1st anniversary of largest university-based innopreneurship programme in Asia — HK Tech 300 spawns over 300 start-ups

Fledgling entrepreneurs are eager to start their own ventures and break new ground as innovation and start-ups begin to show promise. To nurture tech talent and entrepreneurs, City University of Hong Kong (CityU) launched HK Tech 300, a large-scale flagship innovation and entrepreneurship programme in March 2021 with an allocation of HK$500 million. Themed “Venture Beyond Boundaries”, the programme helps students, alumni, researchers and other members of the public to kick-start their entrepreneurial journey. This substantial funding and the scale make HK Tech 300 the largest university-based entrepreneurship programme in Asia. In the first year of operation, the programme offered more than 1,000 participants entrepreneurial training, gave seed funding to over 300 teams, and provided nearly 50 start-ups with up to HK$1 million each in angel funding. 

Through HK Tech 300, CityU encourages students, alumni, researchers, and other members of the public to develop their innovative ideas into start-ups. CityU and the Hong Kong Science and Technology Parks Corporation (HKSTP) signed a Memorandum of Understanding (MoU) last November for collaborative programmes on innovation and entrepreneurship in Hong Kong and the rest of the Greater Bay Area (GBA). Representatives from the start-up teams co-incubated by the two institutions as well as eminent guests attended the event.

Specially designed flexible 4-stage programme

HK Tech 300 has created a 4-stage stage approach to creating 300 start-ups in three years: entrepreneurial training offered by professional organisations, seed funding for early-stage idea validation, angel fund investment to help start-ups grow, and venture capital investment to nurture nascent enterprises until take off. This flexible programme allows applicants to join any of the first three stages based on their specific capabilities and needs.

The first batch of start-ups under HK Tech 300 received angel funding worth over HK$46 million in April this year, with 49 companies getting up to HK$1 million each.

The programme has so far awarded 302 start-up teams a seed  fund of HK$100,000 each, and another 49 start-up companies angel fund investment of up to HK$1 million each. These start-ups specialise in multiple domains, ranging from deep tech, information and communications technology, artificial intelligence (AI), and biotech and health technology to fintech and environmental and educational technology.

CityU is one of the world’s fastest rising universities, ranking 1st in Hong Kong for Citations per Faculty in the QS World University Rankings averaged over five years from 2017 to 2021. According to a Stanford University study, over 170 CityU faculty members were among the top 2% of the world's most cited scientists in 2021. In addition, CityU was named one of the Top 100 worldwide universities for approved U.S. Patents by the National Academy of Inventors (NAI), having been granted the most U.S. utility patents among universities in Hong Kong for five consecutive years.

President Way Kuo of CityU delivers a speech at the launch of HK Tech 300 in March 2021.

“Thanks to our pioneering science and technology research, CityU has won numerous prestigious international awards and made invaluable contributions to the betterment of society. We remain committed to bringing about positive change to industries and the community at large through the transfer of knowledge,” said President Way Kuo of CityU. Another key feature of HK Tech 300 is openness as the programme is not limited to CityU students and alumni. The general public is welcome to use CityU’s patented technologies to develop tech products and services, thereby accelerating technology and knowledge transfer. President Kuo said he is proud of the teams and start-ups spawned by HK Tech 300, noting that they are committed to transforming advanced technologis developed by CityU into applications that bring about real-world benefits. 

Translating excellent research into practical applications

CityU is committed to transforming excellent research and technological breakthroughs that can bring about real-world benefits. Here a HK Tech 300 start-up team introduces its R&D product to Mr Alfred Sit Wing-hang, Secretary for Innovation and Technology (middle), and Mr Lester Garson Huang, CityU’s Council Chairman (right).

HK Tech 300 offers career alternatives and opportunities by helping Hong Kong scientists and researchers to create start-ups. As of April this year, over 20% of the teams and companies awarded seed funding and angel fund investment  were established by CityU PhD students and researchers, and 10% of awardees were members of the public.

Thanks to the substantial funding allocated to HK Tech 300, the number of start-ups with diversified backgrounds and specialities is gradually increasing, and several have attracted interest and investment from venture capital funds. These encouraging results confirm the value of CityU’s unwavering commitment to fostering a vibrant innovation and technology ecosystem in Hong Kong.

Leading to possibilities beyond boundaries

Eighty seasoned industrialists and entrepreneurs are leveraging their professional expertise and personal experience through the HK Tech 300 Mentorship Scheme to help start-up teams as they embark on their entrepreneurship journey.

Since its launch, HK Tech 300 has received excellent support from about 60 strategic partners, including the Innovation and Technology Commission of the HKSAR Government, InvestHK, the four major chambers of commerce, and other supporting organisations and professional services partners. In addition, 80 seasoned industrialists and entrepreneurs have guiding teams on their entrepreneurship journey through the HK Tech 300  Mentorship Scheme.

Furthermore, CityU has pledged to open up new opportunities for aspiring young entrepreneurs. CityU and China Resources Enterprise (CRE) co-established a HK$100-million joint venture to help high-quality start-ups become innovative unicorns in the GBA. Meanwhile, an Memorandum of Understanding (MoU) between CityU and HKSTP will strengthen help to provide seed funds and other support for co-selected start-up teams, launch collaborative programmes to nurture talent, and further promote technology transfer and enterprise innovation in the GBA. This scaling-up of initiatives illustrates CityU’s relentless drive to create a comprehensive, university-based start-up ecosystem.

CityU will continue to play a pivotal role as a hub for innopreneurship knowledge, not only by assisting the young generation to grow start-up enterprises and generate creative ideas but also by injecting new energy into technological innovation and economic development in Hong Kong and the region.