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The Hong Kong University of Science and Technology (HKUST) announced the launch of the HKUST Redbird Innovation Fund (RIF), a HK$500 million initiative aimed at establishing multiple Venture Investment Funds (VIFs) worth HK$2 billion.
These funds, created in collaboration with investment partners, will be dedicated to supporting tech startups emerging from HKUST and operating in key deep tech sectors such as artificial intelligence, semiconductors, robotics, new materials, energy, sustainability, biomedical, and healthcare.
As part of the RIF, HKUST has committed HK$200 million as the initial investment and is now seeking investment managers to match and co-establish several VIFs to bolster the HKUST startup ecosystem. These funds will cater to companies ranging from early-stage startups to those in the scaling phase, with a focus on those founded by HKUST staff, students, and alumni, as well as those commercializing HKUST intellectual properties or incubated by the university.
The primary objective of the RIF is to fortify HKUST’s position as a global hub for innovative enterprises. A management board, comprising HKUST members, will be formed to develop investment strategies and criteria for fund allocation in collaboration with selected fund managers.
HKUST has been a frontrunner in innovation and entrepreneurship, evident from its top rankings in various metrics. In 2022, it ranked No. 1 in China for patent influence according to the Nature Index and No. 2 for incubating deep tech unicorns, as per New Fortune. Additionally, nearly one-third of HKUST’s patents have been utilised by third parties, indicating its significant impact on technological advancements beyond its campus.
At the RIF launch ceremony, officiating guests, including the HKUST Treasurer and Council member; the Vice-President for Research and Development; and the Associate Vice-President for Research and Development (Knowledge Transfer) as well as other senior leadership, reiterated the university’s commitment to fostering innovation and entrepreneurship.
The HKUST Treasurer emphasised the importance of collaborating with capable partners to leverage the Redbird Innovation Fund, aligning with HKUST’s strategic focus outlined in Vision Plan 3.0. Meanwhile, the HKUST Vice-President for Research and Development highlighted the crucial role of commercializing scientific achievements in driving economic progress, underscoring the significance of initiatives like the RIF in catalysing innovation and empowering entrepreneurs.
In addition to the RIF, HKUST offers various funding programs tailored to tech startups at different development stages. For instance, the Entrepreneurship Fund (E-Fund), established in 2019 with HK$100 million, focuses on seed to early-stage startups. As of April 2024, the E-Fund has invested in 19 portfolio companies, which have subsequently attracted over HK$400 million in funding rounds, collectively valuing at over HK$2 billion.
The launch of the HKUST Redbird Innovation Fund signifies a significant step towards bolstering the university’s support for tech startups and furthering its position as a global leader in innovation and entrepreneurship. With substantial funding and strategic partnerships, HKUST aims to foster a thriving ecosystem that nurtures groundbreaking technological solutions with real-world impact.
Hong Kong is a thriving hub for fintech companies and startups, boasting approximately 1,000 entities in this sector. Renowned globally for its conducive environment for rapid expansion, the city hosts over 10 unicorn startups, each valued at over US$1 billion.
According to the 2023 Annual Startup Survey by InvestHK, the startup ecosystem in Hong Kong continues to flourish. The survey reported a record-breaking number of startups, totalling 4,257, marking a significant 34% increase from 2019. This growth underscores the city’s appeal to entrepreneurs seeking to establish and grow their ventures, with over 600 startups specifically in the FinTech industry.
