HKSTP MINGLE Luncheon with Mr. Shih Wing Ching (施永青)

Hong Kong Science and Technology Parks Corporation (HKSTP) arranged the 39th MINGLE Luncheon with Excellence Businessman for sharing their experience on 16 April 2015. This time we invited Mr. Shih Wing Ching (施永青) (Chairman of am730) by Ms. Janet Wong of ITC referral, to share his startup experience on am730 free newspaper. Before the event, we took a photo with guest for memory.
(Left: Ms. Helen Chung, Mr. Shih Wing Ching, Mr. Peter Mok and I)

Then Ms. Janet Wong (Commissioner, ITC) arrived and discussed with us.

Mr. Peter Mok (Head of Incubation Program, Corporate Development, HKSTP) gave a welcome speech. He said startup did not only focus on technology, but also considered the business. It is both Science and Art.

Our guest speaker Mr. Shih Wing Ching shared his startup experience on “am730”. He said that starting a new business is not necessary risk taking; we need to think thoughtfully before start. (路看通了才去行) He added he observed the change of newspaper trend and found the opportunity. The first free newspaper was Metro which distributed in MTR. At that time, Mr. Shih had a question why their advertisement was so expensive (without discount) and still survived. It was because their reader population was belongs to middle class in Hong Kong.

Before Mr. Shih invested to free newspaper, he needed to change his mindset that housing agent investment was shorter but newspaper was opposite. Newspaper needed to accumulate readers and build trust with advertisement customer. Cash “Flow is very important” Mr. Shih said. In his plan, the first part of investment is HK$50 million. If the growth trend is good (angle of acceleration), the second part of investment is also HK$50 million. Then he was found the first balance point after 23 month operation.

He explained to us why his Special column (專欄) named “C View” (C觀點). It means “Not A & Not B” (非A非B) where A stand for “Apple Daily” and B stand for “Beijing”.

Some key points from Mr. Shih were summarized below:
- Problem always happen after startup survive
- Believe yourself (忠於自己的信念) that does not afraid media challenge
- Sharing what you think (分享心裡話) and Sincere (真誠)
- Organization is function, Organism is live. Both terms have “Organ”, indicating network system connected among organs.
- The two original motivation (原始動力) are Survive (生存) and Reproduction (繁殖). You need to make your business & organization life (生命).
- There are three approach: i) Amoeba approach (Self-copy) (單性繁殖); ii) Mutation (異變) and iii) Hybridization (雜交).
- Most of Big Data is only a story (大部分大數據都是吹的) but it is a finance tactic to get huge of money to realize a big dream! (夢想很大，力度必然大。)
- Venture Capital (風險投資) become a Craze Capital (瘋狂投資)
- Every people dream to be i) Jacky Ma and ii) Shi Yuzhu for Alibaba IPO.
- Most important is “Vision” and “Good Story”!

During Q&A session, Ms. Janet Wong asked two questions. The first question was “When and how to make a decision to give up the business? (壯士斷臂)” and the second question was “How to handle fear? (面對恐懼)”

Mr. Shih joked that everything would dead ultimately (中原中原終有一日會完). He then said he would give a chance for some business which was not so good to improve within half year. If not, he tried to change person. Finally, it was no choice to close it if no improvement. For to fear, he suggested people did not only focus on one thing but diversity your mind (多一點不同關注). Finally, he commented in Chinese “眼光及了解自己處境” and “不能用生錢救死錢”.

At the end, Ms. Janet Wong gave closing remark. She introduced the coming new funding scheme named Enterprise Support Scheme (ESS) which would replace Small Entrepreneur Research Assistance Programme (SERAP). The detail seminar would be held on 28 April 2015.

Reference:
HKSTP Event & Seminar - http://www.hkstp.org/en-US/News-Media-Events/Events-Seminars.aspx