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Hong Kong Tries For Tech Boost

Small markets limit the start-up potential of Hong Kong

By Zhang Qingchen Updated Jul.17

Hong Kong is the center for a number of corporate headquarters, but there are few startup companies there. The local government established an Innovation and Technology Bureau in 2015, and in its 2016 report claimed that about $250 million would be invested in start-ups.  Shen Nanpeng, global executive partner of Sequoia Capital, recently offered his opinion of the future of tech entrepreneurship there.  

Shen firstly noted that Hong Kong lacks start-ups, stating that the local market is too small to support new undertakings because the success of a company or technology is closely related to the driving factors of large markets, such as the promotion of shared economy, new media as well as e-commerce in Beijing or Shanghai.  

With many top universities and research institutions, some advanced technologies has already been turned into small businesses in Hong Kong, although currently the territory does not have rich experience in turning a startup company into a large enterprise. Yet, Shen stressed Hong Kong still has great opportunities to develop innovative technologies such as cloud computing, robotics and life sciences into real products.