys to success
Cindy Chow, executive director of e-commerce giant Alibaba’s HK$1 billion Hong Kong Entrepreneurs Fund, says businesses need to promote themselves if they want to be chosen.
Opportunities for entrepreneurs in Hong Kong have increased on the back of new funding channels and more savvy use of data resources by businesses, which could help start-ups wean themselves off government support, experts have said.
Speaking at the South China Morning Post’s Game Changers event Building Businesses in a Data-Driven Economy, Cindy Chow, executive director of Alibaba Group’s HK$1 billion Hong Kong Entrepreneurs Fund, said the fund was designed to boost the city’s start-up scene.
Last week, Chow announced the three first companies to receive funding, and suggested other applicants be proactive.
“If they are really serious about getting Alibaba to look into their proposals they should come to us, be more proactive,” Chow said. “If you submit [a proposal] and then sit and wait instead of coming to our workshops and trying to get a card from me then I will be surprised that you just waited.”
Chow said 30 per cent of the more than 200 applicants to the fund were e-commerce start-ups.
The Hong Kong government is increasingly supportive of start-ups as they are seen as means to drive the economy, and has created a dedicated HK$2 billion matching fund to support entrepreneurs.
However, Danny Yeung, chief executive officer of genetic testing firm Prenetics said start-ups should not rely on government support to help their businesses grow.
“I don’t believe in government support because if you look at the biggest companies out there, Alibaba, Uber, Spotify, Airbnb, they started with no government support,” he said. “If you have a great product, a great entrepreneur, a great team, the funding will come.”
Australian national Luke Grana, founder of eponymous e-commerce clothing company Grana said he chose to launch his business in Hong Kong on the city’s strength as a logistics hub.
Grana said data is integral to the business as the online nature of the company allows it to track a customer’s every click. For a recent launch of new clothing colours, Grana said the company monitored the most popular shades during a pre-ordering phase allowing it to plan ahead.
“Within a two week period, we saw what colours were selling more and we put an order in to our factory and within four weeks we can get those colours replenished because we got the data upfront,” he said.
Alibaba is the owner of the South China Morning Post.
