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Opinion | How crowdfunding can allow Hong Kong’s youth to thrive in their own city
- Instead of moving elsewhere in the Greater Bay Area or leaving China, entrepreneurial youth should consider starting an innovative business in Hong Kong by raising funds from the public
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The youth unemployment rate in Hong Kong, which stood at 8.5 per cent in June, is worrisome. These jobless youths might appear to be content, but many are feeling lost after a series of events, from protests to the Covid-19 pandemic. Yet, there is hope.
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Because entrepreneurship has always been in Hong Kong’s DNA, the media should showcase successful start-ups that have raised funds through crowdfunding platforms such as Kickstarter, Indiegogo and Patreon. Young people can learn from each other about starting a business by raising funds on these platforms, and this can rekindle Hong Kong’s “can-do” attitude.
The future of Hong Kong looks bleak to many youths. They are disappointed at losing out to foreigners and mainlanders in the job market. University graduates in Hong Kong take home less than their counterparts 30 years ago, and one in six ends up in unskilled labour.
Some are considering emigrating to Britain, while others are searching their souls to find their way. To encourage young people to pursue a career in the Greater Bay Area, the Hong Kong government has offered subsidies to firms there for employing Hong Kong university graduates who earn a monthly salary of at least HK$18,000 (US$2,300).
The region has much to offer: a booming economy, an efficient transport system connected to Hong Kong and the headquarters of leading technology companies such as Tencent and DJI. The take-up rate has been limited, however, with some 6,000 Hong Kong youths applying for the 2,000 jobs offered by 275 Greater Bay Area businesses.
Aside from emigrating or working in the Greater Bay Area, there is a third option: start an innovative business in Hong Kong. Because young people lack proven track records, it is difficult for them to raise funds from private investors.
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