Our Hong Kong Foundation “INSIGHT FORUM” Series: Hong Kong Way Forward The Future of Hong Kong as a Regional Innovation Hub
(13 September 2022, Hong Kong) Entrepreneurs and corporations are striving for business model innovation, ranging from distribution and logistics, to new charging schemes and payment mechanism, with a focus on personalisation and customer journey innovation to bring better user experience, products and design to customers.
Our Hong Kong Foundation (OHKF) organised the 22nd session of “INSIGHT FORUM” with Dr Victor Fung, OHKF Vice-Chairman and Group Chairman of Fung Group, who spoke on “Hong Kong Way Forward - The Future of Hong Kong as a Regional Innovation Hub”. Mr Paul Chan, Financial Secretary of HKSAR Government, was invited as Guest of Honour delivering an opening speech. At the forum, Dr Victor Fung and panellists discussed on leveraging Hong Kong’s infrastructure, professional service ecosystem and talents with overseas market development mindset, and to steer Hong Kong’s way forward as a regional innovation hub.
Mr Paul Chan, Financial Secretary of HKSAR Government, remarked that the Government will roll out a strategic roadmap that sets out the direction and objective of Hong Kong’s I&T development in the coming 5-10 years within the coming 6 months. With the priority to build an over-arching ecosystem for I&T, that promotes cross-disciplinary and cross-jurisdictional collaboration among the Government, industry, academic and research development sector, and to connect upstream research to midstream and downstream market.
Dr Victor Fung, OHKF Vice-Chairman and Group Chairman of Fung Group, said the innovation process consists of three stages: Stage 1 “from zero to one”, is from idea to working prototype; Stage 2 “from one to ten” is from prototype testing to consumers, which is an interactive process requiring a lot of production test and redesign; Stage 3 “from ten to thousand”, in which we have to think about how the product performs in market, is it price properly and many other factors until it is commercially viable.
Mrs Eva Cheng, OHKF President remarked that our infrastructure, ecosystem for sci-tech innovation, advanced legal and professional services, venture capital and incubators, fundraising at the stock exchange are all growing and expanding in the right direction. Along with the National 14th Five-Year Plan, it supports Hong Kong to become a global innovation and technology hub.
Dr Sunny Chai, Chairman of Hong Kong Science and Technology Parks Corporation, pointed out talent is the critical element for innovation success and HKSTP has been nurturing tech ventures and talent with comprehensive ecosystem support. The expansion of the I&T ecosystem can spark young talent to be new generation leaders and seizing GBA opportunities to propel Hong Kong to new levels riding on I&T development.
Dr George Lam, Co-Chairman of Hong Kong Aerospace Technology Group and Former Chairman of Hong Kong Cyberport, said Hong Kong as a global city of China and Asia, has the potential to develop into Global innovation hub, through attracting foreign talents and input new blood for Hong Kong’s ecosystem.
Mr Simon Loong, Founder and Group CEO of WeLab, noted that WeLab has been capitalising the unique edges of Hong Kong to grow into a leading pan-Asian FinTech platform, and drive innovations and FinTech development in the region. When finance meets technology, this will continue to be one of the strongest forces strengthening Hong Kong’s position as a regional innovation hub.