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The Hong Kong Federation of Youth Groups (HKFYG) launched the highly anticipated Global Youth Entrepreneurs Forum 2024 in October, marking a significant milestone in fostering entrepreneurship across the Greater Bay Area (GBA). For the first time, the five-day event spans Hong Kong, Macau, and Shunde, Foshan, under the theme, ‘The New Wave of Artificial Intelligence in Business.’
A gathering of global talent
The Forum attracted 300 participants, including young entrepreneurs, angel investors, industry experts, and business leaders from around the globe. Its focus is on the transformative power of artificial intelligence (AI), exploring new trends, applications, and how AI can reshape traditional industries. The overarching goal is to promote cross-sector collaboration and unlock opportunities for young entrepreneurs.
At the opening ceremony, Hsu Siu-man, Executive Director of the HKFYG, emphasized the unprecedented opportunities AI presents for businesses and encouraged delegates to adopt a forward-thinking mindset. She also expressed her gratitude to partners and sponsors for their steadfast support in cultivating the next generation of entrepreneurs.
Exploring new business opportunities with AI technology
During the first session, which focused on the new business opportunities presented by AI, Ir Eric Chan, Chief Public Mission Officer of Hong Kong Cyberport Management Company Limited, mentioned that the Hong Kong government has allocated HK$3 billion in usage fees to Cyberport to support research and development (R&D) and industry applications of AI, aiming to establish a robust AI ecosystem in the city. This initiative encourages participation from startups to leverage expertise in addressing social challenges.
Fred Sheu, National Technology Officer at Microsoft Hong Kong, underpinned the importance of AI governance in business, noting that while AI technologies have evolved, their integration into organizations remains critical. In recognition of this need, Microsoft actively collaborates with organizations such as the Hong Kong Science and Technology Parks Corporation (HKSTP) and Cyberport to assist businesses in applying AI technology effectively and mitigating associated risks. “We are thrilled to empower local startups engaged with these services to embed AI models into their operations to capitalize on new business opportunities,” he shared.
Dr Leo Ma, Dean of the Deloitte AI Institute (Hong Kong), then further highlighted the necessity for companies to adopt AI technology and governance to ensure the proper use of AI/GenAI models and data, addressing potential bias and responsibility. This is vital for protecting the reputation of end users and companies.
Leveling up through AI technology for a smart future
In the second session titled ‘The Smart Future for Entrepreneurs,’ experts emphasized the critical role of leveraging AI for future success, noting that survival in the evolving business landscape increasingly depends on it. Panelists shared insights on effectively employing AI while ensuring compliance with data privacy regulations.
Michael Yung, Strategy advisor at Google Cloud, underscored Google’s commitment to assisting local startups and enterprises in implementing technologies to drive innovation. With the use of AI becoming ubiquitous, there is a stronger emphasis on developing solutions that tackle real-world challenges with AI technology. He noted that understanding how to effectively utilize AI—beyond basic applications like emails and presentations—is crucial for Hong Kong entrepreneurs.
“Google offers structured learning programs like Google Career Certificates, covering diverse topics, from data analytics to AI and machine learning under the latest Google AI Essentials, equipping learners with in-demand skills for navigating today’s tech landscape. While many online resources exist, formal courses provide the foundational skills necessary to thrive in the tech-driven economy,” said Yung.
Bill Li, Director of Corporate Affairs from Lalamove, addressed the issue on data privacy concerns of AI integration. Li explained that Lalamove’s strong emphasis on technology, data analytics, and AI has facilitated the incorporation of a robust data governance mechanism into its operations.
Li also underscored the sustainability benefits that AI technology brings, particularly within the logistics sector. He explained, “By integrating AI, the industry can enhance the efficiency of operations and develop various applications focused on sustainability. For instance, Lalamove utilizes AI to optimize routes and pricing models, which helps reduce fuel consumption and emissions. These innovative AI applications can be integrated into business models and user journeys to create meaningful impacts.”
Looking ahead
Since its inception in 2014, the Global Youth Entrepreneurs Forum has connected over 6,000 delegates from more than 33 countries, fostering an international network of young entrepreneurs. The 2024 Forum builds on this legacy, empowering the next generation to harness the potential of artificial intelligence in their entrepreneurial endeavors. For more details, please visit https://sic.hkfyg.org.hk