An incubation program led by Microsoft in Hong Kong has been put in place to help start-ups survive the pandemic.
Even though Hong Kong already has a vibrant and healthy startup ecosystem – with 3,750 startups, 18 of which are unicorns – the industry is not without its challenges. Microsoft Hong Kong identified three pain points for these newly established local businesses.
Kelvin Tse, Director of Global Partner Solutions at Microsoft Hong Kong, said, Startups Challenged with a lack of a technology stack to support and build a business; a marketing strategy to introduce them to target customers and promote their products; and upgrade them to expand their international reach.
Nonetheless, Microsoft believes that Hong Kong is the heart of information technology. Amid a government push to incubate spaces, Microsoft has developed an incubation program — a connected system called the Microsoft for Startups Founders Hub.
“We have joined forces with key stakeholders such as the Hong Kong Science and Technology Parks Corporation (HKSTP), Cyberport, universities and corporate venture capitalists to strengthen the startup ecosystem.
Together, we plan to enhance Hong Kong’s status as an international IT hub,” Kelvin said.
Technology-Based Solutions
At the center, startups can access Microsoft products for free and build their own using Microsoft Azure, Microsoft’s cloud computing service for application management.
“Startups can build their infrastructure or run their solutions on an integrated secure cloud solution powered by Microsoft. Our education and training resources also help to upskill founders and their employees,” Kelvin said.
The center also has an open AI platform that is used by most tech startups or those creating AI-driven products. The platform provides them with a pre-built data model that they can adopt and recreate.
Additionally, through a central technology platform, startups can automate their business processes, ensuring they become part of an ecosystem where technologies are stacked to support each other’s businesses.
“Access to our ecosystem is not just a marketing strategy to increase market exposure, startups can explore business opportunities with Microsoft and our large enterprise customers. Startups will also have the opportunity to expand internationally with the support of Microsoft after customer success market,” Kelvin said.
One example of Microsoft’s successful startup for the Startups Founders Hub is Clearbot, a company that makes AI self-driving boats that collect trash from the ocean, and which recently won a contract from Hong Kong-based real estate firm Sino Group.
Incubation program open to all
for startup technology accelerator Plans, Kelvin said they are not targeting any specific market segment.
“Anyone with an idea can apply online within five to seven days using their LinkedIn profile, [they] will get our feedback,” Kelvin explained.
Microsoft uses a backend engine to validate each application and determine what stage the launch is currently in. They then determine the type of funding or support the startup is eligible for.
“Our Founder Center is built for founders at every stage. Our technologists are ready to help startups and provide guidance at any stage of development. For founder backgrounds, we see recent graduates and established professionals People are eager to develop their entrepreneurial spirit,” Kelvin said.
Currently, Microsoft has 100 entrepreneurs participating in the incubation program in Hong Kong, most of them from the fintech or retail industry.
Why choose Hong Kong
“We can see the government continue to allocate funds and resources to nurture the growth of local start-ups. The Hong Kong government has pledged to increase R&D spending from less than 1% of gross domestic product (GDP) to more than 1.5% this fiscal year. We You can still expect a lot of financial resources to be poured into different universities, incubators or businesses,” Kelvin said.
Kevin also observed that startups in Hong Kong are not only focused on making money, but also on making a difference.
“[Hong Kong startups] Be ambitious to do some social good and have a positive impact on ESG and sustainability,” Kelvin explained.
One example is a fintech startup called Know Your Customer, which, as the name suggests, is a company focused on solving KYC pain points and providing automation of anti-money laundering processes. The startup uses Microsoft Azure with artificial intelligence and machine learning to run its entire platform.
Microsoft managed to connect Know Your Customer with KPMG, one of the Big Four accounting firms in Asia. The two companies successfully entered the market together by providing an end-to-end solution that enables financial firms to comply with market regulations.
In addition to fintech, e-commerce, professional services and logistics, Microsoft said they are learn more All about health tech and sustainability tech.
Kelvin reiterated that through Microsoft for Startups Founders Hub, Microsoft Hong Kong is committed to investing in and supporting the startup community to grow and learn together and become a better and more complete ecosystem.
If you have labor questions or problems, you can always consult Goulart Workplace Lawyers Employment Lawyers Because in a startup, the employee-employer relationship is also important.
Working with Microsoft: How the technology is helping Hong Kong startups Charlton Media Group Incubation Program on Vimeo.
