60. Start-ups in Hong Kong are developing quickly. There
were nearly 2 000 start-ups in Hong Kong last year, a growth of
25% compared with 2015. Among these start-ups, 35% of the
entrepreneurs were from outside Hong Kong. The number of
incubators and co-work locations run by the commercial sector
has increased to over 40.
61. In last year’s Policy Address, I announced the
establishment of a $2 billion Innovation and Technology Venture
Fund to invite eligible venture capital funds as partners to coinvest
with the Government in Hong Kong’s technology start
ups. The fund will commence operation by the middle of this
year. Moreover, through the Technology Start-up Support
Scheme for Universities, the Government has subsidised six local
universities to set up over 120 technology start-ups, turning their
research and development deliverables into businesses.