FCC panel of founders agrees that Hong Kong can work harder to support local start-ups

From October 21-25, Hong Kong hosted its 2024 StartmeupHK Festival in efforts to boost local investment and interest in the city’s start-up ecosystem. With such government-led initiatives and local leaders’ praise for the city’s supportive environment, one may have the impression that Hong Kong is doing everything it can to support start-up businesses and their founders.

However, three experienced founders believe otherwise.

Coinciding with the 2024 StartmeupHK Festival, the FCC held a Club Lunch panel with three founders with decades of experience — Jordan Kostelac, founder of Deploy; Arthur Lam, founder and CEO of Zero2; and Ryan Manuel, founder and CEO of Bilby.ai.

All three panellists shared their views on how Hong Kong is performing as a start-up hub and how the city can change its strategy and mindset to better aid in-need founders.

Lam first pointed out that a few decades ago, Hong Kong had virtually no competition when it came to start-up markets. Now, the city is in fierce competition with cities such as Shenzhen and Singapore and increasingly, other major cities across Asia.

“That is the problem — we didn’t have to compete with anyone else 20 years ago. Obviously now, we cannot have the same mindset,” Lam said.

Coinciding with Lam’s views were that of Kostelac, who also believed that Hong Kong should expand its interests and variety of start-ups in order to create a more supportive environment.

“This market, Hong Kong, as a capital market, urgently needs to diversify and needs to be capital allocated. That’s the only identity that makes sense. Building close to Shenzhen and hoping we become the center of tech doesn’t work,” Kostelac said.

Manuel also commented on Hong Kong’s overall desire to be the centre of multiple initiatives, not just start-up companies. In his opinion, he feels that the city should focus on key industries versus trying to be the best at everything.

“How do we make something the best in the world? Pick something and just go for it,” Manuel said.

The trio also discussed the complications in how founders acquire funding for their start-ups, local start-up hubs like Cyberport and Science Park, and how to discern serious start-up founders and investors from superficial opportunists.

To watch the full discussion, please visit the FCC’s YouTube channel: