HKSTPC Introduces Incu-App Technology Business Incubation Programme Newest Initiative to Spur Hong Kong’s Technology Evolution

(Hong Kong, 16 February 2012) – Dedicated to fostering innovation and technology advancement in Hong Kong, Hong Kong Science and Technology Parks Corporation (HKSTPC) today announced the launch of the Incu-App Technology Business Incubation Programme (Incu-App). This latest programme further highlights the Corporation’s commitment to supporting innovative entrepreneurs and start-ups by improving and broadening its scope of services to address changing times.

The mobile and web applications (apps) industry is experiencing significant growth in Hong Kong, as evidenced by mobile data usage doubling year-on-year to 3,568 TB in October 2011. What is more, according to a Google global smartphone survey conducted in 2011, the average number of apps owned by Hong Kong smartphone users was 30 – the highest in Greater China. Fittingly, HKSTPC has responded by providing entrepreneurs and start-ups with tailored services, allowing them to gain a solid foothold in the thriving market. Incu-App is an intensive 18-month programme that provides various levels of assistance to start-ups, including a financial aid package of up to HK$300,000 for each incubatee, thus facilitating technology development and business growth during their inception period.

One of the critical factors for success is incubatees’ ability to leverage support from companies in the web/mobile industry, particularly those in the content development, application platform and market support value chain. Collaboratively, HKSTPC has set up partnership arrangements to help open the way for incubatees to reach such companies; leading industry players that include 6waves Lolapps, CITIC Telecom, Cluster Technology, Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI), Hong Kong Wireless Technology Industry Association (WTIA), Microsoft, Nokia and Samsung among others.

Mr Allen Yeung, Vice President of Business Development and Technology Support, HKSTPC said, “The expansion of our incubation programme to cater for apps developers demonstrates our commitment to assisting start-ups from different technology backgrounds. As befits the new programme, we have assembled a list of strategic partners to assist incubatees on product development by offering technical support and development kits, cloud services, as well as professional advice on how to access the Mainland and other markets. We are confident that the new programme will increase the success rate of technology innovators and fuel the growth of the local apps industry. Incubatees of Incu-App can also expect to benefit from HKSTPC’s ancillary support, which includes business matching with angel or venture capital investors, consultation on business plans and marketing support services, thus allowing them to achieve sustainable growth over the long term.”

In view of the more dynamic nature of the apps market, Incu-App application assessment will be set at a target cycle of 26 working days as compared to 52 working days for the Incu-Tech Programme that caters for other technology start-ups. Moreover, applications by individual entrepreneurs, i.e. a one-person company, will be accepted compared to the employment of at least two full-time staff which is the prerequisite for Incu-Tech incubatees. With the prospect of accessing a myriad of companies and organisations in the value chain, as well as benefit from bespoke services and state-of-the-art infrastructure, Incu-App is sure to significantly enhance incubatees’ competitiveness, allowing them to penetrate a variety of related market segments.