Hong Kong people are famous for their hard work, 'get up and go' mentality and 'can do' spirit. When it comes to entrepreneurship, however, they are far less entrepreneurial today than they have been in the past.
In a collaborative research project, the Centre for Entrepreneurship at the Chinese University and the Shenzhen Academy of Social Science found that Hong Kong's total entrepreneurial activity is among the lowest in the world.
The survey, part of the Global Entrepreneurship Monitor study involving an international consortium of more than 150 researchers in more than 40 countries and jurisdictions, revealed that Hong Kong ranks third from last in the locations monitored.
The evaluation system used, known as total entrepreneurship activity (TEA), counts the percentage of adults in the population involved in starting new companies over the past three years. Hong Kong, with 3 per cent of the population involved in new start-ups, is among the least entrepreneurial in the world; trailing behind Shenzhen, which scored 12 per cent.
The total amount of new entrepreneurial activity on the mainland rates 14 per cent on the TEA monitor.
Hugh Thomas, associate director of the Centre for Entrepreneurship at the Chinese University, said the lack of entrepreneurial activity was due to Hong Kong's steady economy, low unemployment rate and generally acceptable salary levels. This created a comfort zone. High start-up costs, a lack of entrepreneurial education and inadequate links between R&D and market outlets had also contributed to Hong Kong's low rating.
