|Monday, 8 May 2017, 18:40 HKT/SGT|
|Event to Support Start-ups Opens Next Friday in Hong Kong; Survey Report on InnoTech Start-ups|
HONG KONG, May 8, 2017 - (ACN Newswire) - For those dreaming of starting their own business, a source of support and inspiration gets underway 19-20 May at the ninth Entrepreneur Day, organised by the Hong Kong Trade Development Council (HKTDC). The event at the Hong Kong Convention and Exhibition Centre will feature the largest number of exhibitors yet, and will provide aspiring businesspeople a one-stop platform to learn about opportunities, market intelligence and start-up support services. Exhibitions, seminars, forums and pitching sessions are planned for the event which is open to the public with free admission.
Speaking about this year's Entrepreneur Day, HKTDC Assistant Executive Director Stephen Liang offered details about what visitors can expect from the HKTDC's flagship event for entrepreneurs. "The two-day event this year features a record of more than 270 exhibitors from different sectors. The HKTDC hopes that the event's focus on three critical factors - creativity, capital and connections - can help new businesses develop and promote entrepreneurship."
Since successful entrepreneurship requires creativity, Entrepreneur Day will this year feature a new exhibition zone called The Imaginarium. The zone will gather over 50 start-ups to showcase innovative products and technologies in fields such as health technology and biotechnology, FinTech, greentech, the IoT (Internet of Things), artificial and augmented reality (AR/VR), artificial intelligence (AI) as well as robotics. In the zone, innovators from various sectors can exchange ideas and inspire fresh thinking and new outcomes.
"Vision Explorer: Venturing into the Future" is the theme of this year's two-day Start-up Runway forum. On the first day, entrepreneurship experiences will be shared by WeLab Holdings' Co-founder Simon Loong, Tink Labs Limited Co-founder Terence Kwok and logistics-industry rising star Lalamove founder Shing Chow.
Two start-ups - one offering travel supplies rental services in a sharing economy concept and another a mobile chatbot using artificial intelligence to provide on-the-go travel information - are set to speak at the TravelTech forum. The HKTDC has invited travel writer James Hong to moderate the forum. Other seminars will examine a range of topics including technology trends and start-up opportunities in areas such as in FinTech and AI as well as keys to successful funding.
Venture capital to help start-ups grow
For good ideas to grow, capital support is also essential - and for start-ups that need help on pitching as a way to seek funding, this year's event will feature a Pitchathon. Involving organisations including StartHub, Hong Kong Startup Council and Cocoon, Pitchathon is designed to help start-ups pursue incubator support and hone their fundraising skills. Participating start-ups can also compete for a chance to secure angel funding.
Another indispensable component of entrepreneurship is the process of making connections, so to help start-ups expand their networks the HKTDC is working with the Hong Kong Federation of Youth Groups to co-organise the Start-up Mixer. The event allows start-ups to interact with people from different industries and with investors and receive feedback from experts. Co-organised with Startup Weekend Hong Kong, the Startup Weekend Hong Kong Bootcamp is being organised to allow fledgling entrepreneurs to compete and brainstorm with others. Another new event, The Pioneer Meetup offers aspiring businesspeople a forum to exchange ideas with young leaders and successful entrepreneurs. An event for start-ups to hire staff, Start-ups Meet Talent, is being organised with W-Hub, and finally the Fund & Mentor event offers a platform for start-ups to explore cooperation with potential investors.
Report on the Study of Innovative Technology Start-ups in Hong Kong
The HKTDC's Research Team has released a report on innovative technology employed by start-ups. HKTDC Economist Wenda Ma said core technologies developed or applied by nearly half of the start-ups surveyed were Software/App/Information Communications and Technology (ICT) (47%), followed by Hardware/Electronics/Internet of Things (IoT)/Wearables (22%).
In terms of industries/sectors of applications, the results were more evenly spread, with the top five industries/sectors being Retailing, Advertising, Marketing & E-commerce (21%), ICT/Telecommunications (21%), Media, Entertainment & Gaming (18%), Smart Home/Smart City (16%) and Consumer Electronics (15%).
Regarding markets where companies currently operate, the survey found the top three were Hong Kong (87%), the Chinese mainland (36%), and the Americas and Canada (27%). The top three potential markets identified were the Chinese mainland (56%), Taiwan (49%) and the Americas and Canada (41%). The survey also found that compared with traditional businesses, the new generation of businesses are generally focused on multi-industry applications and solutions as well as mass customisation of personalised products. They also were looking for scalable and disruptive business models, and place an emphasis on value-creation as well as adopt an autonomous and flexible work culture.
Start-ups at different stages of development also face a range of challenges according to the study. At the early and/or concept-development stage, the biggest challenges were identified as access to funding/financing (57%), customer scepticism with regard to new products/services (43%) and to start-ups overall (43%). At the prototype and/or testing stage, the problems companies said they need to tackle included access to funding/financing (69%), hiring and retaining talent (47%) and commercialisation of existing technology (44%). As start-ups reach the market launch stage, they saw their top three challenges as access to funding/financing (58%), overseas expansion (50%) and customer scepticism with regard to new products/services (44%). When start-ups reach the growth/expansion stage, access to funding/financing (58%), overseas expansion (42%) and hiring and retaining Talent (42%) are seen as the biggest hurdles.
Summary of Survey Results:
More than 30 face-to-face interviews with start-ups and supporters were conducted and 180 survey responses from start-ups were obtained.
- Start-up Trends*
Core Technology Developed or Applied
Software/App/Information Communications & Technology (ICT) 47%
Hardware/Electronics/Internet of Things (IoT)/Wearables 22%
Data Analytics/Informatics 9%
Industries/Sectors of Applications
Retailing, Advertising, Marketing & E-commerce 21%
Media, Entertainment & Gaming 18%
Smart Home/Smart City 16%
Consumer Electronics 15%
- Challenges Faced by Start-ups at Different Stages*
(1) Early and/or Concept Development Stage
Access to Funding/Financing 57%
Customer scepticism with regard to New Products/Services 43%
Customer scepticism with regard to Start-ups Overall 43%
(2) Prototype and/or Testing Stage
Access to Funding/Financing 69%
Hiring and Retaining Talent 47%
Commercialisation of existing technology 44%
(3) Market Launch Stage
Access to Funding/Financing 58%
Overseas expansion 50%
Customer scepticism with regard to New Products/Services 44%
(4) Growth/Expansion Stage
Access to Funding/Financing 58%
Overseas Expansion 42%
Hiring and Retaining Talent 42%
- Start-ups' Current Markets*
Hong Kong 87%
Chinese mainland 36%
Americas and Canada 27%
- Start-ups' Potential Markets*
Chinese mainland 56%
Americas and Canada 41%
*Multiple Selections allowed
HKTDC Entrepreneur Day (Open to Public, Free Admission)
Dates and Opening Hours: 19 May (Fri) 10:30am - 6:30pm; 20 May (Sat) 10:00am - 6:00pm
Venue: Hall 1, Hong Kong Convention and Exhibition Centre
Survey Result: http://bit.ly/2pUMd2i
Photo Download: http://bit.ly/2qRU6Tn
To view press releases in Chinese, please visit http://mediaroom.hktdc.com/tc
(Photo:) HKTDC Assistant Executive Director Stephen Liang says this year's Entrepreneur Day will focus on creativity, capital and connections to help aspiring entrepreneurs develop their businesses. The two-day event will feature a record number of more than 270 exhibitors from various sectors.
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications, research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn.
Communication and Public Affairs Department
Tel: +852 2584 4216
Email: [email protected]
Topic: Trade Show or Conference
Sectors: Venture Capital
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