Healthcare and Sustainability become popular sectors among startups

HONG KONG, April 26, 2022  Alibaba Entrepreneurs Fund/HSBC JUMPSTARTER 2022 Global Pitch Competition (“JUMPSTARTER 2022”) has concluded its Grand Finale. After a series of intense pitching sessions, Gense Technologies, a portable medical imaging device developer, and Open Ocean Engineering, a zero-emission electric boat inventor (in no particular order, see Appendix I below for details) were named as winners among the top 10 startups.
 
Gense, a Hong Kong based startup, offers an affordable and portable self-help medical imaging device for early detection and management of some of the world’s costliest liver, lung and kidney diseases. Another Hong Kong startup, Open Ocean Engineering, makes zero-emission self-driving electric boats. With a vision to become the ‘Tesla of boats’, Open Ocean is pioneering the global transition towards a net-zero marine future.
 
The two winning startups are entitled to an investment of up to USD4 million in total, including co-investment from Hong Kong Cyberport Management Company Limited (“Cyberport”) and Hong Kong Science and Technology Parks Corporation (“HKSTP”), the co-organizers of JUMPSTARTER 2022. The top 10 finalists will also have the opportunity to participate in exchange programs arranged by Alibaba Hong Kong Entrepreneurs Fund (“AEF”) to explore the Greater Bay Area (“GBA”) market through interactions with startups and corporates in Hong Kong or other cities in the GBA.
 
Due to the pandemic, JUMPSTARTER 2022 was once again held online with an overwhelming response received from over 600 startups from more than 60 countries and regions around the world. Startups from Greater China were the most active among the applicants, which accounted for 54% of the total. The top five regional application rankings were Hong Kong, Mainland China, Malaysia, Indonesia and Singapore. With the support of collaboration partners, more than 120 semi-pitch sessions were held online, demonstrating the passion of startups and their supporters, even amid the pandemic.
 
This year the competition focused on five sectors including Sustainability, Healthcare, Deep Tech, Fintech and Art-Tech. Among the shortlisted teams, the sector of Sustainability takes up the highest proportion of entries, with 20% of it related to Environmental, Social and Governance (ESG). Another newly added sector - Healthcare and Pharmaceutical Biology is booming. It is indeed expected that a large number of entries would be from the Healthcare sector this year amid the pandemic, with medical equipment and testing & diagnostics being two of the most popular areas. The judging panel was also delighted to see that there is great scope for the advancement of medical technology. Meanwhile, most of the ESG-related applications were related to the environment, such as carbon reduction technologies, reflecting the increasing importance of ESG.


 
“As the global market continued to be challenged by the pandemic over the past year, we were encouraged to see that many startups had maintained a swift and innovative mindset, empowering themselves to face adversity during the pandemic,” said Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund. “Entering its fifth year, JUMPSTARTER added new categories of Healthcare and Sustainability and it was great to see many outstanding sustainability startups, most of which are from Hong Kong. Compared to previous years, they are more ingenious and technically advanced, with solutions such as carbon reduction technology and anti-virus coating. With the support from Cyberport, HKSTP and a number of sponsors and organizations, we will provide more extensive resources for startups in nurturing the growth of the innovation ecosystem.”

JUMPSTARTER 2022 is an excellent platform for up-and-coming talents to showcase bright ideas and realize their dreams. As title sponsor of the competition, we are delighted to see such entrepreneurial spirit and dedication in bringing positive, long-term impact to the society from the contestants,” said Christina Ong, Head of Business Banking, Commercial Banking, Hong Kong, HSBC. “HSBC is committed to facilitating innovation ecosystem development in Hong Kong, and we look forward to supporting more startups to become new driving forces of the local economy.”
 
“Innovation and technology has continued to foster global social and economic development. During the pandemic, we have once again witnessed the driving force of innovative technology steering society ahead steadily under the new normal. JUMPSTARTER 2022 engenders a platform for outstanding startups to showcase innovative solutions that tackle problems and add new value to the community,” said Peter Yan, Chief Executive Officer, Cyberport. “By advancing the development of entrepreneurial ecosystem in Hong Kong, we endeavor to uncover and bolster more promising startups, paving the way for them to grasp opportunities brought by new national and regional developments.”
 
“Hong Kong’s I&T ecosystem has all-round support from stakeholders to serve as an effective cradle for budding entrepreneurs,” said Albert Wong, Chief Executive Officer, HKSTP. “JUMPSTARTER 2022 Global Pitch Competition is an excellent example how different sectors can work together to deliver a great platform for startups to seize the opportunities in Hong Kong and the GBA. We look forward to collaborating further with Alibaba Hong Kong Entrepreneurs Fund and other organizations and enterprises in the GBA to grow our I&T ecosystem.”
 
Since its establishment, AEF has invested over USD80 million into nearly 60 startup, attracting co-investment funding of more than USD2 billion. Its investment portfolio covers a wide range of areas, including e-commerce, educational technology, fintech, green technology, logistics and medical and healthcare.
 
Additionally, JUMPSTARTER 2022 will be hosting a public Grand Finale at K11 MUSEA in Tsim Sha Tsui, Hong Kong, from May 12 to May 15, to showcase the top 10 JUMPSTARTER 2022 finalists and some of its investees. One of the highlights is a large-scale immersive digital wall integrated with art technology in cooperation with Japanese artist Akiko Yamashita for the public to experience creative art and understand the global entrepreneurial community.