HONG KONG: ASIA’S MOST VIBRANT STARTUP ECOSYSTEM

Asia’s Opportunity Hub Drives Innovation, Agility and Diversity

Hong Kong’s startup landscape has exhibited remarkable resilience, continuing its upward trend into 2024. Despite continuing external challenges, the findings from InvestHK’s 2024 Startup Survey revealed that the total number of startups has surged to 4,694, employing 17,651 individuals — a record high that underscores the ecosystem’s vitality.

Why Hong Kong?

The encouraging results reflect Hong Kong’s allure for startup founders, bolstered by several key advantages:

Simple tax system and low tax rate
Accessibility to funding
Business opportunity in Mainland China
Accessibility to international and regional markets
Availability of multilingual staff and talent

These factors highlight Hong Kong’s strategic role as a gateway for businesses aiming to access the Guangdong-Hong Kong-Macao Greater Bay Area and the broader Asian market.

The encouraging results reflect Hong Kong’s allure for startup founders, bolstered by several key advantages:

Simple tax system and low tax rate
Accessibility to funding
Business opportunity in Mainland China
Accessibility to international and regional markets
Availability of multilingual staff and talent

These factors highlight Hong Kong’s strategic role as a gateway for businesses aiming to access the Guangdong-Hong Kong-Macao Greater Bay Area and the broader Asian market.

Hong Kong Continues to Draw
International Founders

While 72% of the startup founders who provided origin information were Hong Kong locals and 1% were returnees, 28% of the startup founders were non-locals. Mainland China continued to have the largest share this year, followed by the United Kingdom, the United States, France and Australia.

"Adversity so often drives innovation. For the second year running we’ve seen just how agile and innovative our startup community really is, despite the great challenges that face the business world right now. In Hong Kong, we pride ourselves on providing robust support for the startup ecosystem to grow, focusing on access to talent, market and funding."

Jayne Chan
Head of StartmeupHK, InvestHK

Major origin countries/ territories of non-local founders

Percentage based on total number of non-local founders with origins provided; individual percentage figures quoted above do not add up to 100% due to rounding

Startups Across a Wide Range of Industries

Hong Kong remains an attractive hub for startups across various sectors. The leading industry continues to be “FinTech”, followed by “Information, computer & technology”; “E-commerce”; “Education & learning” and “Data analytics”. Noteworthy growth has been observed in “Health & medical” and “Sustainable technology / Green technology”, reflecting a heightened focus on personal health and sustainability, alongside increased market interest in these sectors.

The above information is based on an online survey conducted by InvestHK with results finalised in September 2024. The survey was conducted in collaboration with a total of 56 operators of co-work spaces, incubators and accelerators.

Disclaimer: The information contained in this publication is for general reference only. While every effort has been made to keep information current and accurate, InvestHK does not accept any responsibility whatsover in respect of such information. There is no implied endorsement of any material or recommendation of a company or service provider over another.