global entrepreneurship monitor 2016 hong kong & shenzhen - CUHK

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Feb 15, 2017 - HKBU, HKU, & SZASS with support from Savantas and ... Kevin Au (CUHK), Global Entrepreneurship Monito
GLOBAL ENTREPRENEURSHIP MONITOR 2016/17 HONG KONG & SHENZHEN Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK) February 15, 2017

THE MOST COMPREHENSIVE & RELIABLE ENTREPRENEURSHIP STUDY IN THE WORLD The most influential entrepreneurship study in the World

Partnership between CUHK, HKBU, HKU, & SZASS with support from Savantas and KPMG

First launched in 1999; 6th time run in HK

Data collection Apr-Nov 2016

Rigorous methodology design & data collection

4,000+ Individuals surveyed in Hong Kong and Shenzhen

66 economies participated in GEM this year

4,000

76 Experts interviewed in both cities

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen

GEM COVERS 69% OF GLOBAL POPULATION & 85% OF GLOBAL GDP

66 ECONOMIES IN THE STUDY 184,000+ INTERVIEWS x 60+ QUESTIONS

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen

TOTAL EARLY STAGE ENTREPRENEURSHIP IS GROWING STRONG SINCE 2009 8.8% 12.6%

-45%

NASCENT + BABY BUSINESS ISRAEL: 11.3%

10.3%

FROM START TO 3.5 YEARS

SHENZHEN +234% 16% HONG KONG 9.4% +159%

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen % of adult population (18-64); provided statistics are estimates and subject to sampling error

OVERALL IMPROVEMENT IN ENTREPRENEURIAL PROCESS 2009 VS 2016 HONG KONG

SHENZHEN

+72%

+27%

+170%

+104%

+206%

3.1%

+284%

+110%

1% 2.4%

+185%

+109%

3.4%

+389%

+118%

3.7%

+89%

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen % of adult population (18-64); provided statistics are estimates and subject to sampling error

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen

INTRAPRENEURSHIP COMPLEMENTS THE ENTREPRENEURIAL GROWTH 7%

7%

1.2%

SHENZHEN 4.9%

ENTREPRENEURSHIP IN ESTABLISHED FIRMS ISRAEL: 7.3%

NEW PRODUCTS + SPINOFFS

HONG KONG 4.1%

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen

THE ECOSYSTEMS ARE IMPROVING AND ARE HIGHLY COMPLEMENTARY INNOVATION DRIVEN

11 1

SHENZHEN

HONG KONG

Entrepreneurial finance 9.0

Cultural & social norms

Gov policies: support & relevance

8.0 7.0

11

6.0

Physical infrastructure

Gov policies: taxes & bureaucracy

5.0

1

4.0 3.0

2 Internal market burdens or entry regulations

2.0

Gov e-ship programs

1.0

11 Internal market dynamics 1

E-ship education at school stage E-ship education at post school stage 1

Commercial & legal infrastructure R&D transfer

1 = highly insufficient; 9 = highly sufficient

2

2

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen

IMPROVED SOCIAL IMAGE OF ENTREPRENEURSHIP: 2009 VS 2016 Perceived Perceived Opportunities

Opportunities

78%

57% Media Attention71%

40%

Fear of Failure Rate

Media 79% Attention

HONG KONG High Status of 63% Successful Founders

SHENZHEN

40% 55%

38%

Fear of Failure Rate

Know Startup Entrepreneur

High Status of Successful Founders

61%

74%

Know Startup Entrepreneur

71% Desirable Career Choice

Desirable Career Choice

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen

HONG KONG VS. SHENZHEN – WHAT’S THE DIFFERENCE? “SHENZHEN IS NOW WHAT HONG KONG USED TO BE IN THE 1970s: VIBRANT, DYNAMIC, AND DRIVEN BY THE FIRST GENERATION OF IMMIGRANTS.”

SHENZHEN

HONG KONG

Manufacturing capabilities & supply chain integration

International character: access to global markets, global funding opportunities, international talent

Focus on innovation, long-term planning, and entrepreneurial culture attracting talent and funding

Maturity of the economy: legal environment, IP protection, ease of doing business

Driven by highly skilled & selfselected CREA-PRENEURS of Shenzhen

Driven by market-focused & sustainable DEVELO-PRENEURS of Hong Kong

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen

• Leverage natural industry compatibilities between the two cities and build cross-border industry associations • Cooperate in accessing Mainland and international markets • Share cross-border resources, R&D cooperation, talent development • Develop shared cultural understanding of each other: cross-border education, exchange programs • Coordinate government policies for entrepreneurship between the two economies

AREAS FOR COOPERATION

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen

TO SUM UP: STRONG & COMPATIBLE GROWTH • Entrepreneurship on the rise and it is a healthy growth, but not yet mature • Business angel culture is getting strong and angels are generous • Fewer start-ups close down because of the lack of funding • Intrapreneurship is picking up, strengthening the appreciation for entrepreneurial mind-set locally • Two different but highly compatible ecosystems; neither of them can succeed alone in building an alternative to other international start-up hubs Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen

THANK YOU Q&A SESSION GEM 2016 / 2017 GLOBAL REPORT DOWNLOAD

GEM 2016 / 2017 HK REPORT DOWNLOAD

WWW: ENTREPRENEURSHIP.BSCHOOL.CUHK.EDU.HK/GEM_HK

Russia Kazakhstan India Iran Cameroon Burkina Faso Malaysia Bulgaria Morocco Macedonia South Africa Hungary Jordan Croatia Georgia Slovakia Mexico Jamaica China Poland Saudi Arabia Panama Indonesia Uruguay Latvia El Salvador Egypt Argentina Shenzhen Turkey Thailand Brazil Guatemala Lebanon Chile Peru Colombia Belize Ecuador Italy Germany Spain France United Arab Emirates Greece South Korea Finland Sweden Qatar Slovenia Portugal Switzerland Chinese Taipei United Kingdom Luxembourg Hong Kong Austria Puerto Rico Ireland Netherlands Israel Cyprus USA Australia Estonia Canada

TOTAL EARLY-STAGE ENTREPRENEURSHIP RATES BY ECONOMY

40.00%

35.00%

30.00%

25.00%

20.00%

16.04%

15.00%

10.00%

9.44%

5.00%

0.00%

Factor-driven economies Efficiency-driven economies Innovation-driven economies

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen

Factor-driven economies Efficiency-driven economies Innovation-driven economies

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen Greece

Australia

Switzerland

Netherlands

USA

Austria

Cyprus

Estonia

Taiwan

Finland

Portugal

Germany

Canada

Slovenia

South Korea

Spain

Hong Kong

United Kingdom

7.82%

Italy

Sweden

Ireland

France

Israel

Luxembourg

Qatar

United Arab Emirates

Puerto Rico

Thailand

Lebanon

Brazil

Indonesia

Ecuador

El Salvador

Latvia

Turkey

Guatemala

Colombia

Georgia

Jamaica

Chile

Argentina

Shenzhen

Mexico

10.00%

Morocco

China

Uruguay

Macedonia

Poland

Bulgaria

Egypt

Slovakia

Peru

Hungary

Belize

Malaysia

Panama

Croatia

Jordan

South Africa

Saudi Arabia

Burkina Faso

Cameroon

Iran

Russia

India

Kazakhstan

ESTABLISHED BUSINESS (3.5YRS+) PREVALENCE RATES

30.00%

25.00%

20.00%

15.00%

6.12%

5.00%

0.00%

Burkina Faso Kazakhstan Russia Cameroon Iran India Panama Malaysia Georgia Morocco Indonesia Jamaica Ecuador South Africa Peru Bulgaria El Salvador Thailand Colombia China Macedonia Brazil Jordan Guatemala Egypt Slovakia Lebanon Uruguay Hungary Argentina Turkey Latvia Saudi Arabia Mexico Szhenzhen Poland Croatia Chile Belize Greece Puerto Rico Italy United Arab Emirates South Korea Portugal Spain France Hong Kong Slovenia Germany Finland Cyprus Chinese Taipei Canada Sweden Switzerland Ireland Estonia Qatar United Kingdom USA Luxembourg Israel Austria Netherlands Australia

INTRAPRENEURSHIP RATES BY ECONOMY 10.00

9.00

8.00

7.00

6.00

5.00

4.86

Factor-driven economies Efficiency-driven economies

4.11

4.00

3.00

2.00

1.00

0.00

Innovation-driven economies

Dr. Marta Dowejko (HKBU) & Prof. Kevin Au (CUHK), Global Entrepreneurship Monitor 2016/17 Hong Kong & Shenzhen