Sep 30, 2015
Hong Kong — J.P. Morgan, Hong Kong Science and Technology Parks Corporation (“HKSTP”) and Hong Kong Business Angel Network (“HKBAN”) today jointly launched NxTEC (Next Technologist Entrepreneurial Champion) programme, a two-year scheme dedicated to a selection of 200 technology start-ups in Hong Kong. It will provide them with a series of structured coaching and training, focusing on business and management skill enhancement, identifying future fundraising opportunities and connecting them with potential investors.
Investments in technology start-ups have grown significantly in Hong Kong in recent years. Funds raised through HKSTP’s facilitation already increased to HKD156 million in the first five months of 2015, compared with HKD200 million in 2014. However, insufficient knowledge in fundraising activity still remains one of the biggest challenges for many technology entrepreneurs in Hong Kong. Limited experience in business development, marketing and other critical management areas could also become a major roadblock as they expand their businesses.
The NxTEC programme seeks to identify issues commonly found in technology start-ups and will develop specific curricula to advance their knowledge and skills, including business modelling, customer analysis, competition analysis, integrated marketing strategy, legal and corporate governance, financial and fundraising planning.
These skills are critical in future capacity building, attracting business partners and potential investors, and ultimately developing a more diverse and vibrant technology community in Hong Kong.
“Contributing to the long-term growth and prosperity of Hong Kong has always been one of our key objectives,” said Andrew Butcher, Senior Country Officer for Hong Kong at J.P. Morgan. “The programme draws on J.P. Morgan’s expertise and resources to empower today’s most promising but resources constrained technology start-ups to become tomorrow’s leaders. By partnering with HKSTP and HKBAN, we believe the NxTEC programme will help unlock the hidden potential for high-growth enterprises, creating more employment opportunities in the sector. This in turn will improve the economic prospects of Hong Kong.”
“Hong Kong is traditionally known for the exceptional performance of its financial sector, and under the ever-changing global market climate, it is crucial for Hong Kong to diversify its economy through technological development and innovation,” said Allen Ma, CEO of HKSTP. “Over the years we have groomed over 500 technology start-ups with many award-winning innovations through our comprehensive incubation programmes and value-added services. We believe that continuous talent development and long-term success for technology start-ups will be the powerhouse for the city’s reindustrialisation, which in turn leads to a more vibrant economy with more job opportunities. We are excited to see more stakeholders partake in Hong Kong’s technopreneurship ecosystem and thrilled to co-launch NxTEC with J.P. Morgan and HKBAN. Technology start-ups need assistance to develop strong business acumen as they go into commercialisation and NxTEC will certainly help take them to the next level.”
“We would like to thank HKSTP and J.P. Morgan for their partnership,” said Dr Samson Tam, Chairman of HKBAN. “With this programme, we can extend our support to more start-ups and leverage the expertise from within our network to groom a new generation of boardroom-ready technology entrepreneurs in Hong Kong.”
The NxTEC programme includes two parallel series: Basic Training Programme and Advanced Services Programme. The Basic Training Programme targets 200 technology start-ups in Hong Kong. Twenty start-ups with highest perceived potential will join the Advanced Services Programme, which provides more than 300 hours of consultancy services and mentorship, as well as investment matching opportunities through networking and pitching events over a six-month period.