HKUST Annual Report 2018-19

23 HKUST The University announced the building of a quantum optics camera to locate previously undetectable signals from billions of light years away. Since 1999, the University’s Entrepreneurship Program has assisted 64 technology start-ups on the Clear Water Bay campus. implementation to assist promising University technology start-ups. The fund comprises capital investment schemes which can either co-invest with qualified partners or can bridge the funding gap faced by such start-ups before reaching the stage where they can secure sufficient external funding. In preparation, the Fund reached out to experienced venture capital funds, incubators, accelerators, and other types of private funds with a track record of investing in early stage start-ups. Nurturing Start-ups The Technology Start-up Support Scheme for Universities (TSSSU), launched by the Hong Kong government’s Innovation and Technology Commission, attracted 51 applications from HKUST community over the year, bringing the University’s total number of applications since the scheme began in 2014 to 227. With funding doubled since April 2019, the number of start-ups receiving support increased by 55%, with 17 start-ups recommended by the HKUST vetting committee, comprising experienced investors and industry experts. This brings the total number of HKUST-affiliated TSSSU start-ups to 53. Of these, about 68% use HKUST technology. Around 50% have entered incubation programs organized by Hong Kong Science and Technology Parks Corporation and Cyberport, and around 66% have received external funding. Since 1999, the University’s own Entrepreneurship Program has assisted 64 technology start-ups on the Clear Water Bay campus, of which 36 have graduated from the program. Over 2018-19, the space for incubating companies was renovated to accommodate more start- ups. HKUST’s incubation programs at RDC Shenzhen and Guangzhou HKUST Fok Ying Tung Research Institute hosted 52 and 28 start-ups respectively. Networking is also vital in getting innovative new businesses off the ground. In line with this, the Technology Transfer Center and Entrepreneurship Center jointly hosted HKUST Startups x Investors 2018, a flagship activity to connect the University’s technopreneurs and start-upswith the investment communityandprofessional networks. Thirty-seven early-stage companies from five technology areas showcased their breakthrough business ideas, products and services at the event. The gathering attracted investors from over 100 organizations. Further networking opportunities were provided through the Blue Bay Incubator program, organized by the Blue Bay Incubator, HKUST R and D Corporation (Shenzhen) Ltd, and Blue Bay Incubator Phase II in the E-hub of Qianhai Free Trade Zone in Shenzhen. In 2018-19, the program arranged a visit to Tencent for start-ups, and a joint exchange event in Hong Kong for MBA/MSc students and alumni from the School of Business and Management, which engaged 14 start-up companies from Shenzhen, Macau and Hong Kong in its roadshow.