Opinion | Why Hong Kong needs to embrace failure to succeed

A spirit of adventure – from small businesses to the government wealth fund – is crucial as Hong Kong faces rapid changes and challenges

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AI company Smartmore’s founder and chairman Jia Jiaya chats with Financial Secretary Paul Chan Mo-Po and Hong Kong Investment Corporation (HKIC) CEO Clara Chan Ka-chai on June 12 at the Ritz-Carlton Hotel, where a strategic partnership deal was signed between Hong Kong’s wealth fund and the Hong Kong unicorn. Photo: Sun Yeung

Published: 8:30pm, 20 Jun 2024

Hong Kong faces a pressing need to redefine its approach to innovation and risk. To thrive amid evolving global dynamics, the city must embrace a shift away from the pervasive fear of failure that is stifling creativity and curtailing risk-taking, hindering the potential of individuals and businesses alike.

In a world where betting on oneself has become the cornerstone of value creation, Hong Kong must foster a climate that encourages bold decisions and recognises the educational value of setbacks.

Consider Elon Musk’s audacious journey with electric vehicle maker Tesla, whose shareholders recently awarded him a historic US$56 billion payout – emblematic of the rewards tied to unwavering self-belief against staggering odds.

In Hong Kong, Li Ka-shing’s journey from a plastic flower factory to a global business empire, through calculated risks during economic downturns, illustrates the transformative power of embracing potential where others see peril.

Similarly, Lalamove founder and former professional poker player Chow Shing-yuk’s willingness to bet his entire real estate holdings on a start-up created a revolutionary freight and logistics business. His Lalatech Holdings is seeking what is expected to be a major public listing in Hong Kong.

These inspiring stories are a call to action for Hong Kong to embrace systemic change in its perception and management of failure.

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