Hong Kong aims to be a global tech hub, but can it hold on to its young talent?

Hong Kong aims to establish itself as a global tech hub, attracting young talent in the field of artificial intelligence (AI) and technology. However, the city's efforts are being tested by the contrasting ambitions of two young entrepreneurs, Rexan Wong Chak-chi and Ken Mochizuki. Wong, who is pursuing a computer science degree at the University of California, Santa Cruz, aspires to move his AI business to the Silicon Valley due to the perceived lack of support and resources available in Hong Kong.

Conversely, Mochizuki, an electrical engineering student at City University of Hong Kong, aims to stay in the city and contribute to its community by utilizing the support and resources available there. Wong's AI-powered mobile application, Text Behind Image, has gained traction in Hong Kong, attracting 500,000 users who leverage the app to design images with text behind featured objects.

Despite launching his first product locally, Wong believes that the US tech hub offers better opportunities for early-stage entrepreneurs. Hong Kong's progress in the tech sector has been weighed against other Asian markets like Singapore, Seoul, Beijing, Shanghai, Shenzhen, and Hangzhou, as well as Silicon Valley, in a Global Startup Ecosystem Report.

While Silicon Valley dominated the rankings, Hong Kong scored poorly across various indicators such as start-up performance, funding, talent, market reach, and AI start-up encouragement. Critics have pointed out that a risk-averse culture and a lack of early-stage support may drive young tech talent to seek opportunities abroad.

To address these issues, Hong Kong's government-backed organizations, such as InvestHK, the Hong Kong Science and Technology Parks Corporation (HKSTP), and Cyberport, have launched various start-up support programs to cater to various stages of entrepreneurial development. Mochizuki, who developed A-Eye, an AI-powered shopping assistant for visually impaired individuals, has received funding from both CityU and HKSTP, highlighting the availability of resources in Hong Kong.

However, the entrepreneur argues that more publicity is needed to inform young talent about these available resources, as they often remain unaware of them. Ultimately, Wong and Mochizuki's differing approaches shed light on Hong Kong's strengths and weaknesses as it strives to become a global innovation and talent hub under China's strategic blueprint.