2015年4月25日星期六

HKIUR Inauguration Ceremony cum Networking Session

Hong Kong Industry-University-Research Collaboration Association (HKIUR) was founded from local community leaders and research institutions to be a regional non-profit making organization cooperation platform since Nov 2014. HKIUR aims to drive the collaboration among industries, universities and research institutions in Hong Kong, as well as to provide a platform for exchanging ideas and cooperation. The Inauguration Ceremony was held on 25 Apr 2015 and a group of angel investors were invited to share their successful investment stories at the networking session. I was honor to be invited by Dr. Samson Tam to join this ceremony and I also introduced HKSQ member Mr. Simon Tong to Samson before the ceremony.
(Left: Simon, Samson and I)


The Hon Nicholas W. Yang was the guest and panelist. We took a photo with him before the event.


In the beginning, Dr. Samson Tam (Chairman, HKIUR) gave an introduction and opening speech. He briefed the history and purpose of the foundation of HKIUR. Moreover, he said Hong Kong had advantage because of Good Team, Good Angel Investment and Open platform.


Guests from different sectors were come together for the inauguration ceremony. They included “Industry”, “Academic”, “Research Institution”, “Investor” and “Entrepreneur”.


Group photo of all committee members and guests


Three Successful Investment Stories SharingThe first speaker was Mr. Simon Wong (Whiz Partners Asia) and he shared his Alibaba investment story in 1999. He told us that investment needed to know the skill of fortune teller (看相). But sometime was not work because Jack Ma’s face and body was too lean at that time which was violated traditional belief! However, Simon had invested on him for US$500k (without business plan at that time). The 2nd round of investment, they found another investment for US$2 million but they invested if and only if the first investor continued to invest. (Simon added US$200k). The third investment was from Goldman cost US$5 million and they condition was same as the second round of investor that Simon needed to invest US$300k again! Most of time in the investors meeting, they ask Jack Ma when the revenue come from? Jack Ma let’s managers in the meeting room and he escaped always at that time.


The second speaker was Mr. Duncan Chiu (Managing Director, Radiant Venture Capital (RVC) Limited) and he shared his recently investment. He shared a story that their investment team had not invested on the coffee machine company because of business model seem not to be realized for retail shop. Then this company changed their business model (not for retail shop) and suggested to get funding through internet (e.g. kickstarter), as well as, win ICT award. During the award presentation, the founder thanks to Duncan that they changed business model because of their comments.


The third speaker was Mr. Tony Tong (Founder, Pacificnet) and he shared his experience from IPO to investment in China since 2004 (mainly in mobile company). He said as a good angel, it was not only money but also value-added service. He also told us O2O was the trend. Eventhough BAT (Baidu, Alibaba and Tencent) covered the most parts of internet in China, it still had many chance for small internet company growth in niche market and cooperated with BAT.


Panel Discussion
Dr. Samson Tam was the moderator. Panelists included (Left) Mr. Tony Tong, Mr. Duncan Chiu, Dr. Samson Tam, Mr. Nicholas W. Yang, Mr. Simon Wong and Mr. Lin Sen.
Mr. Lin Sen said the growth rate of company was very faster recently. For US$1000M company scale, it needed at least 10 years in the past; but new economy company used only 3 years.
Mr. Nicholas W. Yang told us that Hong Kong needed Innovation and Technology and it was the only way to survive. Then he shared 3 points to us:
i) Team advantage
ii) Advocating (Not only promotion or sale, but also convince)
iii) Embrace Failure
Dr. KW Lo asked a question that what was the support from government and many Hong Kong law was outdated for Innovation and Technology.
Dr. Roy Chung asked when to stop of investment of startup.


The following comments from each panelist used to conclude the discussion.
i) Independence Thinking and Find the Business Opportunity (Tony)
ii) It is the best time for startup in Hong Kong. Take the long view (Duncan)
iii) Don’t join big company, innovated by yourself (Lin Sen)
iv) Invest to the person who has ability to convince next investor (Simon)
v) Do something difficult and you will find achievement and happy. (Samson)
vi) Convince yourself, family and friends were the first step of success (Nicholas)

Startup Case Sharing
Dr. Alan Lam (Right) was the moderator and panelists included (Left) Mr. Sam Tin, Mr. Rex Sham and Mr. Allen Ng.
Firstly, they shared their company and product in 1 minute as pitching. After that they shared their experience during to be startup.
Alan Lam said insistence and flexibility were most important for survive.
Rex told us that we needed a team to cover our insufficient to backup each other.
Allen Ng said vision big and thing big.
Sam said Good Team, Good Item and Good Trend.


Group photo with all participants


During lunch, we met Dr. Aaron Tong. HKSQ team took a photo for memory.
(Left: I, Dr. Aaron Tong and Mr. Simon Tong)


I also met some old friends in Science Park.
(Left: Mr. CY Geng (Time Rider Technology Limited), Mr. Simon Tong, Mr. Fred Yung (Previous Sr. Manager, Incubation Program, HKSTP) and I)


(Left: Prof. Ricky Ma (CEO, CASTEL Engineering Ltd) and I)


CityU Team
(Left: I, Dr. Raymond Leung, Dr. Sun, Junior cohort, Dr. David Chung)


Reference:
HKIUR - http://www.hkiur.org/


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