Hong Kong’s main technology park operator, **Hong Kong Science and Technology Parks (HKSTP)**, has forged a partnership with **Beta Lab**, a Saudi Arabian startup incubator, to enhance access to **financing** for fintech companies in the region. This collaboration was announced during the **Future Investment Initiative (FII)** summit in Riyadh.

The agreement allows startups within HKSTP’s ecosystem to tap into Beta Lab’s new **US$300 million investment fund**. According to **CEO Albert Wong Hak-keung**, this initiative not only provides funding opportunities but also enables startups to contribute their expertise in **artificial intelligence**, **biotechnology**, and **green technology** to aid Saudi Arabia's efforts in diversifying its oil-dependent economy.

“HKSTP will introduce over **1,200 established startups** to Beta Lab for investment decisions,” Wong stated, emphasizing the importance of showcasing **innovation** and **product viability** to attract financial support.

![Attendees at the FII summit held in King Abdul Aziz International Conference Centre in Riyadh on October 29. Photo: Enoch Yiu](https://img.i-scmp.com/cdn-cgi/image/fit=contain,width=1024,format=auto/sites/default/files/d8/images/canvas/2024/10/29/6ae05285-9818-4f5f-ad19-d6cf90e316b4_edd804f5.jpg)

In addition to funding, both HKSTP and Beta Lab will collaborate on **marketing** and **promotions**, sharing resources effectively. HKSTP will promote Beta Lab to its **2,000+ tenants** and provide value-added services to companies within Beta Lab’s investment portfolio.

Start-ups with expertise in artificial intelligence, biotech and green energy can contribute to Saudi Arabia’s economic diversification agenda.

Hong Kong Startups Set to Leverage Middle East Funding for Growth in AI and Green Tech

## Tony Fadell's Bold Insights at TechCrunch Disrupt 2024

Tony Fadell, known as the father of the iPod and founder of Nest, took the stage at **TechCrunch Disrupt 2024** to discuss the **importance of mission-driven a**holes** in the tech industry. His candid remarks about Silicon Valley's entitlement culture and his humorous take on **LLMs as 'know-it-alls'** sparked laughter and applause from the audience.

### The Case for Mission-Driven A**holes

Fadell argued that **mission-driven a**holes** are essential for creating and delivering top-tier technology products. He differentiated between two types of difficult personalities: those who are egocentric and undermine others, and those who focus on the details and push for excellence. 

> “If they’re an a**hole, because it’s their ego, they’re trying to push people down, that is an egocentric a**hole. But, if you are an a**hole on the details, you’re critiquing their work and saying you can do better, that is a mission-driven a**hole.”

Fadell emphasized that attention to detail is critical for product success and that a manager who cares about the minutiae is invaluable.

### Silicon Valley's Entitlement Problem

Fadell humorously criticized Silicon Valley's **entitlement culture**, joking about how startups often hesitate to hire former Googlers because of their inflated expectations and laid-back attitudes. 

> “They just showed up on a bus, and they came in for lunch, and then took the bus home,” he remarked, highlighting the disconnect between work ethic and entitlement in the tech scene.

Reflecting on his early career, he recalled how his team at General Magic avoided hiring East Coast talent due to their demanding nature, expressing disappointment over how Silicon Valley has adopted similar traits today.

### The Limitations of LLMs

Fadell also expressed skepticism about **Large Language Models (LLMs)**, calling them **'know-it-alls'**. While acknowledging their potential in entertainment, he raised concerns about their reliability in critical applications, particularly in healthcare.

> “If you look at artificial-specific models, they work really well. They don’t hallucinate, but LLMs are trying to be this general thing because we’re trying to make science fiction happen.”

Fadell cautioned against using LLMs for serious tasks, such as creating patient reports, due to the risks of inaccuracies.


Tony Fadell took the stage at TechCrunch Disrupt 2024 on Tuesday to talk about how building the next generation of deep tech startups requires mission-driven a**holes.

Tony Fadell Reveals the Surprising Truth About 'Mission-Driven A**holes' in Tech

### HistoSonics: A Game-Changer in Tumor Treatment

The **Plymouth-based startup HistoSonics** has made headlines with its **novel ultrasound system** designed to **destroy and liquefy liver tumors**. Recently, the company announced a significant **$90 million contract** with the **Department of Veterans Affairs (VA)** to provide quick access to its groundbreaking technology.

![HistoSonics Technology](https://arc.stimg.co/startribunemedia/JFYMON3ABVEZDVQ7OGDSBT3PLI.jpg?&w=535)

### Innovative Technology

HistoSonics has raised over **$300 million** in private funding to develop its **Edison Histotripsy System**. This **focused ultrasound system** utilizes pulses to create a **“bubble cloud”** that collapses, effectively destroying liver tumors. According to **CEO Mike Blue**, this technology is the **first of its kind**, aiming to significantly improve the **quality of life for veterans** by alleviating pain and potentially extending life.

### Clinical Studies and Future Plans

While the **FDA** has yet to evaluate the Edison System for disease treatment, the contract allows VA hospitals to participate in HistoSonics' **clinical trial program**. By the end of the year, the system will be operational in **40 hospitals**, with plans for VA hospitals to start acquiring their own systems in **2025**.

### Addressing a Critical Need

Veterans experience liver cancer at a rate **five times higher** than the general population. The **five-year contract** enables VA hospitals with available funding to acquire Edison Systems immediately. **Dr. Michael Kelley**, from the Veterans Health Administration, stated that the histotripsy system aligns with efforts to enhance patient quality of life and reduce cancer mortality.

### Non-Invasive Treatment Options

Patients suffering from liver tumors often face limited treatment options. The **Edison System** provides a **non-invasive solution**, allowing the body to process and eliminate the fluid generated during the tumor liquefaction process. Since its introduction, the technology has been utilized in over **500 procedures**, with the potential to improve longevity and survival rates.

Mike Blue emphasizes the hope that this technology brings, stating, "A patient walks into a hospital every day, and after the procedure, there’s new hope that — literally within hours — they’re going to feel much better."

The Plymouth-based company’s novel ultrasound system destroys and liquefies liver tumors. 

Revolutionary $90 Million Tumor-Fighting Technology from Minnesota Startup HistoSonics

## Matia's Impressive Funding Round

Miami-based **data operations startup Matia** has made headlines by securing **$10.5 million in seed funding**. This impressive feat comes as Matia emerges from stealth mode with innovative software aimed at simplifying data management for **AI applications**.

Founded by **brothers Benjamin and Geva Segal** in 2023, Matia is on a mission to revolutionize how companies collect, catalog, and unify their datasets. Unlike other data management tools, Matia strives to create a **single platform** for all data needs, making it easier for teams to collaborate.

### Key Features of Matia's Platform
"We're making data **collaborative** and easier to interact with," explains **Benjamin Segal**, co-founder and CEO. The platform is designed to:
- **Catch errors and anomalies** in datasets, ensuring accurate data ingestion for enhanced AI outcomes.
- Enable collaboration between **non-technical and technical** team members.
- Support interaction with multiple vendors seamlessly.

Currently, Matia boasts **four early customers** and **ten companies** expressing strong interest, including fintech firms **Ramp** and **Obligo**.

### The Pitch Deck
Matia's pitch deck, shared exclusively with Business Insider, played a crucial role in securing this funding. Benjamin noted that the strong market interest in **data and AI solutions** led to **multiple term sheets** from potential investors. The seed round was led by **Leaders Fund** and **Secret Chord Ventures**, with additional backing from **Cerca Partners** and **Caffeinated Capital**.

With this injection of funds, Matia plans to expand its **research and development** team and enhance its **go-to-market strategy**. 

**Check out the 11-slide pitch deck** used to secure this fresh funding!

Miami-based Matia has  emerged from stealth with a supersized seed round for its software that helps companies manage their data for AI applications. 

Miami's Matia Secures $10.5 Million: The Pitch Deck Behind Their Success!

### Revolutionizing Aerospace Manufacturing

Hadrian, an innovative **industrial automation startup**, is on a mission to **speed up** the manufacturing process in the aerospace industry, traditionally known for its slow tech adoption. With a newly appointed CFO, **West Owens**, the company aims to **re-industrialize America** by creating AI-automated precision component factories. These factories promise to help **space and defense manufacturers** produce parts **10 times faster** and at **half the cost**.

### New Leadership

Owens, who joined Hadrian in early October, brings over **20 years of finance experience**. Previously, he was the CFO of **TerraWatt Infrastructure** and has a history of raising significant capital in the renewable energy sector. The CEO, **Chris Power**, believes Owens's guidance will enable Hadrian to expand its business and enhance its service offerings.

### Impressive Funding

In February 2024, Hadrian raised **$117 million** in its Series B financing, building on a successful **$90 million** Series A round in 2022. Key investors include **Andreessen Horowitz**, **Founders Fund**, and **Lux Capital**, showcasing substantial backing from prominent venture capitalists.

### Strategic Acquisitions

In August, Hadrian acquired **Datum Source**, a software company founded by former **SpaceX** employees. This acquisition aims to enhance Hadrian’s capability to connect hardware companies with manufacturing partners, further solidifying its position in the **defense and space sectors**.

### Addressing Industry Challenges

Owens highlighted the **fragmented nature** of the aerospace industry, where many parts are produced by small shops operating inefficiently. Hadrian's approach focuses on **optimizing production processes** and addressing supply chain issues by automating machinery to increase efficiency. The startup currently employs over **200 full-time staff**, emphasizing that it is **creating jobs** rather than replacing them.

### The Future of Aerospace Manufacturing

With a valuation reportedly around **$500 million**, Hadrian is poised to capitalize on the growing interest in advanced manufacturing technologies, similar to successful companies like **SpaceX**. As the aerospace landscape continues to evolve, Hadrian represents a **pivotal player** in transforming how parts are made in the industry.

 Hadrian is backed by Andreessen Horowitz, Founders Fund, and Lux Capital. 

Meet Hadrian: The Startup Set to Transform Aerospace Manufacturing with AI Automation

Cybersecurity agencies from the **Five Eyes** nations—**Australia, Canada, New Zealand, the UK, and the US**—have reiterated the importance of security for tech startups. Following a summit in October 2023, they introduced **five key principles** aimed at helping innovators navigate security threats, particularly concerning **Chinese IP theft**.

### Key Principles for Startups:
1. **Know the threats** – Understand potential vulnerabilities that could jeopardize your innovations.
2. **Secure your business environment** – Establish clear ownership for managing security risks and appoint a **security lead** at the board level.
3. **Secure your products** – Integrate security into the design of your products to protect your **IP** and avoid supply chain vulnerabilities.
4. **Secure your partnerships** – Verify that collaborators are trustworthy and can safeguard your **intellectual property**.
5. **Secure your growth** – Stay vigilant about security risks as you expand, especially when hiring or entering new markets.

Over a year later, the Five Eyes nations have launched a joint campaign to provide actionable advice based on these principles. In the UK, startups can access a **three-page infographic**, while Canada offers a **guide for tech investors**. New Zealand has released a comprehensive **33-page advisory** for emerging tech companies, focusing on best practices for enhancing security and incident response. The US has published **five documents** highlighting prevalent risks, especially during international travel, including recommendations for data protection and device security.

Each nation has tailored its guidance, reflecting the **globalized tech startup ecosystem** and the interconnected nature of security threats. Despite this coordinated effort, the effectiveness of such advice in changing the fast-paced culture of startups remains uncertain. Previous incidents involving companies like **Uber**, **Lyft**, and **GitLab** highlight ongoing security challenges in the tech industry. It may require more than just checklists to foster a culture of security and resilience in startups.

Only took 'em a year to dish up some scary travel advice, and a Secure Innovation … Placemat?

Five Eyes Nations Urge Startups to Prioritize Cybersecurity: Key Principles Revealed!

### Genetic Screening for Intelligence

A startup company, **Heliospect Genomics**, is at the center of a heated debate over the ethics of **genetic enhancement**. This company offers wealthy couples the opportunity to **screen embryos for IQ**, raising significant ethical questions.

### Investigative Insights

In a joint investigation by the **Guardian** and the campaign group **Hope Not Hate**, science correspondent **Hannah Devlin** discusses the implications of this technology. The technology promises to identify embryos that may lead to children with higher IQs, but it also opens the door to potential **social inequality** and ethical dilemmas regarding the commodification of human life.

![Embryo and Brain](https://i.guim.co.uk/img/media/11d1ce259072a18c2711a55dcb1a327bd4233194/0_0_5000_3000/master/5000.jpg?width=700&quality=85&auto=format&fit=max&s=e0b97a7563f566889e45f58313ead825)

### Ethical Dilemmas

The core of the issue lies in the **ethical implications** of selecting embryos based on intelligence. Critics argue that this could lead to a new form of **eugenics**, where only the wealthy can afford to ensure their children are 'smarter'. Devlin highlights the necessity for a public dialogue on these issues as technology advances faster than our ethical frameworks can keep up.

For more insights, listen to the full podcast episode where these topics are explored in depth.

A startup company, Heliospect Genomics, is offering to help wealthy couples screen their embryos for IQ using controversial technology that raises questions about the ethics of genetic enhancement. Science correspondent Hannah Devlin tells Madeleine Finlay about the joint investigation into the company by the Guardian and the campaign group Hope Not Hate

The Controversial Startup Helping Wealthy Couples Create 'Smarter' Babies

### **Empowering Women Through Entrepreneurship**  
A new study highlights how **promoting female entrepreneurship** can greatly enhance women's **workforce participation**. By creating more opportunities for other women, female-led businesses can drive significant **economic growth**.  
  
Imagine a world where women, though half the population, own less than a fifth of businesses. This is the reality uncovered by the **World Bank** in a survey spanning 138 countries from 2006 to 2018.  
  
### **Women in Business**  
Interestingly, female-owned businesses empower other women. In male-owned firms, only **23% of workers** are women, while female-owned businesses employ far more. Moreover, just **6.5% of male-owned businesses** have a woman as the top manager, compared to over **half of female-owned firms** being led by women.  
  
In India, the situation is more challenging, with female labor participation and entrepreneurship being low. The number of women in the workforce has barely changed over the past 30 years. However, women make up about **14% of entrepreneurs** and significantly contribute to **micro, small, and medium enterprises (MSMEs)**.  
  
Most MSMEs in India are microenterprises, with many women-owned businesses being single-person ventures. Despite this, women's contribution to India’s GDP is just **17%**, less than half the global average.  
  
### **Barriers to Female Entrepreneurship**  
A paper by Gaurav Chiplunkar and Pinelopi Goldberg argues that promoting female entrepreneurship could significantly boost women's workforce participation. They found substantial obstacles to women's employment and higher costs for female entrepreneurs when expanding their businesses.  
  
Simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages and profits.  
  
### **Policy Recommendations**  
Policies that support female entrepreneurship are crucial. They can be more effective than changing long-standing social norms. Current barriers include limited access to **childcare**, **transportation**, and social security benefits.  
  
Despite recent increases in women’s labor force participation, the increase reflects self-employment rather than regular salaried jobs, which are essential for economic empowerment.  
  
Research indicates that India could achieve **8% GDP growth** by ensuring women make up over half of the new workforce by 2030. Boosting female entrepreneurship could pave the way towards this goal.

A study highlights how promoting female entrepreneurship can greatly enhance women's workforce participation.

Hong Kong Startups Set to Leverage Middle East Funding for Growth in AI and Green Tech

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Five Eyes Nations Urge Startups to Prioritize Cybersecurity: Key Principles Revealed!

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Unlocking Economic Growth: The Powerful Role of Female Entrepreneurs in Workforce Participation