The ConTech Accelerator, Hong Kong’s first innovation acceleration program with a ConTech focus, has been launched by the Hong Kong Science and Technology Parks Corporation (HKSTP) and The Construction Industry Council (CIC).
HKSTP and CIC are collaborating to develop a special platform to promote the best practice of ConTech trials and adoption across a variety of various scenarios in sites and premises, with a focus on construction productivity, safety, and sustainability.
The construction sector will be driven to further improve productivity, sustainability, and safety performance as the total output is predicted to reach HK$225 billion to HK$345 billion in the next ten years. The ConTech Accelerator will serve as a platform to match the CIC’s extensive network of corporate partners with HKSTP’s 20 years of foundation to nurture a vibrant I&T ecosystem and its enormous pool of start-ups and tech ventures, facilitating the industry’s search for appropriate construction technology.
While corporate partners participating in the program will provide problem statements, actual sites for trial, and industry feedback to tech ventures under the supervision of HKSTP, the program’s overall goal is to establish a platform that evolves and shares best practices and techniques for ConTech solutions.
The construction industry is embarking on its journey toward digital transformation, according to the CEO of HKSTP. HKSTP and CIC have the same goal in mind: to encourage the local construction industry to adopt cutting-edge methods and solutions.
He pointed out that the ConTech Accelerator, in collaboration with CIC, has brought together the best sector leaders in the business and offers the perfect, trusted platform for co-creation and innovation for 20 corporations and emerging tech ventures to create a more innovative, safe, and robust construction environment while facilitating cross-sector collaborations to accelerate commercialization and create new opportunities for the Hong Kong I&T ecosystem.
According to the CIC Executive Director, it is intended that under this program, more than 30 pilot projects would be established, with each of the participating contractors testing out two technologies. The commercialization and expansion of the use of the linked technologies will be sparked by this.
The technologies might be made available to additional projects and stakeholders for adoption if the pilot projects are a success. The Construction Innovation and Technology Fund (CITF), which the government funded with HK $1.2 billion, now allows qualified applicants to apply for the CIC’s R&D Fund.
He continued, “The goal is to increase construction quality, sustainability, and safety through the promotion of digitalization, innovation, and robotics in the construction industry, maintaining a professional image in the sector and promoting the stable and quality development of the industry.”
Twenty of Hong Kong’s top construction players were successfully brought together by the ConTech Accelerator to develop this program, which is a first for the sector. The Accelerator will promote industry trials and collaboration on various new ideas to address particular pain points throughout the building processes, from design and construction with innovations of site monitoring, green materials, and robotic welding. This will be done in conjunction with tech start-ups and ventures from a variety of backgrounds.
With the goal of transforming construction through innovation, solution testing, and business matchmaking, the ConTech Accelerator is open to corporations as well as ambitious start-ups and entrepreneurs.