Cyberport and PwC Announce Winners of “Road to GBA Start-up Challenge”
Hong Kong, 9 June 2021 – The final of the “Road to GBA Start-up Challenge” jointly organised by Cyberport and PwC Hong Kong has successfully concluded yesterday. The 12 winning Cyberport community companies will be entitled to participate in a nine-month GBA Go-to-Market Programme. The programme provides comprehensive support and training for the winners to expand their businesses in Mainland China, including themed workshops, corporate management consultation, product commercialisation, investment roadshows, business matching and assistance from innovation and technology parks in partnership with Cyberport located in cities across the Greater Bay Area (“GBA”).
The “Road to GBA Start-up Challenge” aims to support and facilitate Cyberport community companies in obtaining more business opportunities in the GBA market. The participating companies are focused on the six major application and technology clusters of Cyberport, namely FinTech, smart living, digital entertainment & esports, artificial intelligence (AI) & big data, blockchain and cybersecurity. The 12 winners were selected based on five judging criteria, including product development in the GBA, business and revenue model, management team, research and development capabilities and potential market size of the product (please refer to the Appendix for the list of winners). They will receive support delivered by Cyberport and PwC including training and seminars on important topics such as financial reporting, taxation and law; one-on-one business consultation and mentorship from delegated PwC professionals; connections with investors or GBA partners of Cyberport and PwC; assistance in product commercialisation in the GBA; as well as visits to technology parks and partnering companies in the GBA. These opportunities will help winners expand their network and build important connections with potential clients, investors and partners.
Eric Chan, Chief Public Mission Officer of Cyberport, said, “Cyberport has been actively supporting the development of start-ups in the Greater Bay Area and bolstering their access to the mainland markets. Through the Cyberport Professional Services Network (CPN), we are delighted to join hands with PwC to extend our scope of support to Cyberport start-ups in relation to business expansion in the Greater Bay Area while enhancing their competitive edge. Ultimately, we hope to build a more vibrant and diversified start-up ecosystem, and support the development of Greater Bay Area into an international innovation and technology hub.”
Benson Wong, Entrepreneurial & Private Business Regional Lead Partner – Hong Kong of PwC Hong Kong, said, “PwC firmly believes that Hong Kong start-ups should take advantage of the mainland markets to identify new business opportunities. In this regard, we share the same vision with Cyberport, to facilitate the development of start-ups in the Greater Bay Area. Therefore, we are pleased to co-organise the opportunities in the Greater Bay Area. Hong Kong start-ups often face cross-border regulations and other practical challenges when expanding into the GBA, so we know that they would like more concrete information and guidance on the conduct of local entrepreneurs to seize commercial businesses in the GBA. We hope to turn their vision into reality through this event. ”
Duncan Chiu, Co-founder of Radiant Venture Capital and one of the judges, said, “The development of Guangdong-Hong Kong-Macau Greater Bay Area is accorded the status of key strategic planning in China’s development blueprint. The Greater Bay Area has indeed the potential to become the most diversified metropolitan cluster in the world. I am glad to see applicants of the ‘Road to GBA Start-up Challenge’ have detailed roadmaps for entering the markets in the Greater Bay Area. I encourage local start-ups to develop their businesses in the Greater Bay Area while using Hong Kong as an international springboard to reach out to other markets. This helps to realise the ‘dual circulation’ of the domestic and international economies and empower the Greater Bay Area to be an international innovation and technology hub.”
The judging panel of the Challenge consists of Alexander Chan, Co-Director of the Mills Fabrica; Cecilia Yau, Mainland China and Hong Kong Media Leader of PwC China; Duncan Chiu, Co-founder of Radiant Venture Capital; Dr. Stella Kwan, Chief Corporate Development Officer of Cyberport; and Sing Chan, Chief Executive Officer of Innobation Company Limited.
The CPN was launched in March 2021 to connect Cyberport community start-ups with professional consultancy firms, offering specific professional assistance on areas including legal, accounting, financing, marketing and corporate development services to accelerate the growth of start-ups. Over 20 international and local professional consultancy firms, including PwC, have joined the network.
The “Road to GBA Start-up Challenge” has also obtained support from Cyberport’s GBA partners, including Hang Seng Bank, which is a member of the Cyberport Enterprise Network (CEN).