City University of Hong Kong (CityU) signed Memoranda of Understanding (MoUs) with three venture capital funds and technology companies to establish a co-investment partnership that will provide at least HK$ 15 million in additional angel fund investment each year to selected start-ups incubated by CityU’s large-scale innovation and entrepreneurship programme, HK Tech 300. This joint effort supports start-ups that specifically benefit social and environmental sustainability and promotes the development of innovation and technology in Hong Kong.
The venture capital funds and technology companies are a company specialising in driving investment for bringing positive impacts to society and the environment; a technology enterprise specialising in the development of virtual reality and augmented reality, interactive solution services, and metaverse-related technology; and a professional service provider and business incubator. These three companies will each invest at least HK$5 million in the first year after signing the MoU and provide co-investment to selected start-ups together with the HK Tech 300 Angel Fund.
In his speech at the signing ceremony, the Under Secretary for Innovation and Technology at HKSAR, who witnessed the ceremony stated that said HK Tech 300 had been well received since its launch. In just over a year, it had already yielded fruitful results and become a new driving force for the innovation and technology ecosystem in Hong Kong. He believes the additional funding from a variety of enterprises and venture capital funds in the innovation and technology circle with actual investment in HK Tech 300 will vitalise the development of innovation and technology in Hong Kong.
The CityU Council Member and Board Chairman of CityU Enterprises Limited noted that CityU has been working closely with the innovation and technology sector to build a bridge between HK Tech 300 start-ups and industry to create a more complete runway for their development. He added that the University looks forward to working with more industry leaders and investors in the future to assist more outstanding start-ups, and promote the development of innovation and technology in Hong Kong and beyond.
The Director & CTO of the company specialising in driving investment for bringing positive impacts to society and the environment noted that through this partnership with CityU start-ups can be supported to leverage technology and spur sustainable development in Hong Kong.
The Executive Director of the tech firm that specialises in the development of VR and AR and related technologies hopes to share their experience and resources with more start-ups through this partnership to help them to grow and to motivate other small and medium enterprises to contribute together to the innovative technology industry in Hong Kong, in so doing build a better and more united innovative technology ecosystem. It is hoped that through partnership, more young entrepreneurs can be nurtured.
About HK Tech 300
HK Tech 300 is a large-scale flagship innovation and entrepreneurship programme launched by CityU, under the theme “Venture Beyond Boundaries”. It was designed for aspiring entrepreneurs among CityU students, alumni, research staff and others to establish start-ups and foster their entrepreneurship journey.
HK$500-million-programme offers comprehensive support for entrepreneurship training, a seed fund of HK$100,000 per team, an angel fund of up to HK$1 million per company, co-working space, and networking opportunities in the industrial and commercial communities.
The programme aims to create 300 start-ups in three years, providing educational and growth opportunities for young entrepreneurs and translating CityU research results and intellectual property into practical applications.
