The TecONE seminar entitled “Sharing on Latest Government Support and Planning towards Technology SMEs” was organized by Hong Kong Science & Technology Parks Corporation (HKSTP) with Strategic Partner – Technology Incubation Network on 15th Nov 2016. TecONE’s infoTalk invited the Legislative Councillor (IT) to share with us the updates on the latest InnoTech initiatives such as a $500 million Pilot Technology Voucher Programme (PTVP), as well as, other government support towards technology SMEs. Dr. Alan Lam (Group CEO, Sengital Limited) was moderator in this talk and introduced the speaker Hon Charles Mok.
In the beginning, Hon Charles Mok introduced $500 million Pilot Technology Voucher Programme (PTVP) for 3 years. It was a matching fund that SME expensed one dollar and government funded two dollars. Each case maximum funded $300,000 (where $100,000 (SME) vs $200,000). Mr. Mok said it was not covered only hardware but software / service plus hardware such as subscription based service, cloud computing, etc. He added that the management of this fund was performed by ITC itself.
Then Mr. Mok added the fund would be launched in Q2, 2017. At that time, ITB employed a consultant to research the 2nd study on the technology blueprint for Hong Kong. Hopefully, it included the collaboration among different departments in Hong Kong Government. He also mentioned Singapore’s IDA Lab and its accreditation scheme which was similar to HKQAA registration – startup (One of MOU services with HKSTP).
Finally, he told us the Fintech development was faster than others such as Cybersecurity with ASTRI and Sand Box (1000 staff for pilot test) in Bank Industry.
During Q&A, some tenants feedback that the most important part was the development fund for middle stage (not initial stage)! Angel fund usually was under $ 1M. Another participant said the gap between Angel (< $5M) and Series A was small. But the great gap was from Serves A (>$10M) to pre-IPO/VC! Another problem of the fund using by SME was the tedious procedure. He suggested separating into two more cases that one was above $100,000 and other was below $20,000.
After the talk, many participants discussed with Mr. Charles Mok for details.
HKSTP - http://www.hkstp.org
TecONE - http://tecone.hkstp.org/t1_web/TIN - https://www.facebook.com/groups/HKTIAN/
Technology Voucher Programme (TVP) - http://www.itf.gov.hk/l-eng/TVP.asp