5 Asia start-ups hope to edge out global competition to win hearts of judges and the public
- Number of start-ups in Hong Kong has increased by 146 per cent in five years
- Non-profit initiative Jumpstarter returns to support young businesses in the region and around the globe
Hong Kong has always been famous for its entrepreneurial spirit, so it should come as no surprise that the city is becoming a global hub for start-ups.
Data recently released by the government department InvestHK shows the number of start-ups in Hong Kong reached 2,625 in 2018 – a remarkable 146 per cent increase compared with the 1,065 recorded in 2014.
The ecosystem is also cosmopolitan, with 35 per cent of these young businesses founded by entrepreneurs from outside the city, most notably the United Kingdom, the United States and mainland China.
The report points to “a strong network of incubators, accelerators and co-work spaces, deep and diverse community partner support, pro-innovation policies and a multicultural ecosystem” as possible factors behind the upward trend.
Springboard to success
Against this favourable backdrop, Alibaba Hong Kong Entrepreneurs Fund – launched in 2015 by Alibaba Group, the Chinese e-commerce conglomerate, which owns the South China Morning Post – is bringing back non-profit initiative Jumpstarter to provide the world’s start-ups with a platform to exchange ideas and showcase their innovations to potential financiers.
While the debut event in 2017 focused on Hong Kong start-ups, this year’s agenda is global and open to applicants from all around the world.
