Cyberport startups to get HK$150m boost
Updated: 2014-12-10 07:14
By Sophie He in Hong Kong(HK Edition)
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Cyberport - the home to 190 technology and digital start-up companies in Hong Kong - will invest HK$150 million ($19.3 million) in the next two years to expand its incubation facilities for information and communications technology (ICT) startups, senior officials of the management company.
The facilities at Cyberport with about 300 tenants are managed by Hong Kong Cyberport Management Co Ltd (HKCMC), which is wholly owned by the SAR government.
"Our mission is to offer incubation facilities at affordable costs to Hong Kong entrepreneurs," HKCMC chairman Paul Chow Man-yiu said on Tuesday after releasing the company's latest annual report.
"We're determined to establish Cyberport as a leading ICT hub in the Asia-Pacific (region)," Chow said.
Cyberport posted an operating profit of HK$96.6 million - up 31 percent from a year earlier.
Turnover for fiscal 2014 rose by 9 percent from the previous fiscal year to HK$458.3 million.
"The financial results are not very important to us, as we are not here to make a profit," Chow said. "Instead, we are here to use the money to foster the next generation IT legends and to create an innovative and creative culture," he said.
Chow emphasized that Cyberport has a strong cash position, amounting to HK$1 billion as at the end of March, to support its mission.
He noted that in late 2010, Cyberport launched a three-year plan to invest a total of HK$100 million to nurture ICT startups, and in December last year, it earmarked an additional HK$200 million as an extension of the plan.
"So far, we've invested HK$49.3 million, which means for the next two years, we can invest up to HK$150 million to help foster local ICT talents," Chow said.
HKCMC chief executive officer Herman Lam Heung-yeung said that every year, about 800 to 1,000 ICT startup firms turned to Cyberport for help, among which, 60 percent are local firms and 40 percent are entrepreneurs from overseas who want to launch their careers in Hong Kong.
"I believe Cyberport's years of efforts (in nurturing startups) have been recognized in many countries," said Lam.
Besides relatively low rents for startup companies, the company also offers the Cyberport Creative Micro Fund Scheme to sponsor innovative ICT projects.
Successful applicants with proof of capability for developing prototype products will be granted HK$100,000 each under the program, according to Cyberport's annual report.
Mark Clift, HKCMC's chief operating officer, said he is eager to see the completion of the underground railway extension to reach his company's facilities.
"I believe it's part of the future plan to include Cyberport into the city's MTR map. It's only a matter of time before we are connected to the subway network," said Clift.
(HK Edition 12/10/2014 page9)