Young people walk in a college campus in Hong Kong. Eleven local entrepreneurs won the Hong Kong Young Entrepreneur Awards on Tuesday, with veteran entrepreneurs encouraging the SAR's younger population to explore business opportunities in Shenzhen and other parts of the Chinese mainland. Edmond Tang / China Daily

Eleven local entrepreneurs won the Hong Kong Young Entrepreneur Awards at a ceremony on Tuesday for their innovative business ideas, as well as their passion for entrepreneurship.

At the event, organized by the Hong Kong Young Entrepreneurs Association, the young businesspeople and their companies were commended for the creativity of their businesses, financial ability, potential for further development and marketing performance.

Ocean Three Development Ltd - an online and brick-and-mortar vendor of luxury foods - scooped the top award with the highest mark among the winners. Apart from its online store, the company has opened up seven shops across Hong Kong.

Ocean Three founder Hamish Ho Chi-chung said his company is committed to launching a new product or service every three months to stay ahead of the market.

He pointed out that in Hong Kong, the business side of entrepreneurship seems to have been left out as many "successful" local companies are, in fact, still struggling to survive.

"Many big mobile app startups in Hong Kong, such as GoGoVan, are well known for being able to raise a large amount of money, while they are hardly a profitable operation. But, their stories do have some impact on how we think business should work," Ho said.

Veteran entrepreneurs at the ceremony encouraged young people to explore opportunities in Shenzhen and other parts of the Chinese mainland.

"Entrepreneurs should now think outside of Hong Kong and keep a global vision to grow bigger," said Witman Hung Wai-man, president of the Internet Professional Association and chairman of the competition's panel of judges.

While the awards value the enterprises' operation and profitability, the organizers emphasized how the winners have plowed through with their entrepreneurial spirit.

Citing a survey, which showed that more than 60 percent of Hong Kong people do intend to start a business although only a quarter of them have executed it, Hung praised the courage of the awardees for their continued dedication to their ideals.

Christina Yeung, one of the winners and founder of pet accommodation provider Dog Cheers, believes that passion is crucial to all entrepreneurs.

"It's hard to start your own company. This is the second award we've received since we started last year, and I think we're recognized for our work because we truly believe that our ideas will make a contribution to society," she said.

Government support for local entrepreneurship has been stepped up in recent years as Hong Kong seeks to diversify its economic structure and create jobs by promoting innovation and entrepreneurship.

The government launched a HK$300-million Youth Development Fund in July this year to help young people wishing to start an enterprise, and set up a HK$2-billion Innovation and Technology Venture Fund to invest in technology startups in the city.

iris@chinadailyhk.com

(HK Edition 12/14/2016 page9)