Hong Kong has a more “comprehensive” innovation and technology (I&T) ecosystem than Singapore, with the top management for the city’s science park saying the latter’s government had approached it to seek opportunities for cooperation and digital solutions.
Eric Or, acting chief corporate development officer at the Hong Kong Science and Technology Parks Corporation, which runs a tech hub in Pak Shek Kok, said on Sunday that the city had a competitive edge over regional rival Singapore.
“After the Singaporean government visited our science park, they immediately expressed interest in signing some agreements with us to deepen our cooperation,” Or told a radio programme.
“It has also sought solutions from us for projects involving its Ministry of Home Affairs … we have been talking to [officials] every day and we are likely to fly there in September for further discussions.”
“Singapore is very resourceful, but in terms of their [I&T] ecosystem, they might not be as comprehensive as us.”
A global innovation index in 2023 ranked Singapore at fifth place among 132 economies, while Hong Kong stood at 17th.
Or also discussed the park’s initiative to send five local start-ups to Silicon Valley in the United States in March, saying the move had yielded positive results and the companies had reached deals collectively worth more than US$3 million.
The trip was part of efforts to showcase Hong Kong innovations and connect with venture capitalists to raise funds, with the participating start-ups ranging from those specialising in robotics to mask makers.
Or added that the park was considering sending start-ups to the Middle East, mainland China and Southeast Asia. “We will go wherever there is a willingness to invest in technology,” he said.
Albert Wong Hak-keung, the park’s chief executive officer, said another key focus of its work was to nurture and attract high-skilled individuals, adding: “When you have talent, the companies will come”.
The park is already set to welcome Digital Domain, the company behind the Oscar-winning visual effects team currently working with Marvel Studios, after it put forward an investment of HK$204 million (US$26 million).
Wong said many businesses were coming to Hong Kong to recruit international talent, including Chinese telecoms giant Huawei, which employed more than 500 people at its microelectronics centre in the city.
The park would also continue to expand its spaces and raise funds for its start-ups, in addition to providing wide-ranging support to them, he added.
“Our HK$1 billion venture fund has supported more than 30 early-stage companies in the park to help them find investors and our leverage is 19 times, it’s not the return, it means each HK$1 we invested will bring back HK$19,” he said.
“Hong Kong is a heaven for investment, but we need to develop more on the venture capital front … Our investment community may not be willing to bear the risk, so that is why we need to do more education work.”
The Post earlier learned that Wong was due to step down when his contract expires during the summer of next year.
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