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