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These MBAs just launched an urban farming startup in Hong KongA team of five recent MBA graduates from the University of Hong Kong (HKU) have just launched Farmacy HK, a smart city, urban farming concept based on cutting-edge hydroponic technology.
The first concept city farm opened in Hong Kong’s Causeway Bay in February this year. Over 100 species of organic food products—rare herbs and edible flowers—are grown in a controlled environment without soil, using mineral nutrient solutions dissolved in water instead.
Farmacy HK—fully operational since early April—is already selling its produce to two restaurants in Hong Kong and is exploring B2C opportunities with retailers online. The team expect to sell out the entire farm’s produce in just six months’ time.
Woody Chen, an HKU MBA alumnus, worked for his family’s construction business in his native Taiwan prior to his MBA. His interest in urban agriculture piqued after reading an article about a former Sony Corporation semiconductor factory in Japan that had been transformed into the world’s largest hydroponic farm.
Living in Hong Kong during his MBA, Woody found that he couldn’t buy the high quality, fresh vegetables he was used to in the local supermarkets. Taiwan is well-known for its agriculture but in Hong Kong there’s no land for farming; most food is imported.
Woody decided to put his nascent startup idea into action. He enrolled in the HKU MBA’s famed Business Lab, an elective course which takes students through every step of the startup process, from idea conception to launch.
“I wanted to put what I’ve learnt during the MBA into practice,” Woody explains, “to use the Business Lab to come up with an idea that fits Hong Kong, is good for society, and harnesses technology as well.”
At the start of the Business Lab, Woody got up on stage and pitched his idea to his MBA classmates. So, the Farmacy HK team was born.
Read the complete article on businessbecause.com
Publication date: 5/8/2018
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