PwC Hong Kong and Hong Kong Science and Technology Parks Corporation (HKSTP) jointly announced in August 2019 the launch of Tech Raiser.
The two-year fundraising programme aims to build star companies, expand the investor community and attract quality technology companies to Hong Kong, with a view to foster a robust Innovation & Technology (I&T) ecosystem for Hong Kong to stay competitive in the economy.
HKSTP’s first fundraising acceleration programme collaboration aims to “Inspire, Connect, and Invest”, by pooling the resources and networks of PwC Hong Kong and HKSTP. Under the programme, participating companies will attend the PwC Startups Accelerator Programme in Mainland China and Hong Kong, providing them with intensive acceleration and fundraising training, along with deep insights into the market landscape. Tech Raiser will also give tech companies access to networking opportunities with Hong Kong’s young entrepreneurs and successors in private and family businesses at PwC’s NextGen Club.
The programme also offers face-to-face investment matching opportunities with PwC and HKSTP’s wide network of investors and enterprises. Delegated investment managers from PwC and HKSTP will offer mentoring throughout the programme.
Albert Wong, CEO of HKSTP, says, “Giving start-ups and technology companies the right support at the right moment is crucial for their continued growth, be it R&D, business guidance and planning, go-to-market strategies or funding. We are pleased to have PwC step forward to be another key partner and stakeholder within Hong Kong’s strengthening I&T ecosystem. Beyond just fundraising and providing a pipeline of high-quality deal flows, they contribute further to our ecosystem that our start-ups can benefit from – strong international networks, business expertise and financial know how. Together, we hope to see our high-potential companies and start-ups gain the most that the Tech Raiser programme can provide.”
While the participating companies will have chance to obtain additional funding support for their business development, traditional industry players will have opportunities to invest in the latest technologies or to adopt innovative solutions to support their businesses. Combining the strength and experience of PwC and HKSTP, the programme sets to expand Hong Kong’s investor community and contribute to a bigger capital base for I&T development in the long term.
Raymund Chao, PwC Asia Pacific and Greater China Chairman, says, “We need to innovate together. Government agencies, established companies and professional services firms like PwC, should come together to develop Hong Kong as a centre for investing and nurturing innovation. We have seen the growth of incubators, accelerator programmes and funds targeting innovative tech companies. These initiatives are being led by various sectors, including PwC. We want to work with these tech companies to co-create solutions that will create a robust innovation and technology ecosystem in Hong Kong”.
Running from August 2019 through to July 2021, Tech Raiser comprises of three intakes with different industry focuses to provide all-round fundraising training and support for at least 30 companies. The six industries covered in the programme include: Financial Services; Entertainment, Lifestyle & Education; Real Estate & Infrastructure; Advanced Manufacturing & Environmental Sustainability; Automobile, Transportation & Logistics; Healthcare. [APBN]