Hong Kong Startup Funding Tips and Resources

Looking for the tips and resources to get your Hong Kong startup funding? While starting business operations, you will begin to realize the need for the funding at some time. Having an excellent idea and worth-selling products may seem to be the essential things to endeavor in the business world.

This is not all about setting up the business. Businesses would need to explore resources and the tips to get the desired funds to keep up the flow of startups good enough. As the saying goes, knowledge is power, the more knowledge you can attain about the startup funding resources and the local startup system, the more optimal ways you can adopt to get the startup off the ground.

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Funding Tips for Hong Kong Startup

Below shared are some tips that you can follow to raise the money for your Hong Kong startup:

Stay Prepared with the Detailed Plan

Several startups start seeking for the fundraisers or investors without having a clear and detailed plan. Investors always look for the plan, and how much the startup is serious about striving in the competition. Before reaching any investor, you have to clarify:

• Why do you need money?
• How much money do you want?
• What is your plan with this money?
• How will you execute that?
• What kind of benefits are you going to give me?

Investors will only invest in private companies at an early stage when they get the confidence and conviction to invest through your strategic plan. That’s why the firm needs to provide as much as possible to show the pan to grow it.

Prepare the method of expanding the business outside Hong Kong

There are chances that your investor can ask about your idea and thriving plan to expand the business outside the territories of Hong Kong. They want to know whether your business can face the business outside of Hong Kong or not. Therefore, the startups must visualize and identify the complete idea about expanding the business overseas. This will also make a worthwhile investment opportunity as a worldwide business.

Choose Unattractive Markets

Find your ‘no-man land’, where there is no competition; no one has ever thought about that business plan. Famous investors always say that startups who set up their businesses in the unattractive markets with a good plan are the ones who get the maximum funding. But the startups need to assure that their startup ideas can scale up the business and maximum user interfaces. The startup funding resources of Hong Kong also give enough funding for the business plans that are too common.

Stay Committed with the Fundraisers

Another tip that can help you raise the money for your Hong Kong is to stay connected with the fundraisers as in a relationship. To be honest, this relationship will be going to be like a marriage (a long-term commitment). You have to explain to him the business plan, how things will work, and how your business idea can convert into million-dollar deals.

Hong Kong Startup Resources

You would have a better idea about the fundraising tips for your Hong Kong startups, but now the question arises, ‘what are the Hong Kong startup resources?’ There are many times when you encounter financial problems, and you would be required to seek investors. In Hong Kong, there is no need to worry about fundraising events.

With the rise of government initiatives, accelerator programs, incubators, and co-working spaces over the last few years, it is evident that the startup scene in Hong Kong is prospering.

Here are a few of the resources available in Hong Kong for startups that you should know:

Support of HK Government

The Hong Kong government is quite committed to the startup ecosystem to grow and stay strong so that newly-set up startups don’t have to suffer a lot. The HK government has also started an array of resources to support startups, connect the investors, and get great advice from successful business people from set-up to expansion and maintenance. Govt.hk is available for the startups that want to find out the different schemes available for SMEs. Startups can also check startmeup.hk to get a tremendous vast list of funding resources and a list of government bodies supporting startups.

Accelerators/Incubators

In Hong Kong, the presence of accelerators and incubators are increasing at a massive rate to focus on different areas of interest. If you want to attain the startup funding resources, and good opportunities to expand your business, you should join one of the programs. Check these out to understand which best fit your needs:

• Lime HK: A tailored accelerator program that is the best option for the startups of the early stage and the startups who have reached a mature stage and want to expand the business.
• Cyberport Incubation Programme: If your business operates in the area related to digital tech, this program is for you. The Cyberport incubation program is designed to target the early stage Hong Kong startups to grow.
• Ablaze: An accelerator program focused on helping startups innovate in fashion/lifestyle, beauty, parenting, travel, and eating/dining.
• Fintech Innovation Lab: The startups that want to thrive in the financial industry, this fintech innovation lab can help you. This program is designed to help early-stage as well as growth-stage companies in HK.

Startup Events

The startup events organized are also an excellent place to meet people, increase networks, and find out the best investors. On a year-round basis, several events are running in Hong Kong, whether it be a smaller one organized by various co-working places or big conference-style events. A few of the most popular ones include Startup Grind, TiE, Metta, RISE, JumpStarter.

Crowdfunding

Crowdfunding is one of the other ways to raise money for startups. Whether you are operating a small business or a medium-sized business or a business that requires many people to invest, crowdfunding allows business professionals and entrepreneurs to raise capital.

It is a pool of the people where you can tap into the network of friends, family, investors, and other interested parties. It is the best place to test and validate your business idea. Here, you will get feedback from the potential customers and the successful people whether your business can sustain in the market or not.

Some crowdfunding platforms in Hong Kong include:

• FringeBacker

A bilingual crowdfunding platform available in Chinese and English offers an array of online fundraising options. It is the best platform that promotes innovative industries, charitable organizations, and creative arts.

• SparkRaise

Another crowdfunding platform for socially conscious startups. This platform empowers people to band together and brings ideas to life. It is an online fundraising platform where people share creativity, entrepreneurial skills, and philanthropic interests.

• NextChapter

A crowdfunding platform for women-owned businesses and female entrepreneurs. The women entrepreneurs who have been hunting for the funds, and thrive the business in the competition, this crowdfunding will help them get a whole community of supporters and coaching.

Conclusion

By now, you would have a better idea about the tips and resources for Hong Kong startups. If you have been searching for the investors to get your startup funded, then follow these tips and check out these resources. But ensure that business idea is catchy, new and hold the potential to change the world perspective.