Hong Kong’s support for innovation and technology

Hong Kong is a thriving innovation and technology centre. Alongside increasing government and private injections, the city’s favourable entrepreneurial and business environment have provided global talent with ample opportunities and resources. Additionally, government policies and funding schemes have strengthened existing infrastructure, as well as incentivised collaboration among industry, academic, and research sectors, attracting start-ups and tech enterprises to establish themselves here. Rising to 9th in the World Talent Ranking 2024, Hong Kong fosters a nurturing, well-equipped ecosystem for technological development.

Support for talent in transforming research and development outcomes 

According to the Global Innovation Index 2024, Hong Kong ranks 18th among 133 economies and 12th specifically in the “Innovation Outputs” category. As reported in a 2023 survey by InvestHK, the city reached a record number of 4,257 start-ups with 16,453 employees, reflecting that its vibrant entrepreneurial environment has contributed to increased employment opportunities for talent. Aided by initiatives such as The Hong Kong Science Park and Cyberport, along with comprehensive incubation and acceleration programmes, Hong Kong has made significant steps in helping innovative talent realise their visions into tangible outcomes.

As Hong Kong’s largest Web 3.0 community, Cyberport’s “Web3Hub@Cyberport” houses more than 280 blockchain technology-related enterprises, with founders coming from Hong Kong, Mainland China and 19 overseas countries, forming the largest local Web3.0 cluster. Moreover, the “Web3 PoC Subsidy Scheme” has granted funding to 45 projects covering areas such as banking, real estate, tourism, telco, and art and culture, accelerating the commercial adoption of Web 3.0 technologies. Cyberport has also set up the Cyberport Blockchain Support Portal (CBSP) to facilitate blockchain protocols from various regions to build their ecosystem community in Hong Kong and foster the growth of the local Web3.0 ecosystem.

To enhance dealmaking capabilities of the Web3.0 start-ups, Cyberport also established “Web3.0 Investors Circle” (W3IC) under the Cyberport Investors Network (CIN) to create an exclusive network for investors to engage in Web3.0-related investment, and has attracted over 30 investors since launch. In October 2024, Cyberport further announced the collaborative “Cyberport x Draper Dragon Web 3.0 Accelerator Programme” to encourage industry development across talent cultivation, project incubation, and investment. Draper Dragon will also invest in selected Cyberport start-ups that have completed the Accelerator Programme, enhancing innovation efficiency alongside financial assistance for projects.

Developing a career in Hong Kong entails not only funding opportunities for innovative talent but also infrastructural support. Facilities such as the InnoHK platform, 5 government-established Research & Development Centres, 16 State Key Laboratories, 6 Hong Kong branches of CNERCs and 22 Joint Laboratories with the Chinese Academy of Sciences have been established to promote active collaboration between local and overseas talent, along with the integration of university talent into the industry. It’s important to note that universities in Hong Kong produced a total of 10,933 academic outputs in the 2021/22 year alone, with over 70% of outputs concentrated in the innovation and technology sector, reflecting talent’s creative and technical capabilities in startups and research projects.

For more information on funds and support schemes for innovation and technology in Hong Kong, please refer to the ITC, Cyberport, and HKSTP websites or this HKTE article.

Hong Kong as an international hub for innovative resources and talent

Hong Kong’s innovation and technology sector is supported by substantial policies and subsidies. In the Chief Executive’s 2024 Policy Address, the Government announced setting up a HK$10 billion I&T Industry-Oriented Fund to stimulate investment and growth in emerging technology industries. The Government will also optimise the Innovation and Technology Venture Fund, establish the Hong Kong New Industrialisation Development Alliance, and initiate the preparatory work for the third InnoHK research cluster, promoting closer collaboration among the Government and the industry, academia, research and investment sectors. These measures aim to help talent establish themselves in Hong Kong and pursue their I&T ambitions.

As one of the top 10 economies in the world, Hong Kong boasts world-class research and development infrastructure. Its advantageous business environment is also characterised by simple and clear regulations in business entry. Providing a stable and strong ecosystem for innovation and technology enterprises to prosper, Hong Kong is the ideal destination for top talent from around the world.