How to fund your startup or SME in Hong Kong
At some point in your journey, you will begin to explore and look for sources of funding for your startup. Where is the best place to start?
There are many ways you can go about this. The process will also depend on the nature of your business. Here, we’ll give you a rundown of a few of the resources available in Hong Kong.
The government in Hong Kong is committed to growing the startup ecosystem. There are a number of resources available to support startups and help SMEs get funding, connect with investors and get advice on everything from set-up to expansion and maintenance.
Check out govt.hk to find out more about the different funding schemes available for SMEs. Another great source of information is startmeup.hk. This site gives a vast and detailed list of funding resources as well as a list of government bodies supporting startups.
Another way to raise money is by crowdfunding. Crowdfunding refers to raising capital through contributions, whether small or large, made by a vast number of people, mostly via crowdfunding platforms and social media.
Crowdfunding allows you to raise money from a larger pool. This may include tapping into your network of friends, family, investors and other interested parties. One of the main benefits is that it’s a great chance to test your business idea. You can get feedback from potential customers and further define your business product.
Some crowdfunding platforms in Hong Kong include:
SparkRaise – A crowdfunding platform for the socially conscious.
One Business Asia – A funding platform focused on the needs of Asian-based startups.
FringeBacker – Bilingual crowdfunding platform available in English and Chinese. It offers a range of options for online fundraising.
NextChapter – A rewards-based crowdfunding platform for female entrepreneurs and women-owned businesses.
Incubators or Accelerators
There is an increasing number of incubators and accelerators in Hong Kong, focusing on different areas of interest. Joining one of these programmes is a great way to get funding. They are also a great place to find mentorship and a support network. The best way to succeed is by learning all you can about them.
Check these out to see which best fit your needs:
Ablaze – An accelerator program that focuses on startups looking to innovate in industries such as travel, eating/dining, fashion/lifestyle, beauty and parenting.
Betatron – This accelerator program does not focus on any specific technology vertical. Instead, they empower founders so they can refine their business model and fast-track their business.
Cyberport Incubation Programme – Programme targeted for early stage Hong Kong startups looking to grow in areas related to digital tech.
DBS Accelerator – Focuses on technology startups with innovative solutions for the financial industry.
Fintech Innovation Lab – For early stage and growth-stage companies in the financial industry.
Founder Institute – Pre-seed startup accelerator, with chapters across 180+ cities. Works with entrepreneurs and startups in different stages of growth.
Lime HK – A tailored accelerator programme for early stage and mature stage startups.
SOW Asia’s i2i (incubation to investment) Accelerator Programme – First and only accelerator in Hong Kong focused on social enterprises.
SuperCharger – Fintech accelerator helping startups in both early stage to established scale-up stage
Zeroth.ai– Asia’s first accelerator for early stage startups in the field of Artificial Intelligence.
And last but not least, startup events are a great place to meet people. They are the place to network and of course where you will find the investors. There are many events going on year-round in Hong Kong. There will be big conference-style events, or smaller ones organised by various co-working spaces. A few of the most popular ones include Startup Grind, TiE, Metta, RISE, JumpStarter.
Hopefully you can use these tips to help get your startup or SME up and running in Hong Kong!