2024 Sees Unprecedented Surge in Startups Across Hong Kong
In 2024, Hong Kong has seen an unprecedented surge in the number of startups. This record-breaking growth highlights the city's increasing attractiveness as a hub for entrepreneurs and innovation.
TroibNews 
Hong Kong has reached new milestones 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 has grown to 4,694, representing a 10 percent increase from the previous year and approximately 40 percent more compared to 2020, as reported by the HKSAR government based on the latest Invest Hong Kong data.
The workforce across these startups has nearly reached 18,000, marking a 7 percent year-on-year growth and a significant rise of around 65 percent since 2020.
Alpha Lau, InvestHK's director-general of investment promotion, highlighted that this impressive growth stems from active government initiatives designed to support the advancement of emerging industries and businesses.
The sectors that experienced the most growth include "health and medical" and "sustainable and green technology," demonstrating the success of the government's investments in both innovation and green energy, she noted.
In addition, the HKSAR government has announced plans to introduce the I&T Accelerator Pilot Scheme, with a funding allocation of 180 million Hong Kong dollars at a one-to-two matching ratio with institutions, aimed at attracting internationally recognized startup accelerators to Hong Kong.
To improve Hong Kong's business landscape, InvestHK stated it will continue to showcase the advantages of operating in the region to global investors and enterprises through its network of 34 international offices.
As part of its strategy to expand its global presence, InvestHK plans to establish a new office in Türkiye by the first quarter of 2025, which will create additional opportunities for Hong Kong. This initiative aligns with a broader goal of engaging with nations involved in the China-proposed Belt and Road Initiative.
Anna Muller contributed to this report for TROIB News
The total number of startups in the Hong Kong Special Administrative Region has grown to 4,694, representing a 10 percent increase from the previous year and approximately 40 percent more compared to 2020, as reported by the HKSAR government based on the latest Invest Hong Kong data.
The workforce across these startups has nearly reached 18,000, marking a 7 percent year-on-year growth and a significant rise of around 65 percent since 2020.
Alpha Lau, InvestHK's director-general of investment promotion, highlighted that this impressive growth stems from active government initiatives designed to support the advancement of emerging industries and businesses.
The sectors that experienced the most growth include "health and medical" and "sustainable and green technology," demonstrating the success of the government's investments in both innovation and green energy, she noted.
In addition, the HKSAR government has announced plans to introduce the I&T Accelerator Pilot Scheme, with a funding allocation of 180 million Hong Kong dollars at a one-to-two matching ratio with institutions, aimed at attracting internationally recognized startup accelerators to Hong Kong.
To improve Hong Kong's business landscape, InvestHK stated it will continue to showcase the advantages of operating in the region to global investors and enterprises through its network of 34 international offices.
As part of its strategy to expand its global presence, InvestHK plans to establish a new office in Türkiye by the first quarter of 2025, which will create additional opportunities for Hong Kong. This initiative aligns with a broader goal of engaging with nations involved in the China-proposed Belt and Road Initiative.
Anna Muller contributed to this report for TROIB News
