How does the Greater Bay Area raise unicorns? StartmeupHK Festival puts spotlight on region and its benefits for entrepreneurs
- Hong Kong serves as a key gateway to this cross-border ecosystem, which is home to 43 tech unicorns with a total value of US$1.1 trillion
- The annual conference gives start-ups the chance to learn more about the market and make connections with companies operating there
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The Greater Bay Area (GBA) is drawing attention as a fast-developing innovation and technology hub that offers exciting opportunities to start-ups from around the world. Hong Kong is positioned as an important gateway to access this vibrant ecosystem, as well as the 72 million-person-strong consumer market that comes with it.
In mainland China, home-grown tech start-ups are leveraging prototyping and manufacturing capabilities, with research and development facilities growing in Dongguan and Shenzhen. Across the border, Hong Kong serves as their launch pad to markets around the world, in addition to its role as a key financing hub.
To date, the GBA has produced 43 unicorns – start-ups with a valuation of more than US$1 billion – that are collectively valued at US$1.1 trillion.
Stephen Phillips, director-general of investment promotion at government agency InvestHK, says: “The GBA is the most exciting economic development initiative on the planet, in my view, and Hong Kong and businesses here have a key role to play in its development.”