This sustainable solution won Tozero the title of overall champion at Hong Kong Science and Technology Parks Corporation’s (HKSTP) eighth Elevator Pitch Competition (EPiC). The annual event gives mid- to late-stage start-ups from around the world a prominent platform for presenting their innovative, hi-tech business ideas.
Entrepreneurs from the fintech, proptech and mobility tech sectors competed for the chance to receive up to US$5 million in investment from the HKSTP Corporate Venture Fund, which was offered along with a total of US$240,000 in cash prizes plus additional opportunities for business matching, partnerships and investment.
This year’s EPiC was the biggest and most international edition of the competition yet, drawing 603 entries from 47 economies. During four regional semi-finals held in Hong Kong, Silicon Valley, Stuttgart and Singapore from January to March, more than 70 start-ups were selected to move on to the grand finale in Hong Kong.
Expanding EPiC outside of Hong Kong reflects the city’s status as a leading centre for innovation and technology (I&T), according to Albert Wong, CEO of HKSTP. “We want the world to know that Hong Kong is the international I&T hub, that we can attract people from all over the world to explore what is here and what is around here,” he said.
“The competitors and investors say they are here not just because of the Science Park, but because Hong Kong is a place for international R&D [research and development], I&T development, investment and finding a market in China.”
The EPiC grand finale, which took place April 26 in Hong Kong’s tallest building, the International Commerce Centre, saw the semi-finalists pitch their business ideas during a 60-second elevator ride to the skyscraper’s 100th floor. There, the top 12 overall finalists were selected to present one last pitch to the judging panel comprising investors, business leaders and entrepreneurs.
“All the competitors of this competition are the best that we’ve seen so far,” Wong said. “One reason for this is that we worked with Plug and Play, an international innovation platform based in the United States. They picked the best ones for us, and then we picked the best of the best.”
This year, almost 80 per cent of the EPiC semi-finalists were from overseas. “They come here for market potential discovery,” said Eric Or, head of partnerships and solutions at HKSTP.
“When you do this kind of thing, it’s a long-term investment. For these companies, when they land in Hong Kong and start hiring, and when they do business expansion into other countries in Asia, that’s where the returns are.”
Fleischer said the experience of competing in EPiC was enriching, as it allowed her to learn from other entrepreneurs.
“I’ve had so many amazing conversations with other founders about how they run companies, exchanging learnings and also failures,” she said. “Asian founders are very fast in building companies. For the Western world, how you can build up a company at such a fast pace is very fascinating.”
As the overall EPiC champion and the winner in the mobility tech category, Tozero won a cash prize of US$90,000 along with 1.1 million Asia Miles. Following this victory, Fleischer said the start-up’s next step is scaling up its battery recycling solution as fast and sustainably as possible.
“We are using a technology that is not as chemical heavy, and that allows us to be clean and more environmentally friendly,” she added.
While Tozero already has partnerships with some of the main Chinese battery producers, Fleischer noted that Hong Kong is the entry point for exploring business opportunities in the wider Asia region and is essential to hiring talent.
“Hong Kong attracts global top talent,” she explained. “We’re building a battery recycling machine, so we need to hire the best AI [artificial intelligence] guys out there to build this for us, and Hong Kong could be a nice place to do that.”
Hyde Meng, co-founder and CEO of proptech category winner Roboticplus.AI, also valued the connections formed throughout the competition.
“You meet companies from Europe, Singapore and the Middle East, and everyone is doing great technology,” he said. “Getting to know those tech firms and becoming friends with them is one of the best experiences.”
Mainland China-based Roboticplus.AI is focused on developing new robotics systems for the global construction and manufacturing industries. Meng has regarded EPiC as a significant step towards the start-up’s international expansion.
Vincent Choy, co-founder and chief business development officer of Bizbaz, the winner of the fintech category, said the competition allowed his start-up to showcase what it can do and how it can help grow Hong Kong’s fintech industry. Bizbaz, based in Singapore, uses AI and behavioural science solutions to help enhance financial inclusion.
Choy said EPiC stands out as being “one of the most well-organised competitions” he has taken part in. “It is very unique. We go into an elevator, and the pressure is different. I’ve never had to memorise what my company does, but for a one-minute pitch, you have to really concentrate and derive the essence of what you do,” he said.
“I would encourage anybody to join, because it’s a fantastic experience.”
Making EPiC even bigger next year will be a challenge, but the goal of expanding its reach and impact will remain, Or said.
He added: “I can envision the physical elevator pitch happening in many other cities, in other tall buildings like the CN Tower in Toronto – then, bringing the grand finale to Hong Kong.”
