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The number of international events happening in Hong Kong this year signal that the city is back in business. In the start-up scene, the annual Elevator Pitch Competition (EPiC), organised by Hong Kong Science and Technology Parks Corporation (HKSTP), is having its biggest year yet.
EPiC sees local and overseas entrepreneurs compete for investment opportunities, and is also a showcase for the city’s growing world-class innovation and technology (I&T) ecosystem. The event’s finale, which takes place on April 28, will feature start-ups from around the world competing for the title of EPiC champion by pitching their business ideas during a 60-second elevator ride to the top of Hong Kong’s tallest building, the International Commerce Centre.
This year, HKSTP has partnered with international start-up platform Plug and Play to take EPiC to an even bigger global stage. The competition’s record levels of participation and investor interest from overseas reflect how Hong Kong has grown into an attractive international hub for innovation and investment.
“In its seventh year, EPiC is a mega-event in Hong Kong that attracts the world’s best entrepreneurs, investors and corporate innovators,” says Albert Wong, CEO of HKSTP. “This year’s theme is ‘Grow fast and go beyond’, and we welcome talent from around the world as they compete for investment of up to US$5 million from the HKSTP Venture Fund and explore Hong Kong’s growing investment and innovation opportunities.”
Multiplier effect on corporate collaboration with start-ups
Several leading companies are involved in this year’s EPiC, including Cathay Pacific, HSBC and MTR Lab, which are serving as key sponsors and judges, business partners and potential investors to the competing start-ups. The competition allows technology ventures to leverage the expertise of business leaders to help scale up, accelerate and form partnerships as part of their innovation and growth journeys into the Asian market. They also can take advantage of Hong Kong’s position as a gateway to mainland China and Asia by utilising the networks of sponsoring companies to maximise opportunities for product development and growth.
“At HSBC, we are committed to opening a world of opportunities for local and global technology ventures to scale from Hong Kong and beyond,” says Charlotte Wong, chief information officer, HSBC Hong Kong. “HSBC believes innovation is the key to success for the future for all industries, not just banking or finance, so partnering with HKSTP gives us the ideal platform to support start-ups across all sectors in reaching their goals and ambitions.”
Wong notes that start-ups today have global ambitions but sometimes lack the means and knowledge to reach the global stage. “At HSBC, we want to help these ambitious entrepreneurs with this critical global connectivity and help them become international-ready,” she says.
Lawrence Fong, director of digital and IT at Cathay Pacific, says Hong Kong’s thriving innovation ecosystem can empower people to move forward and push boundaries.
“Through innovation, people discover how far they can go, and that innovation enables Cathay to elevate our customers’ travel and lifestyle experiences,” Fong says. “Hong Kong’s robust I&T ecosystem makes us one of the top technology hubs in the world, and start-ups will play a critical role in continuing that success. I’m excited to see how Cathay and some of the best entrepreneurs and innovators at EPiC can work together to further strengthen Hong Kong’s I&T scene.”
Fusing the best of both worlds
Another key EPiC partner, MTR Lab, is a big believer in the power of collaboration and co-creation. By partnering with start-ups and entrepreneurs, the company is injecting fresh perspectives and ideas into its own vision and innovation road map.
MTR Lab looks to invest in early-stage to growth-stage companies, and also to collaborate with partners to explore solutions in mobility, such as MaaS (mobility as a service), new modes of mobility and rail technology, as well as in retail, property, financial and data services, smart city technology and sustainability. These investments and collaborations create strategic value for both the MTR Corporation and the wider community.
“EPiC provides a platform for us to engage with innovators, explore new business models and identify opportunities for mutual growth,” says Michael Chan, managing director of MTR Lab. “EPiC brings together some of the best and brightest start-ups from across the region, providing MTR Lab with a unique opportunity to learn about new and innovative technologies and solutions. This exposure helps us improve operations, enhance customer experience and, ultimately, reduce our environmental footprint by turning low-carbon ideas into high-impact realities.”
This year, EPiC has attracted 618 entries from 55 economies located across five continents. Three-quarters of the entries are from overseas, with a total of 50 contestants from 14 economies reaching the final round to pitch their ideas to a judging panel of investors, entrepreneurs and business leaders. The competition aims to enable start-ups to make a real business impact through connections with HKSTP’s network of 1,000-plus investors and more than 300 corporate partners.
As Hong Kong emerges from the Covid gloom, HKSTP sees EPiC as a shining light in the local innovation scene, and hopes it will show the city as a beacon of opportunity for entrepreneurs, tech start-ups and corporations.
