Hong Kong commits US$383m to university tech spin-offs in bid to be global innovation hub
Hong Kong is hastening its evolution into a global technology center by supporting university-led commercialization initiatives. On Tuesday, during HKUST's Unicorn Day, Secretary for Innovation, Technology and Industry Sun Dong revealed that the government has allocated more than HK$3 billion (US$382.8 million) to 73 projects through the RAISe+ scheme. This initiative, which was introduced in October 2023 under the Innovation and Technology Fund, provides up to HK$100 million for each university team, mandating the commercialization of research outcomes within five years. HKUST has achieved the highest number of projects, totaling 19, as noted by president Nancy Ip, highlighting the unprecedented government investment in recent years. This scheme is part of broader strategies that include enhanced funding, AI data centers, and the Northern Metropolis megaproject near the mainland China border.
Key facts
- Hong Kong committed over HK$3 billion (US$382.8 million) to 73 projects under RAISe+ scheme
- RAISe+ launched in October 2023 under the Innovation and Technology Fund
- Scheme offers up to HK$100 million per university team
- Teams must commercialise R&D outcomes within five years
- HKUST secured 19 projects, the highest among local institutions
- Announcement made at HKUST's Unicorn Day on Tuesday by Secretary Sun Dong
- HKUST president Nancy Ip noted unprecedented government investment
- Part of broader efforts including AI data centres and Northern Metropolis megaproject
Entities
Institutions
- Hong Kong University of Science and Technology (HKUST)
- Innovation and Technology Fund
- RAISe+ (Research, Academic and Industry Sectors One-plus) scheme
Locations
- Hong Kong
- China