Will cash boost for Hong Kong Science Park drive real innovation?
Firms at the science and technology hub tell the Post that its support has been vital for start-ups and young businesses
Since its founding in 2001, Hong Kong’s Science Park has adhered to a straightforward strategy – “build a tech-based ecosystem that connects stakeholders, nurtures talent, facilitates collaboration, and drives innovation to commercialisation”.
From just over a dozen companies present on its opening day, the number has grown significantly. More than 600 firms now call the park home – over two-thirds of them local – plus another 62 at its InnoCentre and 165 at its industrial estate.
The number of start-up companies in its incubator programme alone grew by 12 per cent in 2016 and has produced a fair share of success stories.
The question is: will it help?
All eyes on Hong Kong’s Science Park after massive HK$40 billion budget handout
While ideas abound about what the park should do with the money, most tenants agree that the science park’s facilities have been invaluable for Hong Kong technology companies, especially start-ups.
Jimmy Tao Wai-leung, chief executive of Vitargent (International) Biotechnology “graduated” from the park’s start-up incubator programme in 2015. He said there was no way any start-up would be able to afford office and lab space in Hong Kong outside the incubator programme.
