From AI to semiconductors and batteries, the surge of cutting-edge technologies today defines national power. The U.S. CHIPS and Science Act and the Inflation Reduction Act highlight the intensifying global technology race. Hong Kong is also part of this competition, with its own innovation hub, Cyberport, located on the southwestern edge of Hong Kong Island.

Arriving at Cyberport around 9 a.m. on Sept 13., its sheer scale was immediately striking—even the taxi driver had difficulty navigating the area. Spanning approximately 66,000 square meters, this vast business park is split into numerous buildings, making it challenging for first-time visitors to find “Cyberport 3, Core F.” Adding to the complexity, construction was underway on part of the site. A Cyberport representative mentioned that expansion is currently in progress, with the area set to grow even larger by 2025.

The panoramic view of Hong Kong Cyberport. /Courtesy of Cyberport

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◇ Cyberport, a Hub for Emerging Technologies like Web3 and the Metaverse

Hong Kong’s Cyberport is undeniably the epicenter of the city’s tech innovation. As of this year, roughly 2,000 companies and startups call Cyberport home, and since its inception in 2004, countless firms have passed through its doors. It serves as a tech hub offering space, resources, consulting, and support to foster collaboration and growth in Hong Kong’s digital sector. Among its notable alumni are the logistics startup GoGoX and the travel platform Klook. So far, Cyberport has produced one publicly listed company and eight unicorns. Furthermore, two licensed virtual banks, three virtual insurance firms, and a virtual asset platform have also emerged from this innovation hub.

Touring Cyberport with an official felt like exploring a futuristic city. The complex consists of four office buildings, a hotel, and a retail and entertainment hub. Each office building features workspaces for startups, along with various meeting areas, including larger open spaces and private rooms with blinds, offering flexibility depending on group size and purpose. One floor hosts a cluster of cafes, restaurants, and convenience stores, ensuring that resident companies can meet their daily needs without leaving the site.

Cyberport also boasts a dedicated area for showcasing new technologies developed by startups. In the Web3 Living Lab, visitors can experience emerging Web3 innovations. One exhibit allows guests to step into a device where a scanner captures a 360-degree image to automatically create a mini-figure replica of the individual. Another display highlighted the future of urban transportation powered by Web3. Additionally, there’s an arcade where visitors can test products like wearable devices that assist people with disabilities and smart plants that grow without sunlight, offering a glimpse of more practical innovations.

Although Cyberport is located some distance from the city center, Hong Kong’s compact size means it’s just a 30-minute drive from Central MTR Station to Cyberport’s main gate. As a result, many people commute rather than live on-site. Shuttle buses are available to major stations, making the commute easy. “Once you become a Cyberport resident, you can enjoy all these services for free,” said Amy Cheung, a Cyberport manager. “Cyberport is a place where startups can fully focus on developing their technology with comprehensive support.”

Center for experiencing Web3 at Cyberport. /Min Seo-yeon

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◇ “Bring the Technology, We’ll Provide the Funding” — High Demand for Cyberport’s Support

Once selected as a resident, startups join the Cyberport Incubation Programme (CIP) for two years. The program provides extensive entrepreneurial support, including consulting, mentoring, networking opportunities, and access to facilities tailored to each startup’s development stage. One of the most sought-after benefits is financial support, offering up to 1.1 million Hong Kong dollars (about 190 million won) over two years, distributed in phases. Even after completing the program, additional support, such as assistance with public listings, is available.

At the heart of Cyberport’s success is its funding. Supported by the government, the Cyberport Macro Fund (CMF) has invested a total of 1.94 billion Hong Kong dollars (330 billion won) across 28 projects. Alongside direct investments, Cyberport promotes investment matching through the Cyberport Investors Network (CIN), which connects over 170 global investors with selected startups. By last year, this network had facilitated 2.09 billion Hong Kong dollars (360 billion won) in funding for startups.

Given these extensive benefits, it’s no surprise that demand for entry into Cyberport is high. Most applicants come from Hong Kong and China, but there is also strong interest from overseas, including several startups from Korea. According to a Cyberport official, 450 companies moved in last year, with 15% coming from overseas, including about five Korean startups. Currently, 27% of startup founders at Cyberport hail from 26 different regions and countries.

So, how are residents chosen? The criteria are simple yet demanding. Cyberport doesn’t focus on background, education, location, or whether a company is formally established. Instead, the main focus is the strength of the technology idea. Applicants go through interviews and presentations where their tech concepts are evaluated on technical feasibility, business potential, and scalability.

The selection process can take anywhere from a few months to a year, making it highly competitive. “Even if a company isn’t formally established, applicants with strong tech ideas can still apply, as we aim to discover talent with promising technology,” said Cindy Fung, a Cyberport manager. “If the technology is good, Cyberport will handle everything else.”

[Min Seo-yeon]

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