Hong Kong recently ranked third in this year’s Global Financial Centers Index 36 Report, underscoring its status as a leading global financial hub and ability to attract entrepreneurs from around the world. This success is attributed to ongoing support for various initiatives, including the StartmeupHK Festival, which fosters innovation and entrepreneurship.

Running until October 25 2024, the StartmeupHK Festival showcases Hong Kong as a vibrant startup hub. Established in 2016 and organized by InvestHK (a government department focused on enhancing the city’s status as Asia’s leading international business hub), the festival features a dynamic array of events — conferences, exhibitions, and pitching competitions. This year, under the theme “A Future Unlimited,” the festival highlights critical areas such as AI, greentech, and healthtech, reflecting Hong Kong’s commitment to innovation and economic growth.

RADII spoke to Jayne Chan, Head of Startups at InvestHK, about the festival’s goals and its impact on SMEs (small- and medium-sized enterprises) and startups so far. 

The event also aims to attract international tech companies to explore business opportunities in Hong Kong. To support this, Chan explained that roadshow events were held in various tech hubs worldwide, resulting in delegations from Canada, the UK, India, the Philippines, Shenzhen, and Shanghai participating in StartmeupHK this year. These efforts reinforce the festival’s role in fostering innovative partnerships within the startup ecosystem.

Chan highlighted the festival’s impact: “This festival serves as a dynamic platform for startups to showcase their innovations and forge vital connections. Last year [in 2023], we welcomed over 12,000 participants from 85 countries, featuring more than 600 speakers and facilitating 800 business matching sessions.” While specific figures for this year are not yet available, Chan explained that attendees got to experience unique networking opportunities, such as sustainability markets at the iconic shopping center K11 Musea and scenic sunset hikes at Victoria Peak.

The festival’s global reach underscores Chan’s assertion that fostering an environment that champions entrepreneurship empowers young innovators to thrive and contributes significantly to the region’s economy.

In 2023, Hong Kong’s startup ecosystem thrived, with a record 4,257 startups employing over 16,000 people. The city’s favorable tax system, access to funding, and entrepreneurial culture position it as a prime destination for founders. Notably, 68% of founders were local, 6% returnees, and 26% non-locals — primarily from the Chinese mainland, the UK, the US, France, and Australia. Key sectors for startups included fintech, e-commerce, and food tech. 

As the festival soon concludes, it exemplifies the Hong Kong government’s dedication to nurturing a vibrant startup ecosystem, essential for young innovators. By fostering entrepreneurship, the festival not only enables startups to thrive but also significantly contributes to the broader community and regional economy. With ongoing support and investment, Hong Kong is poised to remain a leading hub for innovation, attracting talent and opportunities globally.

Banner image of Hong Kong-based singer and artist Joya (left) and Jayne Chan (right), Head of Startups, InvestHK. Image via StartmeupHK Festival.