Hong Kong’s 2019 Budget Allocates Big Budget to Startups

pauclchan

Thanks Paul Chan! For the first time since we started StartupsHK, the Hong Kong government is really coming up with the cash to support our ecosystem.

Hong Kong Financial Secretary Paul Chan delivered his third Budget Speech yesterday with a raft of new monetary sweeteners aimed at promoting the city’s innovation and technology development. We refuse to call it “I.T.” – lets just call it “tech!”

$5.5 billion for the development of Cyberport 5 to accommodate more technology companies and startups. The expansion project is expected to provide about 66,000 sqm of floor area, and include facilities such as offices, co-working space, conference venues and data service platforms.

The budget raises the maximum annual funding under the Technology Start-up Support Scheme for Universities from the existing HK$4 million to HK$8 million—for each university—starting from 2019-20 to better nurture university start-ups.

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Appedu reveals how it fights the war for talents

Appedu team photo

Appedu aims to make learning easier than ever. By providing a crowdsourcing mobile app that allows students to ask any question in one click, Appedu is creating an accessible and high quality learning environment to encourage curiosity and nurture a questioning mind.

As a young start-up, most expect our major challenges to be funding-related, and are often surprised when we reveal that our biggest obstacles lie in attracting top talents. Idea matters, money matters, and execution matters, but behind it all, it is people who drive progress. In our first two years of operation, we have observed a common but worrying recruitment trend: the war for talents is raging in ever greater intensity between well-established, multi-national firms and local start-ups. Hiring the right people to join a start-up has always been as challenging – if not more – as raising funds. Compared to those big guys, we are nobody. Candidates and their family are often sceptical of our business, while some may even question our legitimacy.

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Cyberport Launches Smart-Space 3F: A 27,000 Square Foot Co-Working Space with Room for 134 Startups

Smart
For digital and tech startups looking for a home, Cyberport has just opened the doors to its new co-working space.

The 27,000 square feet Smart-Space 3F is a stunning government facility that has the capability of housing 134 startups. Smart-Space 3F has 46 offices ranging from 2-12 person occupancy, 32 flexi-spaces (hot desks) and 24 work stations (dedicated desks).

Besides boasting a panoramic sea view, 3F’s affordable prices are another attractive feature. Two-seater offices go for HK $5,000/month, larger offices average $2,500/month per room seat (depending on size), dedicated desks are at $1,500/month while hot desks will only set tenants back $800/month.

“It’s ideal for a very, very early stage startup. Local startups and overseas entry companies are our target markets,” said Cyberport’s COO Mark Clift. “Overseas companies want to expand to Asia and they’re attracted by the China market. For a lot of companies, it’s difficult because they don’t understand China and they’re weary of long term commitments – so the flexi-space gives them a good entry point.”

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