Hong Kong Coalition and OHKF Jointly Release Report on Hong Kong Youth Entrepreneurship in the GBA
Hong Kong Coalition and OHKF Jointly Release Report on Hong Kong Youth Entrepreneurship in the GBA
Ten Measures to Enhance the Competitiveness of Entrepreneurial Bases in the GBA: Innovative Financing and Procurement Matching to Help Hong Kong Youths Pursue Their Dreams
[Hong Kong, May 4, 2025] The Hong Kong Coalition and Our Hong Kong Foundation today jointly released the research report titled "The Study on Hong Kong Youth Entrepreneurship Bases in the Greater Bay Area". Addressing the challenges faced by Hong Kong youths in starting businesses in the GBA, the report proposes 10 policy recommendations aimed at optimising the entrepreneurial support system to help Hong Kong youths pursue their dreams in the GBA.
In recent years, the governments of Guangdong and the HKSAR have strongly supported the integrated development of the GBA, introducing various preferential measures to attract Hong Kong youths to start businesses in the mainland, covering fields such as technology, cultural creativity, and biomedicine. However, Hong Kong youths face challenges such as cultural differences, financing difficulties, and limited resource connections in the mainland, requiring more comprehensive policy support.
Dr. Jane Lee, Deputy Secretary-General of the Hong Kong Coalition and President of Our Hong Kong Foundation, said: "The GBA provides unprecedented entrepreneurial opportunities for Hong Kong youths. The ten measures we propose aim to strengthen cooperation between the two places in entrepreneurial policies, such as establishing a mutual promotion and recognition mechanism for innovation and entrepreneurial bases, thereby promoting resource sharing, simplifying entrepreneurial processes, and nurturing more cross-border entrepreneurial projects. We believe that through policy innovation and regional cooperation, we can create a more favourable entrepreneurial environment for Hong Kong youths, allowing them to realise their dreams on a broader stage."
The foundation's research team visited 13 Guangdong-Hong Kong Youth Innovation and Entrepreneurship Bases in 6 mainland cities of the GBA (including Guangzhou, Shenzhen, Foshan, Dongguan, Zhaoqing, and Huizhou) and conducted in-depth interviews with 95 stakeholders, including local entrepreneurs.
The team conducted an in-depth analysis of the actual situation of Hong Kong youths starting businesses in mainland cities of the GBA through four dimensions: Basic Services, Resource Connectivity, Incubation Capacity, and Sustainability.
The survey results show that the Basic Services provided by the bases are relatively comprehensive, and in terms of Resource Connectivity, Incubation Capability, and Sustainability, the following 10 recommendations are proposed:
Resource Connectivity:
Establish a service centre in Hong Kong for the "Alliance of Hong Kong Youth Innovation and Entrepreneurial Bases in the Greater Bay Area"
According to the characteristics and needs of the Alliance's base members, jointly establish a service centre to assist mainland bases in promoting in Hong Kong, connecting with Hong Kong venture capital institutions and corporate partners, and providing services such as base selection and entry, company registration, etc., to Hong Kong youth entrepreneurs.
Establish a mutual promotion and recognition mechanism for innovation and entrepreneurial bases in Hong Kong and the Mainland
Under the premise of ensuring fairness, simplify the application process for cross-border incubation. Enterprises that have graduated from one base and are recommended can skip duplicate review processes for incubation applications at other bases.
Build a matching platform to connect business needs of public and private sectors with start-up products
Regularly compile and release procurement needs of government agencies and leading enterprises, invite start-ups to submit proposals directly through the platform, and conduct proof-of-concept and technology testing for products in the process, thereby matching the business needs of public and private institutions with the products of start-ups.
Build an online display platform to promote products of incubatees in the Alliance
Help Hong Kong start-ups showcase their incubation achievements to enterprises and investors in both places, with reference to the model "Supply and Demand Street" of the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub, enabling purchasers to search for suitable partners based on their needs.
Incorporate the bases into the pilot sites of mainland public sector’s Cooperative Innovative Procurement Method
Government entities, as purchasers, can invite suppliers to collaborate on product research and development (R&D): if the R&D is successful, the government can make procurements according to the agreement; if it fails, the government can provide cost compensation to share the R&D risks with the enterprises. The government can further encourage higher education institutions and research organisations to form joint supplier partnerships with start-ups at the bases to co-develop innovative products.
Incubation Capacity:
Expand the cooperation scope of cross-boundary commercial credit data connectivity
First, include Nansha and Hengqin in the pilot scope for cross-boundary credit referencing, then progressively extend it to all nine GBA mainland cities, and ultimately promote it nationwide.
Allow Hong Kong youths and enterprises to apply for loans through “Base Entry Credit Facility”
Use expected government subsidies and rewards as collateral or guarantees to obtain bank loans to alleviate cash flow pressures.
Establish an angel investment risk compensation scheme targeted at Hong Kong youth start-ups
Subsidise venture capital institutions for 30% to 60% of losses from investing in Hong Kong youth start-ups, making it easier for start-ups to secure third-party investments.
Sustainability:
Establish a system to provide funding support for private innovation and entrepreneurial bases
Consider conducting regular assessments of the bases and subsidising those that meet the assessment criteria. In the long term, establish a set of standards for mainland innovation and entrepreneurship bases, such as venue facilities and service types, and provide a one-time reward to bases that meet the standards.
Strengthen the promotion of Hong Kong youth innovation and entrepreneurial bases
The Human Resources and Social Security Department of Guangdong Province can lead the coordination of promotional efforts for bases and assist them in establishing official websites. The Home and Youth Affairs Bureau can support the bases with promotion in Hong Kong, enhance the information on the Alliance’s webpage, and release information through the “HKYouth+” Youth Mobile Application.
Ms Iris Wong, Chief Officer of Hong Kong Coalition, and Hong Kong delegate to the National People’s Congress, said: "Hong Kong's integration into the national development is not a slogan. For Hong Kong youths, starting businesses in the GBA is an ideal way to realise their dreams. Especially now, with the country offering many preferential policies, the timing for Hong Kong youths to start businesses in the GBA is very attractive. Therefore, we propose further improving policies and put forward ten practical suggestions in terms of resource connectivity, incubation capacity, and sustainability: including establishing the Alliance Service Centre in Hong Kong for the bases in the GBA, promoting cross-boundary credit referencing, and setting up an angel investment risk compensation mechanism. We believe that coordinated efforts by the governments of the two places to optimise the policy ecosystem can further help Hong Kong youths break through the bottlenecks of funding, market, and information, making the GBA a golden dream factory for Hong Kong youth innovation and entrepreneurship."
Mr. Victor Kwok, Deputy Director of Research at Our Hong Kong Foundation, said: "The mainland entrepreneurial bases in the GBA are the first stops for Hong Kong youth to start businesses in the north, which are crucial for them to enlarge networks, expand business connections, and obtain financing. The policy recommendations we propose aim to provide stronger entrepreneurial support for Hong Kong youths through institutional innovation and resource integration. We hope that these measures can light up hope for Hong Kong youths and enable them to go further on their entrepreneurial journey in the GBA."
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The Study on Hong Kong Youth Entrepreneurship Bases in the Greater Bay Area
Full report (Chinese):
https://bit.ly/4iTKKAo
Full report (English):
https://bit.ly/4jDTQSU
Ten Measures to Enhance the Competitiveness of Entrepreneurial Bases in the GBA: Innovative Financing and Procurement Matching to Help Hong Kong Youths Pursue Their Dreams
[Hong Kong, May 4, 2025] The Hong Kong Coalition and Our Hong Kong Foundation today jointly released the research report titled "The Study on Hong Kong Youth Entrepreneurship Bases in the Greater Bay Area". Addressing the challenges faced by Hong Kong youths in starting businesses in the GBA, the report proposes 10 policy recommendations aimed at optimising the entrepreneurial support system to help Hong Kong youths pursue their dreams in the GBA.
In recent years, the governments of Guangdong and the HKSAR have strongly supported the integrated development of the GBA, introducing various preferential measures to attract Hong Kong youths to start businesses in the mainland, covering fields such as technology, cultural creativity, and biomedicine. However, Hong Kong youths face challenges such as cultural differences, financing difficulties, and limited resource connections in the mainland, requiring more comprehensive policy support.
Dr. Jane Lee, Deputy Secretary-General of the Hong Kong Coalition and President of Our Hong Kong Foundation, said: "The GBA provides unprecedented entrepreneurial opportunities for Hong Kong youths. The ten measures we propose aim to strengthen cooperation between the two places in entrepreneurial policies, such as establishing a mutual promotion and recognition mechanism for innovation and entrepreneurial bases, thereby promoting resource sharing, simplifying entrepreneurial processes, and nurturing more cross-border entrepreneurial projects. We believe that through policy innovation and regional cooperation, we can create a more favourable entrepreneurial environment for Hong Kong youths, allowing them to realise their dreams on a broader stage."
The foundation's research team visited 13 Guangdong-Hong Kong Youth Innovation and Entrepreneurship Bases in 6 mainland cities of the GBA (including Guangzhou, Shenzhen, Foshan, Dongguan, Zhaoqing, and Huizhou) and conducted in-depth interviews with 95 stakeholders, including local entrepreneurs.
The team conducted an in-depth analysis of the actual situation of Hong Kong youths starting businesses in mainland cities of the GBA through four dimensions: Basic Services, Resource Connectivity, Incubation Capacity, and Sustainability.
The survey results show that the Basic Services provided by the bases are relatively comprehensive, and in terms of Resource Connectivity, Incubation Capability, and Sustainability, the following 10 recommendations are proposed:
Resource Connectivity:
Establish a service centre in Hong Kong for the "Alliance of Hong Kong Youth Innovation and Entrepreneurial Bases in the Greater Bay Area"
According to the characteristics and needs of the Alliance's base members, jointly establish a service centre to assist mainland bases in promoting in Hong Kong, connecting with Hong Kong venture capital institutions and corporate partners, and providing services such as base selection and entry, company registration, etc., to Hong Kong youth entrepreneurs.
Establish a mutual promotion and recognition mechanism for innovation and entrepreneurial bases in Hong Kong and the Mainland
Under the premise of ensuring fairness, simplify the application process for cross-border incubation. Enterprises that have graduated from one base and are recommended can skip duplicate review processes for incubation applications at other bases.
Build a matching platform to connect business needs of public and private sectors with start-up products
Regularly compile and release procurement needs of government agencies and leading enterprises, invite start-ups to submit proposals directly through the platform, and conduct proof-of-concept and technology testing for products in the process, thereby matching the business needs of public and private institutions with the products of start-ups.
Build an online display platform to promote products of incubatees in the Alliance
Help Hong Kong start-ups showcase their incubation achievements to enterprises and investors in both places, with reference to the model "Supply and Demand Street" of the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub, enabling purchasers to search for suitable partners based on their needs.
Incorporate the bases into the pilot sites of mainland public sector’s Cooperative Innovative Procurement Method
Government entities, as purchasers, can invite suppliers to collaborate on product research and development (R&D): if the R&D is successful, the government can make procurements according to the agreement; if it fails, the government can provide cost compensation to share the R&D risks with the enterprises. The government can further encourage higher education institutions and research organisations to form joint supplier partnerships with start-ups at the bases to co-develop innovative products.
Incubation Capacity:
Expand the cooperation scope of cross-boundary commercial credit data connectivity
First, include Nansha and Hengqin in the pilot scope for cross-boundary credit referencing, then progressively extend it to all nine GBA mainland cities, and ultimately promote it nationwide.
Allow Hong Kong youths and enterprises to apply for loans through “Base Entry Credit Facility”
Use expected government subsidies and rewards as collateral or guarantees to obtain bank loans to alleviate cash flow pressures.
Establish an angel investment risk compensation scheme targeted at Hong Kong youth start-ups
Subsidise venture capital institutions for 30% to 60% of losses from investing in Hong Kong youth start-ups, making it easier for start-ups to secure third-party investments.
Sustainability:
Establish a system to provide funding support for private innovation and entrepreneurial bases
Consider conducting regular assessments of the bases and subsidising those that meet the assessment criteria. In the long term, establish a set of standards for mainland innovation and entrepreneurship bases, such as venue facilities and service types, and provide a one-time reward to bases that meet the standards.
Strengthen the promotion of Hong Kong youth innovation and entrepreneurial bases
The Human Resources and Social Security Department of Guangdong Province can lead the coordination of promotional efforts for bases and assist them in establishing official websites. The Home and Youth Affairs Bureau can support the bases with promotion in Hong Kong, enhance the information on the Alliance’s webpage, and release information through the “HKYouth+” Youth Mobile Application.
Ms Iris Wong, Chief Officer of Hong Kong Coalition, and Hong Kong delegate to the National People’s Congress, said: "Hong Kong's integration into the national development is not a slogan. For Hong Kong youths, starting businesses in the GBA is an ideal way to realise their dreams. Especially now, with the country offering many preferential policies, the timing for Hong Kong youths to start businesses in the GBA is very attractive. Therefore, we propose further improving policies and put forward ten practical suggestions in terms of resource connectivity, incubation capacity, and sustainability: including establishing the Alliance Service Centre in Hong Kong for the bases in the GBA, promoting cross-boundary credit referencing, and setting up an angel investment risk compensation mechanism. We believe that coordinated efforts by the governments of the two places to optimise the policy ecosystem can further help Hong Kong youths break through the bottlenecks of funding, market, and information, making the GBA a golden dream factory for Hong Kong youth innovation and entrepreneurship."
Mr. Victor Kwok, Deputy Director of Research at Our Hong Kong Foundation, said: "The mainland entrepreneurial bases in the GBA are the first stops for Hong Kong youth to start businesses in the north, which are crucial for them to enlarge networks, expand business connections, and obtain financing. The policy recommendations we propose aim to provide stronger entrepreneurial support for Hong Kong youths through institutional innovation and resource integration. We hope that these measures can light up hope for Hong Kong youths and enable them to go further on their entrepreneurial journey in the GBA."
-
The Study on Hong Kong Youth Entrepreneurship Bases in the Greater Bay Area
Full report (Chinese):
https://bit.ly/4iTKKAo
Full report (English):
https://bit.ly/4jDTQSU
