Editorial | Tech hub dream rests on support for those with innovative ideas
- Hong Kong’s proposed Northern Metropolis promises a flurry of new start-ups and tens of thousands of jobs, but it faces challenges including high property prices and the need to attract the right talent
The Northern Metropolis idea, encompassing Yuen Long and North districts, has among its elements the creation of a zone that will closely interact with the innovation and technology industry in neighbouring Shenzhen. A total of 1,100 hectares has been designated for San Tin in the Lok Ma Chau Loop for development of a “technopole” comprising tech and information-based companies. The vision includes a health technology research hub to focus on biomedicine, engineering, big data and artificial intelligence. Officials claim that although it would cover an area 16.5 times that of the Science Park at Pak Shek Kok, operations would be complementary.
Authorities had grand visions when Cyberport was announced in 1999 and the Science Park two years later. Although both have become home to hundreds of tech and information technology companies and start-ups, the city is still far from being a match for Shenzhen. Local success stories such as online logistics group GoGoVan, travel booking platform Klook and fintech firm WeLab are valuable unicorns, but pale beside the Chinese giants Huawei Technologies and Tencent among others based in the city that rivals the United States’ Silicon Valley. Singapore has more start-ups than Hong Kong, with about 3,800 last year compared to 3,300 here.
Those involved in the industry say that while the government has supportive incentives and means to connect entrepreneurs with mentors, investors and business contacts, there is too much bureaucratic red tape. Also marring the success of start-ups are high property prices and rents and an inability to attract enough talent. Authorities are claimed to be too focused on property development and financial services. Integration with the bay area offers hope; there is great merit in Lam’s plans. But if Hong Kong is to attain the dream of being a major tech and innovation hub, authorities have to also genuinely support the aspirations of those with innovative ideas.