HK sees 10% growth in startups in 2024

Growth has been especially strong in the health and medical fields.

Hong Kong’s startup sector has reached a record 4,694 startups in 2024, a 10% increase from last year and 40% more than in 2020, according to Invest Hong Kong (InvestHK).

Growth has been especially strong in the health and medical fields, as well as sustainable and green technologies.

Startups are also contributing significantly to the labor market, employing nearly 18,000 people in 2024—a 7% year-on-year increase and a 65% rise since 2020.

Alpha Lau, director-general of investment promotion at InvestHK, attributed the growth to proactive government support. “The Hong Kong Government has spent a lot of effort to promote emerging sectors and emerging companies, resulting in remarkable growth in the total number of startups.”

Fintech startup Riverchain, founded two years ago, credits Hong Kong’s strong financial infrastructure for its success. CEO Ben Wong emphasised the city's strategic location, noting that it serves as a gateway to Southeast Asia. He also highlighted the availability of a highly skilled workforce.

In the femtech sector, Femtech Future, a consulting firm for startups focused on women’s health, also praised Hong Kong’s entrepreneurial environment. CEO Maaike Steinebach noted how easily she was able to set up her business in the city, thanks to accessible resources like company secretariats and co-working spaces.

InvestHK will continue to promote Hong Kong as a business hub through its 34 global offices, targeting both local and international companies.

The department is also expanding its reach, with plans to open a new office in Türkiye in early 2025.

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