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Hong kong the vibrant and bustling city in east asia is well known for its thriving startup scene with a long history of entrepreneurship the city has been a hub for global trade and finance for over a century the geography of hong kong consisting of a small land area and a highly dense population has led to the formation of an innovative and resourceful culture the population of hong kong is around 75 million people and the city is a melting pot of different cultures with cantonese english and mandarin being the most commonly spoken languages the technological innovations of the area have primarily focused on fintech ecommerce and logistics given its status as a global financial center and trade hub the city is home to numerous startup companies with notable ones including gogovan lalamove and tink labs in addition hong kong also serves as the headquarters for many international companies such as hsbc and lenovo hong kongs key historical events include the citys transition from a british colony to a special administrative region of china in 1997 which has brought about a unique cultural and political landscape in the city local universities in hong kong such as the hong kong university of science and technology and the chinese university of hong kong have been instrumental in fostering an environment of innovation and entrepreneurship the living wage in hong kong is around hkd 37 usd 48 per hour and the unemployment rate as of 2021 is around 66 the city level gdp of hong kong is around hkd 29 trillion usd 370 billion and the rate of new companies starting and ending is relatively high with an average of over 10000 new businesses being registered each year despite the challenges posed by political tensions and the covid19 pandemic hong kongs startup scene continues to thrive the citys government has introduced various initiatives to support innovation and entrepreneurship such as the technology startup support scheme for universities and there has been significant investment in the citys startup ecosystem moreover hong kongs strategic location and connectivity to other major asian markets have also contributed to its startup scenes growth and success
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