The Innovation and Technology Commission (ITC) has set up a new Technology Start-up Support Scheme for Universities (TSSSU) under the Innovation and Technology Fund (ITF), providing an annual funding of HK$24 million to six local universities, initially for three years, to encourage their students and professors to start technology businesses and commercialise their R&D results.
The TSSSU funding can be used in a reasonable and proportionate manner for essential items for setting up and operating the technology start-ups, expenditures on R&D, and promotion and marketing of project deliverables.
No limit has been set on the number of technology start-ups to be funded under each university. However, each university will be subject to an annual funding ceiling of HK$4 million, and each technology start-up will be funded for not more than three years with a maximum annual funding of HK$1.2 million.
Interested technology start-ups should submit their applications to the Knowledge Transfer Office/Technology Transfer Office of the host universities. The technology start-ups must be companies registered under the Companies Ordinance for not more than two years. Each application will be assessed by a selection panel comprising assessors with relevant expertise and experience established by the host university. Applications recommended by the host universities will subsequently be forwarded to ITC. For more details, please contact the Knowledge Transfer Office/Technology Transfer Office of the host universities.