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HK$10m adult for grabs as new legislature aims to give start-ups in Hong Kong a assisting hand

A organisation of industrialists and entrepreneurs have affianced their support for start-ups by formulating a HK$10 million investment account as good as networking opportunities with a city’s elite.

Established by a Federation of Hong Kong Industries, a Hong Kong Startup Council would act as a height for up-and-coming companies to rivet investors, while receiving assistance on aspects trimming from bookkeeping and logistics to obvious registration.

The beginning is in line with Financial Secretary John Tsang Chun-wah’s bill this year, where he announced a investiture of a HK$2 billion creation and record relating account to boost support for record start-ups.

But legislature authority Jack Yeung Chung-kit pronounced what they offering was not only financial support, though a network of experts to give start-ups a by-pass to removing into their targeted industries.

“The [Federation of Hong Kong Industries] represents 32 attention groups, that means we know people from everywhere,” he said.

Project to offer US$30,000 in seed appropriation to 5 Hong Kong start-ups

But field would need to accommodate certain requirements: they contingency have a business registration and contingency not be handling in a city for some-more than 5 years. A four-member advisory cabinet would afterwards oldster applications formed on their particular merits and potential.

Those comparison would afterwards join a six-to-nine months programme, guided by attention professionals. Mentors from specific business fields would be interconnected with immature entrepreneurs to assistance iron out obstacles.

Karmen Yeung Ka-yin, who is one of a mentors, forked out that start-ups mostly slight a significance of progressing a sound financial statement.

“Tidying your books is critical for any association to say a good attribute with banks, as good as a prospects of destiny listing,” she reminded entrepreneurs.

At a finish of a programme, a demo day would be organized for start-ups to make their representation to a row for a possibility to win a extend of adult to HK$10 million. After that. a programme would start again, covering opposite themes any time such as a internet of things, robotics or synthetic intelligence.

The series of start-ups has grown fast in new years. According to InvestHK, there are now 1,600 start-ups in a city, a 50 per cent burst compared with 2014.

The scholarship park in Sha Tin has been earmarked to yield an additional 70,000 sq m of building space by 2020, with a supervision temperament half of a HK$4.4 billion construction costs.