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Five key survey findings on the development of startups
According to the 2021 Startup Survey released by Invest Hong Kong, Hong Kong's startup ecosystem remains vibrant despite the ongoing economic challenges of the global pandemic. Let’s go through the survey results. 1. Record high in the total number of startups The overall number of startups in the city reached a record high of 3,755, up 68% over 2017. 2. Number of employees recruited by startups bounced back The number of staff hired by startups in 2021 surged 29% to 13,804 persons, despite a year-on-year drop of 14% was recorded in 2020. 3. Continuous growth in locations of co-working spaces/incubators/accelerators Since 2017, the number of co-working spaces/incubators/accelerators has doubled, up from 62 to 124 in 2021. 4. Increase in non-local talents In 2021, the percentage of non-local startup founders has increased 2% to 28%. 20.5% of them were from Mainland China. 5. Most startups are engaged in the financial technology sector The financial technology sector ranks the top in terms of number of startups in 2021 with 472 such companies. The continued rise of digital behaviour has also fuelled specific startup growth in sectors such as the e-commerce and supply chain & logistics technology sector, in which the number of startups companies in the sector has increased from 385 in 2020 to 432 in 2021. Interested in starting your own business in one of the fast-growing industries? Here below are some useful resources: Startup How-Tos: How to prepare for my entrepreneurship? Startup How-Tos: Three pillars of e-commerce Reference: Invest Hong Kong’s 2021 Startup Survey
Apart from capital and social networks, young people may also need office space or studio to launch their businesses. In recent years, many young entrepreneurs prefer to develop their business in a co-working space. Paying heed to their own needs and budget, young people can choose a suitable one from the many co-working spaces across the territory. Space Sharing Scheme for Youth The Space Sharing Scheme for Youth serves as a platform for owners of revitalised industrial buildings and commercial buildings to contribute floor space for the operation of co-working spaces or studios. Under the scheme, the floor space will be either operated by the property owners themselves, or provided to a non-government organisation at a rent of no more than one-third of the prevailing market rent. The operator will then offer co-working spaces or studios at a concessionary rent of no more than half of the comparable market rent to young users. First batch of participating property owners offered ten properties located in different parts of the city, including Tsuen Wan, Lai Chi Kok, Wong Chuk Hang, Wan Chai and Kwun Tong. They are operated by organisations including the Arts Development Council, Cyberport Management Company, Federation of Hong Kong Indutries, Hong Kong Innovative Education Foundation and Po Leung Kuk. Enhanced Social Innovation Co-working Space Subsidy Scheme The Social Innovation Co-working Space Subsidy Scheme (the Scheme) launched by the Social Innovation and Entrepreneurship Development Fund (SIE Fund) in April 2018 aims to provide support to social entrepreneurs and ventures for leasing co-working spaces in Hong Kong to run their social business for supporting poverty relief and social inclusion in Hong Kong. The Scheme was initially implemented on a pilot basis for two years until end of April 2020. Following the completion of a review on the operation and effectiveness of the Scheme, the SIE Fund launched the Enhanced Social Innovation Co-working Space Subsidy Scheme in November 2020 to provide subsidy to social entrepreneurs and ventures for leasing desks or offices in co-working spaces with supporting services where they can co-work, co-make and co-create with their counterparts.
Try Working at Co-working Space for a Bite of Sweet
To cut operating expenses, start-up young founders usually opt for meeting their business partners at home or fast-food shop nearby. It would be a hard time to sacrifice your rest areas at home and even disturb your family members. Or you will compete on decibel with waiters and customers in a restaurant and unluckily run away from the match before you crack your voice. Co-working spaces are now becoming popular among start-ups. Actually, some conventional enterprises are also considering makeovers in a co-working space style to create similarly comfortable and enjoyable working environment for their employees. When comparing with home office, working at co-working spaces has the following advantages:- 1| Space Most of the co-working spaces offer plans of private office, dedicated desk and hotdesk. Users would have better spatial enjoyment in public areas than staying at home. When you are stuck in the middle of the bulk of works, try to wander around for a sparkling idea. 2| Networking You can probably find your companion on your entrepreneurship journey! Your neighbours at the co-working spaces may share their experience to which you may make reference when you try to overcome difficulties. Entrepreneurs of different industries may also talk with each other to exchange ideas and explore collaboration opportunities. 3| Equipment Copiers, scanners, fax machines, conference rooms and projectors, high-speed internet… When the start-up is not yet benefiting from economies of scale, you may find co-working space a better solution to cut cost to maintain all the aforementioned equipment required for a business. 4| Workshops Entrepreneurs who thirst for knowledge may attend workshops organised by co-working spaces and learn about entrepreneurship and your related industries. Or you may consider to join pop up interest classes organised by other institutions and artists. 5| Refreshment Supplies Before you squeeze out the last bit of energy, try to refresh yourself with supplies of free beverage, such as herbal tea and coffee, and also snacks provided by co-working spaces. Remember to assess your business needs, revenue, and costs before enrolling with a co-working space.