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Despite Hong Kong’s great infrastructure, wealthy investors and record of innovation, its economy has focused on the development of traditional business sectors. Funding pours into businesses with proven track records, leaving startups with limited support.

Entrepreneurs in the broader region also lack a culture that allows for risks. Over 40% of potential entrepreneurs in Asia decided not to set up their businesses because they were afraid of failure, according to a survey by the Global Entrepreneurship Monitor.

In the hopes of giving Hong Kong’s entrepreneurs a new path forward, Google’s Executive Chairman Eric Schmidt announced last November the “Empowering Young Entrepreneurs (EYE) Program” in collaboration with The Chinese University of Hong Kong (CUHK). It aims to encourage local youngsters to innovate and promote Hong Kong as a city for entrepreneurship.

The program has attracted over 900 young and aspiring youngsters to participate, helping their ideas to flourish and the broader entrepreneurial community to grow. Jointly launched by Google and CUHK, the one-year program will provides interdisciplinary entrepreneurship training and mentorship program along with a series of workshops, seminars and gatherings. Participants will sharpen their entrepreneurshial skills and thinking, as well as building the best possible business models to realize their ideas.

Mr. Gregory So, Secretary for Commerce and Economic Development said, “Hong Kong has always been riding the trend of entrepreneurship, and striving to become an international breeding ground for entrepreneurs. We encourage young people in Hong Kong to turn their ideas and inspirations into action, hence build an innovative business culture. We welcome the launch of Empowering Young Entrepreneurs (EYE) Program as it will help build the local entrepreneurship community, encourage young people to share creative business ideas, and establish a sustainable entrepreneurial ecosystem in Hong Kong.”

Mr. Dominic Allon, Managing Director, Google Hong Kong said, “Hong Kong has nurtured entrepreneurs and talents, and their creativity has been a positive driving force for Hong Kong’s economy and social development. Over 900 young people in Hong Kong successfully applied for the Empowering Young Entrepreneurs (EYE) Program. That’s proof that hundreds of young people want to build Hong Kong their own way, with new ideas. We are here to help Hong Kong to live up the potential, with better connection and collaborations with the government, schools, business community and other key players in promoting entrepreneurship.”

Professor Kevin Au, Director, Center for Entrepreneurship, CUHK said, “We are honored that many aspiring entrepreneurs have participated in the Empowering Young Entrepreneurs (EYE) Program, injecting vitality into the Hong Kong society and economy. The program aims to strengthen participants’ entrepreneurship skill sets and encourage them to think out-of-the-box through a series of multi-disciplinary trainings. By working with experienced mentors to establish clear long-term goals, these young creators can take the first step towards successful entrepreneurship.”

More about “Empowering Young Entrepreneurs (EYE) Program”

Phase 1: Boot Camp for Aspiring Entrepreneurs
Eligible applicants will be invited to join the Cross-Disciplinary Entrepreneurial Skills Training from February to April 2014, including a series of workshops, seminars and mixer gatherings. Applicants will learn the basics of entrepreneurship and technology know-how. Upon the completion of training, participants will be formed into teams to work on business proposals.

Phase 2: Pitching for a Place in the Mentorship Program
Upon completion of Cross-Disciplinary Entrepreneurial Skills Training, participants will work as a team on their ideas or business proposals. Selected teams will be invited to pitch their ideas, business plans and/or prototypes in front of a panel of experienced judges to secure their a place as mentees in the mentorship program.

Phase 3: Journey to Mountain View
Mentee teams will further develop their business plan or idea with their mentors from May to August. Outstanding Mentees will be selected by a panel of judges and sponsored to visit Google’s headquarters in Mountain View to connect with the global community of entrepreneurs and investors.