CityU awards 49 local start-ups up to HK$1million each under HK Tech 300 Angel Fund
The first batch of local start-ups to receive investment funding under the HK Tech 300 Angel Fund from City University of Hong Kong (CityU) has been announced on 26 April 2022. Altogether 49 start-ups specialising in bio and health technology, deep tech, information technology and artificial intelligence (AI), fintech and other areas have been selected to receive up to HK$1 million each. With funding worth over HK$46 million, CityU aims to enhance the business development of these start-ups and boost innovation technology in Hong Kong and beyond by encouraging practical applications of the University’s research and technology output.
In his opening remarks, Mr Lester Garson Huang, Chairman of the CityU Council, congratulated the start-ups on securing awards from the HK Tech 300 Angel Fund, and expressed his hope that their successful experience would inject new energy into the drive for innovation and technology in Hong Kong and beyond. “The investments are more than mere financial backing for these start-ups,” said Mr Huang, emphasising the fruitful achievements of the HK Tech 300 programme a year into its establishment. “They also signify CityU's determination to support young people in their quest for innovation and technology.”
Excellent achievements in 1st year of HK Tech 300 programme
President Way Kuo of CityU said that through its internationally acclaimed science and technology research projects, CityU had made a substantial contribution to the community. “CityU is committed to bringing about positive changes in society through the transfer of new knowledge and technology,” he said. President Kuo said he was proud of the students, researchers, alumni and other young people whose start-ups, with the backing of the HK Tech 300 programme, had advanced the application of technology developed by CityU in daily life. He said he hoped that the start-ups would achieve sustainable growth and become enterprises with unique strengths in the near future.
Professor Michael Yang Mengsu, Vice-President (Research and Technology), who chairs the HK Tech 300 Executive Committee, noted that for the fifth consecutive year, CityU had received the highest number of US utility patents among local universities plus 22 awards at the Inventions Geneva Evaluation Days 2022, the best achievement among local institutions for two years in a row. He said the HK Tech 300 programme would continue to translate CityU's research results and intellectual property into practical applications and provide support for young entrepreneurs at the beginning of their careers.
Cautious investment and risk management for start-ups
Mr Sunny Lee Wai-kwong, CityU Vice-President (Administration) and Managing Director of CityU Enterprises Limited, said the University had been cautious in its investment decisions. Each initiative must be approved by multiple panels, comprising representatives from CityU, investment professionals and experts from the start-up ecosystem, and only when the feasibility and the sustainability of the projects and their business models were deemed acceptable. The University has also developed a set of post-investment management measures for monitoring the performance of the start-ups that it has funded, and will offer guidance and support, as appropriate.
CityU start-ups share project plans
At the press conference, representatives from ITsci Company Limited, Super Bamboo Limited and Alpha AI Technology Limited shared their experience and future plans. These start-ups, which are supported by the HK Tech 300 Angel Fund, have utilised the University's patents in the areas of digital medical imaging technology, green material science, and artificial intelligence, respectively.
About HK Tech 300
Under the theme “Venture Beyond Boundaries”, HK Tech 300 is a large-scale flagship innovation and entrepreneurship programme launched by CityU for aspiring entrepreneurs among CityU students, alumni, research staff and others to establish start-ups and ignite the entrepreneurship journey. With an allocation of HK$500 million, the programme offers comprehensive support for entrepreneurship training, a seed fund of HK$100,000, an angel fund of up to HK$1 million per company, co-working space, and networking opportunities in the industrial and commercial communities. HK Tech 300 aims to create 300 start-ups in three years, providing educational and growth opportunities for young entrepreneurs and translating CityU’s research results and intellectual property into practical applications.
Since the launch of HK Tech 300 in March 2021, over 1,000 people have participated in entrepreneurship training, more than 300 teams have each been awarded a seed fund of HK$100,000, many start-ups have been set up, and 80 experienced industrialists and successful entrepreneurs have accepted our invitation to serve as mentors.
Full list of 49 start-ups which have received HK Tech 300 Angel Fund is available here.
For details of HK Tech 300, please click here: www.cityu.edu.hk/hktech300.