February 26, 2024

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Funding to Support CUHK Start-ups and Entrepreneurs

Image Credits: CUHK, Press Release

CUHK Innovation Ltd, a subsidiary of the Chinese University of Hong Kong (CUHK), has signed a Memorandum of Understanding (MoU) with a China-based investor to promote the commercialisation of innovative research and development achievements by CUHK’s spin-off companies. This collaboration aims to support the growth of Hong Kong as a global innovation and technology hub.

The Chairman of the Board of CUHK Innovation Ltd, and the Founding and Managing Partner of the investment firm signed the MoU. This partnership will work to provide case-by-case support to spin-offs related to CUHK, promoting their growth and development.

Under the agreement, CUHK Innovation Ltd will showcase CUHK’s research achievements to its investor partners for investment opportunities, including the Startuphk Fund. The Startuphk Fund, which is being established by the investment firm with a target size of HK$600 million, will invest in technology-related companies in Hong Kong, thereby enhancing their commercialisation prospects.

The CUHK Pro-Vice-Chancellor (Research) stated that among the key areas of CUHK’s 2025 strategic plan is research and innovation. In the 2023-24 Budget, the promotion of the translation of research and technology industries was highlighted by the HKSAR Government, and more funds and resources will be invested.

Efforts will continue to be made by CUHK to jointly build an innovation and entrepreneurship ecosystem with public and private organisations, facilitating the development of Hong Kong as an international innovation and technology hub.

Meanwhile, the Founding and Managing Partner of the investment firm stated that as the world gradually recovers from the COVID-19 pandemic, new opportunities for innovation and technology development in Hong Kong have emerged. Recently, the Hong Kong government announced the “Hong Kong Innovation and Technology Development Blueprint,” which aims to establish Hong Kong as an international innovation and technology center.

In response to the national strategic plan of the “Guangdong-Hong Kong-Macao Greater Bay Area (GBA),” the investment firm is making efforts to promote the integration of science and innovation in the GBA and assist Hong Kong youths in starting businesses in the Bay Area.

Partnerships are being forged to foster more technology-oriented start-ups from CUHK, enhance the commercialisation of research outputs, and contribute positively to the development of GBA.

Recently, the HKSAR Government rolled out the 2023-24 Budget. To promote scientific research, the Government will allocate HK$6 billion to offer subsidies to universities and research institutes to establish thematic research centers that support the transformation of research and development (R&D) outcomes and R&D activities related to life and health technology.

Additionally, HK$3 billion will be earmarked to further enhance basic research in frontier technology fields such as AI and quantum technology. These measures aim to strengthen Hong Kong’s scientific research capabilities and develop it into a powerhouse in biomedicine, as well as an international innovation and technology hub.

CUHK welcomed the initiatives and measures to promote innovation and technology (I&T) development and talent cultivation proposed in the 2023-24 Budget Speech.

The Vice-Chancellor and President of CUHK stated that the University supprted the move to promote cooperation between the research, academic and industrial sectors, which will boost I&T development in Hong Kong.

Research and innovation are key areas of CUHK’s Strategic Plan 2021-2025 and the University will continue supporting its scholars and recruit more international talent through different programmes, in order to contribute to Hong Kong, the nation and the world with advances in science and technology.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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