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Overview 4

Accompanying the expansion of Hong Kong’s gerontech However, despite both public and private financiers’ interests in
ecosystem in recent years is a growth in the number of funding gerontech projects, there are few gerontech public-
financiers who have invested into local gerontech services private partnerships (PPP). Our first report identified the lack of Investment
and projects. On the one hand, as indicated in Introduction, collaboration between private sector and NGOs as a gap (Gap 23),
the Government has allocated significant public resources into which our survey indicates has only received slight improvement
gerontech. On the other hand, while private sector venture (score 0.26). This gap leads to issues concerning the market
capitalists and angel investors remain hesitant to invest heavily sustainability of gerontech-related services. The lack of PPP within
into the local gerontech industry, many philanthropic foundations the gerontech ecosystem is therefore a missed opportunity to
have expressed interest in funding gerontech-related projects. consider innovative gerontech service delivery models.

For example, the Keswick Foundation and Lee Hysan Foundation Currently, many government programmes related to gerontech
jointly funded a stair climbing service, which allowed wheelchair- remain product-oriented (in contrast to service-oriented), whether
bound elderly living in homes without elevators to hire a stair it is R&D funding for developing new products, such as ITB’s
climbing device that enabled safe descent and ascent of their Fund for Better Living, or demand-side subsidies for procuring
building’s staircase (HKCSS, 2020, February). Several foundations or trialling products, such as the $1 billion I&T Fund. However,
also funded an operation that enabled elderly service units to rent many new devices employing advanced technologies, such as
and use an automatic tablet machine, which facilitated staff to Internet of Things or Artificial Intelligence, require completely
distribute medication to elderly more quickly and accurately (Hong new service delivery models. The Government may be reluctant
Kong Pharmaceutical Care Foundation, 2021). The HSBC 150th to fund such innovative service delivery models, as they require
Anniversary Charity Programme further funded a smart home for time to develop and trial and carry inherent uncertainties about
elderly pilot programme (Senior Citizen Home Safety Association, their potential effectiveness. Given the private sector’s higher
2019). More recently, the Jockey Club Charities Trust and China risk appetite, it makes sense to consider PPP models where the
Merchant Foundation are co-funding the Gerontech Education private sector carries the risk for the Government. This is exactly
& Rental Service, which allows people to learn about and rent what the Pay-for-Success model proposes.
gerontech equipment, inclusive of cleaning and disinfection service
(Jockey Club age at home, 2021).

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