How Hong Kong’s incubation support helps innovative young entrepreneurs develop successful start-ups
- Dr Choi Pui-wah’s company, WomenX Biotech, uses HKSTP’s expertise to develop her idea for blood test that detects cervical cancer
- Ivy Tse, co-founder of FreightAmigo, says programme enhances business expertise and introduces enrolled companies to investors
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Scientist Dr Choi Pui-wah used her background in biomedical research to help her devise a new method for monitoring women’s health. Her non-invasive blood test can detect human papillomavirus, a viral infection that can lead to cervical cancer.
Choi says her idea to test menstrual blood for signs of the cancer offers a simple alternative to the only other available option, the pap-smear – involving the collection of cells from the cervix – which women often find invasive and uncomfortable.
“I wanted to develop something that can monitor women’s health, while simultaneously being easy and accessible for all,” says Choi, who founded a biotechnology start-up in Hong Kong, WomenX Biotech in 2019. “I want to make a positive impact in their lives.”
Her innovative test uses biotechnology that allows women to be screened on a monthly basis, which reduces both the cost and stress associated with regular visits to see the doctor.
“More than 50 per cent of women actually don’t carry out the pap smear every year because of some psychological pressure or embarrassment,” she says. “But with our technology, we hope that more and more women will be more willing to carry out this kind of detection.”
Access to cutting-edge facilities and funding
The Chinese University of Hong Kong PhD graduate applied for the dedicated incubation programme with biotech focus – offering enrolled technology start-ups access to cutting-edge equipment, co-working space, laboratory services, research and development funding, stakeholder investment and regulatory support – run by the Hong Kong statutory body, Hong Kong Science and Technology Parks Corporation (HKSTP).
HKSTP’s incubation programmes have led to the success of more than 850 incubation graduates – with 80 per cent of them still in business.
Choi joined the programme early on when her company was searching for technical and investment support. “HKSTP provided me with the necessary training and funding,” she says.
During various meetings and workshops with experts in her field, Choi was given advice about how to make her project sustainable, while mentors at HKSTP helped her carry out market research to improve her business proposals for potential investors.
“I have learned how to make my product more scalable through this programme, and I understand where I can fill market gaps,” she says. “The incubation programme also has laboratory space, which I can work at and comes equipped with the tools I need. It has lowered the cost of running my experiments.”
Hong Kong is known for its vibrant start-up ecosystem, which supports young entrepreneurs with innovative ideas. Last year the city was home to 3,360 start-ups – a 6 per cent year-on-year increase – InvestHK, the government department responsible for attracting foreign direct investment, reported.
In addition, the city’s innovation and technology (I&T) entrepreneurs enjoy the big advantage of being just over the border from Shenzhen, widely regarded as China‘s Silicon Valley.
The Shenzhen-Hong Kong science and technology cluster was ranked as the world’s second largest in the “Global Innovation Index 2020”, compiled by the UN agency, World Intellectual Property Organisation.
HKSTP supports entrepreneurs at “every stage” of the start-up cycle – from forming ideas and concepts to proof-of-concept, commercialisation and expansion in Hong Kong, Asia and beyond – as long as they demonstrate a “comprehensive and holistic plan with a valid idea”, says Kiki Wang, director of HKSTP’s incubation and acceleration programmes – which promote the growth of the city’s high-potential technology companies.
She says HKSTP’s incubation programmes have played an important role in supporting and encouraging start-up creation and success.
“Hong Kong has a high level of diversity in ethnicity and culture,” Wang says. “It is highly competitive and has many initiatives for future success. As we know this landscape, it is our goal to prepare these businesses to scale up and reach their potential.”
HKSTP has a deep understanding of Hong Kong’s ever evolving I&T sector, making it a pioneer in driving creativity in the city, she says.
“We keep an eye on changing market needs, and consistently review and upgrade our programme to reflect this.” Wang says, adding that HKSTP is “dedicated” to supporting all entrepreneurs on their journey, regardless of the stage at which their business has developed.
She says that the Hong Kong government has long been investing its resources to support the development of innovative start-ups, with HKSTP playing a pivotal role in helping them to achieve success.
“We aim to harness overseas power and in the future want to diversify and grow our international partners to support our thriving community,” Wang says.
Boost to entrepreneur’s business knowledge
Another Hong Kong start-up entrepreneur, Ivy Tse, co-founder and director of FreightAmigo, an international logistics e-marketplace, has benefited from joining one of HKSTP’s incubation programmes.
She and her business partner, Jimmy Chow, set up the company in 2017 and moved into HKSTP’s InnoCentre, in Kowloon Tong, the following year.
They conceived the idea for their business after witnessing logistical delays caused by mishandled email, phone and paper orders and other inefficiencies while working for multinational companies. Tse’s company offers a one-stop logistics matching platform that helps businesses, traders and customers save time and resources.
“Traditionally, logistics relies heavily on manpower and physical labour,” Tse says. “So people might need to wait for three to seven working days to receive a quote. We are changing this with our service.”
Tse joined the programme, which includes access to manufacturing sector exhibitions, financing seminars and start-up workshops, before the technology for her app had even been developed.
HKSTP introduced me to people with a lot of knowledge in the industry, and taught me how to pitch my idea well,” she says. “It helped me enhance my business, which brought in funding and made me a stronger leader.”
Tse says workshops and mentoring sessions gave her many market insights, which have given her an advantage in the industry.
“It has made me more confident to make decisions, and keep an eye on our competitors and their businesses,” she says, adding that the programme also provided enough funding to start running the business.
FreightAmigo’s website has so far received nearly one million quotations, and handled more than three million shipments in over 230 countries.
Tse and Choi agree that HKSTP has played an important role in the success of their start-ups and is also shaping the future of other innovative Hong Kong entrepreneurs.
“You might not come with a full set of business knowledge, or know how to meticulously craft a business proposal,” Tse says. “But through exchanging ideas and thoughts with others, it really helps you develop your business sense – and your own self-development as a result.”
Wang says HKSTP is helping Hong Kong’s I&T industry to grow and evolve rapidly to meet the city’s changing needs.
“We believe I&T will be a critical part of our economy in the future,” she says. “We want young people to grow and will always support their needs.”
