Hey Founder,
Welcome back to the 2nd edition of the Playbook. Whether you’re pivoting your product or preparing for your next pitch, treat this like your next move on the chessboard - we’re here to help you sharpen your strategy. ♟️
Oh, and if you’re dealing with accounting and/or business incorporation issues, sign up for our next HK meet-up where lunch is on us AND get some real advice from the pros!
🎙️ People you need to know: Meet Jayne Chan
Why read this? Because this gives you the cheat code to their brain. Get a feel for their vibe and whether they're worth a dedicated follow-up.
Jayne Chan is the Head of Startups (StartmeupHK) at Invest Hong Kong (InvestHK), the government body focused on attracting foreign direct investment. With more than a decade in senior roles at the agency, she’s become a key player in Hong Kong’s startup ecosystem and a familiar face on the conference and panel circuit. Here’s a bit more context on Jayne, so you can decide whether she’s someone you should reach out to!
InvestHK’s Jayne Chan
Q: Let's get straight into it, Jayne! What's the fastest way for a founder to get your attention?
A: If they are from overseas or the mainland, and they’re looking to set up or expand their business here! Contact me via email ([email protected]) or LinkedIn (linkedin.com/in/jayne-chan-7433a7).
Q: While many of our readers have likely crossed paths with you or enjoyed your insights at startup events, we'd love to learn more about the behind-the-scenes aspects of your work. What does a typical day look like for you, and what are the core focuses of your role?
A: One of the things I love about my job is how varied it is. With a remit to support international companies setting up in HK, promote HK as a tech hub and help build the startup ecosystem here, my days really vary. For example, in the people we meet – which includes founders, investors, government, business leaders and industry players from around the world; and the activities we do – which range from speaking at and organising events to collaborating with ecosystem builders, universities and governments.
Day to day tasks might include providing info about the latest government and private tech initiatives and funding programmes in meetings, connecting stakeholders, receiving delegations, helping to promote our clients and StartmeupHK/InvestHK through social media posts, working with overseas or mainland communities to deepen tech corridors, planning work trips and a lot of admin!
Q: Hong Kong is consistently highlighted as the ultimate springboard into the Greater Bay Area (GBA) and Mainland China. But beyond the pitch-deck buzzwords, what's the most common rookie mistake or harsh reality founders face when they actually try to execute that crossover?
A: Not having the right contacts to help you open doors there, whether you’re looking for prototyping & manufacturing facilities, or a way in to sell your products and services.
Doing business on the mainland is not straightforward for founders unfamiliar with the culture and work environment there, and that’s without taking into account the language barriers. It’s also a very competitive market with an intensive work culture in the tech space. Having a really differentiated project, with high IP, will help in getting proof-of-concept projects (POCs) or initial contracts with companies there. Having the right partners to help open doors, and arming yourself with knowledge about the business landscape (legal and otherwise) will also stand you in good stead.
Q: The StartmeupHK Festival covers a massive spectrum of innovation, from AI and Web3 to GreenTech. Amidst all the noise and hype, what is an under-the-radar sub-sector where you're seeing genuine traction and smart money flowing right now?
A: Thanks for mentioning the StartmeupHK Festival – this is our flagship event and we devote a lot of time to ensure it provides real value to our attendees. We merged the event last year with InvestHK’s other flagship tech event, the Hong Kong FinTech Week, and the event was pretty well received. This year the event will run the 2-6 Nov, with the main conference happening on 2-3 Nov – I encourage anyone interested in tech and startups to attend.
In terms of under-the-radar sub-sector that’s garnering interest – I’ll say less about direct industry sectors and more about a general investment trend that is seeping into the marketplace here – patient capital. A standard definition for patient capital is long-term, flexible investment in early-stage or growing businesses that prioritises sustainable, long-term impact or growth over rapid, short-term returns. This type of funding allows investors to avoid immediate pressure to sell or rebalance, supporting initiatives that often have high social/environmental value over time.
Even though this type of funding has been around for a while – Warren Buffett is one of the most prominent examples of a patient capital approach – within the tech industry, this approach is an antithesis to the way many tech investments have been done, which favoured huge multiples, top 3-5 sector players and very fast returns. We’re seeing some HK investors, spearheaded by HKIC, taking this patient capital approach now, which means that projects that take longer to generate returns, or deliver lower but consistent revenues or strategic value, will also get funded.
Q: InvestHK and the StartmeupHK initiative are massive catalysts for companies scaling in Asia. For the founders reading this who want to set up or expand in HK, what's the most powerful, yet underutilised resource your team provides that they should be tapping into immediately?
A: For companies with relevant scale, whether in revenue or investment, looking to do more in the region – they should definitely apply to our Global Fast Track programme. In addition to being a scaleup competition, the programme provides direct connections to investors and business connections. Finoverse, our organiser for this programme, have dedicated staff to help match make companies, organise networking events, etc. so it’s really worth applying.
Q: Between steering tech roadshows, publishing ecosystem reports, and hosting massive festivals with tens of thousands of attendees, your schedule must be relentless. Tell us, what's your go-to activity to completely disconnect and clear your head?
A: Spending time with my family. There’s nothing like your kids asking about where the t-shirt they put in the wash a week ago is, and you subsequently yelling at them to find it themselves, that takes you away from all the talk about startups and the latest tech innovations! I’m also a keen gardener and help to run a community garden near where I live, and have been doing Muay Thai for more than two decades.
📈 What’s hot, what’s not
Hot 🔥
The number of upcoming career fairs: We think it’s always encouraging to see more being done to inspire people to pursue careers in innovation. So whether you’re looking to source talent or hunt for a new job, check out HKSTP’s Career Fair (targeted at AI roles) and Cyberport’s Career Fair all happening in March. And if you’re making the rounds anyway, the Global Talent Summit week hosted by Hong Kong Talent Engage is also worth a look, with a packed agenda geared toward building a more sustainable talent ecosystem. 🤓
⏳ Patient capital in HK: As Jayne mentions in our feature today, the tide is turning toward investors who prioritise sustainable, long-term impact over rapid returns. If sustainability is something you can demonstrate in your current business model, you might want to consider showcasing your startup as a “camel”, i.e. a startup that can survive looooong periods without water (capital). 🐫
AI beyond the hype 🤖 : Like OpenClaw creator Peter Steinberger, we see vibe coding as a skill, not a slur. A lot of the mishaps we’ve watched unfold in the wild are preventable when it’s done with the right discipline, and it’s genuinely great to see more people lean in, learn the ropes, and get good at it. So have fun with coding with AI, and keep experimenting!
Not 🥶
Generic outreach: Cold-emailing 100 investors with the same "hi there" 🤮 is the fastest way to hit a spam filter. You need to meet the investor in person first (hello, networking!) or get a warm intro from someone you know.
E-commerce, EdTech valuations: Unfortunately, these sectors are feeling the heat across Asia, with significant layoffs as investors demand a clear path to profitability over growth at all costs. 📈
🇨🇳 🇭🇰 Ignoring the GBA cultural gap: Executing a crossover into Mainland China without local partners or a deep understanding of the work culture is a rookie mistake.
💡Quick tip : leverage those free services!!!
Stop guessing if you qualify for government money. If you don’t know this already, the HK Productivity Council’s SME Reachout team offers a free consultation specifically designed to help match startups with government funding schemes. It’s completely free, so there’s nothing to lose and you might learn a thing or two about what grants might work for you.
The move: Stop spending time reviewing those PDF guides, just book a free 30-minute session. Easy. They can also help check your application forms before you submit them!
Contact: Call (852) 2788 6868 or visit the SME Reachout portal to book your slot.
🎁 New event: Get your accounting questions sorted!
Yes there IS such a thing as a free lunch. In fact, we’re hosting it.
If you have any questions on accounting and business incorporation, register your interest to join us for lunch on March 20.
Why bother? Network with fellow founders and business owners, share war stories and strategies, and get REAL advice from REAL pros on how to handle those pesky accounting hurdles.
When: March 20 (Friday)
Time: 12 noon to 2pm
Where: Restaurant location (Causeway Bay) will be shared with guests
Language: English and Cantonese (you’ll be seated at the table in your preferred language)
👉🏼 PS - this event is 100% FREE - the ticket price is used to secure your spot (and to prevent no-shows taking a spot from somebody else!). Your ticket fee will be fully refunded upon check-in at the event; refunds will not be issued for no-shows.
Til next time,
The Angelflow Team
P.S. Know a founder who needs support? Or someone just thinking about launching a startup? Forward them this Playbook. Sharing is caring (and good networking karma).