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HKSTP and Saltagen Ventures Sign Co-incubation Deal to Propel International Startups into the GBA and Beyond

A validation of HKSTP’s world-class ecosystem and Hong Kong as China’s International I&T Hub


30 Nov 2022


Photo 1: Witnessed by Mr Albert Wong, CEO of HKSTP (back row, left) and Rachael Bedlington, Consul General of Canada in Hong Kong and Macao (back row, right), Kiki Wang, Head of Incubation and Acceleration Programmes, HKSTP (front row, left) and Joseph Fung, Managing Partner, Saltagen Ventures (front row, right) signed the agreement for a strategic co-incubation partnership to propel international startups into the GBA and beyond.

Photo 2: A group photo after the signing ceremony. (From left) Mr Albert Wong, CEO of HKSTP, Kiki Wang, Head of Incubation and Acceleration Programmes, HKSTP, Joseph Fung, Managing Partner, Saltagen Ventures and Rachael Bedlington, Consul General of Canada in Hong Kong and Macao.

(Hong Kong, 30 November 2022) – Hong Kong Science and Technology Parks Corporation (HKSTP) today affirmed its strategic co-incubation partnership with Canada-focused venture capital firm Saltagen Ventures to identify promising international startups seeking to expand their innovation journey to Hong Kong, into the GBA and beyond.

With a proven track record in life science startups, Saltagen Ventures will work with HKSTP to build an inbound stream of early and mid-stage ventures. The co-incubation programme aims to bring a number of strong-performing ventures to Hong Kong with a focus on biotech, but also in other deep-tech areas such as ESG, advanced materials, edtech and AI.

To date, as Hong Kong’s largest technological ecosystem, HKSTP has helped accelerate growth for hundreds of outstanding start-ups, raising over HK$80.2 billion in total funding in the past five years. During the 2021-2022 fiscal year, the total valuation of HKSTP’s acceleration programme startups grew over 250% while total investment funds raised have also doubled. The partnership with Saltagen is the latest in HKSTP’s series of strategic co-incubation programmes with global market leaders in the industry, investment, R&D and academia, which further elevate Hong Kong’s innovation and technology (I&T) ecosystem strength as a global springboard to success.

Riding on Hong Kong’s thriving biotech market and the city’s status as the world’s second largest biotech fundraising hub, the co-incubation partnership also recognises HKSTP’s impact and success in building a vibrant biotech ecosystem in Hong Kong.

Kiki Wang, Head of Incubation and Acceleration Programmes at HKSTP, said: “This co-incubation partnership with an international player like Saltagen Ventures, validates Hong Kong’s unique and growing status as a global I&T hub helping international startups go beyond borders in their global growth journey. With a pipeline of seed stage and series A startups already in place, this proves the strength of the HKSTP innovation ecosystem and confirms that Hong Kong is open again for global business and an ideal launchpad for high-growth tech ventures seeking GBA, regional and global expansion.”

Joseph Fung, Managing Partner of Saltagen, said: ‘’With the signing of this co-incubation agreement, we are excited to team up with HKSTP to incubate and introduce promising global startups to scale their businesses in Asia. Saltagen will continue to leverage its unique cross-pacific networks and investment niches in transformative life science technologies to enrich Hong Kong’s innovation ecosystem with more ground-breaking technologies from North American startups."

The programme features co-incubation activities ranging from business development, consulting and training to mentoring sessions for qualified overseas startups. Participating entrepreneurs will also create proof-of-concepts and pilot initiatives. The startups will tap into the investment and international business network reach of Saltagen while also formally join the HKSTP innovation ecosystem to access product validation, commercialisation and go-to-market expertise from HKSTP and its wider network of partners.

Specialising in investing globally in science and technology-based startups, Saltagen has been active in Hong Kong and Asia with its specific focus in nurturing startups that aspire to expand to China and Asia. In 2019 it facilitated eight Canadian startups from prestigious startup programmes such as The Creative Destruction Lab, Techstars, Velocity, Y Combinator, and 500 Startups to come to Hong Kong to gain deeper insights into strategic landing tactics and expansion into the Asian markets. This latest partnership with HKSTP has forged a new level of commitment to the Hong Kong I&T ecosystem.

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