HKSTP & University Partnership Supports Foreign Startups and Enhances Hong Kong's Innovation Landscape

Hong Kong, situated at the heart of Asia, plays a crucial role as a gateway to the vast Mainland China market and a vibrant hub for innovation and technology (I&T) entrepreneurship in Southeast Asia.

Hong Kong Science and Technology Parks Corporation (HKSTP) launched the “HK Sandbox Programme” by partnering with the School of Business and Management of The Hong Kong University of Science and Technology (HKUST) and the Business School of The University of Hong Kong (HKU).

16 Thai start-ups joined the programme’s second cohort in 2024, students from HKU and HKUST provided market analysis and business plan suggestions that help the startups refine their business strategies, to support startups from SE Asia to expand business in Hong Kong. Through their engagement, the students can gain invaluable hands-on experience with go-to-market strategies and inspiring them to become entrepreneurs in future.

Notably, the Programme includes Rungsan Food, a pioneer in low-carb diet food tech, and Moom, an AI-powered interior design platform. For Thai startups, the programme  opens up opportunities to tap into the growing markets in Hong Kong and mainland China. Meanwhile, the programme attracts high-potential startups and talent to Hong Kong, contributing to the city’s economic diversification, encourage collaboration and fostering a vibrant startup community. Triple-win for startups, students and I&T ecosystem.

From Plate to Profit

Many entrepreneurs find inspiration in their own experiences. Rungsan Food Director Nattakit Chatrungsan is no exception. Following his migration to Melbourne, he was struck by the abundance of food available in Australia - but unfortunately, this led to weight gain. In response, he decided to adopt a low-carbohydrate diet as part of a weight loss program.

Chatrungsan, a chef-turned-entrepreneur with a restaurant in Australia, “I created my first low-carb diet, a cauliflower congee, which was the catalyst for an idea that would eventually become the foundation of my startup.”

Thailand, like many countries, faces public health challenges, including rising obesity and diabetes rates. “To address this issue, we introduced our flagship product, Nutdle - an almond-based, low-carb noodle - has revolutionized the market with its superior taste and texture. Nutdle has resonated with Thai health-aware consumers, delivering 200% growth since launch.”

 Entering new markets presents various challenges, such as a lack of local market insights, achieving product-market fit, insufficient funding or business networks, and navigating regulatory and compliance challenges.

“Through the HKSTP Sandbox Programme, we gain insights into the Hong Kong market and expand our distribution here,” says Chatrungsan, “our goal is to establish a production facility in Hong Kong, replicating the success we’ve achieved in Thailand.”

AI-Powered Interior Design

ASEAN is Hong Kong’s second-largest trading partner, as a bridge connecting mainland China and the world, Hong Kong’s unique geography and favourable business environment make it an ideal choice for overseas companies who are looking to expand their business.

Moom, another Thai startup benefiting from the programme, is expanding to Hong Kong. Providing AI-powered design visualization toolkit, Moom enables architects and designers to converts floor layouts into 3D models, while curating furniture with precision and scaling them perfectly within the space.

Maitai Kunawong, co-founder of Moom, explains: “By simply uploading their property layout and requirements - including number of occupants, budget, and preferred style pictures- our AI technology can extract inputs, turn them into prompts, match the final design with local furniture suppliers, and provide an estimated budget.”

According to Kunawong, an architect-turned-entrepreneur, Moom is poised to thrive in Hong Kong’s unique blend of historical context and cutting-edge technology. The city’s strategic location as a gateway to mainland China also presents opportunities for future collaboration.

Moom aims to leverage the networking and startup ecosystem connections provided by the Sandbox programme to establish a strong foothold in Hong Kong, granting access to a diverse range of styles and expertise.

Empowering Tech Startups to Succeed

Rungsan Food and Moom are just two Thai startups that are participating in the HK Sandbox Programme this year. Derek Chim, Head of Startup Ecosystem and Development at HKSTP, said “The HK Sandbox Programme utilises the local academic community to assist overseas startups in exploring markets in Hong Kong and the mainland, it is also designed to create a triple win for startups, students, and Hong Kong’s I&T ecosystem. The third cohort welcomes startups from Malaysia and Indonesia, they can collaborate with the university students, leverage Hong Kong as a springboard for accelerated growth, ignite collaborations and enhancing the vibrancy of I&T ecosystem in the city. The programme, in collaboration with HK’s top-notch academia, successfully help Thai startups, students and I&T ecosystem to grow.”

Joon Nak CHOI, Adjunct Associate Professor, Department of Management, School of Business and Management, The Hong Kong University of Science and Technology, said “The Programme offers valuable opportunities for both startups and students. Startups receive strategic and tactical advice from our top students, which can be crucial for successful market entry. Meanwhile, students gain hands-on experience by working on real projects, motivating them to achieve more than they thought possible. This collaboration fosters Hong Kong’s entrepreneurial ecosystem and equips the next generation of professionals with essential skills for success.”

Joseph KOC, Adjunct Associate Professor at the Department of Management, School of Business and Management, The Hong Kong University of Science and Technology, and Advisor to Thailand Science Park, remarked, “The Programme creates a mutually beneficial platform for both regions. Thai startups receive quality recommendations from HKUST’s students of local and international background for entering Hong Kong market. This arrangement will bring to Hong Kong entrepreneurs with fresh ideas and diverse perspectives when they settle in at HKSTP. By fostering this one-of-a-kind cross-border collaboration, this partnership will not only fuel innovation but also enhance the global competitiveness of both Hong Kong and Thailand.”

Joseph Chan, Associate Director, Centre for Innovation and Entrepreneurship of HKU Business School said: “This collaboration between HKU and HKSTP through the Sandbox program is a significant achievement.  While the concept of academia, research, and industry collaboration is often discussed, this program truly brings it to life.  Engaging our students in market validation and business strategic planning, it facilitates the commercialization of products and services developed by Thai startups to be implemented in HK and subsequently the GBA.  This initiative bridges geographic and cultural gaps, providing valuable practical training in design thinking for students, namely empathy, cross-disciplinary innovation, and iteration.  It establishes a solid foundation for their future endeavors in corporate settings or startups, enriching the innovation and entrepreneurship ecosystem in HK.”

The third cohort of the HK Sandbox programme is now open for application until 15 January 2025, targeting to attract startups from Malaysia and Indonesia to leverage Hong Kong’s advantage as a springboard for accelerated growth. Learn more: bit.ly/3W5AsUY