HSBC, Science Park launch start-up accelerator with a twist as hunt for Hong Kong’s next ‘unicorn’ heats up

The race to develop Hong Kong’s next “unicorn” may be heating up, with the launch on Monday of a start-up accelerator with a difference.

Unlike the city’s numerous existing incubators, the two-year Sprinter programme will focus on both start-ups and the angel investors who typically provide their capital between the seed and venture-capital funding stages.

With an overall aim of fostering a sustainable ecosystem of innovation and astute early-stage investors, Sprinter offers an “entrepreneur track” for at least 120 technology start-ups and a parallel “business angel track” for mentoring 40 individuals on how to evaluate deals.

It is a three-way initiative between HSBC, the Hong Kong and Science Technology Parks Corp (HKSTP) and the Hong Kong Business Angel Network, and will be open for applications at the end of November.

“Technology companies need knowledge and resources in various fields to develop strong business acumen, as they turn their innovative ideas into marketable products,” said Albert Wong Hak-keung, the chief executive of the HKSTP, at the launch of Sprinter on Monday at the sprawling Hong Kong Science Park in Sha Tin.

“The investor community also requires an extensive network and domain expertise for generating quality deals.”