Young dreams deserve a boost as jobs dwindle in Hong Kong
Ken Chu welcomes the Youth Development Fund as, even if a start-up fails, it lets entrepreneurs explore their full potential and learn invaluable lessons
Youth economic and social mobility is a global issue today. There are many reasons why young people have slid down the economic and social ladder over the past decade, including a lack of job opportunities – especially for low- and semi-skilled graduates and workers in a mature industrialised economy – as well as shrinking middle management and professional corporate positions. Youths in Hong Kong are treading the same path as their counterparts in Western industrialised economies some time ago.
Over the years, many advanced economies have tried to improve young people’s well-being. It is imperative for a government to create jobs for youths. But if a society cannot offer adequate opportunities, why not help them start their own business?
From Dell to Microsoft to Apple, global conglomerates often had humble beginnings
Many countries are doing just that. In the US, a programme called Student Startup Plan, through the White House-led Startup America Initiative, was launched in 2013 to relieve young graduate entrepreneurs of the burden of repaying student loans. In Europe, a programme called Erasmus for Young Entrepreneurs, financed partly by the European Commission, has been around for some time to help aspiring entrepreneurs acquire the ideas, knowledge and skills needed through on-the-job training in an SME or through collaboration with an experienced entrepreneur in a participating country within the EU.
From Dell to Microsoft to Apple, global conglomerates often had humble beginnings. They share a common thread: the creator’s innovative mind and vision to utilise technology and realise their dream. Today’s mobile digital technology should make it easier for our brilliant young minds to blaze a trail in the business world. More importantly, social media platforms should help them connect with consumers or users, piercing barriers created by big corporations.
Starting a new business is full of obstacles and risks. In Hong Kong, the challenges are tremendous: capital, high rents, lack of experience, a small domestic market and market dominance by entrenched corporations. So I am delighted to see the government tackle this issue head-on. The Home Affairs Bureau, together with the Youth Commission, has just launched a HK$300 million Youth Development Fund to assist young people in launching their own business or rolling out creative projects. This initiative deserves our support and praise, and our youths should take advantage of it.
