Explosion in Hong Kong’s start-up culture as more people recognise opportunities
Almost a fifth had entrepreneurship intentions last year and 9.44 per cent started or operated new businesses
Hong Kong has experienced “staggering” growth in entrepreneurship in recent years, a newly released report reveals.
Almost a fifth of adults had entrepreneurship intentions last year and 9.44 per cent reported starting or operating new businesses last year, up 159 per cent from 2009.
In comparison, total early-stage entrepreneurial activity across the border fell 45 per cent amid mainland China’s economic slowdown.
Some 56.8 per cent of adults in Hong Kong said they recognised start-up opportunities in the city, according to a study of 66 economies, part of the worldwide Global Entrepreneurship Monitor initiative. That was an increase of almost 300 per cent since 2009.
“There is a growing start-up culture and start-up investing culture that’s being built,” report co-author Dr Marta Dowejko, assistant professor at Hong Kong Baptist University, said.
Innovation has become increasingly important for Hong Kong as it seeks to become a hub for financial technology (fintech) and to maintain its hi-tech global competitiveness. But the city has slipped in global innovation rankings against regional rivals such as Singapore and South Korea, and still falls behind activity in Shenzhen, China’s southern tech hub.
