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The Rocketing AI Co-incubation Program, a collaborative initiative between a major technology firm and the Hong Kong Science and Technology Parks Corporation (HKSTP), has been launched to advance artificial intelligence (AI) innovation within Hong Kong. This programme is designed to accelerate the development of AI technologies that tackle challenges across various sectors, including healthcare, finance, and creative media. Through this initiative, seven selected startups will receive a broad range of support aimed at fostering innovation and enhancing the entrepreneurial ecosystem in Hong Kong.
The programme provides these startups with significant resources, including up to US$$350,000 in cloud computing credits and up to HK$1.29 million in funding and research and development (R&D) support. In addition, the startups will benefit from infrastructure support, investor matching services from HKSTP, and mentorship from both the technology firm and HKSTP’s startup success teams. Exclusive access to networking events will also be granted, all structured to facilitate the startups’ growth and enable them to reach their ambitious objectives. The programme is set to culminate in a Graduation Ceremony and Demo Day in 2025, where the startups will present their innovations to influential industry stakeholders.
The programme aims to leverage AI technology to drive economic growth and enhance the technological landscape of Hong Kong. By combining the technology firm’s expertise in AI with HKSTP’s extensive experience in nurturing startup success, the programme aims to provide startups with the tools and knowledge necessary to compete on a global scale. This collaboration is a significant step towards positioning Hong Kong as a leading hub for technology entrepreneurship and innovation.
The overarching goal of the programme is to harness the transformative potential of AI to unlock substantial economic benefits. Predictions indicate that AI could generate HK$287.4 billion in economic value for Hong Kong businesses by 2030. Furthermore, with a substantial portion of Hong Kong startups planning to invest in AI and machine learning, the programme is strategically timed to capitalise on this trend and foster a thriving tech ecosystem.
HKSTP’s involvement brings its proven track record in supporting startup success to the initiative. The organisation’s expertise in providing infrastructure, funding, and mentorship complements the technological capabilities and resources offered by the technology firm. This synergy is expected to significantly benefit the participating startups, equipping them with the expertise and support necessary to navigate a competitive global market and achieve notable advancements in their respective fields.
The Rocketing AI Co-incubation Program serves as a cornerstone of the broader collaboration between the technology firm and HKSTP, reflecting their commitment to advancing technology and innovation in Hong Kong. Through this partnership, the programme aims to cultivate a robust environment for technological development and entrepreneurial growth, reinforcing Hong Kong’s status as a premier destination for innovation and technology.
The Rocketing AI Co-incubation Program aligns with the Hong Kong Special Administrative Region (HKSAR) government’s broader initiatives to bolster innovation and technology. The HKSAR government has been actively promoting digital transformation and supporting technology startups through various funding schemes and infrastructure investments.
This new programme complements these efforts by specifically targeting AI startups, providing them with crucial resources and mentorship. By integrating with the government’s technology advancement strategies, the programme enhances Hong Kong’s position as a leading tech hub, fostering an environment conducive to technological innovation and economic growth, and reinforcing the government’s commitment to developing a robust digital economy.
