Why I Left Hong Kong to Continue My Startup Journey
Navigating the Path of Entrepreneurship with Reflection and Resolve
Embarking on the dynamic journey of entrepreneurship, I found myself traversing the vibrant streets of major Asian cities such as Tokyo, Bangkok, Kuala Lumpur, Singapore, etc. Each offers its tapestry of challenges and opportunities. However, it was my return to the familiar embrace of Hong Kong that sparked a profound reevaluation of my entrepreneurial path.
Having bid adieu to the neon-lit skyline of Hong Kong at 18 to pursue my education in the UK, I returned intermittently over the years, witnessing the evolution of the city’s entrepreneurial landscape. While Hong Kong has long been celebrated for its efficiency and quality, recent experiences shed light on areas of improvement within its ecosystem.
- Government department efficiency:
Hong Kong’s bureaucratic system, once praised for its efficiency, started feeling like a heavy weight on my shoulders as a startup founder. While getting funding and endorsements initially brought a sense of accomplishment, the process soon turned into a tiresome ordeal. The guidelines were so vague, and they kept asking for more and more information. It felt like we were jumping through hoops, and it left us feeling drained. It was as if the system cared more about ticking boxes than nurturing creativity, which made it hard for our entrepreneurial spirit to shine. It often felt like we were trying to crack a secret code just to get things right during the program.
2. Shift in vibe:
As I walked through the vibrant streets of Hong Kong once again, I couldn’t shake the feeling that something had changed. The city still exuded its characteristic warmth and generosity, but there was an undercurrent of weariness and discontent among its people. Despite these shifts, I’m determined to do my part in fostering collaboration and support within our community. I truly believe that by coming together and supporting one another, we can overcome any challenges that come our way.
3. Limited Creative Space
The breathtaking skyline of Hong Kong may be awe-inspiring, but behind its glamour lies the harsh truth of its sky-high cost of living, which poses significant challenges for budding entrepreneurs like myself. The dream of starting a business can feel out of reach when faced with financial limitations. However, I hold onto the firm belief that with determination and creativity, we can uncover opportunities even in the toughest of circumstances. Since our startup is art-related, and I come from the art background. Unlike the other two major art markets, NYC and London, where creativity and government support go hand in hand, in Hong Kong, seemingly supported public programs often result from the mutual benefit of big corporations and the government, selecting projects that may lack substantial benefits to the community.
4. Revenue-Driven Incubation Ecosystem:
Despite the vibrancy of Hong Kong’s startup ecosystem, there’s a noticeable trend where incubators and investors prioritize short-term gains over long-term vision. This can result in startups focusing solely on immediate profitability, rather than investing in sustainable growth strategies that could benefit them in the long run. The pressure to deliver quick returns may lead to missed opportunities for innovation and creativity, as startups may opt for safer, conventional approaches to meet short-term goals. As a result, there’s a risk of stagnation and a lack of long-term competitiveness in the market. Stakeholders in the ecosystem need to recognize the importance of striking a balance between short-term gains and long-term vision, ensuring that startups have the support and resources they need to thrive sustainably in the long term.
Despite the hurdles we face, Hong Kong’s entrepreneurial scene is full of stories of resilience and opportunity. While it’s true that conformity can sometimes feel stifling, I’m continually inspired by those brave souls who dare to challenge the norm. Together, we have the power to create an environment that celebrates creativity, embraces diversity, and encourages innovation.
Moreover, Hong Kong boasts a highly developed banking and finance system, which can be incredibly convenient for startups and SMEs. The city’s cultural diversity remains an advantage as well, offering a rich tapestry of perspectives and experiences. Ultimately, the entrepreneurial journey in Hong Kong is shaped by what you do and who you are.
As I reflect on my journey, I’m grateful for the role Hong Kong has played in shaping me. However, my entrepreneurial path has led me to new adventures beyond its borders. Still, I carry with me a sense of optimism for Hong Kong’s future. I hope that our city will rediscover its entrepreneurial spirit, paving the way for a tomorrow filled with fresh ideas, unwavering resilience, and shared growth for all.
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