NewWhat Hong Kong can learn from New York’s blueprint to take on Silicon Valley

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New York mayor Bill de Blasio outlines his vision of New York as a tech innovation hub. Photo: Bloomberg

Published: 2:30pm, 5 May 2015Updated: 9:39pm, 5 May 2015

Hong Kong, like most global cities, is in a race to keep its competitive advantage as the rapid advance of technologies and the Internet put the emphasis on innovation and fostering new companies over traditional business strengths.

The Hong Kong government has made efforts to transform the economy into a more innovation-driven one, including setting up start-up facilitators such as the government-backed Hong Kong Science & Technology Parks, while private initiatives include Nest.vc, a venture capital firm working as an accelerator for start-ups.

But to move to the next level, the city may want to pay heed to the plans of New York mayor Bill de Blasio, who has unveiled a series of proposals drawing in academia and business to build New York into a rival to Silicon Valley.

Speaking at the TechCrunch Disrupt NY event on Monday, de Blasio explained how three pillars, which he identified as professional development, access and innovation, will help New York secure its place as a tech hub.

“I like to brag about the glories of my city; sometimes it’s tempting to feel a little competitive with other cities,” de Blasio said. “This year, New York City has surpassed [San Francisco’s Bay Area] in startup funding requests.”

As part of his plans, de Blasio announced funding of US$29 million to support science, technology, engineering and maths teaching in the city’s public university, City University of New York.

Another US$70 million will improve access to affordable high-speed internet, with most of the money, some US$60 million, to go on building wireless corridors to provide free or low-cost internet access to up to 50,000 low-income residents.