ideas for startup in hong kong
TRANSCRIPT
Some Startup
Ideas for
Hong Kong
Patrick P. T. Leong
Co-Founder, Gigamon Inc.
Founder, Leong Research LLC
Intro
Born and grew up in Hong Kong
Attended La Salle Primary School and La Salle College
Went to the US for university and graduate school
Ph.D. in Applied Physics from Columbia University
Worked in development and management positions at Network
General/Network Associates, Cyras/Ciena
Co-founded Gigamon in 2004 on Traffic Visibility Network
As CTO and board member, helped took Gigamon public in 2013
(NYSE: GIMO)
Founded Leong Research LLC in 2015 to pursue dreams in
solving high-value scientific problems and bring them to
commercialization
Agenda
Building a startup in Hong Kong: Pros and Cons
Go Global
The Golden Questions behind every startup idea
Startup ideas in 2 Waves
Facilitators
On Education
For the entrepreneurs
Building a startup in Hong Kong
Advantages
Well-established legal and financial systems
Easy access to manufacturing resources in PRC
Hard-working, adaptive, cosmopolitan work force with
reasonable payroll cost
Hong Kong can better serve the needs of the Asian
Pacific market
Challenges
Limited space for R&D and industrial use
High cost of living
“Go Global”
1. Aim to sell your products and
services globally
A much bigger market than
just Hong Kong
De-risk from regional
economic downturns
2. Build the brand name
“Design in Hong Kong”
= Ingenuity + Quality
How? Start with a niche
to avoid the sharks
The Golden Questions
Is my product solving a pain point that
customers are willing to pay for?
Better: Can the product help them save
money or make money?
How large is the market?
(At least give an estimate)
How can I reach my customers to sell my product?
Can my product solution scale up?
Sometimes a great product comes from a simple tweak of
some existing technologies for a different use (Jackpot!)
First wave:
IT and non-pharma biotechReason: Time to market and minimal land use
IT
Solutions for serving dense populations
Event management software system
Virtual reality relaxation system
Online education software that can be easily localized
and connects to career advancements
Data analytic systems that can improve productivity
Systems for helping the elderly since population is aging
in many countries
Biotech
Medical diagnostics and devices
What about other areas?
Keep them as the second wave
Semiconductors
Capital intensive. Can stay as a design house and work
closely with other Asian chip makers
Energy generation and storage
Go for it if you have a disruptive solution. Don’t just
compete on price
Novel materials, nanostructures etc
R&D time is longer
Pharma-biotech
A long road. Drug discovery or delivery mechanisms need
regulatory approvals. Also highly protected by patents.
M&A a common exit
Government
Innovation and Technology
Commission, InvestHK
Create channels where
entrepreneurs can take
R&D findings from universities
to market
Land use for startups
Facilitators
Other organizations
Help local entrepreneurs to connect with mentors
who have gone through the various phases of a
startup
Offer a venue to share experience and mistakes
Provide guidance: overseas legal and tax systems,
reseller directories on various industries, cultural
differences etc. to facilitate startups to go global
Connect VCs, angel investors, legal, tax and other
professionals to entrepreneurs
Facilitators
On Education
Encourage self-learning and being hands-on
Achieving good grades is not the only way to
success
Develop students with communication skills,
team work and leadership skills
Society needs to be more open to products from
local startups rather than following brand names
Everyone needs to understand that failures in
startups are common. The most important thing is
to learn from the mistakes, get up and try again
A few words for entrepreneurs
Build a company with solid value
Not just one with high valuation
Watch the clock
Every business opportunity has a time window
Spend wisely, but treat your employees well
You will be surprised
Keep learning on the fly
Change is the constant