Hong Kong ‘in Late Spring’ for Startups and is on Right Track
Dr. Marta Dowejko, postdoctoral fellow at CUHK Centre for Entrepreneurship, tells China Daily that Hong Kong is in its late ‘spring’ of startup community development.
Despite daunting rental and labor costs, Hong Kong is still considered to be an ideal place for startups, according to scholars, experts and young entrepreneurs alike.
Dr. Marta Dowejko, postdoctoral fellow at The Chinese University of Hong Kong (CUHK) Business School’s Centre for Entrepreneurship, tells China Daily in an interview that she thinks Hong Kong is getting better every day in terms of attracting startups. “In fact, I would say that Hong Kong is in its late ‘spring’ of startup community development,” says Dowejko.
“In the past five years, we have seen tremendous growth of startup community support in the city, in fact there wasn’t a single week without any initiative programme or corporate project being announced to support the development of startups in Hong Kong,” she says.
“Just at CUHK, we have completed three startup initiatives in 2014, and from what I know, other universities in Hong Kong are also working very hard to support entrepreneurship.”
“I’m very glad to see that Hong Kong is stepping up on empowering innovative as well as entrepreneurial industries, and I’m very optimistic about how it will all develop in the future and how many more initiatives we will have in the next couple of years.”
Dowejko points out that the city, as compared to others, has distinctive advantages in attracting startups, such as the simple and straightforward regulations that facilitate the ease of setting up a new business and the low tax rates which make hiring inexpensive. “And if you are a startup coming from abroad, obtaining a startup visa in Hong Kong is possible, whereas in many countries, it would be very difficult for an outsider to start a new business,” she adds.
Meanwhile, the entrepreneur community itself in Hong Kong is very strong, with regular seminars organized by many groups, as local businesses are very conscious of the challenges out there, she adds.
Dowejko also notes that many venture capitalists and angel investors are setting up offices in Hong Kong, and are open to the idea of working with local firms with high potential. Meanwhile, more well-established local businesses, including Swire Properties and AIA, are becoming very involved in helping startups, while many other enterprises have launched startup awards or are partnering with universities to help develop the startup community.
“If I were an entrepreneur, I would think now is a very good time to become part of the startup community in Hong Kong and to ride the exciting wave of entrepreneurship and innovation,” says Dowejko… Read More (PDF)
Source: China Daily
Date published: 24 March, 2015
Photo: China Daily