Hong Kong's Cyberport is shelling out HK$200 million (US$25.8 million) over the next three years to fund tech startups, with the key focus to aid local companies to expand.
"Hong Kong itself is too small. We will focus on boosting startups' fundraising capability, connecting them with funding sources overseas and building collaborations with international partners," Cyberport chief executive Herman Lam Heung-yeung, said in a South China Morning Post (SCMP) report Wednesday.
Cyberport is a high-tech community and campus operated by Hong Kong Cyberport Management Company Limited, which is owned by the Hong Kong government. Over the past year, it set up an e-commerce exchange and young entrepreneur initiative with China's Guangdong province, and opened a representative office in Shanghai as part of efforts to assist Hong Kong startups with their operations in mainland China.
This week's HK$200 million pledge is double what it had invested over its previous three-year plan, the bulk of which funded training and incubation initiatives for over 200 startups.
Cyberport, however, had been rebuked for not putting adequate focus on supporting the local community, noted SCMP, which said 60 percent of incubated startups were founded by non-locals.