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CityU Announces New Tech Funding and New Innovation Platform

Following its earlier announcement of the launch of the flagship innovation and entrepreneurship programme “HK Tech 300” with an allocation of HK$500 million, City University of Hong Kong (CityU) held the HK Tech 300 Seed Fund Presentation Ceremony, presenting seed funds with the total sum of HK$6.5 million.

Since the launch of “HK Tech 300” on 23 March 2021, two rounds of seed fund approvals have been carried out. A total of 65 start-up teams have been selected, covering Information and Communications Technology and Artificial Intelligence; Biotech and Health; Deep Tech; EduTech; as well as Business and Fintech. Each team is awarded a seed fund of HK$100,000 to transform its creative ideas into start-up projects.

CityU’s President stated that the University actively advocates innovation and knowledge transfer as well as encourage the transformation and application of outstanding research results of the University to contribute to society.

With the theme “Venture Beyond Boundaries” and an allocation of HK$500 million, “HK Tech 300” provides comprehensive support to CityU students, alumni and young people who aspire to start their own businesses. This support includes entrepreneurship training, a seed fund of HK$100,000, an angel fund of HK$1 million, co-working space and network establishment within the industrial and commercial communities.

Aiming to establish 300 start-ups championed by CityU students in three years, “HK Tech 300” will become the No.1 university-based entrepreneurship programme in Asia in terms of scale and investment.

CityU also signed a Memorandum of Understanding (MoU) with a Hong Kong-based conglomerate for a science and technology innovation investment platform with an initial investment of HK$100 million. CityU and the company will contribute HK$50 million each. The aim is to encourage the commercialisation of start-up projects under HK Tech 300 and nurture unicorn start-ups.

The Secretary for Innovation and Technology, HKSAR Government noted that start-ups played a pivotal role in developing pioneering ideas and injecting momentum into the innovation and technology ecosystem, adding that the support and participation of the Government, academia and the business community were equally important. He added that CityU’s efforts in advancing the HK Tech 300 programme to support more start-ups were welcomed.

When addressing the audience, the HK Tech 300 was praised as a well-thought-out scheme offering participants support ranging from entrepreneurial training to capital investment.  It encourages an entrepreneurial mindset among students, businesses and the general community is critical to promoting an innovation culture in Hong Kong.

Through the investment platform established by CityU in collaboration with enterprises, premium start-ups with high potential under ‘HK Tech 300’ will be selected for investment, which will develop them into leading technology companies in Hong Kong and promote science and technology development in Hong Kong and the entire region.

The conglomerate will work with CityU to accelerate the commodification and internationalisation of the projects under ‘HK Tech 300’, aiming to nurture potential science and innovation start-ups into unicorns as well as inject new momentum into economic development.

At the ceremony, CityU awarded an Appreciation Plaque to the 28 mentors participating in the “Mentorship Scheme”. The mentors are elites and successful entrepreneurs in the industrial and commercial sectors. They will provide guidance to the start-up teams and help students cope with real-life challenges along their entrepreneurship journey.

Applications for the 3rd and 4th rounds of “HK Tech 300 Seed Fund” will commence in September and November, respectively. The results of the 1st round of angel fund applications are expected to be announced in September, while applications for the 2nd, 3rd and 4th rounds will start in August and October this year, and January next year, respectively.

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