It only takes a spark to get a fire going. And City University is hoping to be that spark for local start-ups with its HK Tech 300 innovation and entrepreneurship program, launched on March 23.
The university recently presented its first two rounds of seed funds with a total sum of HK$6.5 million.
A total of 65 start-up teams were selected, covering a range of sectors, from information and communications technology, artificial intelligence, fintech and business to biotech and health, deep tech and edutech. Each team received a seed fund of HK$100,000 to transform its creative ideas into start-up projects.
"CityU actively advocates innovation and knowledge transfer as well as encourages the transformation and application of outstanding research results of the university so as to make a contribution to society," said CityU president Way Kuo. "I am very pleased to help CityU students, alumni and young researchers start their entrepreneurship journey through HK Tech 300."
With the theme of "Venture Beyond Boundaries" and an allocation of HK$500 million, the program aims to provides comprehensive support to CityU students, alumni and young people who aspire to start their own businesses.
This support includes entrepreneurship training, a seed fund of HK$100,000, an angel fund of HK$1 million, co-working space and network establishment within the industrial and commercial communities.A mentorship scheme led by successful entrepreneurs in the industry will provide guidance to the start-up teams and help students cope with real-life challenges along their entrepreneurship journey.
The number in its name points to its aim of establishing 300 start-ups championed by CityU students in three years.
"Premium start-ups with high potential under HK Tech 300 will be selected for investment, which will develop them into leading technology companies in Hong Kong and promote science and technology development in Hong Kong and the entire region," said CityU council chairman Lester Huang in his address.
CityU also signed a memorandum of understanding with China Resources Enterprise for a science and technology innovation investment platform with an initial investment of HK$100 million. The aim is to encourage the commercialization of start-up projects under HK Tech 300 and nurture unicorn start-ups.
Secretary for innovation and Technology Alfred Sit Wing-hang said start-ups played a pivotal role in developing ideas and injecting momentum into the innovation and technology ecosystem, adding that the support and participation of the government, academia and the business community were equally important.
"We welcome CityU's efforts in advancing the HK Tech 300 program to support more start-ups. We also appreciate China Resources Enterprise for collaborating with CityU to set up a co-investment platform under the program."
Addressing the audience, Permanent Secretary for Education Michelle Li Mei-sheung praised HK Tech 300 as a well thought-out scheme.
"Encouraging an entrepreneurial mindset among students, businesses and the general community is critical to promoting an innovation culture in Hong Kong," she said.
Applications for the third round of the seed fund will commence this month while those for the fourth round will be in November.
Website: cityu.edu.hk/hktech300
ivy.ong@singtaonewscorp.com
