Hong Kong Science and Technology Parks Corporation (HKSTP) and a China-based conglomerate enterprise have signed a strategic memorandum of understanding (MoU) to support the development of tech ventures and start-ups in Hong Kong. The co-incubation partnership will focus on transforming R&D outcomes into commercially-viable products, attracting top-notch international talent to Hong Kong, and hence growing the local talent pool to strengthen the city’s position as a global innovation and technology (I&T) hub.
HKSTP has been dedicated to collaborating across a network of government, industry, academia and research partners to support high-potential start-ups at their different stages of development. Pursuant to the framework of this MoU, HKSTP and the conglomerate will establish an I&T co-incubation platform to provide funding, talent and infrastructure support to rapidly progress translational research projects into market-ready offerings.
Under the MoU, the conglomerate intends to establish R&D facilities and provide resources to support start-ups across HKSTP’s thriving I&T ecosystem, including Science Park and INNOPARKs in Tai Po, Tseung Kwan O and Yuen Long. The firm will leverage the STP Platform to promote data collaboration and analytics for open innovation, thus powering the growth of new economies.
The company also plans to establish a GMP cell laboratory or manufacturing facility for post-phase II clinical trials to advance Hong Kong as an international hub for biotechnology development. These measures will foster local I&T development, support global start-ups and unlock vast business opportunities within the Greater Bay Area and beyond.
The conglomerate will also leverage its extensive resources and deep expertise in key vertical sectors by enabling selected tech ventures and start-ups to trial their innovations in a physical testing environment in Science Park. These companies will be able to obtain real-time data and collect immediate feedback to enhance their product applications and assess feasibility for large-scale market launches.
The collaboration will focus on prospective projects under HKSTP’s incubation and acceleration programmes. Both parties are committed to promoting the exchange of market intelligence and industry trends in the short run while sharing a common goal to establish a co-investment platform. Through providing joint incubation services, both parties strive to grow the local I&T ecosystem and enhance Hong Kong’s overall R&D strength.
The CEO at HKSTP stated that promising start-ups and research talent continue to face significant challenges at various stages of their growth journey. HKSTP is on a mission to strategically partner with industry leaders to form a strong network that leverages the full strength of each partner to support start-ups with growth opportunities in Hong Kong and the Greater Bay Area.
HKSTP’s strategic cooperation with the conglomerate will help tech ventures in Hong Kong by accelerating the commercialisation of research into market-ready and impactful innovation. A key focus of the partnership is to attract outstanding overseas talent to Hong Kong by cooperating with international enterprises as well as research institutions so that we can establish a stable and strong I&T talent pool for Hong Kong.
The Chairman of the Board and Chief Executive Officer of the conglomerate stated that through cooperating with HKSTP in different fields, they will integrate different technologies into solutions or products to organically bring industry and the R&D sector together. The plan is to create an innovative laboratory that enables interactive exchange between industry and technology innovators at HKSTP.
Together with HKSTP, the conglomerate will provide resources in the critical areas of research, clinical trials, pilot production and help develop market opportunities for the park companies to accelerate their progress.
The collaboration will help Hong Kong’s I&T industry capture new opportunities under the country’s overall development and further enhance Hong Kong as a hub to attract foreign talent and investment, as well as a launchpad for international expansion.
HKSTP’s partnership with the company will complement HKSTP’s talent and incubation programmes, where its extensive research network and industrial resources will be utilised to provide more extensive support to start-ups. The resulting synergies can further unleash Hong Kong’s advantages to develop the I&T industry and jointly promote Hong Kong to become an international I&T hub.
