Catalyst vital for industry upgrade

    Updated: 2013-02-02 06:44

    By Nicholas Brooke(HK Edition)

      Print Mail Large Medium  Small 分享按鈕 0

    Though hope may spring eternal, it often leads to nought when a clear course of action is absent. And while the hope of transforming Hong Kong into a regional high-tech hub remains tenable, the ecosystem that allows such an aspiration to be realized continues to lack a fundamental component - investment. This weakest link must be addressed promptly and without vacillation or the alternative may well be a seriously hard brush with reality.

    While past administrations have demonstrated their commitment to advancing the innovation and technology industry through various schemes, including the Applied Research Fund, and achieved modest successes, it's time to reassess such commitment and devise a well-constructed program that promotes angel investment and venture capitalism in a more meaningful manner. Hong Kong's abysmal record on R&D investment, specifically as a percentage of GDP, which stood at just 0.33 percent from the private sector and 0.43 percent from the public sector in 2010, clearly suggests that better support from both sides is in order.

    One solution that would unite the two parties together for a common purpose is dollar-for-dollar co-investment. Such a scheme could, on the one hand, jump start private investment, while on the other, allow investors to invest in more companies and thereby diversify their portfolios and mitigate risk. Co-investment would also directly tackle the serious discrepancy between investments in the financial and technology sectors, as venture capitalists have generally been focused on the former, lured by the appeal of relatively lower risk and shorter investment horizons. An early-stage co-investment fund (ECF) assisting start-ups would be aimed at angel investors, with the onus placed on the investors to first qualify potential investments. A venture capitalist investment fund (VIF) would, as the name suggests, target venture capitalists and can be created to encourage their involvement in recruiting investment candidates as well. Co-investments of such nature are not without precedent as the US, UK, Israel and Singapore are some of the countries that have similar schemes in place.

    Although the primary goal of ECF and VIF would be to nurture innovation and technology development, sufficient income must be generated to allow for their self-perpetuation. This is where Hong Kong Science and Technology Parks Corporation (HKSTPC) comes in. With its successful track record of nurturing start-ups and up-and-coming technology companies to realize their full potential, administration of the funds would not only represent a logical extension of its professional services but also ensure that seamless support is provided to investees. So as to best serve as an intermediary between the government and the investment community, HKSTPC would establish a fund management company, entrusted with vetting potential candidates, conducting due diligence and providing overall administration, along with overseeing the full term of the investments. As ECF and VIF gradually mature and a healthy ecosystem is established where all stakeholders contribute and benefit from their respective input, the schemes could be gradually wound down or replaced entirely with new programs that befit the times.

    Though Hong Kong's innovation and technology industry has made some progress in recent years, it can never be too early to introduce programs that encourage long-term, sustainable growth. With the hopes and aspirations of future generations of engineers and scientists possibly lying in the balance, a progressive government that possesses the foresight to see such initiatives through is much needed. We trust that such an administration is now in place - one that relishes the opportunity to act as the catalyst for industry-wide step change.

    The author is chairman of the HKSTPC.

    (HK Edition 02/02/2013 page1)

    精品无码一区二区三区爱欲| 最新国产精品无码| 色欲A∨无码蜜臀AV免费播| 人妻少妇精品视中文字幕国语| 亚洲中文久久精品无码ww16| 欧美乱人伦中文字幕在线| 亚洲AV无码久久精品狠狠爱浪潮| av区无码字幕中文色| 内射无码专区久久亚洲| 精品成在人线AV无码免费看| 久久久久久精品无码人妻| 日韩乱码人妻无码系列中文字幕| 99无码人妻一区二区三区免费| 亚洲精品成人无码中文毛片不卡| 青娱乐在线国产中文字幕免費資訊| 中文字幕无码成人免费视频| 大学生无码视频在线观看| 亚洲AV永久无码区成人网站| 亚洲福利中文字幕在线网址 | 亚洲成AV人片在线播放无码| 制服在线无码专区| 中文字幕一区二区三区久久网站| 亚洲中文字幕在线观看| 中文无码字慕在线观看| 无码国内精品人妻少妇| 亚洲AV无码乱码国产麻豆穿越| 狠狠精品久久久无码中文字幕| 日韩av无码中文无码电影| 最近免费中文字幕中文高清| 欧美日韩中文国产一区| 视频一区中文字幕| 日本一区二区三区不卡视频中文字幕 | 人妻无码中文久久久久专区| 久久无码AV中文出轨人妻| 综合国产在线观看无码| 亚洲精品无码99在线观看| 亚洲AV永久无码精品一区二区国产 | 亚洲高清有码中文字| 亚洲中文字幕无码一区| 日韩精品一区二区三区中文| 99re只有精品8中文|