Italian or broader European markets present significant business potential, with Hong Kong serving as the unique gateway to enhance products and navigate Asian expansion, said Terry Wong Ping-sau, chief executive of Hong Kong Science and Technology Parks.
This week, HKSTP will lead eight startups to Italy for the "Think Business, Think Hong Kong" event to foster collaboration in technology and innovation between Europe and Asia.
Europe is the market that HKSTP has always wanted to expand into, with its strong industrial foundation and flourishing fashion sectors, Wong said.
HKSTP has held strong appeal for European startups to present in the city, saying that Europe accounted for more than 25 percent of over 1,200 applications in its Elevator Pitch International Competition this month, with 49 companies from Italy.
HKSTP can leverage innovative technology like artificial intelligence from its startups to upgrade the country's traditional industries, empowering their effectiveness and product quality, Wong noted.
One of the startups going to Milan, Nuvatech, offers digital fitting solutions to the fashion industry – such as showcasing clothes on personalized avatars – and has received certain attention from Europe.
Wong pointed out that Hong Kong's advantages lie in the high quality and international influence of its products and services, and its refined regulations compared with the mainland market, citing the quality control standards and general confidence from overseas consumers.
As stringent regulations apply for entering the European market, HKSTP will guide startups through complex certification processes, paving the way for a successful European expansion, Wong said.
For European companies that want to launch and grow operations in Asia, HKSTP will provide not only comprehensive market information but also vast networks that connect firms with business partners, sales channels and investors, he noted.
Also joining the Italy trip, Robocore Technology aims to expand the Italian market by leveraging its robotic solutions to serve both the rapidly growing elderly care economy and the demanding retail sector.
Chief executive Roy Lim Long-he said the firm has gained traction in Italy, highlighted by an order for 200 telemedicine robots for the national healthcare system and the vast potential of over 10,000 elderly care homes.
In the US, these robots have already been deployed in 140 care homes, generating US$1.77 million (HK$13.8 million) in revenue.
Europe accounted for nearly half of the company's business this year, Lim said.
Beyond healthcare, Lim noted that the Italian post office is considering adopting robots across its 12,000 branches for customer service, and he will engage with relevant clients during the upcoming event.
He also shared a kiosk takeaway solution designed to improve restaurant efficiency for serving iconic Italian pizza. The system combines its temi robots for customer services with the automatic food drawer from Middleby and the robotic arm pizza maker from his former company L2F.
To date, the company has sold approximately 15,000 units, a significant increase from 500 in 2020, with its products now being used by around 7,000 entities worldwide.
Following the recent Foxconn US$30 million investment to expand its elderly care business, the firm said it expects to initiate its initial public offering process within five years.
