Hong Kong Startups Need Diversified Support More Than Funding

The Hong Kong Exporters' Association reveals top five Hong Kong startups’ demand

HONG KONG SAR - Media OutReach Newswire - 23 July 2024 - Benefiting from the reputation of "Made in Hong Kong" in the global market, Hong Kong startups have been eyeing opportunities outside their home cities at an earlier stage. To expand in Asia, startup founders need to gather more resources from different stakeholders.

To elaborate on the support needed by Hong Kong startups, The Hong Kong Exporters' Association (HKEA) today reveals the top five demands of Hong Kong startups based on feedback from industry leaders in the city. It includes:

1. Marketing support, including support to increase startups' international exposure and potential users' education
2. Application scenarios provided by the government and sizable organizations
3. Financial support, including funding schemes, loans and tax incentives
4. Recruitment support
5. Business and technical guidance

Many Hong Kong startups have formulated their oversea expansion plans. More common targets are the Greater Bay Area (GBA), other Asian countries, and global markets far from the city. Sage Lai, Co-Founder & CEO of Sinovated Technology, said they planned expansion in ageing markets in Asia including GBA, Singapore, and Malaysia. Lai believes there would be a robust demand for quality healthcare services for the elderly. The firm invented a one-stop intelligent elderly care monitoring system, namely SAFERIN.

Another startup leader Edmond Yau, Founder and CEO of KOLN 3D Technology, a healthtech startup, shared his ambitious plan. The company has footprints in Hong Kong, GBA, and other countries relevant to the Belt and Road initiatives. They have partnered with the National Cancer Centre in Kazakhstan to apply their healthcare product to local patients' medical treatment. They also operate in Switzerland and plan to expand their business in European countries, aiming to cure more patients globally.

Marketing supports enhance international exposure.

Hong Kong startup leaders highlighted the importance of marketing support in international trade. Dozens of startup leaders are eager to connect with more customers, investors, and partners outside their home cities, which is crucial to their branding and reputation. Yau commented that startups would need funding from the public sector and the business community to support their participation in more overseas exhibitions and seminars.

"We need to educate potential users on new products, and eventually persuade them to adopt innovations. The openness of innovations and acceptance of innovative technologies vary in different markets, depending on their socioeconomic status. We must overcome these challenges to participate in international trade," commented Lai.

"Many enterprises are not aware of the value of carbon reduction. It is an invisible destruction to their businesses as well as the community in the long run, although the harm may not be visible immediately. Business leaders may need to pay a huge price for their inaction in the future. It is our mission to educate them on the urgency of action today," said Karin Lau, Managing Director of Star Affinity Venture. The firm invented a decarbonisation & resources regeneration device, namely CIONEX.

"Innovation is the spirit of Hong Kong entrepreneurs", said Eric Sun, Chairman of the Hong Kong Exporters' Association. "Hong Kong businesses will need to double down their innovative power. It is essential for their business growth and ultimately their competitiveness in the international market".

Power of Government Policy

Startup leaders also pointed out the impact of government policy. Rather than investing more resources in different funding schemes, they believe the authority can pay more attention to creating application scenarios for innovation in government bodies and public organisations.

"Innovation of startups in mainland China will often be adopted by government and public organizations. HK Government has much room for improvement in this area. It is more crucial for startup development than funding schemes," highlighted Yau.

Hashtag: #HongKongExportersAssociation

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