awex hong kong - digitalwallonia.be...awex hong kong 1 1. introduction after 155 years of british...
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AWEX Hong Kong
STARTUPECOSYSTEMinHONGKONG
TableofContents1. Introduction ....................................................................................................................... 1
2. Highlights ........................................................................................................................... 1
a. HongKonginnumbers ..................................................................................................... 1
b. WhyHongKong? ............................................................................................................. 1
3. Governmentsupportsanduniversities .................................................................................. 2
a. Governmentorganisations ............................................................................................... 2
b. Financialaidforequipmentandmarketing ........................................................................ 4
c. TechnologyandInnovationfunding ................................................................................... 4
4. Incubator&Acceleratorprogrammes ................................................................................... 5
a. Incubators ...................................................................................................................... 5
b. Accelerators .................................................................................................................... 6
5. FundraisinginHongKong ..................................................................................................... 9
a. Introduction .................................................................................................................... 9
b. Fundraising ................................................................................................................... 10
d. Venturecapitalfunds:privatefunds ................................................................................ 11
6. SectordistributionofstartupsinHongKong ........................................................................ 13
7. OriginsoffoundersinHongKong ........................................................................................ 13
8. Unicorns(Successstories) .................................................................................................. 15
9. Conclusion........................................................................................................................ 15
10. References .................................................................................................................... 17
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1. Introduction
After155yearsofBritishrule,HongKongwastransferredbacktoChina in1997. Itbecamea“twosystemsinonecountry”policy.
HongKongaswithMacauispartofChina,butitoperatesasaSpecialAdministrativeRegion(S.A.R).Bothregionsretaintheirowncapitalisteconomies,whiletherestofChinausesthesocialistsystem.Eachofthethreeregionhasitsowncurrency,economic,legalandpoliticalsystem,includingforeignpolicies.
2. Highlights
a. HongKonginnumbers
• Populationsize:7,409,8000(End2017)• AnnualInflation:1.7%(2017)• LabourForce:3,969,000(January2018)• Unemploymentrate:2.9%(January2018)• GDP:US$341.4Billion(2017)• GDPpercapita:US$46,200(2017)• GDPGrowth:+3.9%(2017)• StartupEcosystemValue:US$3.2Billion(End2016)• RetailSalesGrowth:+1.8%(2017)• eCommerceMarketsize:US$4.3Billion(2016)
Source:HongKongStatistics:http://www.censtatd.gov.hk/hkstat/index.jspHKTDCResearchonEconomicandTradeInformationonHongKong:http://bit.ly/1eUd1S3
b. WhyHongKong?
Asoneoftheworld’sleadinginternationalfinancialcentres,HongKong’sservice-orientedeconomyischaracterisedby its low taxation,almost freeport tradeandwellestablished international financialmarket,builtona longhistoryof tradeandcommerce.Moreover,HongKong isrankedtheworld’sfreest economy for 23 years in a row. Its pro-business policies, strategic location and excellentinfrastructuremake this city thepreferreddestination for small and largebusinesses. Furthermore,thecityisalsothebestgatewaytoopportunitiesinmainlandChinaandtherestofAsia.Inaddition,HongKongisuniquelypositionedtoallowfastandhighscalability.Productscanbetestedquicklybyits hyper connected population. The proximity to the Pearl River provides easy access tomanufacturingandsupplyfacilities.StrategicallylocatedattheheartofAsia,HongKongisreachableto half of the world’s population within five hours’ flight time, opening the possibility for rapidexpansionandinternationalgrowth.
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Source:2017HongKongStartupEcosystemToolbox
3. Governmentsupportsanduniversities
RealisingtheimportanceofentrepreneurshiponHongKong’sfuturegenerations,thegovernmentisconsolidatingtheprogrammesandorganisations.Itcontrolstoprovidemoreresources,visibilityandactivities. Lawsarebeingpassed tomakeHongKongmoreprone to foreign investmentand talent,such as universities are joining the movement by creating new programmes to encourageentrepreneurship.Regarding the Government support for companies, it exists various programmes designed to helpoverseasandlocalSMEssetupinHongKong.Theseinclude:
● Incubatorprogrammes● Loanguarantees● Fundsformarketinga. Governmentorganisations
http://www1.investhk.gov.hk/
InvestHKprovidesgeneralandspecificadvices,preliminaryplanningandservicesforfreeincluding:• Sector-specificbusinessopportunities• Businessincorporationprocedures• Taxandbusinessregulations• Businessmatchingservices• Adviceongovernmentinitiativesandgrants
Easyandsafe
Ultraconnectdpopulation
Technologicalinfrastructure
A diverseecosystem
Rapidlygrowingecosystem
ClosetoChina:Manufacturing
Hub
ClosetoChina:OneBeltOne
Road
WhyHongKong?
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https://www.cyberport.hk/en
A creative digital cluster that nurtures Information andCommunication Technology (ICT) industry startups andentrepreneurs.Itpromotescollaborationtogatherresourcesandcreatebusinessopportunities.
https://www.hkstp.org/en
A statutory body that had built a vibrant innovation andtechnology ecosystem to connect stakeholders and nurturetechnology talent.HKSTPoffers financial aid packages and threedifferent types of incubation programmes: technology,biotechnologyandweb/mobileapplicationtechnology.
https://www.startmeup.hk/
A platform and resources listing the latest startup events andinformation on government incentives and incubator schemes.The aim is to connect with thousands of startups, investors,accelerators,incubatorsandothercommunitypartners,bothlocalandfromaroundtheworldinoneplace.
https://istartup.gov.hk/
Aone-stopportalgatheringtechstartupinfluencersandcreatorsprovidingadynamicenvironment.
http://www.createhk.gov.hk/
CreateHK aims to have a better co-ordination within thegovernment to drive creative industries development, moreeffective response to industries’demands,andbettersupport tothetradethroughaone-stopservice.
https://www.hkpc.org/en/
HKPC’smissionistopromoteproductivityexcellencethroughtheprovisionofintegratedsupportacrossthevaluechainofHongKongfirms,inordertoachieveamoreeffectiveutilizationofresources,toenhancethevalue-addedcontentofproductsandservices,andtoincreaseinternationalcompetitiveness.
http://www.hktdc.com/
TheHKTDCpromotesHongKongasaplatformfordoingbusinesswithChinaandAsia,withopportunitiesinHongKongandonthemainland,whileprovidinginformationviatradepublications,researchreportsandonline.
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b. Financialaidforequipmentandmarketing
SMELoanGuaranteeScheme The SME Loan Guarantee Scheme (SGS) secures loans of up toHK$6 million for companies that need working equipment orbusinesscapital.
Formoreinformation,pleasevisit:https://www.smefund.tid.gov.hk/english/sgs/sgs_objective.html
SMEExportMarketingFund The SME Export Marketing Fund (EMF) helps companiesparticipate in overseas exhibitions and businessmissions and toplace B2B advertising. It can fund up to 50% of approvedexpenditure,uptoHK$50,000perapplication.
Formoreinformationpleasevisit:https://www.smefund.tid.gov.hk/english/emf/emf_objective.html
SMEFinancingGuaranteeScheme
• TheSMEFinancingGuaranteeSchemecanprovideguaranteecoverageof50-80%onloansuptoHK$12million.
• Formoredetails,pleasecontact:[email protected]
CreateSmartInitiative The CreateSmart Initiative provides financial support to SMEs inthecreativeindustries,fundingthemtobuildtheirbrandthroughparticipationinoverseasexhibitionsandcompetitions.
Formoreinformationpleasevisit:http://www.createhk.gov.hk/en/service_createsmart.htm
c. TechnologyandInnovationfunding
InnovationandTechnologyFund
TheInnovationandTechnologyFund(ITF)supportscompaniestoupgrade their technology and inject innovative ideas into theirbusiness.
Formoreinformation,pleasevisit:https://www.itf.gov.hk/leng/WhatsNew.asp?textmode=0
Recently, the Chief Executive Carrie Lam announced in October 2017 that “the Government willproactively promoteHongKongasan international legal anddispute resolution services centreandencourage the co-operation between the legal sectors of Hong Kong and the Bay Area (theGuangdong-Hong Kong-Macao Bay Area). The Government has set a goal to double the R&Dexpenditure(from0.73%to1.5%GDP)inordertodevelopHongKongasaninternationalinnovationand technology hub and to spur development for innovation and technology and the creativeindustries. Moreover, the Government will actively seek to sign free trade agreements (FTAs),investment promotion and protection agreements (IPPAs) and comprehensive avoidance of doubletaxationagreements(DTAs)withothereconomiestoopenupmarketsandtofurtherstrengthenHongKong’spositionasaninternationaltrade,commercialandfinancialcentre.”
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4. Incubator&Acceleratorprogrammes
Hong Kong used to have only a handful of incubators and accelerators a few years ago. The earlymovers included the government-backed incubation programmes, followed firstly by corporateaccelerationprogrammesbackedbybigcorporatesandMNCs(MultinationalCorporations).
Ithasnownumerousintensethreetosixmonthsaccelerationprogrammesrunbyprivatecompaniesspecializingineducatinganewbreedofentrepreneursincludinghome-grown,aswellasprogrammesfrominternationalplayers.
Inadditiontomentorshipandspace, theseprogrammesprovidefunding,accesstoan internationalaudienceandsupportsofastartup’snecessaryfunctions,talentsandprocesses.
a. Incubators
The incubation programmes run byHong Kong’s Cyberport helpcreativedigitalmediaSMEsandstartupstorealisetheirideasandbuild their business. Participating startups can get up toHK$330,000 support over 24 months. Incubatees will also haveaccess to a free workspace at Cyberport for up to 24 months,subsidised legal consultancy services, monthly salary subsidiesandnetworkingopportunities.
Formoreinformation,pleasevisit:https://www.cyberport.hk/en/about_cyberport/cyberport_entrepreneurs/cyberport_incubation_programme
The Hong Kong Science & Technology Parks incubator schemeprovidessubsidisedofficespace,consultancyservices,investmentmatchingandasmallfinancialaidpackagetosupportR&D.Theyare offering financial aid packages and three different types ofincubation programmes: technology, biotechnology andweb/mobileapplicationtechnology.
Formoreinformation,pleasevisit:https://www.hkstp.org/en/services/incubation/incubation-programmes/
PoweredbytheHongKongDesignCentre,theHongKongDesignIncubationProgramme(DIP) isa2-yearprogrammethataims tonurture early-stage design startupswith hardware and softwaresupport.Selectedstartupswillgetaccesstoafreeofficespaceinthe first year, mentorship, trainings and financial assistance inoperation,marketinganddevelopment.
Formoreinformation,pleasevisit:https://www.hkdesignincubation.org/
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TheMills Fabrica by Nan Fung Group is a 12-month incubationprogramme for techstyle startups, companiesat the intersectionof fashion, textile, and technology. Up to 10 startups will beselected to join the programme and will be provided access toThe Mills complex, a multifunctional incubator space equippedwithfabricationlab,mediastudioandaco-workingspace,aswellasconnectionstolocalandinternationalpartnersandindustry.
Formoreinformation,pleasevisit:http://www.themillsfabrica.com/incubator/
b. Accelerators
PoweredbyStandardCharteredBank,SuperChargerisa12-weekFinTech accelerator programme dedicated to both startups andscale-up global FinTech companies that aim to penetrate theAsian market. Participating startups get free access to aworkspace for 12 weeks, mentorship, weekly workshops,corporatenetwork,mediaexposureandopportunitiestopitchtoinvestors and potential partners. The programme does not takeequityfromparticipatingstartups.
Formoreinformation,pleasevisit:https://www.fintechsupercharger.com/accelerator-hk
Facilitated byAccenture, Fintech Innovation Lab runs a 12-weekmentorship programmes annually in New York, London, Dublinand Hong Kong in order to help early to growth stage startups.The10finaliststartupswillgetaccesstomentorshipfromleadingfirmsandVentureCapitals, insights fromsenior figuresandusergroups in the financial sector, free workspace at Cyberport andweeklyworkshops. Participating startupswill also join the demodaywhere theywill showcase their business to financial serviceexecutives,investorsandjournalists.
Formoredetails,pleasevisit:http://www.fintechinnovationlabapac.com/apply.aspx
The Amplifi Paperclip Accelerator is a 12-week programme thatruns twice a year. The programme focuses on B2B and SaaSprojects. The Amplifi Paperclip Accelerator takes 1.5 % advisorysweat equity up front for idea or pre-prototype startups. Theprogramme does not charge any advisory equity for product-readystartups.
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AmplifiandPaperclipdonotofferdirectfundingcapital.SelectedstartupswillbeprovidedwithfreeworkspaceatCyberport,accesstotheecosystem,mentorshipandworkshops.
Formoredetails,pleasevisit:http://papercliphk.com/news/announcement/amplifi-paperclip-b2b-saas-accelerator-launch-announcement/
Powered by Brinc, the Global IoT Accelerator programmesupports early-stage startups from concept to sustainablecommercialisation, operating in Hong Kong, Guangzhou,BarcelonaandBahrain.Theprogrammeisbasedonthreepillars:education and tools, hands-on support and a deed operatornetwork.It isa4-monthprogrammewitha1-monthtrialperiod.3%ofequitywillbetakenonacashlessbasis.
Formoredetails,pleasevisit:https://www.brinc.io/connected-hardware-program
ReadWriteLabs isa6-weekacceleratorprogrammeinbootcampstyle that focuses on IoT and the Connected World. ReadwriteLabsHongKongprovidesstartupseducationandexpertiseonAsiaPacific manufacturing and prototyping. The programme alsooffersstartupstheexposureandconnectionneededtoscaletheirbusiness. ReadWriteLabs takes around 2-6% equity stake,depending on the stage of the startup, and does not providedirectfundingcapitalcurrently.
Formoredetails,pleasevisit:http://readwritelabs.com/
Ixelera accelerator provides advice, connections and supportsfrom an experienced team including funding and investorconnections(HongKong,China,India,USAandEurope).
Formoredetails,pleasevisit:https://www.ixelera.com/accelerator
Unlearn is aHongKongbased innovationplatformand focusonlearning solutions and workforce development technology. Thegoalistodevelopworkforcetalentforcorporatesandstartupsinthefaceof imminentskillsgapandtalentgapissues.Theyareinpartnership with GSVlabs, a global innovation center based inSiliconValley.
Formoredetails,pleasecontact:[email protected]
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The Cage is a development programme powered by The LaneCrawford Joyce group. It offers intensivementorship to startupsbuilding retail-relevant technologies and services. They aretargetingthefashionsectorandlifestyleretail. Itconsistsofa12weeksfull-timeprogramme.
Formoreinformation,pleasevisit:http://thecage.io/
INNEXUSisapilotcorporateandco-learningprogrammebyPhilipMorrisAsiaLimited.Thegoalistofosteracultureofco-learninginthe workspace to maximize potential of companies. Theprogramme provides a 12 months sponsored work space,mentorship and professional expertise, network and buddysupport.
Formoredetails,pleasevisit:http://www.innexus.asia/
AcceleratorspoweredbyNESTconsistof3differentacceleratorsprogrammes:-HeathCareAcceleratorpoweredbyAIAPleasevisit:http://aia-accelerator.com/-FInTechAcceleratorincorporatedbyDBSPleasevisit:https://www.dbs-accelerator.com/-SmartCity&IoTAcceleratorfromInfinitiFormoreinformation,pleasecontact:[email protected]
LenovoAcceleratorisrunbyLenovoCapitalandincubatorGroup.It offers a 3-month programme that provides a workspace atCyperport,infrastructureandbusinesssupport.
Formoredetails,pleasecontact:[email protected]
SoInSoGood isa6-monthsocial-tech incubationprogrammethatfocuses on early-stage social-tech and green-tech startups.SoInSoGood supports entrepreneurs looking to tackle socialissues,includinghealthcare,environment,educationandelderly.
Formoreinformation,pleasecontact:[email protected]
Betatron is a 4-month non-vertical accelerator programme thatprovides funding andmentorship tohelp startupsmakea viableand investable business. Betatron focuses on the startups withtheaimtoacceleratetechnology-drivencompanies.Eachstartupwill receive US$30,000 funding. Startups will also be providedmentorship,freeco-workingspaceattheBetatronLab.
Formoredetails,pleasevisit:https://www.betatron.co/
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SOW Asia is a charitable foundation based in Hong Kong thatempowersentrepreneursandtheirteamstogrowtheirbusinessto achieve scalable social and environmental impact throughacceleratorprogrammesanddirect investments. It isa5-monthprogramme that runs twice per year. During the programme,startupswillexecutenecessarychanges,andthenshowcasetheirimproved business to investors during investors’ pitch nights.Participating startups have access to workshops, one-on-onebusiness consultancy sessions, peer-sharing sessions, practicepitchesandafinalpitch.
Formoreinformation,pleasevisit:http://www.sowasia.org/accelerator
5. FundraisinginHongKong
a. Introduction
ThestartupcapitalrequirementinHongKongisUS$121,563inaverage.
0% 50% 100%
92%Ownsavings
47%Friendsorrelatives
18%Banks
18%Crowdfunding
7%BusinessAngels
2%Venturecapital
5%Governmentfund
Originsofthecapital
Source: Dr.MartaDowejko(HKBU)&Prof.KevinAu(CUHK),GlobalEntrepreneurship Monitor2016/2017HongKong&Shenzhen
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b. Fundraising
Regardingthefundingingeneral,itexitsafundinggapbetweenseedfundingandSeriesAfunding.Intermsofacceleratorsandgovernmentgrants,improvementisseen.Earlystagestartupsaregrowingrapidly. Startups can secure seed funding in Hong Kong but it will probably require multiple ofinvestors.Nevertheless,gettingpre-SeriesAfundingisstillachallenge.Althoughlatestagefundingisavailable,therearefewlatestagefundingroundsandstartupsoftenhavetogooverseasforSeriesAfunding.Oneoftheunderlyingreasonsmightbethecity’slackofhighpotentiallatestagestartupstoinvestin.
Source:2017HongKongStartupEcosystemToolbox
Moreover, according to a research performed by different Hong KongeseUniversities, 44% of 190entrepreneurs surveyed in Hong Kong, declared that they searched, used, or appreciated privatesupport organizations. And 50% declared that they searched, used, or appreciated public supportorganizations. However, regarding support provided by private organisation of Hong Kong are, inoverall,evaluatedhigherthanthepublicones.Onereasonmightbethattherearelesspublicsupportorganizations available to the entrepreneurs and their undertakings constrained because of publicfinancingoftheiractivities.c. PublicfundsItexistsseveralGovernmentfundingschemesinHongKong.Pleasevisitthefollowingwebsitesformoreinformationregardingthepublicfundsandsupports:
ü Governmentfundingschemes:https://www.gov.hk/en/business/supportenterprises/funding/index.htm
ü GovernmentSupportforInnovation&Technology
https://www.gov.hk/en/residents/communication/government/innovation.htm
ü SupportforLocal&ForeignEnterprises:https://www.gov.hk/en/business/supportenterprises/localenterprises/index.htm
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ü StartingaBusiness(Financing&Planning):https://www.gov.hk/en/business/supportenterprises/businesstopics/financialplanning.htm
OneofthelatestnewsfromthegovernmentisthatHongKonghaslaunchedaUS$256millionfundinordertoencourageinvestmentinlocalinnovationandtechnologystart-ups.Thegovernmentisinvitingventurecapitalfundstoapplytobecomeco-investmentpartnersofthenewInnovationandTechnologyVentureFund(ITVF).
d. Venturecapitalfunds:privatefunds
ThemostactiveinvestorsinHongKongarelistedbelow.
ArdentVenturesinvestsinearlystagetechnologycompaniesacrossSoutheastAsiaincludingHongKong.Itfocusesone-commerceopportunitiesincludingsourcing,fulfilment,retail,demandgenerationandpaymentgatewayamongothersbutitisalsoopentoinvestmentsinothersectors.Formoreinformation,pleasevisit:http://www.ardentcapital.com/
FrescoCapitalfocusonseedandearlystageinvestmenttocreatemaximumimpactfortheircompanies,investors,andpartners.Throughtheirglobalnetworkofteams,co-investorsandpartners,theyreceivealargevolumeofhighqualityproposals.Formoreinformation,pleasevisit:http://www.fresco.vc/
TheCyberportMarcoFund,withaninitialsizeofHK$200million,issetinplacetoprovideseedtoSeriesAstagefundingtoCyberportdigitalentrepreneurstoassistthemtoaccelerateandtopromotethedevelopmentoftheventurecapitalecosystemfordigitalentrepreneursinHongKong.Formoreinformation,pleasevisit:https://www.cyberport.hk/en/about_cyberport/cyberport_macro_fund
IntelCapitalinvestsincompanyofeverysizeacrossawiderangeoftechnologies-developers,providersofhardware,software,andservicesinthefollowingsectors:datacenter-cloud,digitalmedia,InternetofThings,manufacturingandlabs,ultrabook,security,opensource,smartphones,tabletsandwearables.Formoreinformation,pleasevisit:http://www.intelcapital.com/
NovaFoundersCapitalbuildsandsupportssustainable,large-scaleinternetbusinessesinthefinancialservicessector.Novaprovidescompanieswiththecontinuousfinancialandoperationalsupporttheyneedtobesuccessful.Formoreinformation,pleasevisit:http://www.novafounders.com/
Nestinvestsseedcapitalandtimeinpromisingscalablestartups.
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Ateamofdedicatedstartupexpertsempowersfoundersworldwidewiththeirstrengthsinmarketing,strategy,andaccesstoglobalindustrynetworksfromtheirheadquartersintheheartofAsia,HongKong.Nestalsohelpsstartupswithnextroundgrowth,furtherfundraisingandnewmarketexpansion.Formoreinformation,pleasevisit:https://nest.vc/
MindWorksVenturesisaventurecapitalfirmthatfocusesinearlyandexpansion-stagetechnologystartupsacrossAsia.Itcomprisesofdisruptiveconsumerandenterprisetechnology,Asia-basedearlyandexpansionstagedcompanies,andinnovativeinfrastructure.Itlooksforcompaniesthathavethepotentialtobuildnewecosystemsorreinventindustries.Formoreinformation,pleasevisit:http://www.mindworks.vc/
ArborVenturesisanearly-stageventurecapitalfirmfocusedontheintersectionofbigdata,financialservicesanddigitalcommerceandhasapresenceinHongKong,Shanghai,TokyoandJakarta.Formoreinformation,pleasevisit:http://www.arborventures.com/
YCombinatorprovidesseedfundingforstartups.Twiceayear,itinvestsasmallamountofmoneyinalargenumberofstartups.Formoreinformation,pleasevisit:http://www.ycombinator.com/
500StartupsisthebiggestearlystageinvestorinHongKonghavinginvestedwithGrana,9GAG,Shopline,DayDayCookandTalkpushforexample.Theyareinvestinginallkindsofcompanies.Formoreinformation,pleasevisit:https://500.co/
Pleasevisitthefollowingwebsitesformoreinformationregardingthenon-Governmentsubsidyandsupports:
ü HongKongVentureCapital&PrivateEquityAssociation:http://web.hkvca.com.hk/en/index.aspx
ü VentureInvestorsAllianceofHongKong:http://www.viahk.org/
ü Investors’platformandnetworks:https://istartup.gov.hk/Investors.php?type=2
ü Angelsandventurecapitalists:https://www.startmeup.hk/angels-and-venture-capitalists/
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6. SectordistributionofstartupsinHongKongThedistributionofpopularstartupsinHongKongisillustratedonthechartbelow(in2017):
7. OriginsoffoundersinHongKong
10%FinTech
9%Enterprises
8%B2B 7%EdTech
7%Social
24%E-Commerce
12%Software
11%Advertising
11%Hardware/IoTSource:WHubestimatefor2017
DistributionofpopularstartupsinHongKong
67%Male 33%Female
Genderofentrepreneurs
Source: GlobalEntrepreurshipMonitorHongKOngandShenzhen Report2016
62%HongKongLocals
3%HongKongReturnees
35%FormOverseas/MainlandChina
Source: GlobalEntrepreurshipMonitorHongKongandShenzhenReport2016
OriginsofFounders
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Agegroupsmostlikelytostartnewbusiness25-34and35-44
Agegroupsleastlikelytostartnewbusiness:18-24and55-64
20.7%UnitedStates13%UnitedKingdom11.3%MainlandChina10.3%France4.8%Australia4.7%Germany3.2%Canada3%Netherlands2.8%Singapore2.2%India 2.2%Italy2.2%Japan1.8%Taiwan1.5%Korea 16.3%Othercountries/territories
OriginsofForeignStartupFounders
Source:Hong Kongstartup'sEcosytemfromstartmeup.hk (in2016)
62.9%Lackoffundig
43.4%Marketchanges&competition
38.2%Highcostofliving
CommonBarriersfor YoungEntrepreneurs
Source: GlobalEntrepreurshipMonitorHongKongandShenzhenReport2016
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8. Unicorns(Successstories)Currently,Welab (FinTech)andTinkLabs (TravelTech)are the twohome-grownstars inHongKongconfirmingtobeunicorns.WeLabfoundedin2013,offersseamlessmobilelendingexperiences.WeLabanalysesunstructuredmobilebigdatawithinsecondstomakecreditdecisionsforindividualborrowers.ThecompanyoperatesWeLendinHongKong,andWolaidaiinChina.WeLabhasraisedUS$400Min3rounds,US$20MinJanuary2015,US$160MinJanuary2016andUS$220MinNovember2017.TheSeriesBroundwasledbyKhazanahNasionalBerhadandAlibabaEntrepreneursFundwithparticipationfromINGBankandGuangdongTechnologyFinancialGroup.Tink Labs founded in 2012, is a travel tech solution combining the functionality of a personalsmartphone and hotel in-room phone services into one fully integrated device. In April 2017, theHongKongtraveltechnologystartupisinaprocessofraisingUS$40millionandaimingforavaluationofmorethan$1billion.IthasraisedUS$125millioninSeriesCfundinginSeptember2016.TheSeriesCroundwasledbyFIHMobile,veteraninvestorLeeKai-fu’sSinovationVenturesandCaiWensheng,thechairmanofsmartphoneappproviderMeitu.Lalamove(Logistics)arewellpositionedtofollowsoon.Lalamoveisanonlineplatformthatconnectsusers with professional drivers, simplifying the delivery process and revolutionising the logisticsindustry.IthasraisedUS$30millioninJanuary2017.Currently,LalamovehasatotalequityfundingofUS$61.5millionin5roundsfrom11investors.TheSeriesBfundingroundis ledbyXiangheCapital,BlackholeCapital,MindworksVentures,andCrystalStream.
9. ConclusionHongKonghastheworld'sfreesteconomyandistheworld'smostservices-orientedeconomy,withservicessectorsaccountingformorethan90%ofGDP.Thiscityhasareliableinfrastructure,giveaccesstoresources(R&D,talent,money)andgiveaproximitytolargepoolsofcustomersandanambitiousyoungergeneration.Moreover,theHongKongtaxsystemisclearlyinfavourofbusinessanditoffersequalopportunitiestolocalandforeigncompaniesthatmakeabusinessrecognizeworldwide.Formorethan150years,HongKonghasbeenthepreferredbusinessaccessroutetomainlandChinaandtootherAsiancountriesbecauseofitsworldwiderecognitionandmanyotheradvantages(suchasstability,legal,tax,freedom,language,etc.).Finally,withmorethan50internationalschools,high-qualityhealthcare,lowcrimeratesandbeautifulsceneryHongKongisagreatplacetoliveandwork.
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InterestingreportsonstartupsEcosysteminHongKongandMainlandChina:
ü 2017HongKongStartupEcosystemToolboxbyWHub:https://fr.slideshare.net/WHubio/hong-kong-startup-ecosystem-toolbox-v30
ü GlobalEntrepreneurshipMonitor–HongKongandShenzhenreport2016:https://entrepreneurship.bschool.cuhk.edu.hk/sites/default/files/page/764/gem2016_full_report%20Eng_e_version.pdf
ü GlobalEntrepreneurshipMonitor2016/2017–HongKongandShenzhen:
https://entrepreneurship.bschool.cuhk.edu.hk/sites/default/files/page/764/GLOBAL%20ENTREPRENEURSHIP%20MONITOR%202016_0.pdf
ü HongKongtheglobalconnectorforstartups:
https://drive.google.com/drive/u/1/folders/1Sb_L3-nxJWP7arOoX4vfvVMczKsMO255
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10. References
§ https://fr.slideshare.net/WHubio/hong-kong-startup-ecosystem-toolbox-v30§ http://www.censtatd.gov.hk/hkstat/index.jsp§ http://bit.ly/1eUd1S3§ http://www.investhk.gov.hk/why-hong-kong/government-support-for-companies.html§ http://www.scmp.com/news/hong-kong/education/article/2130033/entrepreneurial-state-
hong-kong-could-gain-more-through§ https://entrepreneurship.bschool.cuhk.edu.hk/sites/default/files/page/764/gem2016_full_re
port%20Eng_e_version.pdf§ https://www.go-globe.hk/blog/hong-kong-startup-ecosystem/§ https://medium.com/whub/hong-kong-accelerator-and-incubator-programmes-you-need-to-
know-568590b836c8§ https://www.startmeup.hk/incubation-and-acceleration-programmes/§ http://www.scmp.com/business/banking-finance/article/2111340/hong-kong-launches-hk2-
billion-fund-support-tech-start-ups§ https://www.gov.hk/en/business/supportenterprises/funding/index.htm§ https://entrepreneurship.bschool.cuhk.edu.hk/sites/default/files/page/764/GLOBAL%20ENTR
EPRENEURSHIP%20MONITOR%202016_0.pdf§ http://www.startupshk.com/early-stage-funding-hong-kong-2016§ http://fintechnews.hk/1503/various/fintech-in-hong-kong-startup-and-ecosystem-report-
and-infographic/