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Fundraising is a big challenge when many tech entrepreneurs staring up

出自香港新聞網 - 樹仁新傳系學生實習習作

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Structure: 7.5 Content: 6.5 The story structure is fine. Read back the story when you finished. You wrote the speaker's name correctly in the beginning but it changed to Chao afterwards. These mistakes can be rectified if you read back.

Reported by Zoe Lam on 13th November, 2018.

It is not easy for technology start-ups to get funding from the government in Hong Kong because the procedures of application is very complicated, says an experienced entrepreneur.


Kenneth Chau is currently the President of the Hong Kong Science Park Science and Technology Network (TIN), and the CEO and Founder of iMusicTech Limited. Chau started up his first business when he was 25, he established the iMusic Tech Limited and invented the first Iphone Karaoke. Chao criticized that although the Hong Kong Government has allocated more than 10 billion dollars to the science and technology industry, it is not easy to apply funding from government because the procedures of funding application is very complicated.


"In order to obtain funding, companies need to submit a large number of plans, data, and even need to use their own money to do the testing, so that the plan can be reimbursed to the government.” Chao said.


“The policy is so strange that if technology start-ups are able to spend their own money, why they seek financial assistance from the government? ” said Chao. He thinks that Hong Kong government’s policy is fails to cope with the current development of technology and considered imperfections.


Chao suggested that there should be an organization to be a guarantor for entrepreneurs to borrow loans in the future.“ If the process is more efficient, companies can manage the budgets more effectively.” Chao said.


Besides, Chao suggested that Hong Kong can collaborate with China to promote scientific and technology exchanges. “Greater Bay Area have big opportunities for technology start-up. Chao said.

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