香港初創氣氛已醞釀多年，但似乎仍落後全球主要城市。擅長於加拿大及香港兩邊尋寶的馮尚賢指出，加拿大創業家往往同時具備做生意及學術的經驗，而且成功後願意重返當地建設初創的生態系統。香港創意氣氛雖然愈來愈好，惟始終地產及金融在回報和風險上較為吸引人投身。

馮尚賢坦言，香港創業家熟悉本土市場，一是擅長做生意及金融，再不就是學術研究出身，甚至金融人碰上學者共同創業；反觀加拿大就平衡得多，即使是學術出身，但有一定的創業經驗，知道成功失敗的滋味，經驗計更上一層樓。

加拿大創業家較完備

此外，由於加拿大市場較細，而且地理及文化上靠近美國，創業家往往第一步就是考慮如何衝出加拿大，例如進軍美國市場後，再進一步擴展至亞洲市場，而且成功後願意重返當地，投資及建設初創的生態系統。至於香港創業家，第一步先集中本土市場，短期會走得比較快，但較後期才想如何進軍其他市場。

馮尚賢續稱，即使香港人創業經驗愈來愈多，但始終是國際金融中心，藉着金融賺錢可能是最「正確」的事，「風險易計，回報清楚，而且具備流動性，所以香港人較聚焦股票及地產，穩定地賺錢；創業或風險投資流動性較低，往往要5至10年後才知道做得好不好。」

轉載自信報 https://www1.hkej.com/dailynews/finnews/article/2605279/%E6%B8%AF%E9%87%8D%E5%9C%B0%E7%94%A2%E9%87%91%E8%9E%8D%E5%A4%9A%E9%81%8E%E5%89%B5%E6%A5%AD

疫情除衝擊日常生活，一些初創企業亦受到影響。Saltagen Ventures創辦人兼執行合夥人馮尚賢接受本報專訪時表示，雖然部分初創因為疫情而拖慢發展進度，所需營運資金亦較預期增加，投資風險上升，但最好的初創在估值上幾乎沒有影響，而疫情亦儼然一次考試，有助創投基金（VC）檢視組合風險，「疫情是最懷情況，假如亦承受到且能營運，算是組合中較低風險的投資。」

最佳初創估值無影響

馮尚賢是當年人稱「三劍俠」的馮景禧的孫兒，即是馮景禧長子馮永發的兒子，他創辦的Saltagen Ventures專注於醫療科技及人工智能等的早期投資，包括種子輪至A輪，馮尚賢坦言，疫情影響下，投資風險自然提升，但表現最好的初創企業的估值幾乎沒有下跌；而次一級且營運資金相對不足的初創，則是創投基金尋寶的機會，「產品或研發是沒有問題，只是因監管或其他機構營運暫停而影響進度，我們可重新洽談有利的投資條款。」

由於早期投資亦是較長期的投資，可以預期初創於成立首數年，未必會有產品或產生收入的能力，最好確保有足夠未來18至24個月的營運資金，而且通常需要5至7年才有流動性，馮尚賢指出，早期投資不是按現金流來看估值，更依賴內部營運，例如能不能按時達到認證、技術、營運或生產上的里程碑。

以醫療科技為例，須於不同市場取得不同階段的認證，他稱，「可能每個階段都分為三期，每一期過關都要花錢，例如是聘請研發人員，做臨床試驗，疫情影響下，臨床試驗會可能延遲數月才能回復，醫院亦會削減本來會投資的金額，變相需要多數個月的營運資金。」

早期投資考紀律眼光

不過，疫情也為部分公司帶來機會， 例如從事過敏測試的初創公司，可以加入研究測試新冠病毒，「這樣可獲取額外的政府補貼，亦可能加快取得認證的過程，並考驗團隊的靈活性，而我們作為熟悉加拿大、香港市場及政府的創投基金，便可幫忙申請補貼或給予建議。」

今次疫情之後，市場資金顯然對生物科技、遙距辦公及外賣等產業提高興趣，馮尚賢指出，的確看到多了創投基金將較多資金配置於生物科技，惟他強調，早期投資一定要嚴守紀律，挑選熟悉的行業、市場環境，因為很多時候沒有直接的公司比較，「初創未有收入之際，是考驗你對行業和技術的知識，以及對創辦人的判斷，除了研究與營運，還包括有沒有籌集資金的能力等。」

採訪、撰文：張浚浩

轉載自信報 https://www1.hkej.com/dailynews/finnews/article/2605278/

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