While Hong Kong edged forward two spots to 7th in the World Economic Forum’s Global Competitive Index thanks to its outstanding infrastructure (1st), our city’s overall score was compromised by low innovation (23rd) and higher education (22nd) rankings.
So how do we do better next year? To figure out how to spark innovation in our city, we have to first understand what it is. When you think about innovation, you usually think technology, but it also encompasses new and improved products, services and processes as well as disruptive business and organizational models.
With the Innovation in Action Forum coming up on May 7th , we talked to InnoFoco founder Rachel Chan on why Hong Kong still has a ways to go in becoming an innovative hub.
“At the moment, we are at the stage of awakening: we realize it’s not good enough to do what we’ve been doing for the past 15-20 years,” said Rachel, lamenting Hong Kong’s lack of innovation. “We need breakthroughs, we need to create more value and we need to diversify our economy – we can’t survive on the old business models.”
In hopes of sparking innovation in Hong Kong, the Innovation in Action Forum will feature two keynotes, an afternoon of workshops and panels including Outblaze founder and CEO Yat Siu and VentureTec founder Trey Zagante on the second panel.
While the first panel will focus on creating a culture that’s conducive to innovation, the second will introduce the disruptive idea of pairing corporations and established businesses with startups. “Nowadays, if you want to be successful, you need to be as nimble as a startup but have the scale, efficiency and structure to help you get to the mass market,” she explained. “So you need to combine the strength of corporations and startups.”
According to Rachel, corporations can start the partnership with startups through “reciprocal mentoring.” She likens it to a young twenty-something teaching a middle-aged person how to understand the digital space. “By mentoring a startup, a corporate executive can learn a lot: how to be agile and learn the latest in the innovation and tech field,” Rachel said. “And if they want to do more, they can even outsource some of their R&D to a startup, incorporate a startup in their supply chain and even invest in an accelerator of a corporate venture fund.”
StartupsHK members get more than 50% off!
Recognizing the important role that startups will play in Hong Kong’s innovative future, StartupsHK members can buy passes for more than 50% off at $800/full day and $400/half day. Register ASAP as seats for startups are limited, so pick up tickets early to avoid disappointment.
Click here to access the special startup rate!
InnoFoco on Startbase.HK: InnoFoco
Rachel Chan on Startbase.HK: Rachel Chan
Good initiative! Good for HK!
Suggest to offer this forum to IT, Engineering, Design, Marketing & Business students & unfunded startups for free!