HKUST Annual Report 2017-18

A N N U A L R E P O R T 2 0 1 7 - 1 8 HKUST 19 The HKUST Entrepreneurship Program continued to support the University community’s start-up vision and incubation of spin-offs. Three companies graduated from the program in 2017-18, bringing the total active spin-off companies to 34. Renovation of incubation space at the main campus is expected to be completed by 2018-19, creating more room to accommodate start-ups. University incubation programs at Shenzhen Research Institute (SRI) and Guangzhou HKUST Fok Ying Tung Research Institute (FYTRI) in Nansha hosted a total of 60 start-ups. Externally, the Technology Start-up Support Scheme for Universities (TSSSU) Program, launched in 2014 by the Innovation and Technology Commission, attracted 47 HKUST applications, bringing total University-related TSSSU applications for the past five years to 176. Eleven of the 2017-18 applications were recommended for funding, taking the total number of HKUST-affiliated TSSSU start-ups to 40. Over 70% of these fledgling companies utilize HKUST technology and 40% have entered incubation programs organized by Hong Kong Science and Technology Parks and Cyberport. Further assistance became available with the launch of the Walter Kwok Technology Start-up Fund. This scheme provides $4 million annual funding to HKUST TSSSU awardees through interest-free bridging loans to ease early- stage cash flow issues and allow founders to spend more time on technology development. In addition, mentorship and business network opportunities will be provided to start-ups under the fund. COMMUNITY IMPACT HKUST knowledge transfer activities in the community involved 669 public lectures, workshops, and seminars, and 99 performances and exhibitions of creative works over the year. The University’s Institute for Public Policy published the first report on integrative development of innovation and technology in the Greater Bay Area, highlighting the risks that Hong Kong faces if it does not speed up such development, and providing recommendations to the Hong Kong government. The Institute also organized three seminars, covering topics from environmental issues to Guangdong-Hong Kong-Macao Bay Area development and the demographic challenges facing China and North-East Asia. Two distinguished lectures hosted by the Leadership and Public Policy Executive Education team, discussed US President Donald Trump’s policies in his first year in office and the importance of demography in Hong Kong. HKUST also enters into partnership with the private sector in a wide range of technological areas. In 2017-18, RDC provided services for 188 contract research cases worth $72 million in total. University researchers carried out 11 consultancy projects totaling $2.4 million. Meanwhile, 333 equipment and facilities service agreements have been made with companies in Hong Kong and beyond related to use of the University’s major equipment and facilities, bringing in an additional $2.5 million. The total income generated over the year through contract research, consultancy and testing services, including Mainland platforms, reached HK$96.5 million. GENERATING START-UPS The established Proof-of-Concept Fund provided internal support, with 14 applications received over 2017-18 and 9 projects recommended by a vetting committee comprising industrial experts and venture capitalists. In addition, plans for the launch of HKUST Entrepreneurship Fund to benefit promising University technology start-ups moved forward. The Fund is intended to provide capital investment solely to HKUST start-ups to help bridge the financing gap before young companies can secure sufficient external funding to grow or expand. The goal is for the fund to become operational next year.