Hong Kong's Innovative Technology Companies Settled Down

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香港创新科技企业落戶
Over the past two years, Hong Kong has become an increasingly attractive place for international start-ups due to its location, regulatory environment and tax-friendly system. The Hong Kong government has been working hard to nurture a conducive environment for innovation and technology.

The government has played a pivotal role in nurturing the industry through various initiatives, including setting up the Innovation and Technology Fund (ITF), Hong Kong Science Park, Cyberport and five Research and Development Centres. These centres support industry players with excellent infrastructure, resources and intellectual property protection.

During this period, the number of innovative technology companies in Hong Kong has risen to 3,755 and employs over 13,000 people. The four key areas of the industry are biotechnology, artificial intelligence, smart city and financial technologies.

As the economy continues to expand, it will be critical for Hong Kong's existing businesses to adapt their digital and data capabilities. This requires a change in thinking that focuses on new types of talent and more flexible, agile management.

A new era of innovation characterised by collaboration and co-incubation through partnerships is emerging. This is evident in the recent introduction of a Technology Start-up Support Scheme for Universities which offers funding of up to HK$8 million each year to local universities to encourage technology start-ups.

Aside from the government's initiatives, Hong Kong also supports a wide range of support programmes and facilities that are attracting more local and foreign technology companies. This includes tax deductions for domestic expenditure on R&D incurred by firms, as well as the availability of a broad range of financing opportunities from banks, equity investors and other sources.

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