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PolyU introduces new funding programmes for technology start-ups

Date: 21 November 2014

Original Press Release: HERE

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The Hong Kong Polytechnic University (PolyU) announced today two new funding programmes to support technology driven start-ups in order to drive future economic development of Hong Kong. The two funding programmes, namely HKSTP-PolyU Tech Incubation Fund (TIF) and PolyU Tech Launchpad Fund (TLF), are backed by funding source from the Innovation and Technology Commission of the Hong Kong Special Administrative Region Government under the Technology Start-up Support Scheme for Universities (TSSSU).

Under the HKSTP-PolyU Tech Incubation Fund (TIF) Scheme, PolyU collaborates with the Hong Kong Science & Technology Parks Corporation (HKSTPC) to offer both (1) seed funding of HK$100,000 from PolyU and (2) incubation support from HKSTPC. The total value of the support package is up to HK$745,000, including office space at the Hong Kong Science Park. Any individual or team comprised of PolyU students, graduates and /or staff members, or company established for less than 2 years running a technology-driven business is /are eligible to apply. “It can certainly help early-stage technology start-ups,” said Mr Peter Mok, Head of Incubation Programmes and Business Development and Technology Support of HKSTPC, “Successful applicant can now enjoy both funding and incubation support with a single application, whereas they need to submit separate applications in the past.”

Whereas the TIF Scheme offers seed funding support, the PolyU TLF Scheme provides up to HK$1 million to technology start-ups to accelerate their business growth. Under this scheme, PolyU shall offer funding support to successful applicants in the format of grant along with collaborating investors, matching dollar-for-dollar up to a maximum HK$1 million.

“We are very pleased to collaborate with both HKSTPC and Open Partner Ventures in these two funding schemes,” said Mr Nicholas Yang, Executive Vice President of PolyU, “PolyU is committed to promote “Do Well Do Good” entrepreneurial spirit among young people. We have supported over 80 start-ups companies since 2011. With the establishment of these new collaborative models and platforms, it will definitely enable the collective synergy among stakeholders and further expand opportunities for the start-ups.”

Mr Felix Lio, Partner of Open Partner Ventures, further supplemented, “As investors, we always look forward to investing in good projects. The collaboration with PolyU is exciting as it can generate good deal flows for us.”

In order to apply TLF Scheme, other than fulfilling the requirements under TIF Scheme, the applying company must be currently under or has graduated from pre-incubation or incubation programs in town, such as PolyU Micro Fund Scheme, HKSTPC or Cyberport Incubation programs.

“It is our vision to further develop the funding platforms with collaborating partners as a way to encourage and generate more innovations from our youngsters.” Mr Nicholas Yang further elaborated. “Young people may fail along the line, but we should embrace failure and encourage them to learn, step up and try again. We hope more like-minded partner will join hands with PolyU to further develop our innovation and entrepreneurial eco-system in Hong Kong.”

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Press Contacts

Mr Raymond Chu

Assistant Director (Entrepreneurship & Commercialization), Institute for Entrepreneurship

Email (852) 3400 2715
Email raymond.cy.chu@polyu.edu.hk

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