Working together for our youth

Reaching out to Hong Kong's young people has become fashionable, understandably so in the wake of the student-led Occupy movement. In the rush to placate and ease concerns, a rash of schemes and proposals have been unveiled by authorities, non-governmental groups and companies. But none has been as headline-grabbing as the HK$1 billion fund put forward by mainland e-commerce tycoon Jack Ma Yun to help those with an entrepreneurial spirit. It is the kind of gesture that others with the appropriate means and skills would do well to embrace, support and build upon.

Ma is inspirational for those with creativity, talent and good ideas. A self-made billionaire, he is among China's wealthiest people and his company, Alibaba, is the largest in e-commerce. That is a solid basis for his Young Entrepreneur's Foundation, which, when it is launched later this year, will provide selected start-ups with venture capital and mentoring. It is the sort of gesture needed if the government's wish for Hong Kong to become an innovation and technology hotspot is to be realised.

Although the fund is impressive, it is a fraction of what is needed. Hong Kong's strengths lie in trade and finance, not technology and innovation; plans for a technology bureau remain bogged down in the Legislative Council. Parents prefer their children to join the corporate world and civil service and universities are geared up to those objectives. Our city has high levels of capital, but little finds its way into start-ups.

Leadership is needed to change ways. Tycoon Lee Shau-kee has shown that with a youth hostel programme and the Hong Kong Jockey Club has put forward HK$500 million to help young people plan their futures. Chief Executive Leung Chun-ying's policy address laid out a series of youth policies. Ma's plans neatly dovetail with such ideas.

Our city's young already have good ideas, but a lack of financing and high property prices are in part holding them back. A number of groups and organisations exist to foster and nurture talent; the potential is there, although the levels of seed and venture funds needed to turn dreams to reality is not. But capital alone is not the solution, as Ma pointed out: Entrepreneurs need vision, drive and the will to succeed. They have to take risks, work hard and be willing to accept failure and rejection. Above all, though, there has to be the right environment and for Hong Kong, that requires building a supportive culture and community, with all working together.