USA news on Youtube Jun 14 2018

So I know that, Ricky,

You have received grants from the U.S. Government

And funds from investors.

Can you tell us what this process was like?

In the beginning when we first approached investors,

We did face a lot of rejections.

But that was because our business plan needed refinement.

A business proposal,

Aside from introducing our technology,

Needs also to address many other issues and concerns

To instill confidence and satisfy investors.

Throughout this process I have learned a lot,

And have talked to a lot of people about how to manage a business.

During my time in the U.S., I was very lucky to have met

Several world-leading experts in our field of diagnostics,

Who have devoted a lot of time in my company.

They guided us, taught us how to find investor funding,

And even provided invaluable insights into managing the company's operations.

To transform a scientific research project

Into a viable business

Takes a lot of different skills.

How do you develop these skills?

Seeing that you were a researcher to begin with.

The road to entrepreneurship is very challenging and strenuous,

Especially since I'm doing this for the first time.

I didn't have the funds nor the network to support me.

So it was very difficult.

For example, when I tried to expand my business from the U.S. to Hong Kong

I learned that here in Hong Kong,

Many conditions such as tax and intellectual property regulations

Are very different from the U.S.

I'm very fortunate to have joined the Chinese Manufacturers' Association of Hong Kong,

Where there are many experts

From whom I've been able to receive valuable insights.

More importantly,

I'm thankful for the support I've received from family and friends,

For their support and understanding.

Yes. Understanding.

Like when I first started this company,

We are yet to make a profit, but my wife hasn't complained.

She has to endure it with you.

Yes, certainly.

For more infomation >> Interview with Ricky Chiu, CEO of PHASE Scientific | TVB 世說商學 Pt. 3 - Duration: 2:01.

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Interview with Ricky Chiu, CEO of PHASE Scientific | TVB 世說商學 Pt. 4 - Duration: 2:01.

Ricky, so you studied in the U.S.,

You established your business in the U.S.,

But later decided to return to Hong Kong.

What are the differences between these two places?

The U.S. support system and infrastructure for scientific research

Is much more sophisticated compared with Hong Kong.

For instance, the grant I received from the U.S. Government,

Has very strict application requirements.

The application was also evaluated by experts in the same field.

In addition to financial support,

Patient samples were provided to us by various Government agencies for free.

For you to return to Hong Kong and develop your business,

Surely Hong Kong must have its advantages too, right?

My wish is to mass distribute my technology and product offerings

To the rest of the world as quickly as possible.

Of course, as a Hong Kong citizen and as a Chinese

I do hope that my products can be available to

And benefit all Chinese people in the short-term.

The whole world is watching the Chinese market,

Are you able to reveal your expansion plans into China?

The Chinese market is certainly massive,

So I plan on setting Hong Kong as the Asia R&D headquarters,

Then in different Chinese cities

Like Shanghai, Beijing and Guangzhou

We plan on setting up production and manufacturing bases.

And launching new products

In different parts of Mainland China

Ricky is a perfect example of the Hong Kong spirit,

The pride of Hong Kong.

Through his conviction

And 10 years of hard work

He is able to finally develop his very own product.

The rise of China

Has indeed created a lot of opportunities for Hong Kong.

The Chinese industrial sector

Has developed from a very low and basic level

To now a fairly sophisticated standard.

If Hong Kong is able to take advantage of

The Mainland's industrial advancements

And compete on the global stage,

Hong Kong will surely benefit from the "Fourth Industrial Revolution."