Entrepreneur Special: Spreading fruits of science
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Recalling the significant change in his career, he said the decision was made out of the consideration that microbiology called for establishment and development at the new school then.
"I desired to return to take a part in the rewarding, groundbreaking work," he said, adding that another reason that drew him back was that he could share his research in the microbiology field with his students.
When he was teaching in Hong Kong, he thought of starting a business. In his eyes, biotechnology is not merely a theory in a lab but should bring benefits to society. "For me, the ultimate goal of conducting biotechnological research is to contribute to the society."
"We want to industrialize our research as soon as possible," he said. Now the majority of the company's R&D team is composed of HKUST postgraduates.
Commenting on the difference in the two roles of scientist and entrepreneur, Wong said scientists focus more on academic achievement while publication of academic papers is not followed that the projects can be industrialized.
In comparison, entrepreneurs value cost efficiency and development prospects higher, yet invest less in research.
"We choose a research project that will bring in economic benefits," he said. "Being a scholar-type entrepreneur, you need to know how to choose a research topic."
Besides the choice of rewarding research projects, securing investment is also key to tech startups.
As finance and the real estate are pillar sectors of the HK economy, funds lack interest in investing in tech companies, not to mention a longer period that biotech investment generally needs for a return.
"Even overseas, the survival rate of startup biotech companies is low because the investment is huge, the R&D cycle long and the outcome uncertain, with the downside risk of burning away all the investment dollars," Wong said.
"We are lucky to have received a $2 million research grant from the Hong Kong Government Industry Department and also strong support from Bio-Click Technologies, China Nansha Technology Enterprises Ltd and the HKUST R&D Corporation as the incubator."
The local biotech company has won popular acclaim in the industry. It was granted the honor for its outstanding tech contribution to the HK industry and commerce in 2008.
As biotechnology is designated as a national strategic emerging industry for the 12th Five-Year Plan (2011-15), GVN is now on a fast track. It has a joint venture on the Chinese mainland and has invested in building a good manufacturing practice center in Guangzhou.
Wong said "GVN will continue to root itself in Hong Kong and I hope that our products can be sold in various countries."
