Head of steering committee for HK$10 billion fund for university research teams aims to boost Hong Kong’s economy with innovation and technology projects
- Lawmaker Duncan Chiu appointed as chairman of steering committee for ‘Research, Academic and Industry Sectors One-plus Scheme’
- ‘There’s a possibility that the approved projects may not turn out to be successful but I hope they can do good in the world and benefit the economy,’ he says
The newly appointed head of a steering committee tasked with selecting research teams in eight Hong Kong universities for a HK$10 billion (US$1.3 billion) matching fund has said he aims to attract innovation and technology (I&T) projects that can benefit both the world and the city’s economy.
Lawmaker Duncan Chiu, representing the innovation and technology sector, on Thursday was appointed as the chairman of the steering committee for the “Research, Academic and Industry Sectors One-plus Scheme” for a two-year term which will involve vetting the applications for the HK$10 billion matching fund.
“I believe the response will be enthusiastic as this scheme will help research teams get funding, find investors and break into a market more easily with the matching fund,” Chiu said.
“There’s a possibility that the approved projects may not turn out to be successful but I hope they can do good in the world and benefit the economy by creating jobs and cultivating talent.”
Members of the steering committee also include Li Qianxin, the daughter of the Chinese Communist Party’s former No 3 leader, Li Zhanshu, who retired in March last year as head of the National People’s Congress, China’s top legislature.
Others include: Sunny Chai Ngai-chiu, chairman of the Hong Kong Science and Technology Parks Corporation; Professor Bian Zhaoxiang, associate vice-president at Baptist University; Professor Francis Chan Ka-leung, dean of the faculty of medicine at Chinese University of Hong Kong; and lawmaker Sunny Tan, who represents the textiles and garments industry.
In his first policy address in 2022, Chief Executive John Lee Ka-chiu said HK$10 billion would be earmarked for the launch of the one-plus scheme.
Under the scheme, at least 100 research teams in the city’s eight public universities which demonstrate potential for becoming start-ups will receive funding on a matching basis.
Hong Kong earmarks billions to drive innovation and technology industry
The teams will be required to complete their project in two stages. The first will focus on transformation and realising research and development (R&D) outcomes within three years, and the second will involve commercialisation of R&D outcomes within two years.
The scheme aims to incentivise collaboration among relevant industries and the academic and research sectors to push for I&T development.
Funding support from HK$10 million to HK$100 million will be provided to each approved project, with university teams being entitled to no less than 70 per cent of the intellectual property benefits.
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The assessment criteria for the scheme includes the I&T component, commercial viability of project outcomes, technical and management capability of the team, examining the project’s relevance to government policies or its overall benefit to the community, as well as its financial aspects.
Tan, the lawmaker, said the programme would help universities transform and commercialise R&D outcomes and turn Hong Kong into an international I&T hub.
“I expect that the scheme will greatly enhance the innovative capabilities of different industries, thereby pushing forward the overall development of I&T and industrialisation,” he said.
The first round of applications ended late last year, with the results expected to be announced in the first quarter.
