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Following is the speech by the Acting Chief Executive, Mr John C Tsang, at the Open Day and Grand Opening of Sonova Studio, Playtao Dreamland Education Lab and Convoy Life Investment Centre of Social Ventures Hong Kong today (June 19):
Francis (Founder and Chief Executive Officer of Social Ventures Hong Kong, Mr Francis Ngai), ladies and gentlemen,
Good evening.
It is my great pleasure to join you all today for the opening of Sonova Studio, Social Ventures Hong Kong's latest development.
"Sonova" is a nice name. And certainly a name with a special meaning. I understand that "Sonova" actually combines the two words at the heart, and soul, of SVhk. The "so" stands for "social", the "nova" short for innovation.
Innovative social enterprises effectively define SVhk. At last count, some 20 such enterprises were under incubation. Each of these enterprises was created to address a particular social or urban problem that we encounter here in Hong Kong.
In the past few years, Hong Kong has become a magnet for start-ups and incubators from all over the world, many of them reflecting our innovation and technology-based agenda.
But as we seek innovation through the use of and in the application of technology, we must not lose sight of innovation's potential to drive our social enterprises.
Certainly, SVhk hasn't. Its vision is predicated on maximising the benefits to the community that social enterprises can offer, while providing their investors with decent returns.
The social enterprise sector in Hong Kong is alive and well. The number of social enterprises has more than doubled in the last seven years, to some 570 today.
Numbers aside, there is growing diversification in the sector - in their funding sources, their operating models and their business models. The nature of these enterprises ranges from those that seek to address poverty and social isolation to those that tackle environmental issues, food waste, housing, employment and more.
The Hong Kong Government, let me assure you, is committed to promoting social enterprise development. Indeed, some two-thirds of those 570 social enterprises are government funded.
While the Government can provide the necessary financial support, we look for innovation, expertise as well as passion of the many organisations participating in these ventures, in designing and providing the right services for the right people.
Over the years, many of Hong Kong's social programmes have been developed, not through public agencies, but by engaging not-for-profit organisations and private companies to deliver these services.
Many of these new services are effective in meeting the needs of the people because they are on the same wavelength as those of the target beneficiaries in the design and delivery of services intended for them.
I also see opportunity for cross-fertilisation between our social entrepreneurs, the talent emerging from our universities and the funding schemes we have established, to drive innovation and investment in science and technology.
Together, government initiatives and private innovation will help ensure that social and environmental impact is built into all our investment decisions. And that can only mean better prospects for the people of Hong Kong and the world in which we live.
My best wishes go to Social Ventures Hong Kong, its Sonova Studio and the social start-ups that it supports. Their success will help ensure a rewarding future for all of us.
Thank you.
Ends/Sunday, June 19, 2016
Issued at HKT 18:48
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MP4 format