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The following is a speech by the Under Secretary for Commerce and Economic Development, Mr Gregory So, at the Incubation Graduation Ceremony of Hong Kong Science and Technology Parks Corporation today (April 19):
Mr Tan (Mr E Anthony Tan, Chief Executive Officer of Hong Kong Science and Technology Parks Corporation), distinguished guests, graduates, ladies and gentlemen,
Good afternoon.
It is my great pleasure to join the graduation ceremony of the Incubation Programmes of the Hong Kong Science and Technology Parks Corporation. First of all, my congratulations to this year's graduates - you represent a batch of technology and design companies full of bright prospects for further development and expansion. I am confident that you will add boundless vibrancy to the economy of Hong Kong.
Since its inception in the early 1990s, the Incubation Programmes have always played an important part in assisting technology companies at their critical start-up stage. The programmes were extended to cover design companies in 2006 and expanded features were developed for biotechnology companies in 2009.
The programmes have successfully incubated more than 400 start-up companies, many of them have excelled in their fields both locally and internationally. Since 2003, incubatees and graduates have filed over 400 items of intellectual property. They have won some 200 international and local awards. They have also gained access to angel or venture capital investment of around $680 million over the years. Three graduates have been listed in the Hong Kong Stock Exchange. Many have expanded and achieved impressive development through mergers and acquisitions, joint ventures and spin-offs.
Innovation and technology has been identified as one of the six economic areas which Hong Kong enjoys clear advantages. The Government is committed to providing an environment conducive to the development of high value-added and high technology industries through a programme of infrastructural and funding support.
On the front of infrastructural support, following the success of Science Park Phases One and Two, the Government has decided to support the development of Phase Three. The first buildings will come on stream towards the end of 2013. An additional 105,000 square metres of R&D space will be provided by 2016, which also means more space for incubation.
On the front of funding support, the Innovation and Technology Fund has approved over 2,300 projects, with funding support amounting to $5.8 billion, among which 340 projects and some $370 million are under the Small Entrepreneur Research Assistance Program. The programme provides pre-venture capital stage financing to support technology entrepreneurs to carry out R&D work for starting new businesses and conducting market validation. A grant of up to $4 million will be provided on a dollar-for-dollar matching basis.
With the collaboration among the Government, Science Park and local enterprises, and through continual facilitation of start-up technology and design companies, I trust that innovation and technology will continue to bring multiple benefits to the economy of Hong Kong.
Once again, congratulations and I look forward to hearing new achievements from you all.
Thank you.
Ends/Tuesday, April 19, 2011
Issued at HKT 17:35
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