Hong Kong start-up platform aims to find the next DJI

The start-up incubator believes that the city has an edge over China in innovation

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A University of Hong Kong team has developed a VR training system that companies can use for their training purposes. Photo: Xiaomei Chen

Published: 3:39pm, 26 Jun 2017Updated: 10:12pm, 26 Jun 2017

Since its official launch in July last year, incubator Hong Kong X-Tech Startup Platform, is already working on 20 projects, according to Professor Chen Guanhua of the University of Hong Kong, a co-founder of the incubator.

The platform, which offers mentoring and financing for entrepreneurs and is not limited to Hong Kong-based projects, aims to draw founders to set up shops in the city.

The “vast majority” of the projects identified – some of which the platform has performed due diligence and drafted agreements to invest in – are from Hong Kong.

“Honestly, we were surprised [at the number of projects],” said Chen. “So many people were negative about hi-tech in Hong Kong.”

Chen, along with HKX-Tech’s other two co-founders Neil Shen, managing partner of venture capital firm Sequoia Capital and Professor Li Zexiang of the Hong Kong University of Science and Technology, who incubated Chinese drone maker DJI, are mentors to the founders as well as investors.

While there is growing interest in Hong Kong start-ups, Hong Kong X-Tech Startup Platform co-founder Guanhua Chen says there are challenges such as the city’s outdated legislation. Photo: K.Y. Cheng

Various attempts by the Hong Kong government, such as establishing the Hong Kong Science and Technology Parks Corporation in 2001, to encourage growth in innovation and technology, have yet to yield results. But Chen believes that the current Hong Kong talent pool and appetite from investors are significantly different than it was 20 years ago.