28th December 2024 – (Hong Kong) Hong Kong has achieved record highs in both the number of startups and their workforce in 2024, according to official statistics released on Saturday. The total number of startups in the Hong Kong Special Administrative Region (HKSAR) reached 4,694, representing a 10 per cent increase from the previous year and approximately 40 per cent more than in 2020, as reported by the HKSAR government, citing data from Invest Hong Kong (InvestHK).
The combined workforce of these startups approached 18,000, marking a 7 per cent year-on-year growth and a significant 65 per cent increase since 2020. Alpha Lau, InvestHK’s director-general of investment promotion, attributed this robust growth to proactive government initiatives designed to foster the development of emerging sectors and innovative companies.
Notably, the sectors experiencing the largest increases were “health and medical” and “sustainable and green technology,” highlighting the effectiveness of government investments in innovation and environmental sustainability.
In a bid to further attract international startup accelerators with established success records, the HKSAR government has announced the launch of the I&T Accelerator Pilot Scheme, which will allocate HK$180 million (approximately US$23.19 million) at a one-to-two matching ratio between the government and participating institutions.
To bolster Hong Kong’s business ecosystem, InvestHK plans to continue promoting the advantages of operating in the territory to potential investors globally through its network of 34 offices worldwide. Additionally, a new office in Turkey is set to open in the first quarter of 2025, aimed at expanding opportunities for Hong Kong and aligning with the China-proposed Belt and Road Initiative.
