We were pleased to host the Ecosystem Summit 2021 as part of the StartmeupHK Festival on May 28. The pandemic has brought significant changes to the world we live in. While we are adapting to the new order, bolstering the health of our startup ecosystem is equally important so that we can emerge stronger from innovations.

Together with (from left to right) Bryan Peng (Head of Innovation and Technology, Greater Bay Area of InvestHK), Oscar Wong (Head of Business Development of Hong Kong Science and Technology Parks Corporation) and Teddy Lui (Operations Director at Alibaba Entrepreneurs Fund), our second panel focuses on the growth of the Greater Bay Area and business opportunities for startups. We are delighted to share our takeaways below.

GREATER BAY AREA IS A HUGE MARKET WITH GREAT POTENTIAL

Greater Bay Area (GBA) represents a huge market with a population that is ten times that of Hong Kong. As Bryan Peng, Head of Innovation and Technology, Greater Bay Area InvestHK and Oscar Wong, Head of Business Development, Hong Kong Science and Technology Parks Corporation said, we should leverage the strength of each of the 11 cities in GBA. Teddy Lui, Operations Director at Alibaba Entrepreneurs Fund added that the cost of doing business in GBA is lower and this factor might be more important than market size; it is also easier to hire technical talent from there.

HONG KONG CONTINUES TO ACT AS THE SUPER CONNECTOR

While Hong Kong is positioned as the innovation and technology hub in GBA according to the central government’s development plan, Hong Kong should continue to act as the super connector to cement the East-West bridge. For example, it requires specialists to interpret the law and regulations in China and localization strategies to enter the vast China market.

What is more important is to get into the market and gain experience directly. And we need to build up a network to make it practical according to Teddy Lui. Startups need not only financial support but also practical toolkits and the right network to navigate a less familiar business environment.

LOOKING AHEAD

In addition to Hong Kong’s top universities, the Hong Kong government has already put in 100 billion HKD to support innovations and technology according to Bryan Peng. It is important to note the institutional and cultural differences among the 11 cities in GBA. We need more fundamental toolkits to help companies, especially startups, enter GBA seamlessly. Given the ongoing traction, it is expected that Hong Kong will play a bigger role in driving greater collaborations in GBA in the future.

We are very thankful to all of the speakers and participants who shared their thoughts. As one of the ecosystem builders, The Mills Fabrica is proud to join forces with our peers to promote Hong Kong as an innovation hub. Once again, big thank you to our partners for this year’s event as well as everyone who has continued to support us.

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