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Startup in Hong Kong

How to start a business in Hong Kong - found out EastRussia

Hong Kong has long been known as a key global financial center and the concentration of trade turnover. Thanks to infrastructure and access to capital, it has consistently ranked first among various ratings as the best place in the world for doing business.

Startup in Hong Kong

Hong Kong has long been known as a key global financial center and the concentration of trade turnover. Thanks to infrastructure and access to capital, it has consistently ranked first among various ratings as the best place in the world for doing business.

Recently, this special administrative region of China began to attract the attention of the founders of technical start-ups and entrepreneurs who are about to start a business.

Over the past two years, Hong Kong has faced the emergence of a growing ecosystem of start-ups, in which everything - from government and companies to universities and coworkers, as well as investors, lovingly grow a new generation of technology enthusiasts.

The Hong Kong government has been particularly active in creating various business incubators and subsidy programs to help various start-ups in the initial phase.

In particular, government organizations, such as the CyberPort Public Digital Cluster, offer incubation programs for start-ups in the areas of information, communications and technology, as well as in financial technology. Hong Kong Science and Technology Park plays the role of a favorable environment for the mobile segment, as well as biotechnology. In addition, grants and additional funding for research and development are available for universities, start-ups, social enterprises and various industries.

Public center of attention

One of the key elements of the full energy of the ecosystem of start-ups is a society-oriented culture that encourages innovators and entrepreneurs to communicate with each other and openly share their experiences, the challenges they faced, successes and failures. The number of coworkers playing an important role in the creation of such a society has increased from three to thirty-six in three years. Such "cooperation spaces" not only offer inexpensive "hot tables" (which different employees use at different times), but also hold various seminars and meetings with experienced entrepreneurs, investors and experts to help young businessmen build their own business.

For start-ups, access to talent is necessary. Higher education in Hong Kong is considered one of the best in Asia, which allows you to get talented employees without any problems. Although local students tend to be more stable after graduating from the university due to pressure from their parents, there are gradual changes in culture, thanks to which young people receive support from the family in their search for their place in life by establishing their own business or joining Startup.

Meanwhile, the proximity and ease of access to the heart of Chinese production in the southern regions of the country becomes a huge advantage of Hong Kong, especially for companies that work in the field of consumer electronics. China is able to offer fast and inexpensive prototyping in small batches, which may be necessary for companies in the early stages of development.

With the emergence of an increasing number of truly "subversive" innovations coupled with increased demand for better experience from end users, the Hong Kong business must also innovate in order to remain competitive. Now you can see how many companies create different types of "accelerating" programs.

For example, one of the insurance companies specializes in the development of portable technologies related to human health. There is also a program of one of the banks to develop business in the field of financial technologies, and one of the firms that produce cars has launched a project to support startups related to devices with Internet connection and startups that are developing digital city services. One of the owners of real estate in Hong Kong is funding a program to support innovation in local fashion design and textile production.

Challenges of the future

These programs open the doors for promising start-ups and entrepreneurs, enabling the city to take advantage of their ideas and solutions. Since the number of companies and investors interested in becoming part of the ecosystem of start-ups is growing, Hong Kong has the potential to become a key information and innovation center. Nevertheless, in order to really declare your position and consolidate success in the long term, you need to address some issues.

Hong Kong, as a global financial center, does not lack capital, but investing in companies at an early stage of development remains low compared to other large cities. The capital that must be invested after initial financing is another challenge.

The situation will improve when the ecosystem of start-ups in Hong Kong becomes more mature. More investors will gain knowledge and experience in investing in developing companies along with understanding of risks. Most likely, a succession of successful start-ups will be needed to prove that the market has potential.

Hong Kong will also need a broader stratum of companies that are actively involved in the startup ecosystem and provide knowledge, resources and funding to stimulate innovation.

A propensity for innovation and entrepreneurship should become part of the culture of Hong Kong, if the city wants to remain a key player in the global economy. Young people should grow up thinking freely and becoming responsible, independent and creative. Their abilities and potential should be determined separately from academic achievement. Young people need to be encouraged to pursue their dreams, take risks and look at failures as an opportunity to create something more successful.

Another important step is to provide the government with a more transparent registration system and business policies that will appear in the city. The rules need to be revised to bring them in line with the new business factors while continuing to provide powerful protection to consumers and investors.

For example, the current financial laws of Hong Kong lacks regulations relating to the financial technology sector - regarding their creation, licensing, control and compliance. Startups in this area, limited in resources, tend to face problems in this labyrinth of laws, first trying to build a complete understanding of the requirements related to them, and then trying to create a system corresponding to their size and work model.

Based on the set of advantages that Hong Kong possesses, its emergence as a global innovation center in which start-ups will have an explosive effect on the long-term health and sustainability of the city's economy is only a matter of time.

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