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Promoting Innovation and Entrepreneurship in HK

Image Credits: HKSTP, Press Release

The City University of Hong Kong (CityU) and Hong Kong Science and Technology Parks Corporation (HKSTP) signed a Memorandum of Understanding (MoU) on 11 November 2021; they agreed to launch collaborative programmes in Hong Kong and the Greater Bay Area (GBA) and further promoting innovation and entrepreneurship in the region.

In March this year, CityU’s President and University Distinguished Professor announced the launch of HK Tech 300, a large-scale flagship innovation and entrepreneurship programme with an allocation of HK$500 million. The initiative has received tremendous support from different stakeholders across society, including HKSTP, which is one of the strategic partners. In the first three rounds of “HK Tech 300 Seed Fund”, a total of 152 start-up teams have been awarded HK$100,000 each, and among them, 62 teams have been admitted to HKSTP’s IDEATION pre-incubation programme.

To strengthen their collaboration, CityU and HKSTP have signed the MoU. HKSTP will provide seed funds and other support for start-up teams selected by both parties through the IDEATION programme and the incubation programme. Investment funding support from both parties will be provided to HK Tech 300 start-up projects. CityU and HKSTP will also collaborate on nurturing talent and further promoting technology transfer, enterprise innovation as well as innovation and technology in the GBA.

The MoU was signed by the CityU President and the CEO of HKSTP. It was witnessed by the Secretary for Innovation and Technology, HKSAR; the Chairman of HKSTP; the Chairman of the Council of CityU; representatives from those 62 start-up teams co-incubated by CityU and HKSTP, and attending guests.

The Secretary for Innovation and Technology, HKSAR highlighted in his speech how crucial innovation and technology are to social development and reaffirmed the Government’s solid commitment. The coupling of CityU’s innovation and HKSTP’s R&D base under the MoU today will certainly give an extra boost to our start-ups.

Meanwhile, the Chairman of the Council of CityU noted that the University has always been committed to promoting innovation and technology. HK Tech 300 represents a unique opportunity for young people and researchers to pursue their aspirations.

The HKSTP Chairman noted that the Park is approaching 20 years of leading the development of innovation in Hong Kong. Adhering to well-developed strategies, HKSTP will nurture top talent from HK Tech 300 into future pioneers, and transform their ideas into game-changing innovations.

Amid a growing local research cluster, Hong Kong is a strategic business platform and technology marketplace in Asia. Its innovation and technology (I&T) sector together with that of Shenzhen and Guangzhou — the Shenzhen‑Hong Kong‑Guangzhou technology cluster — is ranked the world’s second-largest based on the Global Innovation Index 2020.

With opportunities brought by the Guangdong‑Hong Kong‑Macao Greater Bay Area development, Hong Kong is set to further capitalise on its advantages in R&D capabilities, technological infrastructure, legal system and intellectual property. The region intends to spearhead the I&T industry, and act as a business platform for companies looking to access the Asia market (and China in particular), or for innovative mainland companies seeking to go international.

Hong Kong’s start‑up ecosystem has gained traction in recent years on the back of increased funding and investment in the necessary infrastructure. In 2020, Hong Kong continued to see a steady upward trend in the number of start-ups (+6% from the previous year), employing over 10,000 people, according to the survey by InvestHK.

Major research focuses of Hong Kong start‑ups include information and communication technologies (ICT), software as a service (SaaS), the Internet of Things (IoT), data analytics, biotech, artificial intelligence (AI), robotics, virtual reality (VR) and augmented reality (AR), as well as new materials. In terms of applications, fintech (financial technology), smart city and smart home, healthcare and big data applications are among the most popular sectors.

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