We’ve all seen a new business or industry seemingly appear out of nowhere, suddenly flourishing into a major player with millions, if not billions of revenue streaming in. Naturally, we all wonder how we could have gotten in at the ground floor.
Hong Kong is a prolific incubator and cultivator for successful startups, largely thanks to its robust and modern infrastructure, skilled workforce, low tax rates, and proximity to Mainland China.
Current figures show there are currently over 3,000 startups in Hong Kong, up 42.8% from 2017. With that in mind, you can see why Hong Kong might just be the perfect place for you to find the next big thing.
We’ve taken a look at trends in global business, and identified 7 types of high demand businesses that will develop and prosper in Hong Kong in 2020 and beyond. Some are small businesses you can start yourself, others are large industrial movements you can become an investor in.
1. Smart Cities
Don’t be put off by the rather vaguely futuristic nomenclature here — smart cities are very real, and big business right now. In essence, a smart city is a city connected by an ‘Internet of Things’ (IOT). Think of your home tech like smart light bulbs, but on a citywide, civic scale. It’s fundamental goal is to increase efficiency, and reduce waste. So for example, a rubbish truck will know what public trash cans are full and which ones are empty, so it doesn’t waste fuel driving to empty trash cans.
Thanks to Hong Kong’s dense population and already world class infrastructure, many smart city investors see the region as a paradise for testing and development of their technologies.
The Hong Kong Government is very aware of this opportunity, and laid it out accordingly in their 2017 report, the Hong Kong Smart City Blueprint .
2. Artificial Intelligence
Far from the realms of sci-fi, artificial intelligence (AI) is now very much a real player that promises to be the next form of industrial revolution. That may seem like lofty praise, but the world’s smartest investors are heavily involved in its advancement. For some context, Japan’s richest man, and founder of the Softbank group, says he devotes 97% of his time to AI.
Hong Kong is very much invested in the climb towards automation and connectivity, and has been ranked third in the world for field-weighted citation impact on the AI industry. Hong Kong AI companies like SenseTime are leading the way locally, with many startups following in their footsteps in the race to full AI.
Read more about business trends in Hong Kong at Hong Kong Company Incorporation website.
