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Greater Bay Area start-ups optimistic about revenue growth, according to observers, survey by HKTDC and HSBC
- Survey polls 308 firms from sectors such as new economy, information technology and hardware, and biotechnology
- Biotech start-ups were the most optimistic, with about 30 per cent expecting their revenue to double in the next three years
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Start-ups in the Greater Bay Area were optimistic about revenue growth because of several favourable market conditions, according to industry observers and a recently released survey on the area’s ecosystem for such firms.
“More than two-thirds [of respondents] estimated that their revenue will grow in the next three years and this growth is relatively significant, ” said Nicholas Kwan, director of research at the Hong Kong Trade Development Council (HKTDC).
The joint survey by HKTDC and HSBC, which polled the founders of 308 firms from sectors such as new economy, information technology and hardware, and biotechnology, was conducted by HKTDC between August and September.
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Hong Kong, Macau and nine cities in Guangdong province make up the Greater Bay Area, China’s ambitious plan to create a hi-tech economic zone to rival Silicon Valley in the United States. In October, Hong Kong leader Carrie Lam Cheng Yuet-ngor unveiled a series of initiatives in her policy address to bring the city’s development in line with Beijing’s bay area plan and its 14th five-year blueprint.
The survey also included in-depth interviews with 10 Greater Bay Area start-up founders, as well as representatives from start-up incubators and platforms. Among the respondents, 56.8 per cent were headquartered in Hong Kong, while 38.3 per cent were in other Greater Bay Area cities and 4.9 per cent had offices there.
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Biotechnology start-ups were the most optimistic, with about 30 per cent of respondents expecting their revenue to double in the next three years, according to the survey. It found that 71 per cent of respondents expected their revenue to grow more than 25 per cent in the next three years, with 18 per cent estimating that their revenue would more than double in the same period.
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