《德勤:2023创新为源释放价值:弥合商业化差距报告(英文版)(84页).pdf》由会员分享,可在线阅读,更多相关《德勤:2023创新为源释放价值:弥合商业化差距报告(英文版)(84页).pdf(84页珍藏版)》请在三个皮匠报告上搜索。
1、Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong2023ForewordMs.CHEONG Man Lei,Lillian,JP Under Secretary for Innovation,Technology and Industry of the Hong Kong Special Administrative Region Hong Kong has fully demonstrated its resilience in weathering the pandemic
2、in the past few years.Among the edges enjoyed by Hong Kong,innovation and technology(I&T)holds one of the keys for driving economic growth and hence enhancing the overall competitiveness of our society.In October 2023,the Chief Executive delivered the Policy Address,which gave further impetus to pro
3、mote the development of Hong Kong into an international I&T centre.In particular,to promote research and development(R&D)and transformation of results,the Policy Address announced(i)the establishment of the Hong Kong Microelectronics Research and Development Institute and the commissioning of the Mi
4、croelectronics Centre,which will provide advanced infrastructure and hardware facilities designated for microelectronics,within this year;(ii)initiating preparations for the establishment of the third InnoHK research cluster focusing on advanced manufacturing,materials,energy and sustainable develop
5、ment next year;(iii)doubling the maximum funding provided for the Technology Transfer Office of each specified university to HKD16 million in the coming year,as well as;(iv)attracting more renowned Mainland and overseas start-up services agencies to set up their operations in Hong Kong for providing
6、 incubation services and development guidance.In addition,we officially launched the Research,Academic and Industry Sectors One-plus Scheme in October 2023,which aims to unleash potential of local universities in transformation and commercialisation of R&D outcomes,and facilitate relevant collaborat
7、ion among the Government,industries,universities,and research.The Government will endeavour to take forward these initiatives and propel the growth of Hong Kongs I&T industries into an ecosystem which could sustain scientific and technological innovation.1Turning innovations into wealth:How to fill
8、the commercialisation gap in Hong KongWith the four-pronged strategy for enhancing innovation and technology(I&T)development announced in the Policy Address,the Hong Kong SAR Government has set the stage for a new tipping point in the citys startup ecosystem.The strategy aims to foster a vibrant I&T
9、 ecosystem and promote re-industrialization,enlarge the I&T talent pool,transform Hong Kong into a smart city,and integrate with the national development.Over the years,Local universities strong support,together with their close industry collaboration in fostering tech innovation and business incuba
10、tion,has boosted the Governments I&T drive.More and more students are choosing the entrepreneurship path after graduation,with many finding success in Hong Kong and overseas.At HKUST,we equip students and alumni with the mindset and skillset to launch their startups and bridge the commercialization
11、gap,empowering them to pursue their entrepreneurial dreams.We offer a minor in entrepreneurship program to guide students through identifying innovation opportunities,analyzing the industrial landscape and refining the business model for their future startup.Through entrepreneurship competitions,HKU
12、ST also provides opportunities for students to pitch their ideas and win seed money for their startups.As business is about building teams and deploying resources efficiently to create value,we foster student-driven communities and offer co-working facilities for them to meet other like-minded peers
13、 who aspire to be the next entrepreneur.Our School is also committed to advancing knowledge in areas that are vital for the future of the economy and society.We explore the potential of emerging fields that bridge business and technology,such as fintech,data analytics,and green finance.These fast-gr
14、owing domains not only create growth opportunities for tech startups,but also become new catalysts for economic development.We are delighted to be the knowledge partner of the 2023 Deloitte Hong Kong Technology Fast&Rising Star program.This prestigious program honors the achievements of fast-growing
15、 technology companies,and aligns with our efforts to foster entrepreneurship and advance tech applications in business.By showcasing successful examples of tech startups,it also inspires I&T entrepreneurs to pursue their visions and create positive impacts for society.Congratulations to all the Tech
16、nology Fast 2023 Hong Kong winners!Prof.Tam Kar YanDean of Business and Management,Hong Kong University of Science and Technology2Turning innovations into wealth:How to fill the commercialisation gap in Hong KongPrefaceEdward AuSouthern Region Managing PartnerDeloitte China The 2023 Hong Kong Techno
17、logy Fast(HKTF)and Rising Star award winners have once again shown remarkable resilience and growth,demonstrating exceptional innovation outcomes over recent years.The Tech Fast winners,in response to changing market needs and conditions,have adeptly pivoted,showcasing vast potential for further sca
18、lability.Conversely,the Rising Star awardees characterised by their youthfulness and innovation,exhibit highly promising growth prospects within their respective industries.Having engaged with the applicants and winners during the rigorous selection process,we have witnessed exciting growth opportun
19、ities in almost every domain of innovation and technology(I&T)in Hong Kong,spanning from artificial intelligence,cloud computing,digital engineering and robotics,to biotech,e-commerce,fintech,logistics and new materials.Undoubtedly,these advancements will augment the overall development of the indus
20、try in Hong Kong,driving it to new levels of sophistication.However,as highlighted in this years HKTF report,there exists untapped potential for Hong Kongs outstanding innovators to turn their ideas into commercial and financial success.This necessitates a concerted effort involving an enhanced comb
21、ination of government and policy inputs,R&D initiatives,talent cultivation,educational enhancements,favourable funding conditions,and robust business support.Deloitte looks forward to witnessing the practical implementation of the insights outlined in the report,thereby dismantling barriers hinderin
22、g the industrial and commercial success of Hong Kongs I&T companies.We extend our gratitude to HSBC for its invaluable support as the Diamond Sponsor of HKTF and the research report.Additionally,we appreciate Hong Kong University of Science and Technology(HKUST)Business School,HKTFs Official Knowled
23、ge Partner,for its contribution to the survey and provision of insightful perspectives sharping the reports content.Special thanks are also due to our Strategic Partners,Hong Kong Cyberport and Hong Kong Science and Technology Parks Corporation,and all the Supporting Organisations.3Turning innovatio
24、ns into wealth:How to fill the commercialisation gap in Hong KongTogether,we have formed a powerful innovation engine capable of propelling the outstanding innovations of Tech Fast and Rising Star winners towards sustainable profitability,fostering a thriving I&T ecosystem.There is much reason for o
25、ptimism,particularly since the introduction of the Hong Kong I&T Development Blueprint by the Hong Kong SAR Government in December 2022.Entrepreneurs now view local policies and incentives as advantages,a positive shift that bodes well for the entrepreneurial landscape in Hong Kong.Deloitte remains
26、committed to contribute resources towards achieving the goals outlined in the I&T Development Blueprint.This commitment includes continued investment in our Innovation&Assets Development Center(IADC)at Hong Kong Science Park and our pledge to double our Hong Kong Deloitte Digital headcount to exceed
27、 1,000 tech and digital professionals by 2025.Beyond the Blueprint,we will continue to play a pivotal role and be a“value-adder”in Hong Kongs I&T ecosystem.This involves helping start-ups in accelerating R&D commercialisation,facilitating increased access to investment and funding,including venture
28、capital and private equity,and inspiring local STEAM talent to embrace experimentation and innovation.Furthermore,through the amalgamation of our deep industry knowledge,leading assets,and solutions with the resources of the Deloitte Global network and collaboration with alliance partners,we are poi
29、sed to offer I&T companies comprehensive,integrated Advise,Implement and Operate services.Leveraging our established strengths in audit and assurance and tax advisory services,we will consistently strengthen the business operations of our I&T clients.Heartfelt congratulations to all the 2023 HK Tech
30、 Fast and Rising Star winners!4Turning innovations into wealth:How to fill the commercialisation gap in Hong KongTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong5ContentsTechnology Fast Program 7Introduction 8Technology Fast Leadership Winners 9Technology Fast Winne
31、rs 11Rising Star Leadership Winners 16Rising Star Winners 17Tech Fast Female Winners 25Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong 27 About the study 28Executive summary 29Hong Kongs startup landscape at a glance 36Assessment of Hong Kongs I&T ecosystem 42Turni
32、ng innovations into wealth:how to fill the commercialisation gap 72References 77Acknowledgment 78Editors team 79Contributors 79Contact us 80Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong6Thank you for your support!Supporting OrganisationsOfficial Knowledge Partner
33、Diamond SponsorStrategic PartnersMedia PartnerTechnology Fast Program7Turning innovations into wealth:How to fill the commercialisation gap in Hong KongFor more than two decades,Deloitte has recognised the fastest-growing and most innovative enterprises across the technology ecosystem through the Te
34、chnology Fast Program.The program provides annual ranking over 30 countries,celebrating innovative,rapidly growing companies around the world.The 2023 Deloitte Hong Kong Technology Fast(HKTF)ranks fast growing public and private technology companies on their revenue growth over the last three years.
35、HKTF is open to companies from the technology,life sciences and other new economy sectors.Tech Fast Companies must satisfy the following criteria:Three years of business operation Headquartered in Hong Kong At least HKD2,200,000 in operating revenue during the 1st year of the 3-year evaluation perio
36、d Proprietary intellectual property or proprietary technology that generates substantial operating revenueFour tech companies that have achieved outstanding growth and leadership status areawarded Technology Fast Leadership awards.Rising Star is a special category that recognises high-growth compani
37、es that have demonstrated astounding business growth but are too young to be listed in the Technology Fast ranking.Two companies that have surpassed all expectations with their exceptional growth,visionary leadership and ground-breaking innovations are awarded Rising Star Leadership awards.Tech Fast
38、 Female awards recognise companies with considerable business growth that were founded or cofounded by women.HKTF is a sub-program of the Deloitte GBA Technology Fast 40 Program(GBA TF40)and Deloitte China Technology Fast 50 Program(China TF50).Notable winners of China TF50 include Tencent,Jingdong,
39、Bytedance,Mare Medical,SMIC,WuXi AppTec,WeLab,Klook,SenseTime,Lalamove and Prenetics.Once an enterprise reaches HKTF,it automatically becomes eligible to enter GBA TF40 and China TF50 to compete with peers from every corner of the GBA and Chinese mainland.Over the years,many companies named in the g
40、lobal Deloitte Technology Fast 50(Global TF50)have emerged to become international technology giants,with notable winners including Apple,Microsoft,and Tesla.With most of its companies at their early growth stages when ranked,the TF50 can also be considered as the Cradle of Rising Stars.Introduction
41、Bong ChanSouthern Region LeaderChina TMT IndustryDeloitte China Philip LawGreater Bay Area/Hong Kong Leader Technology Fast Program Venture Capital&Private EquityDeloitte China8Turning innovations into wealth:How to fill the commercialisation gap in Hong KongTurning innovations into wealth:How to fi
42、ll the commercialisation gap in Hong Kong9Technology Fast Leadership Winners2023 Deloitte Hong Kong Technology Fast LeaderFJ Dynamics International LimitedFJD is a robotics company focusing on digitisation,intelligence and new energy.Its technology has been widely used in different fields such as ag
43、riculture,construction,surveying and mapping,and service robots.We are committed to making useful and affordable robotic products for the most traditional labour-intensive industries,improving the efficiency and return of customers operations while improving their working environment.With the global
44、 reach of our business,we are also excited to work with our partners and customers to build a better future for our world.https:/#01Hardware6643%Growth rateGenieBiome Limited G-NiiB GenieBiome is a biotechnology company founded by world-renowned clinician-scientists and supported by a multidisciplin
45、ary team of specialists in microbiology,metagenomics,bioinformatics,disease biomarkers,food technology,clinical trials,IP development and commercialisation.For over a decade,our team has pioneered the use of microbiome with evidence-based science to tackle a myriad of diseases,including colorectal c
46、ancer,obesity,atopic eczema,autism and mood disorders,revolutionising the prevention,diagnosis and treatment of disease.Our precision portfolio of G-NiiB includes diagnostic and risk prediction tests,next-generation microbiome precision formula,and precision medicine tailored for the Asian populatio
47、n.Our vision is to be a game changer in human health with microbiome solutions.https:/#02Pharmaceuticals6385%Growth rateTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong10PHASE Scientific International LimitedPHASE Scientific is a high-growth biotech company dedicate
48、d to inspiring a new state of health.The companys focus is on providing innovative diagnostic tools and services for cancer and infectious diseases.With an impressive portfolio of over 50 patents granted,the Companys core technology,PHASiFY,addresses the challenges in low-concentration target molecu
49、le detection,providing an innovative way to improve the performance of diagnostic testing and make it faster,more accurate and more cost-effective.Headquartered in Hong Kong with locations in the Greater Bay Area and Southern California,PHASE Scientifics mission is to empower individuals by ensuring
50、 access to the best health information,leading to better health decision-making.https:/#03Bioscience5814%Growth rateBioscienceInsilico MedicineInsilico Medicine is a global,clinical stage,generative AI-driven biotechnology company responsible for advancing the novel generative AI-discovered and desi
51、gned candidates for human clinical trials.The companys integrated Pharma.AI platform spans biology,chemistry and clinical development to identify targets and disease hypotheses and design novel drug candidates.Insilicos pipeline consists of 31 programs for 29 drug targets in cancer,fibrosis,immunity
52、,central nervous system and aging-related diseases.Five programs have reached clinical stage,including a lead fibrosis drug in Phase II trials.The Company has raised more than USD400m,filed over 300 patents and published more than 200 papers in peer-reviewed journals.https:/#041253%Growth rateTurnin
53、g innovations into wealth:How to fill the commercialisation gap in Hong Kong11Technology Fast Winners2023 Deloitte Hong Kong Technology Fast Awards FintechAI Financial Technology Company(OneDegree Hong Kong)OneDegree was established in August 2016,with a mission to make insurance simpler,faster and
54、better.The company received a virtual insurer licence from the Hong Kong Insurance Authority in April 2020.It is now a multi-line digital insurance business,offering protection for pets,personal medical,e-commerce and home insurance to individuals;and professional indemnity,D&O insurance,cyber secur
55、ity and digital asset coverage to businesses.OneDegree Group announced the completion of its Series B funding of USD55 million in June 2023.https:/www.onedegree.hk#051149%Growth rateHardwareHestia Technology LimitedHestia was founded in 2018 in Hong Kong,known as the“Gourmets Paradise”.Focusing on t
56、he field of cooking robots,with Chinese cuisine as the entry point,it is committed to developing revolutionary cooking technology products.We envision a world where cooking becomes an experience that not only enhances taste,speed and safety,but also ease and health for everyone,all while we consciou
57、sly prioritise our planets wellbeing.Hestias mission is to create the most innovative hardware,software and service solution to empower our users to serve consistently high-quality products and services each day around the world.https:/www.hestia.kitchen#06762%Growth rateTurning innovations into wea
58、lth:How to fill the commercialisation gap in Hong Kong12Software&Big DataVaradise Limited Varadise Limited is a pioneering force in the realm of digital engineering,spearheading the path to excellence in the built world.Providing one-stop solutions for construction,facility and city data management,
59、it harnesses the power of digital twin technology to revolutionise how humans interact with and manage our physical environments.“Our cutting-edge platform seamlessly integrates real-time data and advanced analytics,enabling unparalleled insights into the entire lifecycle of assets and infrastructur
60、e.With Varadise Limited,clients gain an unrivalled advantage in decision-making,planning and optimisation,empowering them to create sustainable,efficient,and resilient built environments for the future.”https:/varadise.ai#07723%Growth rateSoftwareClare.ai Limited(Wati)Wati is a growing CPaaS platfor
61、m that revolutionises business communication through its comprehensive WhatsApp API solutions,catering to every size of business.Its mission to make business messaging simple is at the core of everything the company does.Watis key features include a shared Inbox for collaborative team communication,
62、integration with popular CRMs to enhance efficiency,bulk WhatsApp messaging to attract customer engagement,and no-code chatbots for hassle-free customer support.https:/www.wati.io#08633%Growth rateTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong13Internet&Platform S
63、ervices Return Helper Limited Return Helper is a data driven solution for cross border ecommerce returns.In 2023 return helper processed more than 750,000 ecommerce returns in the US and Europe for over 700 Asia based merchants.https:/#10311%Growth rateLife Sciences&Medical TreatmentBioMed Technolog
64、y Holdings LimitedBioMed Technology Holdings(BioMed)was established in September 2018 as a partner company of Hong Kong Science and Technology Parks Corporation(HKSTP).BioMed is committed to the research and development of precision medicine-based microbiome testing service and probiotic products,pr
65、oviding precise,proven and personalised microbiome management solutions to the physical and mental health problems arising from microbiome dysbiosis.https:/biomed.hk#11227%Growth rate361%Growth rateCustomindz Limited(viAct)viAct is Asias top sustainability-focused AI company that provides“Scenario-b
66、ased Vision Intelligence”solutions for risk prone workplaces including construction,oil&gas,manufacturing,facility management and mining industry settings to build smart cities and nations.“Since its inception in 2016,viAct has developed 60+pre-built AI modules,processing billions of images every da
67、y.Our AI solution covers over 10 different geographic locations,more than 200 large job sites are using viAct to prevent safety and environmental non-compliance and optimise productivity by transforming vision into practical actions.viAct is trusted and recognised by Forbes Asia,the World Economic F
68、orum and Google for its one-of-a-kind surveillance approach that manages high risk environments in a far smarter way than humans can do manually.”https:/www.viact.ai#09Software&AITurning innovations into wealth:How to fill the commercialisation gap in Hong Kong14176%Growth rate10Life Group Limited10
69、Life is an innovative digital insurance ecosystem with a mission to bring fair insurance to life.Founded by seasoned insurance professionals,10Life combines technology with compassion to ensure fair products,fair sales and fair claims.We have pioneered the insurance product ratings system concept to
70、 distinguish good products from bad.Our team of professional advisors provides unbiased advice,and we have independent claims ambassadors to provide comprehensive end-to-end claims support.Our goal is to help customers get the right insurance coverage and fair pay-outs.https:/#12Internet&Platform Se
71、rvices Life Sciences,Medical Facility&ServiceCELLOMICS Co.,Ltd Cellomics is an oncology diagnostic technology company.The company is a leader in liquid biopsy and precision medicine products and solutions.Its full suite of technologies including cancer tumour cell(CTC),Digital PCR and NGS Platforms
72、provides end-to-end solutions to support for the treatment needs of all cancer patients.https:/#13115%Growth rateInternet&Platform ServicesGetLinks HK LimitedGetLinks is Asias fastest growing talent platform,advancing humanity with new-tech,extending from the GBA(HK/GZ)to Southeast Asia(SEA)markets.
73、With millions of young digital and white collar professionals,GetLinks helps governments and companies build their local to remote distributed teams.As companies target booming SEA markets,GetLinks helps them inbound into those markets quickly and efficiently,tapping into local partnerships,resource
74、s,customers and workforces.GetLinks is invested and supported by Asias largest traditional jobs board player SEEK(JobsDB and Jobstreet),Alibaba Entrepreneurs Fund,Cyberport,HKSTP and leading family offices and corporate venture capital.Its success thus far is driven by all stakeholders committed to
75、powering the future of work and education;and committing to the ESG objectives of financial and education inclusion for humanity.https:/#14108%Growth rateTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong15102%Growth rateE-BUY GLOBAL LIMITED(Buyandship)Established in
76、2014,Buyandship is dedicated to helping people buy products from around the world using the power of big data,AI-based global price comparisons,social commerce and logistics technologies.Buyandships goal is to provide customers with a wide range of products at the lowest prices possible,while making
77、 shopping easy and convenient.With a presence in 11 countries and regions,operating 12 warehouses and serving 1.72 million registered users,Buyandship aims to become the default shopping platform for consumers.https:/www.buyandship.today#15Internet&E-commerceTurning innovations into wealth:How to fi
78、ll the commercialisation gap in Hong Kong16Rising Star Leadership Winners2023 Deloitte Hong Kong Technology Rising Star Leader(in alphabetical order)HardwareShenzhen Jaguar Microsystems Co.,Ltd.Jaguar Microsystems is the leading vendor in delivering a programmable data processing unit(DPU)system-on-
79、chip solution with 400Gbps throughput,which is critical technology in the new era of cloud computing.Founded by Dr.Sunny Siu and a core team,each with over 20 years of experience in the semiconductor industry,the company has gathered a world-class silicon and software team formerly from Broadcom,Int
80、el,Arm,HiSilicon(Huawei)and Alibaba.Since its establishment in 2020,the company has received strategic investments from top institutions including Tencent,HONGSHAN,SMIC,Temasek and Shenzhen Capital Group.https:/#02FinanceMicro Connect(H.K.)Investments LimitedMicro Connect is an exchange group that l
81、everages financial technology to connect global capital with micro and small businesses.Through its innovative revenue sharing investment and financing model,stores in the food&beverage,retail,services,and culture&sports sectors can access affordable long-term capital on the Micro Connect(Macao)Fina
82、ncial Assets Exchange(MCEX),the worlds first licensed exchange for daily revenue shares.Micro Connects proprietary revenue sharing asset class,Daily Revenue Obligations(DROs),gives investors direct and diversified exposure to the daily transparent cash flows of millions of stores in vibrant consumer
83、 economies,while making capital more accessible and affordable for business owners.With a licensed exchange,a regulated fund and structured product solutions,Micro Connect offers efficiency and liquidity in small business investing for global professional investors and a new alternative to impact in
84、vesting.https:/#01Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong17Rising Star WinnersAvant Meats Company LimitedFounded in Hong Kong in 2018,Avant is Asias first cultivated fish company and the first cultivated meat company in China.Avants end-to-end proprietary t
85、echnology platform offers a sustainable,pollutant-free and climate-friendly solution to produce nutritious,tasty fish and functional marine proteins directly from fish cells.Avant aims to be a global leader in developing cultivated proteins for food,skincare and functional applications.Avant has bee
86、n named a Technology Pioneer by the World Economic Forum,a Bloomberg New Economy Catalyst by Bloomberg QuickTake,and one of Forbes Asias 100 to Watch.It has featured in Reuters,TIME Magazine,The Financial Times,the South China Morning Post and CCTV.https:/#032023 Deloitte Hong Kong Technology Rising
87、 Star Awards(in alphabetical order)Life Sciences,Medical Facility&ServiceCornerstone Robotics Limited Cornerstone Robotics is dedicated to delivering accessible surgical systems that allow patients around the world to benefit from the highest standards of care.Founded in 2019,it has assembled an int
88、ernational team of surgical robotics experts,clinical professionals,and expertise from a diverse range of disciplines.To accelerate growth,it has established key innovation hubs in Beijing,Shanghai,Shenzhen,Hong Kong and Boston.Cornerstone Robotics aspires to create safe,efficient and precise surgic
89、al robots that enhance and extend surgical capabilities.This is the foundation upon which it will develop next-generation technologies and penetrate the surgical specialties of the future.https:/#04Consumer Products&Retail,Food&BeverageTurning innovations into wealth:How to fill the commercialisatio
90、n gap in Hong Kong18Hardware&SemiconductorsElitestek LimitedElitestek was established in 2020 and has headquarters in Shenzhen and Hong Kong,with R&D and local offices in Hangzhou and Chengdu.The companys products include the Trion series and Titanium series field-programmable gate arrays(FPGAs).Eli
91、testeks quantum architecture makes the performance,power and area advantage of its products four times that of traditional FPGAs.Elitesteks core team has rich technology,practical experience and deep professional knowledge,focusing on providing customers with high-performance,low-power solutions to
92、meet the unique needs of different industries and application fields,helping them achieve success in competitive markets.Elitesteks products are widely used in communications,medical,industrial control,machine vision,automotive electronics,AI applications and other fields.https:/#05SoftwareFloship L
93、imited Floships smart logistics solutions cover all aspects of the global supply chain,ensuring minimal operation effort for e-commerce businesses while exceeding their expectations,allowing business owners to concentrate on driving growth and investment flexibility while gaining peace of mind.A key
94、 component of Floships global logistics solutions is advanced logistics technology that streamlines and automates e-commerce brands supply chains to expedite growth and expansion.Floships plug-and-play integrations,intelligent automation rules and comprehensive operational and management tool suite
95、act as the building blocks of supply chain optimisation,tailored to address growth factors such as cost,efficiency,complexity,visibility and accuracy.https:/#06Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong19Green Monday Holdings LimitedGreen Monday Holdings(GMH)p
96、roduces and distributes plant-based food products globally,with the vision to“Make Change Happen,Make Green Common”.It is the pioneer in Asia in the launch of a large-scale plant-based movement by advocating a flexitarian lifestyle.OmniFoods,under GMH,is a globally leading plant-based brand that inc
97、ludes OMNI Pork,Beef,Seafood and Ready-to-Eat product series.Over the past few years,OmniFoods has received various international awards and accolades.OmniFoods owns the patented OmniNano technology and will continue to develop sustainable,innovative and wholesome food products through its cutting-e
98、dge technologies.https:/greenmonday.org#08Consumer Products&Retail,Food&BeverageGreat Bay Bio LimitedGreat Bay Bio(GBB)is an innovative biotech tool company,committed to the application of AI and other leading-edge technologies to bioprocessing.GBB is driving technological innovation in global life
99、sciences,aiming to address the challenges of long timelines,high costs and low success rates in drug development and other industries involving bioprocessing.Since its establishment,GBB has commercialised multiple AI-enabled biotechnology platforms in fields such as cell engineering and molecular de
100、sign,and has established strategic partnerships with multiple multinational enterprises,providing services and innovative tools covering antibody drugs,vaccines,in vitro diagnostics,synthetic biology and other fields.https:/www.greatbay-#07Life Sciences,Medical Facility&ServiceTurning innovations in
101、to wealth:How to fill the commercialisation gap in Hong Kong20New MaterialsI2COOL LIMITED i2Cool is a technology start-up incubated by the HK Tech 300 Program at City University of Hong Kong and Incubation Program of Hong Kong Science and Technology Parks.The team developed the worlds leading passiv
102、e radiative cooling paint with zero energy consumption.Its Electricity-free Cooling Paint is the first commercial product of i2Cool,officially launched to the market in November 2021.The paint is used as a cooling source from the environment and achieves cooling effects below ambient temperature thr
103、ough efficient solar reflection and mid-infrared emission.This patented cooling technology is born for building and construction,outdoor facilities and outdoor storage systems,and the companys market has expanded to Southeast Asia,the Middle East,Europe and the United States,accelerating the global
104、pace of energy-saving technology.i2Cool is committed to integrating innovative,energy-saving technologies into peoples daily lives,alleviating energy shortages,promoting sustainable development and economic growth,and moving towards carbon neutrality.https:/#09 imBee LimitedimBee,a fast-growing AI S
105、aaS company based in Hong Kong and backed by global investors,is strategically positioned to establish a new standard for superior customer experience and business transformation in enterprises.Leveraging the global adoption of instant messaging,imBee unveiled AiskBee in 2023,marking Hong Kongs firs
106、t GenAI-Powered Enterprise Knowledge Base Assistant.AiskBee is a revolutionary benchmark in customer engagement and service,surpassing conventional products by offering diverse avenues to enhance customer interactions across different industries.https:/www.imbee.io#10SoftwareImmuno Cure Holding(HK)L
107、imitedImmuno Cure is a clinical stage biotechnology group based at Hong Kong Science Park,focusing on research and development of immunotherapies for cancers,inflammatory and infectious diseases based on its patented PD-1-enhanced DNA vaccine,anti-42PD1 antibody and vaccine delivery platforms;with t
108、wo DNA vaccine candidates currently in clinical trials.http:/www.immunocure.hk#11BioscienceTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong21On-us Company LimitedIntroducing On-usEmpowering Business Success with AI-driven Solutions.As a prominent PaaS provider,On-us
109、 harnesses the power of AI to drive informed business decision-making.Its comprehensive solutions include incentive-driven digital vouchers,advanced data analytics,and integrated adtech,martech and membership tech solutions.By leveraging our solutions,businesses can deliver precise offerings,enhance
110、 customer loyalty and fuel business growth.Join our esteemed clientele,which includes global financial services marketers,people management teams,blue chip property developers,non-profit organisations,event planners and SMEs.Unlock the potential of intelligent solutions for your success today.https:
111、/www.on-#14InternetFintechKsher(Hong Kong)Co.,Limited Ksher,founded in Thailand,which initially helped merchants accept mobile payments from Chinese tourists,has grown into a leading technology platform in Asia that provides one-stop services to help merchants start,run and grow their businesses mor
112、e easily.It operates from offices in China,Thailand,Malaysia,Singapore,Japan and the UAE and expands through local partners in other locations across Asia and Europe.During the past few years,we have served merchants of all sizes,accumulated deep local insights and expanded our footprint into variou
113、s geographic locations.Ksher also simplifies cross border e-commerce for international merchants with ubiquitous access to Southeast Asia markets through innovative plug and play solutions.https:/#12LaSense Technology LimitedLaSense Technology is a world-leading high-tech startup focusing on laser g
114、as sensing technology.Based on original technology from the Chinese University of Hong Kong,LaSense has independently developed laser sensing instruments applied in the carbon neutrality and medical fields.LaSense has expanded from Hong Kong into the Greater Bay Area and has become a representative
115、laser instrument supplier in China.http:/#13HardwareTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong22AI SoftwarePressLogic Limited PressLogic is an AI technology and digital media company driving innovation in the adtech ecosystem and providing industry-leading Saa
116、S solution MediaLens,which optimises digital advertising to empower brands and merchants.MediaLens harnesses big data and machine learning to solve challenges around the digital marketing landscape,campaign optimisation,and monetisation for brands and merchants.Through leveraging emerging technologi
117、es like blockchain,AI and conversational interfaces,PressLogic continues to develop next-gen solutions that strengthen transparency,efficiency and value exchange across the digital advertising industry.PressLogic is honoured to be recognised for its pioneering work advancing the entire adtech value
118、chain and shaping the future of marketing technology.https:/#15Quantifeed HK LimitedHeadquartered in Hong Kong with global offices in Singapore,Tokyo,London,Sydney and Hyderabad,Quantifeed is the leading digital wealth management solutions provider for financial institutions.Developed by a team of f
119、inancial engineers,QEngine is an award-winning technology platform recognised for its innovation.The platform powers personalised and engaging wealth management journeys for banks,insurers,brokers and wealth planners.Quantifeed has deployed QEngine to some of the largest financial institutions,inclu
120、ding China CITIC Bank International in Hong Kong,DBS Bank in Singapore,MUFG Bank in Japan,and Julius Br and BBVA in Europe.https:/#16Internet,FintechTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong23SoftwareSleekflow Technologies Limited SleekFlow is an AI-powered O
121、mnichannel Conversation Suite that enables a comprehensive 1:1 customer journey across major social and messaging services like WhatsApp,Facebook,Instagram,SMS,live chat,or whatever clients customers prefer.SleekFlow is headquartered in Hong Kong,with offices in Singapore,Malaysia,Indonesia,Brazil a
122、nd the UAE.In 2022,the startup secured an USD8 million Series A funding round,led by Tiger Global,with participation from AEF Greater Bay Area Fund and Transcend Capital Partners.Our customer engagement platform streamlines the entire commerce process,from sales to support,providing businesses with
123、a centralised location to manage all their customer conversations and automate business growth.Trusted by businesses worldwide,from start-ups to enterprises across various industries,SleekFlow accelerates social commerce,supercharges productivity and personalises customer experiences that drive conv
124、ersions through conversations.https:/sleekflow.io#18Raysolve Technology Company LimitedRaysolve is dedicated to R&D on micro-LED micro-display technology,focusing on chip architecture,fabrication processes and the development of quantum dot based full-colour technology.Originating from Hong Kong Uni
125、versity of Science and Technology(HKUST)with decades of experience in leading-edge micro-LED micro-displays,Raysolve recently unveiled its 0.11-inch and 0.22-inch single-chip full-colour Micro-LED micro-displays,which are the smallest sizes in their field.Both chips have an ultra-small pixel pitch o
126、f 3.5m,ultra-high micro-LED pixel density of 7200 PPI,and full-colour brightness of more than 100,000 nits.This breakthrough allows for extremely lightweight design display modules that are ideal for consumer-level AR glasses.https:/#17HardwareTurning innovations into wealth:How to fill the commerci
127、alisation gap in Hong Kong24Telefield Medical lmaging Limited(Scolioscan)Founded in 2012,Telefield Medical Imaging(TMI)is a leading provider of 3D ultrasound imaging technology,equipment and solutions.Its product Scolioscan is the worlds first and only 3D ultrasonic scoliosis assessment system,which
128、 offers radiation-free and efficient imaging of the spine.The Companys R&D team is led by Professor Zheng Yongping from The Hong Kong Polytechnic University.Prof.Zheng served as the Founding Head of Biomedical Engineering in PolyU.He was ranked among the worlds top 2%most-cited scientists in ranking
129、s compiled by Stanford University in 2021,2022 and 2023.After 20 years of technical research and 10 years of clinical exploration,Telefield Medical Imaging owns 19 pioneering and leading technologies with nearly 100 patents.It provides early diagnosis of chronic diseases and monitoring of other bone
130、 deformations including spinal deformity,making diagnosis and treatment more accurate,visualised and standardised.https:/#19Life SciencesValuable Capital LimitedValuable Capital is a leading online broker leveraging the power of technology and social media.Its mission is to make global investing cle
131、ar,simple and engaging for everyone.Built upon well-architected technology infrastructure,Valuable Capital enables clients with an interactive and superior investment experience achieving a balance of functionality and simplicity.We offer a wide range of services through our platforms,including stoc
132、k trading,bond trading and margin financing.Our vibrant and diverse online community can provide real-time market information and connectivity to our users,companies and media.On the enterprise solutions side,the services we provide include equity capital market,fixed income,currency and commodities
133、(FICC),wealth management,asset management and employee stock ownership plan(ESOP)solutions.https:/#20FintechTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong25SoftwareClare.ai Limited(Wati)|Bianca Ho,Co-founder&COOWati is a growing CPaaS platform that revolutionises
134、business communication through its comprehensive WhatsApp API solutions,catering to every size of business.Its mission to make business messaging simple is at the core of everything the company does.Watis key features include a shared Inbox for collaborative team communication,integration with popul
135、ar CRMs to enhance efficiency,bulk WhatsApp messaging to attract customer engagement,and no-code chatbots for hassle-free customer support.https:/www.wati.io2023 Deloitte Hong Kong Technology Fast Outstanding Female Entrepreneur Awards Tech Fast Female WinnersConsumer Products&Retail,Food&BeverageAv
136、ant Meats Company Limited|Carrie Chan,Co-founder&CEOFounded in Hong Kong in 2018,Avant is Asias first cultivated fish company and the first cultivated meat company in China.Avants end-to-end proprietary technology platform offers a sustainable,pollutant-free and climate-friendly solution to produce
137、nutritious,tasty fish and functional marine proteins directly from fish cells.Avant aims to be a global leader in developing cultivated proteins for food,skincare and functional applications.Avant has been named a Technology Pioneer by the World Economic Forum,a Bloomberg New Economy Catalyst by Blo
138、omberg QuickTake,and one of Forbes Asias 100 to Watch.It has featured in Reuters,TIME Magazine,The Financial Times,the South China Morning Post and CCTV.https:/Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong26InternetOn-us Company Limited|Honnus Cheung,Co-founder&C
139、SOIntroducing On-usEmpowering Business Success with AI-driven Solutions.As a prominent PaaS provider,On-us harnesses the power of AI to drive informed business decision-making.Its comprehensive solutions include incentive-driven digital vouchers,advanced data analytics,and integrated adtech,martech
140、and membership tech solutions.By leveraging our solutions,businesses can deliver precise offerings,enhance customer loyalty and fuel business growth.Join our esteemed clientele,which includes global financial services marketers,people management teams,blue chip property developers,non-profit organis
141、ations,event planners and SMEs.Unlock the potential of intelligent solutions for your success today.https:/www.on-PharmaceuticalsGenieBiome Limited|Prof.Siew Ng,Co-founderG-NiiB GenieBiome is a biotechnology company founded by world-renowned clinician-scientists and supported by a multidisciplinary
142、team of specialists in microbiology,metagenomics,bioinformatics,disease biomarkers,food technology,clinical trials,IP development and commercialisation.For over a decade,our team has pioneered the use of microbiome with evidence-based science to tackle a myriad of diseases,including colorectal cance
143、r,obesity,atopic eczema,autism and mood disorders,revolutionising the prevention,diagnosis and treatment of disease.Our precision portfolio of G-NiiB includes diagnostic and risk prediction tests,next-generation microbiome precision formula,and precision medicine tailored for the Asian population.Ou
144、r vision is to be a game changer in human health with microbiome solutions.https:/Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong27Turning innovations into wealth:How to fill the commercialisation gap in Hong KongAbout the studyThis report is part of a series of st
145、udies conducted by Deloitte that evaluate and trace the status and development of Hong Kongs I&T ecosystem.The principal objective of this years study is to assess how Hong Kongs I&T ecosystem has evolved over the past two years in terms of the strengths and challenges it faces,whether I&T policies
146、are developing in the right course to achieve its expected outcomes,and what tailored action plans need to be put into place towards enhancing Hong Kongs overall I&T competitiveness.We are honoured to have Hong Kong University of Science and Technology(HKUST)Business School as our official knowledge
147、 partner and are particularly thankful for their input in designing the survey,carrying out part of the survey and providing valuable insights during the writing of this report.Research methodology The study gathers,analyses and synthesises information drawn from both primary and secondary sources.P
148、rimary information is gathered through:Surveys that target experienced entrepreneurs and university students who have entrepreneurial intentions,and Extensive interviews with various stakeholders in the innovation ecosystem,including government officials,serial entrepreneurs,venture capitalists,mana
149、gers of incubators and accelerators,and others.The survey continues to adopt half the questions that appeared in the 2021 HKTF report for the sake of consistency and continuousness,and the other questions are newly designed to address key issues mentioned in the I&T strategy,such as challenges unive
150、rsity students/research faculties are facing when converting their R&D outcomes and collaborating with the industry,and specific policies and support that is anticipated among relevant parties.The entrepreneur survey:38 Hong Kong-based entrepreneurs of startups representing 12 industries participate
151、d in the survey.The top three sectors are Artificial Intelligence(24%),Biotechnology,medical and healthcare(24%)and Financial technology(13%).The survey also captured a diverse representation of participants,with companies from seed stage,early stage,roll-out and growth stage accounting for 11%,13%,
152、37%and 39%,respectively.The student survey:A total of 171 Hong Kong-based university students participated in the survey with a significant majority(73%)are pursing STEM majors.About 24%of the respondents are engaged in academia,holding roles such as researchers or research assistants.The surveys we
153、re carried out in October 2023 in Hong Kong.A series of individual interviews with key stakeholders across Hong Kongs innovation ecosystem were conducted simultaneously.Their viewpoints are presented throughout the report.28Turning innovations into wealth:How to fill the commercialisation gap in Hon
154、g KongExecutive summaryThis study explores Hong Kongs latest progress in establishing itself as a world-class I&T hub,covering contributions factors of government and policy,R&D forces,talent and education,funding environment,business support,and culture and norms.It also assesses the challenges Hon
155、g Kong faces when converting its innovation results into commercial and industrial achievements and provides recommendations on how to bridge this commercialisation gap.Hong Kongs vibrant startup ecosystem continues to thrive with both the number of startups and employment in the I&T industry reachi
156、ng new heights.However,the overall recognition among entrepreneurs of Hong Kongs strength as a destination to start a business have taken a downturn,with over 50%of entrepreneurs voicing their concerns over access to talent and securing funding in Hong Kong.The recent economic uncertainties have fur
157、ther dampened entrepreneurs confidence with about 53%entrepreneurs believing that the current economic climate poses great challenges for startups as they have to navigate through difficult economic conditions.The Blueprint unprecedentedly sets forth a systematic plan and clear roadmap for Hong Kong
158、s I&T development in the next 5-10 years by laying out four development directions and corresponding supporting measures.The unwavering support policy for startups has yielded positive results,with 50%of surveyed entrepreneurs identifying government incentives and polices as the top advantage of sta
159、rting a business in Hong Kong,compared with 41%in 2021.The momentum of Hong Kong burgeoning startup ecosystem remains intact against a challenging external environment and interest rate hikes that put downward pressure on market valuations.However,there has been a noticeable change in how its streng
160、ths are perceived as challenges and competition continue to ariseThe Hong Kong Governments unveiling of its first-ever blueprint for the development of the I&T sector is a significant milestone with a clear roadmap and strategic direction,enhanced collaboration,and targeted measures.It will serve as
161、 a catalyst to propel the high growth of the I&T sector in Hong Kong29Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong Hong Kongs gross expenses on R&D(GERD)has achieved incremental growth in the past five years,but its absolute amount and intensity are still lower
162、than those of OCED countries.Despite extensive investment,the innovation output in Hong Kong has not been rewarding in term of the economic value generated by the I&T sector.The potential of innovation capabilities of local business remains largely undervalued.R&D activities are mainly led by tertia
163、ry institutions and research centres in Hong Kong,with the local industry having limited incentive to conduct R&D,whereas in Singapore and Israel,the business sector plays a more dominant role in overall R&D activities by contributing 63%and 91%to the GERD,respectively,while it is only 42%in Hong Ko
164、ng.The Hong Kong Government has taken a multi-pronged approach to enhance technology commercialisation,including increasing the land and infrastructure available for translating scientific research,establishing the Office for Attracting Strategic Enterprises that is responsible for attracting leadin
165、g overseas enterprises to set up R&D centres in Hong Kong,and funding university professors/fellow researchers to commercialise their research outcomes with the implementation of the HKD10 billion Industry-Academic-Research 1+Plan(RAISe+).The scarcity of talent proves to be the top challenge facing
166、Hong Kongs startup companies and the high cost of living only exacerbates the problem.About 58%of surveyed entrepreneurs cited costly living as the biggest obstacle for them to attract talent.The recent talent attraction efforts launched by the Government have achieved significant results with over
167、127,000 applications1 approved under various talent admission schemes in the first 11 months of 2023 and about 81,0002 of them having arrived in Hong Kong,surpassing its annual target of admitting at least 35,000 professionals.However,the existing talent schemes are not industry focused,which might
168、not necessarily translate into local I&T labour force.For instance,less than a quarter(23%)of the talent applying for the Quality Migrant Admission Scheme(QMAS)are from an Information Technology background.That is reflected in our survey as well,with less than 10%of surveyed entrepreneurs finding ei
169、ther the Quality Migrant Admission Scheme or Top Talent Pass Scheme attractive in addressing their talent shortage.Hong Kong has not been able to reap substantial I&T output.It also suffers from the relatively lower R&D investment of local businesses,further reducing demand for academia-industry coo
170、peration.A coordinated strategy is needed to close the commercialisation gap and enhance the economic value and social impact of I&TWhile the latest talent trawling campaign has achieved visible progress with the influx of talent reaching a record high,the persistent talent shortage in the I&T secto
171、r highlights the needs for a more industry-specific approach and the impetus to build local I&T talent pipelines30Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong Entrepreneurial intention has been on the rise among Hong Kong youth with an astounding of 42%actively
172、considering starting their own or working for a startup company.Perceptions about Hong Kongs entrepreneurial culture and atmosphere have slightly deteriorated with more students rated Hong Kongs entrepreneurial spirit below 3.The Government needs to break the stereotypical perception of entrepreneur
173、ship and shift from a risk-averse culture to one that embraces experimentation and innovation.It also needs to take the lead in enhancing the communitys trust in the I&T sector.VC-backed funding activity dropped to its lowest level in six years with an aggregated deal value of USD1.3 billion across
174、50 deals in 2022.This downtrend continued in 2023,with just USD691 million of funding as of October 2023.VC investment fell across all stages,with early-stage funding reported biggest decline in both deal volume and value.The plummeting valuations of tech companies has led to a drop in the number of
175、 mega-deals with just one single VC-backed company managing to secure over USD100 million in financing compared with four in 2022.The establishment of the Hong Kong Investment Corporation(HKIC)and combination of four funds signifies a more proactive approach taken by the Government in guiding invest
176、ment in the I&T sector and stimulating private investment with government-led fund helping de-risk the proposition for institutional investors against the backdrop of a challenging financial market.Entrepreneurial intention has been on the rise among Hong Kong youth because of an increasingly conduc
177、ive startup ecosystem.However,to break the stereotypical perception of entrepreneurship and shift from a risk-averse culture to one that embraces experimentation and innovation,systematic changes are still requiredThe VC funding winter has hemmed in the citys thriving I&T ecosystem.The Hong Kong Gov
178、ernment has adopted a more proactive approach to stimulate venture investment and also provides long-term capital necessary for R&D intensive startups to scale up31Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong32Turning innovations into wealth:How to fill the comm
179、ercialisation gap in Hong KongThe Hong Kong Government should embrace an“output-thinking”mindset when crafting and executing its I&T policies.By focusing on the effectiveness of resource utilisation and the quality of processes involved,the government can drive meaningful outcomes and maximise the i
180、mpact of its initiatives.The Hong Kong Government can consider introducing a more precise and comprehensive set of performance indicators to understand how these I&T programs function in terms of their effectiveness in delivering outputs,the eventual impacts of those outputs,and how to inform strate
181、gic decision-making and better allocate resources to adapt to changing the I&T landscape in Hong Kong Measuring innovation performance has now become a global priority.Internationally agreed indicators cover the following aspects3:R&D investment,e.g.,R&D expenditure in the public sector,in the busin
182、ess sector,direct government funding and government tax support for business R&D R&D personnel,e.g.,new doctorate graduates in STEM and international scientific co-publications Innovation activities,e.g.,SMEs with product innovations,innovative SMEs collaborating with others,PCT/trademark/design pat
183、ent applications Innovation impact,e.g.,employment in innovative enterprises,sales of product innovations,and exports of medium-to-high tech products The commercialisation of R&D is a collective endeavour,requiring the combined efforts of all parties involved.Universities needs to enhance their role
184、s in incentivising technology transfer efforts within the research community.Local businesses are also encouraged to step up their investment in R&D and actively apply local R&D outcomes.Supply-side changes:RAISe+is a great starting point,yet in the long run,Hong Kong universities need to further lo
185、osen policies and promote a culture that values technology transfer.For instance,universities can consider increasing the significance of“technology transfer”in the tenure promotion evaluation as the existing one heavily emphasises research publication and funding acquisition.Meanwhile,improving the
186、 flexibility of“outside practice”would allow professors to devote more time to engage with spinout businesses and investors.Review existing policies and terms,for instance the equity shares universities take in spinouts,ownership of IP,and distribution of income generated from IP licensing,to make t
187、hem more attractive for scientists and researchers.For instance,The University of Hong Kong recently announced it would increase the share of income generated by licensing IPs for inventors from 33.3%to 70%.Although Hong Kong has undeniably established itself as a prominent innovation hub,it is vita
188、l to recognise that there is still work to be done.Stakeholders in our interviews have provided valuable recommendations on how to solidify Hong Kongs position as a leading global centre for technology and innovation.Call to action Incentivise scientists/researchers to engage with the industry throu
189、gh various commercialisation channels,such as technology licensing,collaborative research,contract research and paid consultancy.One of the viable solutions is to revise the eligibility criteria for the R&D funding to include the need to focus on technology transfer,or to reorient R&D funding toward
190、s projects that are more outcome-driven,and emphasizing collaboration with the industry.Demand-side changes:The Hong Kong Governments current focus is on attracting leading overseas firms to set up R&D branches.This report argues that additional work is needed in stimulating innovation demand among
191、local SMEs.This can be achieved through the following actions:Reviewing government procurement to make it more accessible for SMEs to bid for public contracts.For instance,the UK government has actively facilitated SMEs to benefit from government contracts by requiring all public departments and bod
192、ies to consider SMEs when designing their procurements,creating a central platform showing upcoming procurement opportunities and lowering barriers for entry through the removal of unnecessary insurance costs4.Increasing SMEs innovation absorption capacities by offering them funding and necessary to
193、ols and knowledge.For instance,the Agency for Science,Technology and Research of Singapore helps connect SMEs with a pool of scientists for the development of technological capabilities.Hong Kong could consider launching such grants as an AI-adoption scheme that incentivises local business to utilis
194、e AI technologies and provides support for talent recruitment/reskilling.Hong Kong needs to further diversify its sources of capital for startups by stimulating the risk appetite of Hong Kong-based venture capital and encouraging them to capitalise on the growing opportunities arising from the local
195、 I&T ecosystem.There are still funding gaps unfilled for tech companies at early to growth stages.A viable solution is for the Government to establish a fund of funds(FoF)that acts as a limited partner and invests in other matching funds focused on tech-related early-stage investment.The FoF can pla
196、y a positive role in channelling private capital into the local I&T ecosystem.Hong Kong can also stimulate more capital from family offices,hedge funds and private equity firms by encouraging them to either invest directly in local tech enterprises or to inject money into VC funds as limited partner
197、s to sow the seeds of future innovations.To better act as the strategic investor,the HKIC can consider i)continuously refining its investment goal and strategy so that its investment portfolio can align with changing market and emerging opportunities,ii)expanding its investment portfolio to include
198、investment in early-stage companies that are forward-looking and strategically important for Hong Kongs I&T industry iii)closely monitoring the financial performance of General Partners selected to make strategic investments for the corporation and actively seeking experience and industry insights f
199、rom their choices,which allows the corporation to stay ahead of market trends and effectively manage risks.Hong Kongs talent policy should be enhanced to ensure greater precision and industry relevance.Meanwhile,Hong Kong needs to tap into the potential of the local labour force to build a sustainab
200、le,future-proof talent pipeline.Tailor talent attraction policies to be industry-specific by identifying areas facing the greatest shortage within the I&T sector.This can be achieved by establishing a centralised platform that serves as a repository of talent needs for local I&T companies.This platf
201、orm would enable I&T startups to list their specific talent requirements.It would be easier for overseas candidates to navigate and identify the areas where there is a demand for talent.33Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong Strengthen resources to retai
202、n overseas top talent.This includes allocating land in the Northern Metropolis for additional talent apartments and providing housing subsidy,education and medical allowances for overseas talents.For instance,to attract and retain top-notch talent worldwide,Shenzhen launched initiatives like the Pea
203、cock Plan,offering talents with housing subsidies,childrens education,employment opportunities for spouses,and medical insurance,making talented individuals feel more secure in developing their careers in Shenzhen.Establish long-term talent exchange programs between academia industry by offering mor
204、e government-sponsored internship and placement programs that help local students develop skills that are relevant to industry and allow companies to nurture and lock in future talent.However,talent attraction can only serve as a temporary fix.In the long run,Hong Kong needs to tap into local source
205、s of talent.This can include increasing career prospects in the I&T sector and providing STEM students or early career researchers with more job opportunities and work placements in the local and overseas I&T industries.The Government can consider reducing the complexity surrounding the various I&T
206、support programs and extend business support services to cover startups needs throughout their business lifecycle.Enhance the transparency and attractiveness of government funding programs by streamlining the process of vetting and approval of investment proposals to ensure that allocated funds can
207、support the funding needs of startups efficiently.Certain entrepreneurs wish that the application process for government funding could be shorter and the requirements less stringent.As a result,some companies find it easier to secure funding from alternative sources in other locations like the Chine
208、se mainland or Singapore.Coordinate I&T support programs across different government departments.There is consensus among stakeholders that the Government and its support agencies need to reduce complexity by consolidating funding schemes with similar purposes.Incubators needs to tailor their suppor
209、t and resources to meet ever-changing requirements of startups at different stages throughout their operation lifecycle.For instance,with startups scaling up,their needs and priorities have shifted correspondingly,requiring more support for market expansion(e.g.,how to navigate the regulatory terrai
210、n when entering the GBA or Chinese mainland market)and network extension.34Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong35Turning innovations into wealth:How to fill the commercialisation gap in Hong KongTurning innovations into wealth:How to fill the commerciali
211、sation gap in Hong Kong36The momentum of Hong Kong burgeoning startup ecosystem remains intact with record high startup numbers and employment in I&T against a challenging external environment,slow economic recovery and rising interest rates that put downward pressure on market valuations.However,th
212、ere has been a noticeable change in how its strengths are perceived as challenges and competition continue to ariseHong Kongs vibrant startup ecosystem continues to thrive despite a slowing economy and interest rate hikes that put downward pressure on valuations.The number of startups in Hong Kong r
213、eached 3,985 in 2022 a post-2013 record although growth has slowed since 2021.Employment in the information technology industry has also reached new heights.In terms of source of origin,25%of startup founders are non-local.Among them,the Chinese mainland China ranks first(21%)by number of non-local
214、startups,followed by the United States(16%)and the United Kingdom(13%),further reinforcing Hong Kongs unique role as a springboard for startups to launch into the GBA and other overseas markets.Hong Kongs startup landscape at a glanceNumber of startups in Hong KongSource:Invest HKs 2022 Start-up Sur
215、vey8191,0651,5581,9262,2292,6253,1843,3603,7553,98505001,0001,5002,0002,5003,0003,5004,0004,5002000022Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong37Fintech remains among the hottest sectors in Hong Kongs startup scene,cementing t
216、he citys position as one of the most conducive markets for global fintech startups looking for promising growth prospects.The digitalisation wave accelerated by COVID-19 has also prompted high growth in sectors such as biotechnology,healthcare and online education,which achieved year-on-year growth
217、of 139%,67%and 46%respectively in 2022.Hong Kong startup sector breakdownSource:Invest HKs 2022 Startup Survey13%Financial Technology(Fintech)13%E-commerce/supply chainmanagement/logistics technology6%Health&medical4%Hardware(loT,3D printing,prototypes,wearables)8%Education&learning7%Data analytics7
218、%Design9%Information,computing&technology8%Professional or consultancy services5%Others1%Foodtech1%Social innovation/ventures3%Digital entertainment and gaming2%Smart city3%Sustainable/green technology4%Biotechnology2%Robotics/smart manufacturing2%Retail technologyEmployment number and growth rate o
219、f I&T industrySource:Hong Kong Census and Statistics Department20003,48035,45037,01038,06039,49041,58044,59045,31046,730Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong38Growth of startups by sector Source:Invest HKs 2022 Startup Sur
220、vey,Deloitte-40%-20%0%20%40%60%80%100%120%140%160%BiotechnologyHealth&medicalEducation&learningRobotics/smart manufacturingSustainable/green technologyE-commerce/supply chainmanagement/logistics technologyFinancial Technology(Fintech)Retail technologyDesignData analystInformation,computing&technolog
221、yDigital entertainment and gamingHardware(loT,3D printing,prototypes,wearables)Social innovation/venturesFoodtechOthersSmart cityProfessional or consultancy servicesTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong39Key advantages in starting a business in Hong KongS
222、ource:Deloitte Entrepreneur Survey41%54%57%29%21%24%20%5%50%45%47%24%21%16%11%6%0%10%20%30%40%50%60%Governmentincentives andpolicies Ease of doingbusinessProximity toChinesemainland andother AsianmarketsIPprotectionEntrepreneurialculture/establishedstartup ecosystemAccess tocredit andfunding Strongt
223、alent poolOthers20212023Hong Kong is reinforcing its role as a global emerging innovation hub but also finds itself grappling with mounting challenges.The Governments unwavering support policy for startups has yielded positive results,with more than 60%of entrepreneurs identifying government incenti
224、ves and polices as the top advantage of starting a business in Hong Kong,up from 42%in 2021.The overall recognition of Hong Kongs strength as a destination to start a business among entrepreneurs,nevertheless,has taken a downturn.For instance,the percentages of respondents choosing“proximity to the
225、Chinese and Asian markets”and“access to credit and funding”as key advantages to starting a business in Hong Kong have dropped significantly compared with 2021.In terms of challenges,the scarcity of innovative talent proves to be the top challenge facing Hong Kongs startup ecosystem,with over 63%of s
226、urveyed entrepreneurs saying it is difficult for startups to find sufficient talent in Hong Kong.In the meantime,securing funding continues to be a critical hurdle for startups as about 53%of respondents are concerned there are not sufficient and accessible funding options.To compound matters,the re
227、cent economic uncertainties have further dampened entrepreneurs confidence with about the same percentage of surveyed entrepreneurs(53%)believing that the current economic climate poses great challenges for startups as they have to navigate through difficult economic conditions.Turning innovations i
228、nto wealth:How to fill the commercialisation gap in Hong Kong40Key challenges in running a business Hong KongSource:Deloitte Entrepreneur Survey0%10%20%30%40%50%70%60%Access totalentAccess tofundingEconomicoutlookRegulatoryenvironmentR&D collaborationwith universityresearchersBusiness andtaxationpro
229、ceduresOthers2021202356%39%36%34%18%10%7%63%53%53%18%11%11%0%41Turning innovations into wealth:How to fill the commercialisation gap in Hong KongTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong42Assessment of Hong Kongs I&T ecosystemIn this section,we embark on a de
230、ep dive through various elements of Hong Kongs thriving entrepreneurial landscape,from the latest I&T policy that fuels local innovation and wide range of funding that caters to the needs of companies at various stages,to the supportive ecosystem that nurtures the flourishing of entrepreneurial spir
231、it.Analysis framework of Hong Kongs I&T ecosystemHong Kong Innovation&Technology ecosystemResearch and developmentTalents andeducationCulture and normsBusinesssupportGovernment and policyAccess tofundingTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong43The Blueprint
232、 unprecedentedly sets forth a systematic plan and clear roadmap for Hong Kongs I&T development in the next 5-10 years,signalling a departure from the established approach of“letting the market decide”and reinforcing governments guiding role in I&T development.Successive Hong Kong governments have at
233、tached great importance to the development of Innovation&Technology as it is considered vital for Hong Kongs economic transformation and a more diversified,vigorous future.The 14th Five-Year Plan supports Hong Kong to transition into an international Innovation&Technology hub against the backdrop of
234、 intensified regional technology competition.In support of this vision,the Government introduced the Hong Kong Innovation&Technology Development Blueprint the first systematic and practical industrial plan in Hong Kong since the establishment of the SAR.It sets out four development directions,includ
235、ing enhance the I&T ecosystem and promote new industrialisation,expand the I&T talent pool,promote digital economy development and develop Hong Kong into a smart city and proactively integrate into the overall development of the country,and consolidate Hong Kongs role as a bridge connecting the main
236、land and the world5.The Blueprint also signals a departure from the established approach of letting the market decide”and“avoiding picking the winners”.The Hong Kong Government proposes to focus on development of four strategic I&T sectors:life and health sciences,artificial intelligence and data sc
237、ience,advanced manufacturing,and new energy technologies.To track the progress of its policy,the Hong Kong Government has set up mid-to-long term development goals for its I&T sector:Raising R&D expenditure as a share of GDP from the current 0.99%to 2%by 2030;increasing the number of start-ups from
238、more than 3,700 to about 7,000;growing the number of employees in the IT industry from more than 45,000 to at least 100,000;and boosting the manufacturing sectors contribution to GDP from 1%to 5%.Policy:From minimum intervention to active planningThe Hong Kong Government has shifted to a“pragmatic”a
239、pproach in developing the I&T industry,including strengthening its own guiding role and setting out measurable long-term targets.The forward-looking I&T Blueprint is considered vital for the resilient development of the I&T sector against the backdrop of a challenging external environment.Going forw
240、ard,it is crucial for the Government to establish a robust framework of assessment to ensure that its I&T policies are effective and efficientTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong44Source:Hong Kong I&T Development Blueprint,IMF.Note:GERD refers to gross d
241、omestic expenditure on R&DFrom re-industrialisation to new industrialisation,Hong Kong aims to build a domestic manufacturing cluster to better capitalise on R&D results.The Hong Kong Government has reached a consensus on the mutually reinforcing relationship between I&T and the manufacturing sector
242、.That is,the manufacturing industry has persistent,strong demand for scientific research and provides fertile ground to transform R&D results into applied products.Against this backdrop,the Blueprint promotes the development of“new industrialisation”,which has two main agendas.First,the Blueprint re
243、cognises the value of“Made-in Hong Kong”brands and has instigated support for the revitalisation of Hong Kongs traditional industry by leveraging leading-edge technologies such as IoT,AI and big data to upgrade existing processes.Meanwhile,the Hong Kong Government has said it will pour resources int
244、o nurturing advanced manufacturing industries such as new energy and life and health technology,by incubating domestic startups that show high potential to scale-up and attracting worlds leading companies to establish manufacturing bases in Hong Kong6.The success of“new industrialisation”hinges on v
245、arious factors,including industrial clusters,land supply and human resources.To tackle the infrastructure challenge,the Blueprint promotes the concept of pilot trials for the first time,encouraging enterprises to invest in establishing industrial R&D and design centres and pilot transformation bases
246、,developing infrastructure for common technologies,and participating in international and domestic product pilot trials and tests.Expedite policy formulation to further integrate into Chinas I&T agenda and deepen cooperation across GBA cities to maximise synergy.In the 2023 Policy Address,the Hong K
247、ong Government proposed to simplify cross-border exchanges of talent,capital and data to create a deeply integrated environment for R&D collaboration within the Lok Ma Chau Loop.These measures include arrangements to simplify access for researchers,facilitate the exchange of cross-border R&D funding
248、,and support exchanges of data and samples(including clinical biological samples)collected for research or experimentation.The Government also proposed to establish a partnership with the Measurable indicators tracking progress of I&T development In HKD bnIn HKD bn45,31060,000100,0001.0%1.5%5.0%R&DG
249、ERDGERD per capitaNumber of StartupsNumber of I&T personnelShare of manufacturing in GDPStartupsTalentIndustry development1.2X20202025203026.643.877.4+12%+11%2020202520303,5755,0009,000+12%+7%2020202520302020202520303,7555,0007,000+6%202020252030Turning innovations into wealth:How to fill the commer
250、cialisation gap in Hong Kong45international clinical trial centre at Shenzhen Park in the Loop to build a one-stop trial support platform that facilitates cross-border R&D activities among medical research institutions.Over the past three years,Chinese mainland governments have deployed measures tha
251、t break free from existing institutional barriers.In September 2023,the PRC Government released high-level planning for the Shenzhen Park in the Loop,laying out its development directions,positions and infrastructure planning7.To foster synergy in the GBA,bold institutional reforms to accelerate R&D
252、 collaboration are keenly anticipated.For instance,Hong Kong scientific researchers need to co-operate with mainland institutions to apply for national research funding.Cross-border exchange of research samples,experimental reagents,genetic information and other materials is still cumbersome.Further
253、more,discrepancies between Hong Kong and Shenzhen in registration and listing procedures for pharmaceutical products and medical devices have hampered R&D collaboration8.Areas that need to improve to better integrate into the GBASource:Deloitte Entrepreneur Survey In conclusion,while the Hong Kong G
254、overnment has made extensive investment to promote the local I&T ecosystem,there is a need to establish a robust evaluation mechanism and a collaborative approach to ensure the effectiveness of these policies.This could start with setting clear targets that can be measured to gauge the progress and
255、effectiveness of I&T policies.Apart from the four broad targets laid out in the Blueprint,we recommend the Government introduce a more comprehensive set of evaluation indicators,drawing on the experiences of innovative countries abroad.These indicators could include measures such as R&D investment(p
256、ublic and private sector expenditure),R&D personnel(doctorate graduates in STEM majors),innovation activities(number of SMEs with product innovations,PCT/trademark/design patent applications)and innovation impact(employment in I&T,sales/exports of innovative products)By ensuring that investments in
257、I&T yield tangible results and contribute to overall economic development,the Government can gain valuable insights into the effectiveness of their policies and identify areas that require further improvement.We also recommend the Government solicit feedback from entrepreneurs,researchers and indust
258、ry representatives through regular consultation sessions,surveys and forums.Through actively engaging with stakeholders,the Government can gain a better understanding of the challenges and opportunities in the local I&T ecosystem and make informed adjustments to their policies accordingly.Simplify t
259、he procedures forcross-border allocation of financialand scientific research fundsCreate preferential customs clearancechannels for scientific researchersBuild a cross-border tradingplatform of intellectual property rightsMutual recognition agreements in the fieldsof professional qualifications,lice
260、nses,testingstandards and other fieldsImprove payments InteroperabilityFacilitate cross-border transferof scientific research dataOthers52%13%9%9%9%4%4%Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong46Gross domestic expenditure on R&D by sector(in HKD billion),2011
261、-2022Source:The Census and Statistics DepartmentHong Kongs gross expense on R&D has achieved incremental growth in the past five years,but its absolute amount and intensity(R&D expenditure as a share of GDP)are still lower than those of OCED countries.For instance,Hong Kongs GERD-to-GDP ratio not on
262、ly lags those of many Chinese mainland cities but also economies of a similar size to Hong Kong,such as Singapore and Israel.Regions boasting strong innovation capacity tend to have R&D expenditure as a share of GDP close to 3%.R&D:Prioritise commercialisation to enhance innovation output Hong Kong
263、boasts world-leading R&D strength but few of its scientific results have been commercialised,leading to low innovation output compared with other developed economies.To enhance the economic output of its I&T sector,the Hong Kong Government has steered its focus to promoting academic-industry collabo
264、ration,attracting worlds leading tech companies,and boosting the commercialisation of R&D results0.00%0.25%0.50%0.75%1.00%0.0010.0020.0030.0040.0020000212022Business sectorHigher education sector Goverenment sectorRatio of R&D expenditure to GDP0.73%0.73%0.74%0.76%0.
265、79%0.80%0.86%0.92%0.99%0.97%1.07%1.25%45%45%44%44%43%44%45%44%42%42%41%51%51%52%52%52%51%50%51%53%53%54%4%4%14.815.616.718.319.721.324.526.326.627.830.14%4%5%5%5%5%5%5%5%Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong47Gross domestic spending on R&D as%of GDP,2016-
266、2021Source:OECDTo close the gap,the Hong Kong Government set a goal in the I&T Blueprint to increase R&D to 1.3%of GDP by 2025 and 2%by 2030.In the 2023-24 Budget,HKD6 billion will be allocated to fund universities and research institutions to establish research facilities and HKD3 billion will be d
267、istributed to promote basic research in leading-edge technology such as AI and quantum technology.In addition,Hong Kong has reaffirmed its commitment to providing advanced infrastructure and equipment for local R&D activities.For instance,the Hong Kong Microelectronics Research and Development Insti
268、tute will be established in 2024,providing advanced infrastructure and hardware facilities for microelectronics companies.Cyberport will also establish an AI supercomputing centre in phases,with a view to supporting the huge demand for computing power from R&D and related sectors and promoting indus
269、try development9.This coordinated investment plan highlights the Governments commitment to strengthen Hong Kongs R&D prowess and promote breakthroughs in areas that are considered vital in global technology competition.R&D activities are mainly led by tertiary institutions,with the local industry ha
270、ving limited willingness and incentive to conduct R&D.In Hong Kong,universities play a predominant role in overall R&D activities,accounting for 53%of GERD.The business sector accounts for 41%of GERD,whereas in most industrialised countries it usually contributes the largest share of R&D expenditure
271、.02001920202021SingaporeSouth KoreaSouth Korea,4.93OECD averageOECD average 2.71IsraelIsrael,5.56Hong KongHong Kong,0.97GermanyGermany,3.13United KingdomJapan123456Japan,3.30United Kingdom,2.93Singapore,2.22Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong
272、48Comparison of R&D expenses by performing sectors in selected locations in 2021Source:OECD,Singapore Department of Statistics,Census and Statistics Department of Hong Kong,Statistics Bureau of Shenzhen MunicipalityThe potential of innovation capabilities of local business remains largely undervalue
273、d.Hong Kong is home to more than 360,000 small and medium-sized enterprises(SMEs),accounting for over 98%of the total number of businesses and employing about 45%of the private sector workforce10.However,the proportion of business enterprises engaged in technological innovation is relatively low in
274、Hong Kong.According to a survey conducted by the Census and Statistics Department,in 2020 a mere 1%of enterprises(about 4,100)in Hong Kong conducted in-house R&D,and only about 14%(about 600)had cooperative arrangements with other organisations11.This is largely due to factors such as lack of incent
275、ives to innovate,limited scale of the Hong Kong market,the long pay-back period for R&D investment and risk-averse sentiment that innovative activities usually fail.Business enterprisesPublic sector0%20%40%60%80%100%ShenzhenIsraelSouth KoreaJapanSingaporeHong Kong94%91%79%79%63%42%6%9%21%21%37%58%To
276、 encourage private sector spending on R&D,the Government should incentivize large overseas companies to invest in Hong Kong.With the help of these overseas companies,the issue that Hong Kong has a limited market size for innovative products and services could also be addressed.Prof.Xu Yan Professor&
277、Associate Director Center for Business Strategy and Innovation,HKUST Business SchoolTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong49To increase R&D to 1.3%of GDP by 2025 and 2%by 2030 is an ambitious plan.To achieve that goal,the Government should motivate the pri
278、vate sectors to invest more in R&D and give more resource not just to the supply side,e.g.,universities,but also the demand side subsiding SMEs could be an effective measure.Once SMEs can benefit from I&T,they will gradually spend more on R&D and an eco-system can be built.The Hong Kong Government c
279、an draw on best-practice experience from innovation countries.For instance,the UK Government has rolled out various policy instruments to stimulate R&D among SMEs,including a supportive procurement program that allows SMEs to secure government contracts,loans and grants that reward those with game-c
280、hanging or disruptive ideas,and tax reduction schemes tailored for SMEs.The Hong Kong Government needs to further maximise tax benefits for R&D by SMEs by reviewing governments procurement to make it more accessible for SMEs that bid for public contracts,increasing the participation of SMEs in major
281、 innovation projects and matching them with relevant solution providers.Over the years,the Government has implemented various measures to stimulate private enterprises to conduct R&D activities,including dedicated funding schemes under the Innovation&Technology Fund and providing tax reductions and
282、other incentives12.As of the end of 2022,the Innovation and Technology Fund has approved funding of HKD32.8 billion across 17 funding schemes,about half of which is reserved to support R&D.This has helped expand the sources of funds for enterprises to carry out R&D.Our survey found that the most eff
283、ective measure(83%)to support R&D efforts is financial support,including direct funding,subsidies and tax reductions for research and development.Following that is the provision of talent recruitment and skills development/training(39%)and the chance to participate in government procurement(39%).Ini
284、tiatives that are most needed to support companies R&D effortsSource:Deloitte Entrepreneur Survey 83%39%39%26%13%9%Financial support,i.e.,provision of funding,subsidies or tax breaks for R&DTalent acquisition and skillsdevelopment/trainingOpportunities to participatein government procurementOpportun
285、ities to work closely withuniversities and other research institutionsfor collaborative projectsFacilitate marketing/business opportunitiesin other areas and countriesFacilitate technology transferand other linkages with large corporationsTurning innovations into wealth:How to fill the commercialisa
286、tion gap in Hong Kong50I believe two words perfectly encapsulate Hong Kongs flourishing innovation landscape today resilience and opportunity.During challenging economic times,a strategic permission-based innovation model,coupled with visionary policies like Hong Kongs I&T Blueprint,lays the essenti
287、al groundwork for nurturing and sustaining the innovation journey.Hong Kong boasts a deep and diverse I&T ecosystem,featured by an unparalleled landscape of capital-rich investment.Additionally,it is home to a thriving R&D and startup community,offering extensive potential for corporate innovation p
288、artnerships,thus speeding up the process of bringing innovations to commercialisation.Not only does Hong Kong serve as a vital two-way fast lane,connecting the globe with Pan Asian growth opportunities,but it also enjoys a unique advantage by having direct access to the GBA innovation powerhouse,Chi
289、na,and beyond,extending its reach to the rapidly expanding markets of Southeast Asia.Albert WongCEO,Hong Kong Science and Technology Parks CorporationReverse the trend of high R&D investment but low output by expediting the translation of scientific research into industrial innovations in Hong Kong.
290、Despite extensive R&D input,innovation output in Hong Kong has not been rewarding in term of the economic value generated by the I&T sector.According to the 2022 Global Innovation Index Report released by the World Intellectual Property Organization(WIPO),Hong Kong has performed decently in overall
291、rankings of innovation and technology capacities,ranking 17th among 132 global economies in 2023.However,there has been little improvement in innovation output.Hong Kong ranks 24th in the innovation output indicator,having experienced a notable decline from 14th in 2020.The knowledge and technology
292、outputs sub-indicator is the main drag on Hong Kongs ranking,at 62nd in the world,and Hong Kong is only in the mid-low range of multiple sub-indicators that confer economic benefits,including patent applications by residents per USD100 billion of GDP,proportion of high-tech manufacturing,knowledge i
293、n trade,proportion of property rights-related income,proportion of exports of high-tech products,and proportion of exports of information technology services.Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong51The Hong Kong Government has announced various initiatives
294、,attempting to fill the commercialisation gap,including strengthening industry-university-research cooperation,increasing the land and infrastructure necessary for scientific research transformation,attracting leading overseas enterprises to establish R&D centres in Hong Kong,and further integrating
295、 with the mainland,especially by matching industry needs across GBA cities with R&D resources within local universities.Chart:Comparison of GII Report Sub-Indicator Scores of Hong Kong and its OECD peersSource:WIPO,Global Innovation Index 2022InstitutionsInfrastructureKnowledge and technology output
296、sHuman capital and researchCreative outputsMarket sophisticationBusiness sophistication020406080100SingaporeHong KongIsraealKoreaUnited KingdomWith a strong commitment to bridging the academia-industry gap,City University of Hong Kong,through HK Tech 300,the largest university-based entrepreneurship
297、 programme in the region,actively supports students and researchers on their journey towards transforming innovative ideas and research results into tangible technological and commercial successes,and contributing to the future of innovation and social-economic development in Hong Kong and beyond.Pr
298、of.Michael Yang Senior Vice-President(Innovation and Enterprise)Yeung Kin-Man Chair Professor of Biomedical SciencesCity University of Hong KongTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong52In the 2022 Policy Address,the Government said it would establish a HKD1
299、0 billion RAISe+to provide matched-basis funding to no less than 100 university R&D teams with the potential to become startups,aiming to promote scientific research in the academic community.In addition,working with the Key Enterprise Introduction Office and HKD5 billion Strategic Innovation and Te
300、chnology Fund,Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop will from 2024 provide the land and space needed for I&T development,focusing on attracting outstanding enterprises and talent from industries such as life and health technology,AI and data science,advanced manuf
301、acturing,and new energy technology to establish operations in Hong Kong.In addition to injecting financial resources,a systematic mechanism is also needed to make sure RAISe+is developing on the right track to achieving the expected outcome.This entails defining clear,measurable objectives and indic
302、ators for the collaboration,creating platforms that facilitate continuous communication and cooperation among industry,academia,and research institutions,and maintaining transparency on the progress of the collaboration to build trust and support for the initiative among the public and stakeholders.
303、To further promote the translation of R&D,The Chinese University of Hong Kong has established CUHK Innovation Limited to bridge the gap by actively collaborating with investors and corporates to support spinoffs,startups and entrepreneurs.This diverse group not only brings capital but also extensive
304、 experience and valuable connections in different fields.Joyce Ng Managing Director and Chief Investment Officer,CUHK Innovation LimitedAfter years of exploration,HKX has successfully helped scientists,doctoral researchers,and students in universities turn their ideas,inventions,and breakthroughs in
305、to commercially viable products.Moving forward,efforts should be put into helping the R&D community to improve their products,expand their market coverage,and scale their businesses by connecting them to supply chain expertise in the GBA cities.Prof.Guanhua ChenCo-founder,HKXTurning innovations into
306、 wealth:How to fill the commercialisation gap in Hong Kong53The Hong Kong Governments efforts to attract talent to Hong Kong have achieved noteworthy results.Hong Kong society is grappling with a persistent,acute talent crunch,and the I&T sector is no exception.According to Hong Kong Science and Tec
307、hnology Parks Corporation,demand for I&T talent in Hong Kong is expected to reach 200,000 by 2030,yet the current supply of I&T talent is just 30,000-40,000.This needs to grow by at least 20%a year to fill the gap.The Hong Kong Government has adopted a multi-pronged approach to building the I&T tale
308、nt pipeline.It has embarked on bold reform by introducing more aggressive talent trawling measures to fill the talent void.Change starts with optimising various talent admission schemes.Previous talent admission policy not only imposed restrictions on quota and specific industries but was also assoc
309、iated with a complicated certification procedure and cumbersome application process,which undermined Hong Kongs attractiveness to overseas talent.For example,the Quality Migrant Admission Scheme(QMAS)sets an annual limit of 4,000 people(increased from 2,000 in 202113),and the approval process takes
310、about nine months to a year.The Technology Talent Admission Scheme(TechTAS)used to require employers to commit to hiring an equal number of local people for I&T related jobs when submitting applications for overseas and mainland talent quotas.These restrictions increased costs for local technology s
311、tartups substantially.As a result,the TechTAS policy has attracted merely 620 R&D professionals to Hong Kong in the three years since its implementation14.In the 2022 Policy Address,the Hong Kong Government announced it would temporarily lift annual quota restrictions on QMAS and cancel the local em
312、ployment requirement for TechTAS.It also launched a new program,the Top Talent Pass Scheme,with eligible talent entitled to spend two years exploring opportunities and work in Hong Kong.In the 2023 Policy Address,the Government promised to step up its efforts by expanding the list of universities th
313、at meet the requirements of the Top Talent Pass Scheme and launch incentives including tax rebates for housing purchases to lure more talent to settle in the city.Talent and education:Taking a long-term approach to reverse the brain drain The latest talent trawling campaign has achieved visible prog
314、ress in alleviating the current talent shortage.However,talent attraction can only provide a temporary fix.In the long run,Hong Kong needs to tap into its local talent pool and attract more homegrown STEM students to engage in I&T fields.This can be achieved by establishing an overriding body that c
315、oordinates STEM education resources and collaborating with I&T enterprises to provide STEM students with more job opportunitiesTurning innovations into wealth:How to fill the commercialisation gap in Hong Kong54The above-mentioned measures have achieved positive results.Hong Kong has approved a tota
316、l of more than 120,000 applications under various talent admission schemes as of the end of November 2023,far exceeding its annual target of talent admission.Notably,the number of approved QMAS admissions skyrocketed to 12,521 in the first 11 months of 202315,more than four times the full-year total
317、 in 2022.Meanwhile,approximately 48,000 applications for the Top Talent Pass Scheme have been approved since its launch earlier in 202316.The Hong Kong Government aims to attract at least 35,000 professionals every year from 2023 to 2025,or 105,000 in total,through various talent attraction programs
318、.Reform of Hong Kongs talent admission schemesSource:The Chief Executives 2022 Policy AddressTalent admission schemesPrevious versionAfter the reformQuality Migrant Admission Scheme Sets an annual limit of 4,000 people,and the approval process takes about nine months to a year Lifts annual quota res
319、trictionsTechnology Talent Admission Scheme Requires employers to commit to hiring an equal number of local people for I&T related jobs when submitting applications Cancels the local employment requirement Extends the quota validity period and expand the coverage to more emerging technology areas No
320、n-local Graduates Scheme Allows non-local graduates to stay in the city for 12 months after graduation Extends the period to two years,and expands the scope to graduates in the GBA campusesGeneral Employment Policy Requires employers to prove difficulty in hiring locally Relaxes restrictions on loca
321、l hiring requirementStatistics on applications approved under QMASSource:Hong Kong Immigration Department2006 20062017 2017 2017 20018 2018 2018 2019 2019 2019 2020 2021 20222023Jan-Nov25929225734115558741,7092,0042,84502,0004,0006,0008,00012,521 10,00012,00014,000Tu
322、rning innovations into wealth:How to fill the commercialisation gap in Hong Kong55In December 2023,the Government also stepped up its efforts by announcing the new Capital Investment Entrant Scheme(CIES)17.Under the initiative,eligible investors who make investments of HKD30 million or above in asse
323、ts such as stocks,funds,bonds can apply for entry into Hong Kong.Of the investment,HKD3 million needs to be put into a new CIES Investment Portfolio which will be set up and managed by the HKIC to make investments in companies/projects with a Hong Kong nexus,with a view to supporting the development
324、 of I&T.However,it will take time to determine the effectiveness of these talent schemes in alleviating the I&T talent shortage in Hong Kong as some of the talent admission programs lack an industry focus,so might not necessarily translate into local I&T labour force.For instance,less than a quarter
325、(23%)of the talent applying for QMAS are from an information technology background18.That is reflected in our survey,with less than 10%of entrepreneurs finding either QMAS or the Top Talent Pass Scheme attractive in filling the talent void.While attracting talent is one aspect,the key to the success
326、 of talent attraction policies lies in the ability to retain talent.About 58%of surveyed entrepreneurs believe the high cost of living remains the top challenge when attracting talent to the city,though the ratio has decreased from the 2021 Surveys 80%.The Hong Kong Government has introduced various
327、 initiatives to lower the cost of living.For instance,the 2022 Policy Address provided qualified foreign talent with a refund of the extra stamp duty on purchases of residential property upon receiving their Hong Kong permanent identify cards.There is also the InnoCell talent apartment project at Sc
328、ience Park,which provides housing benefits for overseas talent.However,the 500 available spots are limited to the partner companies in the park itself,far from sufficient to support the accommodation of I&T talent in Hong Kong19.Hong Kongs neighbour Shenzhen used to provide subsidies for top-notch t
329、alent from worldwide through initiatives like the Peacock Plan.The plan offers benefits such as housing subsidies,childrens education,employment opportunities for spouses,and medical insurance,making talented individuals feel more secure in developing their careers in Shenzhen.The Hong Kong Governme
330、nt needs to strengthen its resources to retain overseas talent.This can include allocating some land in the Northern Metropolis for talent apartments,expanding the qualification scope of existing talent apartments,providing a housing subsidy,and establishing a designated fund to provide education an
331、d medical allowances for overseas talent.However,talent attraction can only be a temporary fix.In the long run,Hong Kong needs to tap into local sources of talent as the city risks losing its competitive edge if it cannot build a diverse,future-proof and sustained talent pipeline to develop emerging
332、 technologies.This should include increasing the prospects of the I&T sector and driving STEM education reform with a more comprehensive approach.Turning innovations into wealth:How to fill the commercialisation gap in Hong Kong56There is a short supply of I&T talent in Hong Kong,with the number of
333、undergraduate students pursuing STEM-related majors having shown little growth over the past five years.The problem is amplified by the fact that STEM graduates are earning less than their counterparts in the business and medical and dental disciplines.It is encouraging to witness the growing popularity of start-ups and entrepreneurship,particularly within local universities.However,according to t