Building Hong Kong as a Cradle for Successful Entrepreneurship
Building Hong Kong as a Cradle for Successful Entrepreneurship
Our Hong Kong Foundation (OHKF), in strategic partnership with Alibaba Entrepreneurs Fund, has launched its policy research report entitled Building Hong Kong as a Cradle for Successful Entrepreneurship. Start-ups are a crucial driver in promoting Hong Kong’s innovation and entrepreneurship. Data from the World Bank reveals that a 10% increase in the number of new business start-ups results in a 2.4% growth in GDP per capita and a 2.9% rise in patent filings in the subsequent year. Cultivating a vibrant start-up ecosystem will not only bolster the city’s economic development and support industrial transformation and upgrading but will also advance the vision of transforming Hong Kong into an international innovation and technology centre.
The report revealed critical gaps that hinder the growth of Hong Kong start-ups from inception to maturity, including: low start-up intention among graduates due to a lack of viable business ideas and a risk-averse tendency; insufficient support for technology transfer hindering the commercialisation of start-up products; a lack of risk appetite for early-stage ventures, especially in public sector funding, limiting access to financing; and regulatory barriers as well as differences in institutional systems faced by start-ups when seeking to expand into GBA Mainland cities and ASEAN markets.
Combining stakeholders’ insights and international case studies, OHKF puts forward 14 policy recommendations to stimulate the growth of Hong Kong’s start-up ecosystem across five key areas: education, technology transfer, financing, market expansion and attracting talent and enterprises. The report aims to rally the efforts of all sectors in creating a robust start-up environment, and to foster the development of more innovative and competitive talents and start-ups.
Our Hong Kong Foundation (OHKF), in strategic partnership with Alibaba Entrepreneurs Fund, has launched its policy research report entitled Building Hong Kong as a Cradle for Successful Entrepreneurship. Start-ups are a crucial driver in promoting Hong Kong’s innovation and entrepreneurship. Data from the World Bank reveals that a 10% increase in the number of new business start-ups results in a 2.4% growth in GDP per capita and a 2.9% rise in patent filings in the subsequent year. Cultivating a vibrant start-up ecosystem will not only bolster the city’s economic development and support industrial transformation and upgrading but will also advance the vision of transforming Hong Kong into an international innovation and technology centre.
The report revealed critical gaps that hinder the growth of Hong Kong start-ups from inception to maturity, including: low start-up intention among graduates due to a lack of viable business ideas and a risk-averse tendency; insufficient support for technology transfer hindering the commercialisation of start-up products; a lack of risk appetite for early-stage ventures, especially in public sector funding, limiting access to financing; and regulatory barriers as well as differences in institutional systems faced by start-ups when seeking to expand into GBA Mainland cities and ASEAN markets.
Combining stakeholders’ insights and international case studies, OHKF puts forward 14 policy recommendations to stimulate the growth of Hong Kong’s start-up ecosystem across five key areas: education, technology transfer, financing, market expansion and attracting talent and enterprises. The report aims to rally the efforts of all sectors in creating a robust start-up environment, and to foster the development of more innovative and competitive talents and start-ups.
