Many would say that startups have only been talked about in Macau over the last decade, but it’s worth remembering that the first local incubator was created in 2001.
Macau Business | June 2022 | Special Report | Macau Startups
2001 – MANETIC
Founded in 2001, Macau New Technology Incubator Center (Manetic) is a pioneering organization responsible for leading, implementing and promoting innovative technologies in Macau with the support of the government and many major companies. did.
Based in Macau Square, the city was the city’s first major incubator born of the government’s desire to diversify its economy.
For several years, Manetic was responsible for implementing and promoting ideas related to innovative technologies, and providing commercial services to local start-ups such as business development, market research and promotional strategies.
At the beginning of the project, the major shareholder was the Australian group Crossland Technologies, the developer of betting-related software for the Macau Jockey Club, which held 25% of the capital and 15% each of the Macau government and Vodatel Holdings. Percent, and Nam Kwon, has a 10% stake.
“We are growing tech companies and encouraging more people to work in this area and attract more business to Macau, which aims to develop industries other than gaming. “Gilbert Chan, Executive Director, explained a few years ago.
Around 2019, the Macau government still held a 15% stake and believed it was time to sell.
According to the latest data available, in addition to the 15% share held by the MSAR government, Manetic will eventually have Yau Chuk (50%), Pacific Broadway Limited (25%), Elite Educational Development (5%), And Fairfield Line (Hong Kong) Company Limited (5%) as a shareholder.
[Another pioneering incubator was the Macau Design Centre, created in 2014 and dedicated to incubating creative industry start-ups]..
2017 – MYEIC
“We understand that financial support is not the only need for young entrepreneurs,” said the MSAR government, adopting a “comprehensive approach to providing support services to start-ups” and launching the Young Entrepreneurs Incubator in 2015. Established. Stop corporate registration services, consulting services, startup training programs, etc. for young entrepreneurs. In October 2017, the government commissioned Parafuturo de Macau Investment and Development Limited (PFM Macau) to operate the Macau Young Entrepreneur Incubation Center (MYEIC) to increase the flexibility of modalities and services offered to start-ups. Apart from the spacious work area, MYEIC offers a range of innovations to professional consulting, training and guidance, expert advisors, roadshow marketing, investment capital matching, and incubation members. Provides entrepreneurial resources.
Basically, the purpose of the Macau Bureau of Economy and Finance was to create an incubation platform for locally rooted international innovation and entrepreneurship.
Since then, MYEIC has undoubtedly been an important hub for fostering innovative new start-ups in the city.
In 2018, MYEIC was officially recognized as a “national coworking space”. Tam Pak Yuen, Chairman of the Board of Directors of PFM Macau, thanked the central government of China for listing the centers in this way, making them the first centers in SAR in Hong Kong and Macau. Mr Tam also said the move shows that China supports and attaches great importance to Macau’s innovation and entrepreneurial cause.
At the end of last year, Palafturo, a subsidiary of Macau Investment Development, founded by the public sector, was sharply accused by the Audit Committee (CA) of failing to complete a heavily funded project, ignoring financial risks. I did. Of public funds. However, the MYEIC project escaped the criticism of CA. This is a sign of the vitality of the project.
As of June 2021, the Incubation Center has 233 members and 54 incubation projects are underway. Most of them are in the technology sector (more than 50%) and the rest are in the fields of culture and innovation, commercial and trade services, and health care.
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