Invotech: How Economies Smaller Than Hong Kong Created Startup Unicorns?
Do you think Hong Kong, with an economy of 7 million people, is way too small for startups to succeed? Consider that Finland, with a population 5.3 million people, created global companies like Nokia and Angry Bird. Estonia, with an even smaller population of only 1.3 million, created Skype! Earlier this year, 19 delegates from Hong Kong traveled to Finland and Estonia as part of an Invotech Smart Academy study mission. The delegates and met with over ten Finnish and Estonian government organisations funding startups, incubators and accelerators such as: Tekes/Finpro, Maria IO, Espoo Innovation Garden, Aalto Start-Up Center, Aalto Design Factory, Startup Sauna, Urban Mill, Kone Corporation, Tehnopol, Inkubaator, Pipedrive, Foundation Innove, e-Residency, etc. Their trip aimed to connect the delegates with hosts in Estonia and Finland; exchanging ideas for generating innovation through social and economical growth. They gathered insights from the community, and in return, shared the goals of Hong Kong, Shenzhen, and Invotech. Invotech has invited the 19 delegates for an evening at Mettā to share their experiences in Estonia and Finland's startup tech ecosystem and e-government. Join us for an evening of learning and connecting! https://www.eventbrite.hk/e/finlandestonia-debrief-startup-unicorns-in-small-economies-tickets-38825853172#
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Invotech: How Economies Smaller Than Hong Kong Created Startup Unicorns?
- 1. Invotech Finland/Estonia Delegation Aug 28-Sept 4 How Economies Smaller than Hong Kong Created Startup Unicorns? Elaine Ann Convenor of Design Innovation
- 2. Invotech Finland/Estonia Delegation Aug 28-Sept 4 How Economies Smaller than Hong Kong Created Startup Unicorns? Elaine Ann Convenor of Design Innovation
- 6. 5.5 million people 7.3 million people FINLAND HONG KONG
- 7. 2017 IPO US$ 1Billion Valuation Raised US$42M VC Fund 3.7 billion downloads since 2009 Angry Bird Licensing Empire
- 8. NOKIA Year 2000 4% of Finland’s GDP 21% of Total Exports 70% of Helsinki Stock Exchange
- 9. 1.3 million people 7.3 million people ESTONIA HONG KONG
- 10. SKYPE
- 11. "Not many know where Estonia is, but everyone knows Skype. So now I say I’m the president of the country where Skype is." - Toomas Hendrik Ilves , President of Estonia
- 12. Skype launched in 2003 Bought by Microsoft in 2010 for US$8.5B 300 million monthly active users 1 Billion downloads 50 languages
- 13. PIPEDRIVE
- 14. Founded in 2010 Over $30 million in funding Over 140 countries covered 300+ employees Over 50,000 customers
- 15. PIPEDRIVE
- 16. PIPEDRIVE
- 18. 18 delegates from diversified and mixed cultural backgrounds
- 19. In 7 days we visited…
- 32. What was the most surprising thing you learnt?
- 33. How can Hong Kong benefit from this?
- 34. What are the next action steps we can take to build a better system?
- 36. Q&A
- 37. Next Delegation City is to…
- 39. SEOUL
- 44. Q&A
Editor's Notes
- In January 2014 there had been over two billion downloads across all platforms 3.7 billion times since it was launched in 2009 The company previously raised at least $42 million in venture funding from Accel, Atomico, Felicis Ventures and others.
- 2000, Nokia alone accounted for 4% of the country's GDP, 21% of total exports and 70% of the Helsinki Stock Exchange market capital
- 5.6 times bigger than Estonia
- 240 employees, and its CRM is used by 50,000 customers
- Us being in HK, we’re the helping companies outside of China understand China HK is a Developed Economy as part of a Developing Country HK is a very small place and very outward facing The smaller you are, the more languages you speak Many Europeans speaks 4-5 languages The bigger you are, you don’t have to adapt to others Others adapts to you HK is a very special place, it was a British Colony for 100 years It was returned to China in 1997 I am a product of this history That is why I grew up with English and Chinese and am bilingual/bicultural I adopted an American accent coz I lived in the U.S. for 12 years
- Invotech Superheros