Scholar stresses adaptability, innovation in startup success

The Youth Entrepreneurship Aid Scheme, launched by the Economic and Technological Development Bureau (DSEDT) in 2013, has received 2,956 applications as of June.

This reflects a stable entrepreneurial environment in Macau, where Tang Yu Ming from the University of Macau (UM) emphasizes that success depends on adaptability and innovation. He urges entrepreneurs to explore low-cost startup methods and gain practical experience.

The France Macau Chamber of Commerce (FMCC) held its monthly Breakfast Talk Rendez-Vous earlier this week, titled “From Lab to Market: Bridging Academia and Industry for Startup Success.”

The event featured a keynote speech by Tang, who highlighted the growing need for business diversification in Macau’s commercial sector and showcased his students from the local brand Funny Eye Brewery, who successfully transformed academic theories into a thriving real-world business.

According to Tang, Macau’s entrepreneurial environment is “relatively stable,” providing “favorable” investment opportunities that reduce risks and allow entrepreneurs to make bolder decisions – especially when compared to regions like Hong Kong, which struggle with high unemployment and reliance on foreign labor.

Furthermore, Macau benefits from ample financial and resource support, along with various government policies that foster entrepreneurship. And while the market size is small, the influx of external capital facilitates the launch of new projects, helping entrepreneurs turn their ideas into reality.

He also noted that the rise of online sales platforms has opened up new opportunities for entrepreneurs. However, success depends on prioritizing product quality and efficient logistics management, as these factors help lower costs and allow businesses to stand out in a highly competitive market.

Referring to the innovation gap between academia and industry in Macau, Tang highlighted the bottlenecks in the commercialization process, noting that many projects depend on government support, which is especially “crucial” within the context of the Guangdong-Hong Kong-Macau Greater Bay Area.

“Given the varying capabilities across regions, Macau students must distinguish themselves in this environment and showcase their strengths,” he said.

Tang urged students to boldly innovate in their fields and collaborate with various stakeholders to create a greater social impact. He emphasized that success is rooted in asking the right questions rather than simply seeking answers.

“To achieve this, students should immerse themselves in their areas of interest, gaining valuable experience and insights,” he stated, believing that Macau’s relatively free cultural environment fosters better growth opportunities for students.

He expressed “optimism” about the potential of Macau students, highlighting their strengths compared to mainland China’s students, particularly in flexible thinking and innovation.

Nevertheless, he cautioned aspiring entrepreneurs about the challenges of information asymmetry, advising them to engage in meaningful dialogue, assess social needs, and learn from these issues to develop solutions that can be transformed into viable business opportunities.

Regarding the government’s youth entrepreneurship policy, Tang noted both advantages and disadvantages.

“While the policy encourages entrepreneurship, it can also lead some individuals to blindly follow trends and ultimately fail,” he said, stressing the importance of having a clear plan for fund usage and spending wisely.

Tang also highlighted that both Macau and Hengqin present entrepreneurial opportunities but emphasized that the key to success lies in finding the right partners and institutions to collaborate with.

“When choosing an incubation center, it’s crucial to ensure that your project aligns with its mission,” he stated. “Success in entrepreneurship, or any career path, including government work, necessitates continuous learning. Understanding whether your field of study is recognized, the examination standards, and other relevant factors is essential. Each step demands research and learning to excel in a competitive landscape.”

He concluded by stressing that a strong sense of responsibility is the most important quality for startup leaders.

Reuse of discarded playing cards

The scholar revealed that one of the entrepreneurial projects involving his students focuses on the reuse of discarded playing cards, aiming to transform unused cards into useful products.

As the demand for environmental, social, and governance (ESG) standards rises, it is estimated that around 12,000 tons of solid waste are generated annually from playing cards, with one-third of this waste originating from casinos. This highlights the growing need for sustainable waste management, making it increasingly critical.

To tackle this issue, Tang and his team have begun experimenting with converting playing cards into pulp and filter materials.

They are collaborating with Chinese paper manufacturing companies and 3D printing firms to develop new materials aimed at reducing production costs. Additionally, they have partnered with a civil engineering professor to investigate the potential of mixing fibers from playing cards into soil to enhance its structural integrity.

In 2023, the team received an FDCT (Science and Technology Development Fund) grant to establish a laboratory for further research. Currently, they are evaluating product samples from various factories, and several companies have expressed interest in large-scale production.

Tang emphasized that the team is focused on scaling up pilot production, assessing different machines to determine the optimal solution, and plans to establish a factory to collaborate with major casinos on implementing reuse solutions.