The Hong Kong Institution of Engineers (HKIE) – MI division, The Institution of Engineering and Technology (IET) and Institution of Mechanical Engineers – Hong Kong Branch, ISE Dept., PolyU and Technology Incubation Network (TIN) co-organized the technical seminar named “Tech Startup – The Opportunities and Challenges of Incubatees in Hong Kong” on 25th Feb 2017. Before the start of seminar, I took a photo in front of the program flyer.
In the beginning, Prof. Johnny Ng (Chairman, Hong Kong United Youth Association Ltd.) gave a welcoming speech. He told us the most important elements for startup were Vision, Team and Execution.
Then all guest speakers took a photo with HKIE representative – Ir. Ritz MH Lau.(Left: Mr. Kenneth Chau (Chairman, TIN), Ir. Angel Wong (Senior Consultant, HKPC), Ir. Ritz MH Lau (HKIE), I, Mr. Jordan Cheng (CEO Mad Gaze) and Mr. Torin WT Fung (Senior VP, HKAAST))
We received the souvenirs from different organizers.
After presented souvenir, we took a group photo included organizers, speakers and supporting organization representatives.
I was the first speaker and my topic named “Introduction to Incubation Program and Quality Startup Support in HKSTP”. Firstly, I briefed our services for Incubatees from Soft Landing to Incubation Program and LEAP Program, as well as, Angel and VC investment networking.
Then I mentioned the benefits to be incubatees in Science Park either our Incu-App, Incu-Tech and Incu-Bio Programmes. We provided laboratories services, internship arrangement, marketing and networking platform, fund raising opportunities, etc.
My second part presentation was Quality startup program which was cooperated with HKQAA for their Hong Kong Registration – Start-Ups. HKSTP was the strategy partner of that scheme and we had signed MoU in 2015 to assist Startup business growth and management skill enhancement.
The second speaker was Mr. Kenneth Chau (Founder & CEO, iMusicTech Limited) and his presentation entitled “The Opportunities of Tech Startups of Launching Crowd Funding (i.e. Kickstarters) in Hong Kong”. Firstly, he showed a video (from ontv) which introduced his business experience. He told us the one thing of success was “Proactive”. Because he wrote a letter to Apple for his idea about iMusic, then Apple support them to be one of their iPhone accessories. However, he met the challenges when iPhone changed the port spec (because of too many stock). Luckily, Kenneth met some partners in Science Park to help him overcome this risk.
That’s why Kenneth thought “Kickstarter” could help to avoid over inventory and achieved on-demand manufacturing. He wrote another letter to the CEO of Kickstarter and explained how they could help Hong Kong startup. Now Kickstarter established a site for Hong Kong and Singapore, Kenneth was one of administers. If anyone would like to use this platform, he welcomed to discuss with any people who interested in.
In his Q&A session, one question asked was how to avoid your idea be steal. He said he learnt from USA that they didn’t afraid their ideas to be steal because they selected to cooperate and make the market big!
Mr. Torin WT Fung (Senior Vice President, Hong Kong Association for the Advancement of Science and Technology (HKAAST)) was the third speaker and his topic entitled “Continuous Learning for Business Startup”. Firstly, Mr. Torin Fung briefed the different between Technology Driven and Market Demand concept from startup. Technology driven separated Innovation and Creation; Market demand separated into three strategies that were Lower price (OEM), Similar price but more features (ODM) and the newest one.
Then he shared four critical factors for business startup included Finance, Innovation, Marketing and Sustainable Business. He propose the distribution were Marketing ~ 30% Innovation ~ 25%, Sustainable Business ~ 15% and Finance ~ 10%; the remaining 20% would be lucky.
Lastly, he shared two failure cases in the China startups that were Online Service for luxury car maintenance and Cloud funding phone. The following analysis was from case 1 that technology is low but no marketing, finance and sustainability. The case 2 was missing all four elements.
The fourth speaker was Mr. Jordan Cheng (Founder & CEO, Mad Gaze) and his topic was “A successful Case Sharing of Local Tech Startup: AR Smart Glass”. In the beginning, he introduced his experience since graduated from Hong Kong Institute of Vocational Education (IVE) for mobile application and then he taught in IVE. One day he had idea to establish his company based on student’s question. He is from 2 staff to 5 staff and then 16 staff (core) and upto now had 80 staff in Hong Kong and 100 in Mainland China.
He explained what different among other IT subcontractors. They almost provided total solution with guarantee hint rate.
Finally, Mr. Jordan Cheng explained his product Mad Gaze Smart Glass in which had many different software support and cost for manufacturing much lower than Google Glass. Their product was recognized by oversea market.
Ir. Angel Wong (Senior Consultant, HKPC) was the last speaker and her topic entitled “Testing and Consulting Services Offered by HKPC to Support Tech Startup in Electronics Products”. This time, she would like to share the case study – plan for the compliance to regulations during design phase to save project cost and time.
The case was a IOT product but failed in EMC testing. Therefore, their project budget was increased from HK$700k to HK$820k because of hardware modification, retest and design update. Moreover, it was also extended the product launch for 2 extra months.
After that Angel suggested the proper project schedule for design phase as follows:
- First Prototype: Preliminary check / Design check (test modes / RF settings / spurious emission)
- Second Prototype: Major changes with modification
- Third Prototype: Minor updates, submit for certification process (commercial lab)Finally, pre-test could reduce the total cost from HK$820k to HK$750k.
HKIE-MI Division – http://mi.hkie.org.hk/
HKSTP – Incubation Programmes - https://www.hkstp.org/hkstp_web/en/Admission/apply-incubation-programmes
20170106: HKIE Seminar on Continuous Education for Career Development in HK Industry - https://qualityalchemist.blogspot.hk/2017/01/hkie-seminar-on-continuous-education.html