What is the potential of innovation in Hong Kong? Always think building and making money quickly

 What is the potential of innovation in Hong Kong? Always think building and making money quickly

In addition to the four traditional pillar industries of financial services, trade and logistics, tourism, business support and professional services, the Hong Kong SAR government has taken innovative technology industry as its key development goal. In November 2015, the Hong Kong Bureau of innovation and technology was officially established.

Hong Weimin, deputy to the National Peoples Congress and chief liaison officer for Hong Kong affairs of Shenzhen Qianhai administration, who once vigorously promoted the establishment of the innovation and Science Bureau, told the global times that among the entrepreneurs, Hong Kong Youth with higher education abroad are the most popular, followed by pure local youth and floating in Hong Kong.

Reporters from the global times visited the Science Park in Shatin and the digital port in the south district. They are regarded as two important innovation towns in Hong Kong. With strong government support, they are the ideal choice for start-ups. According to relevant data, from 2014 to 2018, the number of Hong Kong start-ups has grown from 1065 to 2625. The number of people employed by start-ups rose from 2381 to 9548. According to a survey released by the Hong Kong Investment Promotion Department in August this year, the main research focuses of Hong Kongs start-ups include information and communication technology, the Internet of things, data analysis, biotechnology, artificial intelligence, virtual reality (VR), and new materials. In terms of application, financial technology, smart city and smart home, medical care and big data application are all very popular fields.

I always think its fast to build buildings and make money in finance

Dr. Liu Yun, from the school of accounting and finance, Hong Kong Polytechnic University, told the global times that Hong Kong had two obvious advantages in developing the creative industry: talents and the support of the SAR government for scientific research institutes. For example, the founder of Dajiang UAV completed R & D in Hong Kong in the early stage, and then returned to the mainland for development. But he also mentioned that the biggest problem in Hong Kong is the high price of land and rent. In the process of combining production, learning and research, the high cost of rent and labor may crush entrepreneurs at any time.

Liu said that not only finance, but also Hong Kong universities have their own advantages in the field of innovative science and technology. For example, the textile science and technology and space science and technology of the University of science and technology have a deep accumulation. In addition, the University of science and technology has set up an enterprise center, which is dedicated to finding partners for research results, helping them to complete the transformation of results and put them into practice. Liu added that the University of technology also requires departments to fill in forms every year to understand what teachers papers have been used in other laboratories or product research and development in the industry, and encourage teachers to make practical innovation.

The case of Hong Kong Polytechnic University is not unique. Other universities in Hong Kong are also vigorously promoting the transformation of scientific research and research achievements. According to Mr. Wang, a teacher from Hong Kong University of science and technology, in August this year, HKUST set up the Hong Kong University of science and technology venture fund, which plans to invest 50 million Hong Kong dollars in innovative start-ups founded by university students, teachers or alumni within five years.

Joshua, a Hong Kong Student majoring in biomedicine at the University of Hong Kong, told the global times that in fact, there is no lack of innovation atmosphere in Hong Kongs universities. He has participated in various workshops and innovation lectures held by the University since the beginning of his university, and his classmates around him always have some fantastic ideas. However, Hong Kong society does not know enough about innovation, and many people still feel that building and doing is not enough. Finance makes the most money.

Accepting new things is just not enough.

In cooperation with the Mingxi public welfare foundation and the Hong Kong Beijing Exchange Association, Su Zhiqis institutions applied to the SAR government for funding the establishment of the new generation innovation and entrepreneurship fund to support Hong Kongs science and technology innovation start-ups. According to him, each of the 10 companies funded in the first phase has received 450000 Hong Kong dollars. In the past two years, these start-ups have developed very well.

Geng Chunya, chairman of Hong Kong Oriental spider Co., Ltd., who came to Hong Kong in 2002, believes that the innovation atmosphere of Hong Kong Science and engineering students will be further strengthened. He told the global times that the conservative atmosphere of Hong Kong society is still strong, and doctors, lawyers and other professions are still the first choice for students. Hong Kong people still take projects as the leading role in their work, while entrepreneurship requires all-round talents with initiative, courage to try and products as the king. In the local culture, the habit of young people leaving home to their parents after graduation and the high economic cost of starting a business increase the difficulty of starting a business objectively. In Geng Chunyas view, talents are the core of innovation technology, followed by products, and finally companies. However, the current subsidy idea of Hong Kong government is obviously based on projects or companies.

Hong Kong people dont lack the ability to accept new things, but they still lack the ability to ignite them. Hong told the global times. Taking mobile payment as an example, he said that the business only entered Hong Kong in 2017, but its penetration rate reached half in less than two years.

Innovation in Hong Kong is inseparable from Dawan district

Hong Kongs innovation cannot be separated from the existence of the Great Bay area, and Hong Kong alone cannot make a breakthrough, Su told the global times. In his view, Hong Kongs industry has long been hollowed out, lacking in innovative technology industry chain, while Dawan District, represented by Shenzhen, has a strong entrepreneurial atmosphere, complete industry chain, vast territory and relatively low artificial land rent. Therefore, only by strengthening cooperation with Dawan district can Hong Kong catch the fast track of technological innovation and gain new development opportunities.

Joshua, a student at the University of Hong Kong, told the global times that the scientific research capacity of some disciplines in Hong Kongs universities is well-known in the world, but some scientific research achievements are difficult to go to the market due to the industrial structure of Hong Kong. Because of his love for biology, Joshua chose the biomedical major with distinctive features of Hong Kong University. He said: this major combines science and medicine courses, aiming at the huge demand of advanced medical technology, and the biggest market is undoubtedly the mainland. I have already made up my mind to go to the mainland for employment or start my own business in the future.

Liu also said that in the past, most Hong Kong students preferred to engage in financial and trade industries in consideration of employment. However, with the development of Dawan district and the increase of scientific research funding, Hong Kong students will have a more mature sense of innovation, and the prospect of choosing the field of innovation will be better and better.

Source: editor in charge of Global Times: Wang Xiaowu NF