Steve Sun, founding managing partner of Dalton Venture, said on Thursday that Hong Kong has made “significant” progress in its bid to become a technology hub as the city steps up efforts to keep research talent and turn lab work into business [1]. Sun said the measures are “gradually taking effect” and added, “You can see fundamental, significant changes are indeed taking place” [1].
Dalton Venture was recently selected by Hong Kong to invest in local start-ups under a HK$2 billion government programme, and it was among nine firms admitted last week to an enhanced scheme under the city's Innovation and Technology Venture Fund [1]. Sun said, “I believe that over the next decade, Hong Kong can replicate the innovation and technology ecosystem we see in Shanghai” [1].
The Innovation and Technology Venture Fund was launched in 2017 to attract private capital to Hong Kong's tech industry [1]. The fund has since selected 17 funds as partners and built a portfolio of 57 start-ups [1].
Hong Kong has pushed to strengthen its technology sector through public backing for venture capital and incentives aimed at drawing researchers and investors [1]. Dalton Venture's selection adds to that effort as the city widens access to the enhanced scheme [1].
