Fostering the development of new technology companies

Commercialisation of new ideas or new technologies is the key to success for start-ups. However, many start-ups lack capital and experience in sales and marketing.

In recent years, some members of the business sector have been investing in and operating "accelerators" to provide start-ups with the necessary software and hardware support for "incubating" new ideas and technologies.

Today, the Secretary for Innovation and Technology, Mr Nick Yang, and I visited Blueprint, an accelerator offered by a private company. Blueprint offers a six-month accelerator programme for start-ups. For each round of the programme, Blueprint would select about 10 business-to-business start-ups with high growth potential to join the accelerator programme, which provides free workspace, mentorship, product testing, market connections and financing assistance. The coming cohort of start-ups includes those in interior design, building management, material supply, environmental protection and data analysis. Blueprint also provides a co-working space with 24-hour access for use by other start-ups at a low rent.

Nick and I chatted with founders of three start-ups. They joined Blueprint for respective reasons: to develop a construction site management system, a financial data analysis system and an energy efficiency system. Despite the various difficulties they encountered in venture-building, with clear goals and perseverance, these founders had shone in their respective fields. After joining Blueprint, they gained the opportunity to carry out in-depth market research and product testing, and had succeeded in cultivatingclientele. The founding company of Blueprint took the lead in using the construction site management system in its new residential projects; a local university adopted the energy efficiency system to monitor the electricity consumption in its dormitories; whereas the real-time financial data analysis system found huge demand in the financial sector.

To sustain innovation and technology development in Hong Kong, we must enhance downstream commercialisation of scientific research results, and the Government, industry, academia and the research sector must work together to achieve this. An accelerator like Blueprint, a co-operation between a large company and start-ups, is exemplary of such downstream commercialisation. Apart from supporting start-ups through such bodies as Cyberport and the Science Park, I have proposed in my Policy Address the establishment of an Innovation and Technology Venture Fund, so that the Government and private venture capital funds can co-invest in start-ups for meeting the financing needs of the latter.

Hong Kong people embody the spirit of enterprise, and we have quite a number of small and medium-sized enterprises in the territory. With entrepreneurship and close co-operation among the Government, industry, academia and the research sector, I am confident that the local innovation and technology sector can contribute much in shaping our future, strengthening our economic development and improving the people’s livelihood.

Blueprint gave a lot of thought to the design of its co-working space, successfully creating a relaxing and lively working environment.		At a low rent, the co-working space is very much welcomed by start-ups.
Start-up teams joining the next round of the Blueprint accelerator programme come from a variety of businesses. Each and every one of them hopes to "incubate" new technologies there.		Christina (first left), Kevin (second left), Sam (second right) and Mark (first right), who are former participants of the accelerator programme, has excelled in the innovation and technology field, thanks to their clear goals and market strategies.

Video of the Chief Executive visiting Blueprint

January 29, 2016