Thematic visits
Written by: Kuang Yueting
2020-05-13 07:30
Last update date: 2020-05-13 07:30The epidemic raged across the world. Hong Kong's economy contracted by 8.9% in the first quarter. It was the largest decline in history. As companies ushered in the winter, start-up business was also hit hard.
In an exclusive interview with "Hong Kong 01", Chairman of the Science and Technology Park Cha Yichao admitted that the current global and Hong Kong economies are not optimistic. Investors are more cautious and are "a big blow" to start-ups, but the situation is not too worrying. All because investors did not stop investing, but only delayed the negotiation process. He continued that in addition to providing rent relief, financial support and subsidies, the Science and Technology Park will continue to develop markets and expand investment channels for them.
Startups have been cold for a while. Zha Yichao said that from the beginning of the social movement last year to the epidemic this year, the attitude of investors and venture capital funds has turned cautious, which has affected start-ups. "I don't think investors are reinvesting, it's only time to match (matching), so it's a big blow to the startup department, because Qu is relying on the capital to operate."
Since April, the Science and Technology Park has been rent-free to tenants and startups for half a year. In terms of loans, Cha Yichao said that providing capital loans is not the work of the Science and Technology Park. Startups can apply to banks or the Credit Insurance Bureau. (Profile picture)
In view of this, since October last year, the Science and Technology Park has provided a 50% rental concession to all its commercial tenants and start-up companies for a period of six months. At the same time, it also launched additional funding subsidies for members of its three entrepreneurial incubation programs, namely Incu-App, Incu-Tech and Incu-Bio, with a cap of 75,000 yuan per company to help start-ups get through this. Duan low tide.
Investors are still keen on artificial intelligence, etc.
In addition to the bleak economic prospects, the start-up market has heard bad news one after another. They are Softbank ’s decision to cancel the acquisition of WeWork and the financial fraud incident of Ruixing Coffee. However, Zha Yichao feels that these are just a few examples and will not affect the deployment of investors. Investors will terminate the negotiation transaction due to different factors. Recently, the negotiation process has been delayed simply because of the epidemic situation, but there has been no transaction. When I feel that the epidemic has returned, (investment) should return to Lebanon. "
For the negative news that broke out in the startup market earlier, Cha Yichao believes that investors are so smart that they will not be affected by one or two individual examples. (Profile picture)
I was asked if I would worry about the tide of startup failures. Cha Yichao believes that the current investment in various industries, including Science and Technology, is also prudent. Companies should retain their financial strength to meet their unexpected needs, but the current situation has not reached Very negative, investors are still keen on artificial intelligence and robotics, and health-related industries.
In fact, during the economic crisis, there are always some start-ups that use disruptive technology (Disruptive technology) to become adversity, such as Uber, Airbnb, etc. after the financial tsunami. He said that the epidemic changed the life style of the public and gave birth to a "contactless" economy, such as takeout and online shopping. Many people are more willing to use new technology, which is also a business opportunity for the innovation and technology industry. Now everyone has to use Zoom as an online teaching and remote meeting tool, but in the future there will be better and more suitable programs for this kind of use. "Being a start-up person, you can explore business opportunities. This is a big space, and there will be people in Hong Kong who will do it. It is a matter of tension for the whole world."
Cha Yichao, Chairman of the Science and Technology Park: Investors cautiously assist capital start-ups under pressure
Zha Yichao believes that this epidemic changes the life style of the public, and the economy is deteriorating. Enterprises must not be too optimistic, and they need to make a careful decision. (Photo by Huang Shuhui)
Where to start a business without a specific equation
When starting a business, the location of the business and the market it faces are important factors. The Hong Kong Government has always encouraged young people to start businesses in the Guangdong-Hong Kong-Macao Greater Bay Area. However, under the influence of social movements and the epidemic situation, the conflict between China and Hong Kong has been deepened, and some young people are even more reluctant to develop in the Mainland. Zha Yichao said that if the technology products developed by startups are aimed at the local market, they can certainly only do business in Hong Kong, but if the products are used in the Mainland, the Belt and Road countries, and even the Asian market, startups should think about how to invest resources. And deeply cultivate the market. "After all, Hong Kong is going to start business in the north. It is a specific formula. It is mainly because the company's technology can be applied to the edge!" He continued, he himself has contact with young people who are start-ups. He has a resisting attitude towards entering the mainland, and hopes that young people's ideas in this area can be changed.
The industry is cold, but fortunately, there are no significant reductions in the number of people who are interested in entering the science and technology industry. Taking the "Hong Kong Science Park Online Career Expo 2020" held in late March as an example, the event provided more than 1,000 vacant positions. The response was very enthusiastic. He recorded 40,000 visitors and more than 200,000 views in the first week from Hong Kong. He uploaded more than 12,000 resumes with overseas creative talents.
At the same time, the Science and Technology Park also launched a creative industry promotion project "Design x Technology" (DXT) and iDM2 hardware development acceleration plan to improve product design for startups, shorten product development cycles, and reduce production costs. The park will continue to contact startups Different investors and financing channels, and explore more opportunities for cooperation with the industry.
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Hong Kong Science and Technology Park Cha Yichao
