The Innovation and Technology Commission launched a HK$2 billion Innovation and Technology Venture Fund (ITVF) on September 15. The ITVF welcomes applications from venture capital (VC) funds, whether incorporated in Hong Kong or overseas, to become its co-investment partners.

The ITVF aims to encourage VC fund investment in local innovation and technology (I&T) start-ups. The selection of VC funds will be based on a number of criteria as well as the advice from an independent Advisory Committee, which comprises veterans from the business and investment sectors, professionals and academics. The Government and each VC fund will invest in eligible local I&T start-ups concurrently at an overall ratio of approximately 1:2. Appropriate carried interest and other performance incentives will be available.

The Secretary for Innovation & Technology, Mr. Nicholas Yang, said, "The ITVF will help fill the funding gap for local technology start-ups. We are confident that this new fund will be conducive to developing a more vibrant and sustainable innovation and technology ecosystem in Hong Kong."

The ITVF is open for application from VC funds until January 15, 2018. A briefing session will be held on October 3, 2017.

Please click here for more details.