The 2016-17 Budget
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64.    Hong Kong is one of the most popular start-up hubs in the world.  Last year, I introduced a series of measures to improve the ecosystem for start-ups to enable local industries to further diversify.  According to InvestHK, there are now 1 600 local start-ups, representing an increase of 50 per cent over 2014.

65.    Entrepreneurship is not exclusive to the young.  Older people with societal experience and professional expertise can join the ranks of entrepreneurs to bring forth new possibilities by applying creativity and technology.

66.    I shall continue to offer comprehensive support to start-ups in various areas such as business incubation, financing, business expansion and office space.  The new measures include the following –

(a) Government will set up a $2 billion Innovation and Technology Venture Fund to co-invest with private venture capital funds on a matching basis in local technology start-ups;
(b) the Science Park will expand in stages to provide additional floor area of 70 000 square metres for start-ups and other technology companies by 2020, with the project estimate amounting to $4.4 billion to be borne jointly by Government and HKSTPC; and
(c) the Cyberport will earmark $200 million to invest in its start-ups.  HKSTPC will continue to support start-ups through its Corporate Venture Fund and incubation programmes.


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Last revision date : 24 February 2016