Most start-up founders are familiar with the concept of an elevator pitch.

For the Hong Kong Science and Technology Parks Corporation (HKSTP), its annual Elevator Pitch Competition (EPiC) 2024 was one of the most hotly anticipated events in the global start-up scene. Over 70 semi-finalists representing 16 economies (up from 50 semi-finalists and 13 economies in 2023) performed a live 60-second presentation to judges while riding up the elevator to the competition’s sky100 venue at Hong Kong’s tallest building, the iconic International Commerce Centre.

In a bid to draw ambitious start-ups from all over the world, HKSTP partnered global accelerator and innovation platform Plug and Play, which organised competitions to identify EPiC entrants with the highest potential.

Soaring above the competition was overall champion and MobilityTech category winner tozero GmbH. This start-up focuses on developing a battery recycling machine that can take sustainability to a new level by recovering critical materials, such as lithium, from used batteries.

Being part of the competition also offered tozero GmbH an invaluable opportunity to scale up in terms of manpower and access to Greater China, the world’s biggest electric vehicle market. “Hong Kong is a great place to be as it attracts top talent, such as AI professionals who can help develop our business,” said Ms Sarah Fleischer, tozero GmbH’s CEO and co-founder. “Through EPiC, we also visited Shenzhen and met with some of Hong Kong’s leading business figures to learn about the fast-emerging innovation and entrepreneurship opportunities there.”

As the overall EPiC champion, tozero GmbH was awarded US$90,000 (S$120,000) and 1,100,000 Asia Miles. The competition offers mid- to late-stage start-ups a boost in the form of up to US$5 million in investment from the HKSTP Corporate Venture Fund. It also awards US$240,000 of cash prizes, business - matching and further funding opportunities, as well as access to HKSTP’s extensive network of over 1,000 investors and 300 corporate partners, opening doors to a wealth of market opportunities in Hong Kong, Mainland China and the Asia region.

AN EVOLVING COMPETITION: NEW LOCATIONS AND PARTNERSHIPS

Now in its eighth iteration, EPiC has grown from strength to strength. This year, start-ups from more than 45 economies took part, demonstrating the event’s international appeal.

The 2024 edition is the first to feature semi-finals held in four other territories: Silicon Valley in the United States, Singapore, Hong Kong, and Stuttgart, Germany. The winners, too, were spread across global markets: While tozero GmbH is from Germany, FinTech category winner Bizbaz was founded in Singapore and PropTech category winner Roboticplus.AI is from China. 

Held on Apr 26, the Grand Finale of EPiC 2024 saw its semi-finalists pitch to a top-level panel of judges, featuring innovation gurus and leaders from Cathay, HSBC, MTR Lab and other prominent companies. 

Mr Vincent Choy, co-founder of FinTech category winner Bizbaz — which specialises in advanced AI, data analytics and behavioural science solutions — anticipates more publicity and brand recognition for Bizbaz in the region as a result of his start-up’s participation. “The elevator pitch concept is genius as it forces us to compress the entirety of what we are about and distil our vision into a minute,” he noted. “We see Hong Kong as a key area when it comes to business opportunities, and we will be coming back to establish more roots here.”

After the elevator pitch round, the semi-finalists were whittled down to four from each track — FinTech, PropTech and MobilityTech — which constituted the 12 finalist start-ups.

This year, EPiC once again partnered with sponsors eager to drive innovation, explore potential solutions and create true value. Mr Bojan Obradović, HSBC Hong Kong’s chief digital officer, said that as a strategic partner of HKSTP, the bank plays a vital role in driving fintech through new economic development and is committed to accelerating the digital economy. 

Highlighting HSBC’s global partnerships with hundreds of fintech firms and start-ups, Mr Obradović noted: “Fintechs are one of the key global enablers of digitalisation in financial services among the largest innovation pools in the world and play a crucial role in enabling us to deliver a world-class customer experience.”

Fellow EPiC sponsor MTR Lab has made investments to propel smart city development, including cleaner energy solutions and IoT-enabled predictive elevator maintenance applications. “Smart city and sustainability are our two overarching themes.” said Mr Michael Chan, managing director of MTR Lab. “We actively seek technology solutions and partners across mobility as a service, rail tech, new mobility modes, retail, property and construction technology, as well as financial and data services in order to co-create a smarter, greener future.”

Added just this year, the MobilityTech category recognises the importance of innovation in modern-day transport and logistics systems. Mr Lawrence Fong, director digital and IT at Cathay — a global leader in passenger and cargo transport as well as this year’s EPiC sponsor — said that Cathay has continuously integrated new MobilityTech innovations into its operations over the years. “This provides our employees with the right tools to support their work, offers customers the best digital experience and delivers on our commitment to sustainability,” he shared.

GROW FAST, GO BEYOND: HELPING START-UPS TO THRIVE

As a global innovation and technology hub, Hong Kong plays host to talent and tech businesses from all over the world, including emerging tech and fintech unicorns like Nium and Geek Plus International, which are drawn to the comprehensive start-up ecosystem developed by the HKSTP and the city’s exceptional access to China’s fast-growing Guangdong-Hong Kong-Macau Greater Bay Area (GBA).

Dr Sunny Chai, chairman of HKSTP, said that as Hong Kong’s mega start-up event, EPiC 2024 attracted the best of the best in tech start-ups from around the world and provided them with a launchpad to global success. “The Grand Finale caps a truly epic journey for the winners and finalists,” he said, adding that the experience was still fruitful for the semi-finalists, who had the opportunity to explore new markets.

Besides access to funding opportunities and cash prizes, start-ups benefit from the immersive EPiC journey. Participants explored ways to unlock growth opportunities through a programme of business-matching, hands-on seminars and networking with corporate partners and investors in the HKSTP ecosystem.

A semi-finalist from the United States, Mr Ethan Berg, founder and CEO of Agora World, said that meeting people from Asia Pacific and other regions was an eye-opening experience in itself. “EPiC has been invaluable for learning more about ecosystem partners and gaining insights from the people who are actually defining the future of Hong Kong and the rest of the world,” he noted. “For anyone looking to explore Asia, Hong Kong is an excellent starting point.”

MOVING ON UP: GROWING GLOBALLY WITH EPIC

The competition has grown over the years to become a convergence of ambitious start-ups looking to plug directly into Hong Kong’s innovative ecosystem.

Semi-finalist Jana Maria Weinand, CEO and co-founder of ivilion, a MobilityTech company from Germany, said that being immersed in the EPiC experience was an exciting way to explore and leverage Hong Kong’s vibrant innovation and culture, positioned right at the doorstep of Mainland China. “HKSTP’s support and dedication has been astonishing, paving the way for international expansion,” she said. “I see Hong Kong as a catalyst for our expansion into the Asian market — its strategic location, strong infrastructure and entrepreneurial spirit make it an ideal environment.”