Francis Ngai, SVhk

The biggest risk is regret

l Social entrepreneurship is at the forefront of the vision of Francis Ngai. l Here, he talks about his work with young people and reshaping Hong Kong as a model. l He says that at SVhk, a measure of success is building consistent, sustainable habits. l 梁魏華星先生是本港社會企業的創新先驅。 l 他分享如何跟青年合作的一些案例，攜手為香港未來 努力。

l 從香港社會創投基金（SVhk）的角度而言，建立一 致及持續的習慣是衡量成功的關鍵。

Social Ventures Hong Kong (SVhk) began as an incubator for social enterprises ten years ago but coping with the challenges of 2020 has demanded both flexibility and fortitude. Francis Ngai, the enthusiastic co-founder of SVhk, explains how the organization has evolved into a social impact organization. “Our focus now is rebuilding a sense of purpose and maintaining momentum in the face of the realities of capitalism.”

The goal of SVhk is to reshape Hong Kong as a model for future global cities. Delving more deeply into the meaning behind this vision, Francis explains that “Through collective action, innovation can transform Hong Kong’s current social and environmental challenges into a positive force for growth.” Francis is sympathetic to young people who feel depressed and frustrated after the protests and the pandemic but is inspiringly optimistic about the city’s future, despite the status quo.

“At SVhk, we don’t measure success by funding or investment,” Francis stresses. “We use indirect metrics such as the effectiveness of our message, success in shifting mindsets and building consistent, sustainable habits.” Using Green Monday, a social venture he co-founded, as an example, Francis points out the breakthrough of getting Omnipork, a vegan product made from mushrooms, peas and soya, onto menus at MacDonald’s.

Green Monday has expanded throughout southeast Asia and into mainland China but establishing the company as a pilot

Hatch, a co-working factory, one of SVhk's social enterprises.

project in Hong Kong was the most important first step, says Coming up next at SVhk is a forward-looking transformative Francis, and he maintains that “Timing may not be right for journey called “New Urban 2030”. Each year it adopts setting up a social enterprise in the mainland. It’s a question an iconic Chinese character to reflect a focal concept. For of marketing and seeing what people like and want. I would 2020, the character means rest, reflect and reset after a say that Hong Kong has a big enough market for everyone difficult, unrestful year. For 2021, the multifold concept to realize their dreams here. If is transformation with you live in Hong Kong, this adaptability, resilience and is where your heart lies.” Hong Kong has a big enough market being capable at heart. Light Be is another innovative to realize your dreams here. “People think that setting up social venture supported by a business is risky, especially SVhk. It supports residents of cramped sub-divided flats now,” Francis concludes but, “Our biggest risk is regret. We by arranging for them to move into property provided by can’t wait for an official change to our system and so we call philanthropic landlords. “With other families in a co-living on all Hongkongers to dare to reimagine, to redefine their environment, they share more space at affordable rents. The urban lifestyles and ecosystems. We want to see returns and we goal is to give these families hope of a better future but also to can’t use old metrics to measure progress. By using hope and rebuild trust within communities.” More than 400 families optimism as a measure, we can redefine success, make Hong have been rehoused in this way. “Being poor is not just about Kong a model despite economic downturn and become proud lacking money, it is also about lacking aspirations. Money of our city again, not only by surviving but by thriving.” cannot solve all problems. Finding solutions is all about people.” Hatch, a co-working factory of six enterprises is another example. “It’s reviving a Made in Hong Kong culture,” says Francis. It empowers women with jobs, “but it’s not just about earnings, it’s about having hope and taking heart.” A community resilience loan fund has been set up for similar social enterprises and SVhk is looking for more. “We are trying to get young people to take their ideas for startups from conceptualization to actualization with social purpose.”

Francis Ngai is the founder of SVhk, a venture philanthropy organization. SVhk is a venture philanthropy organization that supports innovative for-profit social enterprises in Hong Kong.

More details sv-hk.org/