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Following is the speech by the Secretary for Innovation and Technology, Mr Nicholas W Yang, at the Hong Kong Quality Assurance Agency (HKQAA) Symposium - "Strengthen Business Resilience with Innovative Perspectives" today (May 13):
CS (Deputy Chairman of the HKQAA, Mr C S Ho), distinguished guests, ladies and gentlemen,
Good morning. I am very pleased to join you all this morning for the Hong Kong Quality Assurance Agency Symposium. The theme of this year's symposium - "Strengthen Business Resilience with Innovative Perspectives" - nicely sums up the challenges faced by all businesses in Hong Kong today.
Innovation creates new value and impact that did not exist before. Growth really has to come from smarter processes or better technology. Innovation and technology have become necessary if any country or region would like to stay competitive under the globalised Internet-driven economy. The whole idea about innovation and technology is to create a more diversified economy, grow GDP, provide quality employment and improve people's living. Businesses need to embrace innovation and technology to stay ahead of the competition and assure sustainability.
For almost three decades, the HKQAA has brought new perspectives and good management practices to our businesses, and provided them with a full spectrum of conformity assessment and certification services. Today, we celebrate the kickoff of a new HKQAA Hong Kong Registration Scheme specifically for start-ups, which will provide recommended practices for start-ups to systematically manage their operations, particularly in quality, financial and information-security aspects.
Thanks to the concerted efforts of many of you here today, Hong Kong's start-up scene has experienced a remarkable growth in recent years. With the setting up of the Innovation and Technology Bureau, we have introduced a host of new initiatives to further drive the building of a sustainable start-up ecosystem.
Hong Kong has world-class technology infrastructure for enterprises, research institutions and universities. The Government has offered various financial support to the industry, academia and research sectors to develop and commercialise their R&D results. In addition, we continue to strengthen science and technology collaboration with the Mainland and other economies to foster a vibrant culture of innovation in the community.
To create new momentum for economic growth and social development, the Government has also accorded priority to promoting the growth of the start-ups. Recently, we have witnessed a number of budding entrepreneurs in the international spotlight, recognised globally for their outstanding achievements at events such as the recent 44th International Exhibition of Inventions of Geneva held this last April. Hong Kong teams, including those led by our universities and R&D Centres, Hong Kong Science Park, and even a secondary school, came home with 20 gold, five silver and six bronze medals. It was a proud day for Hong Kong in innovation and technology achievement.
Through the joint efforts of local universities, Hong Kong Science Park and Cyberport, we hope to give our start-ups the necessary assistance, in terms of funding schemes such as Innovation and Technology Fund, the Technology Start-up Support Scheme and various incubation programmes, to develop their businesses and open up markets.
To step up our efforts, the Chief Executive has announced in his 2016 Policy Address that the Government will set aside HK$2 billion to set up an Innovation and Technology Venture Fund. The money will be used to co-invest with private venture capital funds on a matching basis to invest in local innovation and technology start-ups. The Government will act as a limited partner. In addition to encouraging "smart money" investment from venture capital funds, we can also leverage on the experience and networks of seasoned venture capitalists. Cyberport will increase its incubation scheme quotas and establish new clusters such as financial technology or Fintech and e-commerce, to cope with the latest demands in the market and the industry as a whole. New sources of funding support, such as the Cyberport Creative Micro Fund and Macro Fund, as well as Hong Kong Science Park's Corporate Venture Fund, will provide additional capital input to start-ups at various stages of development.
These new policy initiatives aim to provide new impetus and assistance for start-ups in Hong Kong. However, without the support of all stakeholders in the academia, research, industry and business sectors, the effectiveness of these measures would be seriously limited. I would, therefore, appeal to all of you, especially our veteran entrepreneurs and business leaders, to provide assistance and share your valuable experiences with our young entrepreneurs to help them thrive and flourish.
Last but not least, I would like to thank the HKQAA for its contributions to enhancing the sustainability of our businesses in Hong Kong. I wish all of you a fruitful and rewarding symposium today. Thank you very much.
Ends/Friday, May 13, 2016
Issued at HKT 11:14
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