Hong Kong News
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Saturday, Feb 22, 2025
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Massive backing for university research teams
The government plans to launch a HK$10 billion Research, Academic and Industry Sectors One-plus Scheme next year that will fund at least 100 university research teams with the potential to develop into start-up businesses.
Under the scheme, each team should complete its project in two stages: the first three-year stage is to realize research and development outcomes, while the second is to commercialize those outcomes within the subsequent two years.
The funding ceiling for each team is HK$100 million, but the actual amount will be decided after vetting the applications.
The aim is to incentivize collaboration among industry, academic, and research sectors to further promote the "1 to N" transformation of R+D outcomes and industry development.
Hong Kong's scientific research achievements have a potential for commercialization and could even become a big industry.
Billy Mak Sui-choi, an associate professor in the department of finance and decision sciences at Baptist University, believes the amount of funding is too low, but can provide some relief to researchers, especially during economic downturns, when private sectors are reluctant to invest.
Also, by collaborating with the Office for Attracting Strategic Enterprises, the administration aims to attract over 100 high-potential enterprises to set up or expand their businesses in the city in the next five years.
These include at least 20 top-notch innovation and technology firms, which would bring in over HK$10 billion in investments and create thousands of local job opportunities. Sources said it is difficult to define what would be considered "top-notch", but it would take into account the company's influence and market share. Considerations for companies will be applied depending on their strengths.
The government will create the post of commissioner for industry, who will be responsible for coordinating and steering reindustrialization strategies.
In terms of strengthening infrastructure, the Science Park or Pak Shek Kok MTR station on the East Rail Line is scheduled to operate by 2033.
The expansion works of the Science Park and Cyberport will be completed in phases from 2025, providing an additional floor area of 100,000 square meters.
It will also promote the development of a "smart port" to facilitate the flow and sharing of data among operators and other stakeholders.
Tax concessions will be offered to attract maritime enterprises to establish a presence in Hong Kong.
The funding ceiling for each team is HK$100 million, but the actual amount will be decided after vetting the applications.
The aim is to incentivize collaboration among industry, academic, and research sectors to further promote the "1 to N" transformation of R+D outcomes and industry development.
Hong Kong's scientific research achievements have a potential for commercialization and could even become a big industry.
Billy Mak Sui-choi, an associate professor in the department of finance and decision sciences at Baptist University, believes the amount of funding is too low, but can provide some relief to researchers, especially during economic downturns, when private sectors are reluctant to invest.
Also, by collaborating with the Office for Attracting Strategic Enterprises, the administration aims to attract over 100 high-potential enterprises to set up or expand their businesses in the city in the next five years.
These include at least 20 top-notch innovation and technology firms, which would bring in over HK$10 billion in investments and create thousands of local job opportunities. Sources said it is difficult to define what would be considered "top-notch", but it would take into account the company's influence and market share. Considerations for companies will be applied depending on their strengths.
The government will create the post of commissioner for industry, who will be responsible for coordinating and steering reindustrialization strategies.
In terms of strengthening infrastructure, the Science Park or Pak Shek Kok MTR station on the East Rail Line is scheduled to operate by 2033.
The expansion works of the Science Park and Cyberport will be completed in phases from 2025, providing an additional floor area of 100,000 square meters.
It will also promote the development of a "smart port" to facilitate the flow and sharing of data among operators and other stakeholders.
Tax concessions will be offered to attract maritime enterprises to establish a presence in Hong Kong.
