政策研究系列：科技创新

StrategicPartner: BuildingHongKongasaCradleforSuccessfulEntrepreneurship OurHongKongFoundationPublicPolicyInstitute March2024 1 Contents ExecutiveSummary4 Chapter1:OverviewofHongKongStart-UpLandscape10 Chapter2:ResearchMethodologyandReportFramework18 2.1ResearchMethodology18 2.2ReportFramework18 Chapter3:PromotingEntrepreneurshipEducationtoCultivateEntrepreneurialTalent21 Recommendation1.1Formulatingapolicyframeworkforentrepreneurshipeducationinbasiceducation27 Recommendation1.2Encouragingcross-border,experientialentrepreneurshipprogrammesatthetertiarylevel30 Chapter4:FacilitatingTechnologyTransferandCorporateInterchangetoHelpStart-UpsGrow33 Recommendation2.1:EstablishingaprivateincubatorclusterintheSanTinTechnopole40 Recommendation2.2:Raisingtheadoptionrateofstart-upproductsandservicesbybothgovernmentandprivatesector43 Recommendation2.3:SettingupaTechnologyTransferTalentScheme(TTTS)47 Recommendation2.4:SettingupaTechnologyTransferAlliance(TTA)48 Chapter5:BoostingEntrepreneurs’AccesstoFinance50 Recommendation3.1.EstablishinganangelfundoffundstoprovideHongKongstart-upswithseedandearly-stageventurecapital54 Recommendation3.2.Reducingthebarrierfortechstart-upstobelistedunderChapter18CoftheMainBoardListingRulesoftheHongKongStockExchange60 Recommendation3.3.Acceleratingdisbursementofgovernmentfundingschemesforstart-ups ..................................................................................................................................................64 Chapter6:SupportingStart-UpExpansiontoGBAMainlandCitiesandASEANCountries67 Recommendation4.1.RelaxingentryrestrictionsforHongKongenterprisesinMainlandChina69 Recommendation4.2.Reinforcingsupportonstart-upexpansioninGBAMainlandcitiesandASEANcountries71 Recommendation4.3.SettinguptheGoASEANone-stopplatformtoofferpracticalinformationonenteringtheASEANmarket75 Chapter7:AttractingGlobalandRegionalTalentsandEnterprisestoSupplementtheStart-upEcosystem .............................................................................................................................................78 Recommendation5.1:Offeringcomprehensivesupporttofacilitatetalentattraction80 Recommendation5.2:Providingtaxincentivestostart-upsandstrategicenterprises83 Chapter8:Conclusion86 Appendices87 References96 Acknowledgement111 ExecutiveSummary Purpose ThisreportexaminesthecriticalenablingfactorsforfosteringsuccessfulentrepreneurshipinHongKong.Ithighlightsthestrategicimportanceofstart-upsinfuellingHongKong'seconomicgrowthandinnovation.Thereportshowsthatstart-upsarenotjustself-employmentvehiclesbutalsokeyingeneratingbroaderemploymentopportunitiesastheyexpand.DatafromtheWorldBankrevealsthata10%increaseinthenumberofnewbusinessstart-upsresultsina2.4%growthinGDPpercapitaanda2.9%riseinpatentfilingsinthesubsequentyear,underscoringstart-ups’impactsonbotheconomicandinnovativedevelopment. HongKong'sstatusasoneoftheworld'smostopeneconomiespresentsnumerousbenefits,includingrobustinfrastructure,renownedresearchuniversities,freecapitalmovement,andstrategicmarketaccess.Topositionitselfasapremierinnovationandtechnology(I&T)hub,HongKongmustactivelyaddressandovercomethehurdlesinitsstart-uplandscape,maximisingitspotentialasaconduciveenvironmentforentrepreneurialsuccess. Thisstudyadoptsapeople-centricapproach,drawinginsightsfromthoroughinterviewsandfocusgroupdiscussionswithavariedpoolof73stakeholders.Thisgroupcomprisesentrepreneurs,venturecapitalists,professors,technologytransferprofessionals,incubatorandresearchinstituterepresentatives,governmentauthorities,andlegislativecouncillors.Atotalof14recommendationsacross5keyareasincludingeducation,technologytransfer,financing,marketexpansionaswellastalentandenterpriseattraction,areformulatedtosupportpolicyeffortstobuildHongKongasacradleforsuccessfulentrepreneurshipwithbothregionalandinternationalappeal. Challenges DespiteHongKong'sfavourablebusinessenvironment,itonlyranks12thintheGlobalStartupEcosystemIndex2023,trailingcitieslikeBeijing,Shanghai,andBangalore.Furtheranalysisrevealstwoparticularareasthatneedtobeaddressedbyconcertedpolicyefforts. Firstly,thenumberoflocalunicorns—start-upsvaluedatoverUSD1billion—isrelativelylow.Withonly18unicorns,HongKonglagsbehindBeijing’s91,Shanghai’s71,andShenzhen’s32.Thisunderscoresthepotentialforgrowthandthenecessitytofosteramoresupportiveecosystem. Secondly,thereisanimbalanceinHongKong’sfinancinglandscape.DespitepridingourselvesasoneofthetopIPOarenasworldwide,venturecapital(VC)investmentsinearly-stagelocalstart-upsremainrelativelylow.Addressingthisimbalanceinfinancingactivitiesisessentialfornurturingarobuststart-upecosystem.Enhancingventurecapitalaccessandpromotingacultureofrisk-takingandinnovationarekeytoattractingmoreinvestmentsandsupportingthegrowthoflocalstart-ups. Recommendations ToelevateHongKongasahubofsuccessfulentrepreneurship,thisreportoutlinesacomprehensivestrategythatsupportsstart-upsfrominceptiontomaturity,asillustratedinFigurei.OurrecommendationstotheHongKongSARGovernment(hereafter“theGovernment”)spa