Hong Kong commits US$383m to university tech spin-offs in bid to be global innovation hub Hong Kong is stepping up its efforts to transform into a global tech hub, backing university-led commercialisation with a funding blitz spearheaded by the Hong Kong University of Science and Technology (HKUST). Speaking at HKUST’s annual Unicorn Day event on Tuesday, Secretary for Innovation, Technology and Industry Sun Dong said the government had committed over HK$3 billion (US$382.8 million) to 73 projects under the RAISe+ (Research, Academic and Industry Sectors One-plus) scheme. Launched in October 2023 under the Innovation and Technology Fund, the scheme offers up to HK$100 million per university team, requiring them to successfully commercialise their research and development (R&D) outcomes within five years. Nineteen projects from HKUST had secured RAISe+ funding, highlighting the university’s “strength in translating frontier research into real world applications”, according to Sun. That was the highest number among all local institutions, said HKUST president Nancy Ip, noting that she had “not seen such substantial investment by the government until the last few years”. The scheme came as the Asian financial hub seeks to revamp itself into an innovation and technology centre, with efforts including increased government funding, new data centres for artificial intelligence computing, and the Northern Metropolis megaproject that aims to develop a massive technology zone near the city’s border with mainland China. While the city faces many hurdles in its tech ambitions, its efforts to encourage the commercialisation of R&D results have given some industry insiders optimism about its progress. HKUST on Tuesday showcased 160 start-ups born out of the university, spanning industries including AI, semiconductors, healthcare and new materials. The students, faculty and alumni members of HKUST had so far founded 1,900 active start-ups, up from 1,800 as of May last year, with 11 unicorns and 16 firms having gone public, the university said. Ip said HKUST had invested its own capital into start-ups, pouring over HK$300 million into them last year alone. In 2024, HKUST launched the HK$500 million Redbird Innovation Fund to form multiple funds worth HK$2 billion with investment partners. “We believe that by backing our own entrepreneurs with both institutional funding and strategic resources, we are ensuring that our home-grown ventures will have the financial runway in order to scale globally,” Ip said. HKUST recently expanded its efforts to translate lab results into industry success with the establishment of the city’s third medical school, and has appointed eminent clinical scientist King Li King-chuen as its dean. “We would like our graduates to identify clinical challenges. And our graduates will collaborate with scientists [and] entrepreneurs to find solutions,” Ip said on Tuesday. https://www.scmp.com/tech/tech-trends/article/3355728/hong-kong-commits-us383m-university-tech-spin-offs-bid-be-global-innovation-hub?pgtype=live (ICE HONG KONG)

Fonte notizia: South China Morning Post