Lam leads growth of technology and innovation in Hong Kong

Making talent a priority

Soon after Carrie Lam gave her maiden policy address in October, the government announced it would provide 8,360 square meters of shared working space, and also provide young entrepreneurs with rents 50 percent lower than the market rate through partnerships with private operators.

Under the plan, Cyberport launched applications for the Smart-Space 8 program on June 1. The program provides 1,858 sq m of work space in Tsuen Wan, in the Western New Territories, at prices starting at HK$800 ($102), including 60 sets of flexible spaces, 48 workstations and 34 office units.

Cyberport has received applications from about 1,000 interested parties, including those in the fields of education technology, financial technology, marketing technology and e-commerce.

Welcoming these policies, Lee George Lam said he hoped the government would mobilize more private capital to invest in the innovation and technology sector in future.

He noted that the Hong Kong Stock Exchange introduced an updated IPO policy in May that allows biotechnology companies without a profit record to be listed in Hong Kong, and urged financing institutions to provide easier financing channels for companies in areas such as financial technology, artificial intelligence and smart cities.

He praised the progress the city's innovation and technology sector has made in the past year, not just in terms of policy and funding, but also in helping young people become more positive about their futures. The government has clearly helped to provide a range of career options, he said.

Lavina Tien, general manager at Entrepreneur First Hong Kong, a global tech startup accelerator, echoed those sentiments, pointing out that 10 years ago most parents in Hong Kong would urge their children to join large, well-known companies after graduation.

"But now they are more open-minded about their kids starting their own businesses," she said. "The change in mindset is just as important as improvements in hardware."

Tien suggested that the government should raise awareness of its policies by giving them more publicity to make it easier for people to navigate them and digest the details.