Supporting start-ups to transform Hong Kong into a hub for innovation and technology

Much of Hong Kong's economic success can be attributed to our agility and entrepreneurial spirit. To continue its competitiveness, the city must now further innovate and diversify its economy.

One of the promising trends is the rise of start-ups in Hong Kong recently. We have seen the incredible journey of various start-ups grow from an entrepreneur with a dream to a company employing hundreds.

We have seen local start-ups harness the power of mobile technology to establish a successful logistics business (GoGoVan), wield the Internet to offer basic legal support for small and midsized business (Dragon Law), and design Internet of Things (IoT) devices to bring forth disruptive technology (Air Button).

These innovative start-ups represent the potential of Hong Kong to develop businesses beyond traditional industries like real estate, finance, or retail services.

However, a truly conducive environment to start-ups can only be created through close collaborations among governments, businesses, academia, and research institutions.

We are delighted to see that various parties have come together to support innovative start-ups in Hong Kong. For example, the recent establishment of Hong Kong Computer Society Financial Technologies Special Interest Group aims to nurture FinTech start-ups as well as to encourage a favorable environment for formulating supportive policies for innovation.

We have also seen the launch of new start-up initiatives from the private sector, such as accelerators, mentorship, and co-workspace programmes to nurture young entrepreneurs in Hong Kong. With regards to government support, the proposed Innovation and Technology Bureau (ITB) would be a step in the right direction for Hong Kong's start-up ecosystem.

Disruptive technology on one hand brings convenience and change to the way we live, but on the other, it may present financial, privacy, and safety concerns. A balance must be struck between sufficient regulations and creating space for start-ups to thrive and innovate.

This is where the ITB, a dedicated bureau responsible for formulating policies and promoting the development of innovation and technology, can step in and provide regulatory support.

With the Innovation and Technology Commission as well as the Office of the Government Chief Information Officer (OGCIO) both under the ITB, the bureau can act as a crucial bridge of communication, orchestrating macro-policy change, forming policies and regulations to facilitate industry growth, and supporting start-ups in overcoming existing hurdles.

As an involved industry player, we have witnessed a lot of successful start-ups and thriving entrepreneurs in Hong Kong. To call Hong Kong as a capital for tech and start-ups, however, requires a synergy that can only happen with the support of everyone in the community, including the government.