Policy Address

Helping Start-ups

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.

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