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The Venture Capital StateThe Silicon Valley Model in East Asia$
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Robyn Klingler-Vidra

Print publication date: 2018

Print ISBN-13: 9781501723377

Published to Cornell Scholarship Online: May 2019

DOI: 10.7591/cornell/9781501723377.001.0001

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PRINTED FROM Cornell University Press SCHOLARSHIP ONLINE (www.cornell.universitypressscholarship.com). (c) Copyright University of Cornell University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in Cornell for personal use. date: 19 February 2020

Hong Kong

Hong Kong

Night-Watchman State

(p.63) 4 Hong Kong
The Venture Capital State

Robyn Klingler-Vidra

Cornell University Press

Chapter Four investigates Hong Kong’s adaptation of the Silicon Valley VC policy anchor. It finds that Hong Kong’s Innovation and Technology Commission institutionalized their learning of the Silicon Valley model by hiring managers experienced in Silicon Valley to design and oversee their VC policies. Knowing the importance of the right legal environment for its VC industry, attention was given to ensuring that Hong Kong’s legal fund structure was made available for VC managers to use. Initially, the Nightwatch-man State policymakers offered a low, horizontal capital gains tax rate in a manner consistent with the Silicon Valley anchor. But, feeling the “limits of laissez-faire” in competing against Singapore as a hub for VC activity, Hong Kong policymakers hired private VC managers to invest public money earmarked for VC investments. Also going beyond what they learned from the Silicon Valley model, policymakers offered tax exemptions for Hong Kong-based, offshore domiciled VC managers.

Keywords:   Hong Kong, Venture Capital, Entrepreneurship, Innovation Policy, Innovation and Technology Commission, Night-Watchman, Neoliberal, Laissez-faire

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