Start-up growth for sustainability drive

City University of Hong Kong’s (CityUHK) HK Tech 300 programme is a large-scale flagship innovation and entrepreneurship initiative. HK Tech 300 aims to tackle global challenges by providing funding for innovative and sustainable ideas developed at CityUHK.

Some of these ideas include an energy-free passive radiative cooling paint, sensing technology for smart buildings, innovative cryomicroneedle technology for therapeutic cell delivery, and a platform that makes accessing gyms easier.

300 start-ups in 3 years

The aim of the HK Tech 300 initiative, which was set up in March 2021 for aspiring entrepreneurs, is to create 300 start-ups in three years, providing educational and growth opportunities for CityUHK students, alumni, research staff and others, and, where possible, translate CityUHK research results and intellectual property into practical applications.

The university wanted to create a fast-paced, business-savvy, sustainable programme to help aspiring business leaders and industrialists at CityUHK ignite their entrepreneurship journey.

Since it was established, HK Tech 300 has reached several milestones:

• More than 1,640 students, staff, alumni and other participants have attended entrepreneurship training programmes
• Nearly 700 project teams have been awarded HK$100,000 (£10,000) in seed funding
• Over 130 start-ups have been awarded HK$1 million (£99,700) in angel funding
• A co-investment platform with an initial sum of HK$100 million (£9.97 million) was formed with China Resources Enterprise to nurture high-potential start-ups
• More than 170 experienced industrialists and successful entrepreneurs have served as mentors
• Over 90 strategic partners and supporting organisations from CityU Eminence Society, CityU Convocation, major chambers, incubators, institutions, venture capitalists, and industry associations have offered professional services and business opportunities
• More than 16 per cent of HK Tech 300 projects have been founded by non-CityUHK entrepreneurs using CityUHK’s intellectual property

Why are start-ups so important?

CityUHK believes that start-ups are excellent vehicles for young people, especially when collaborating on projects that are meaningful to them. They allow team members to innovate, create and flex their imaginative muscles.

Successful applicants receive all the necessary training and seed funding to expand their innovative ideas into start-ups. In addition, they can access coworking spaces, angel investment and other related support made possible through CityUHK’s extensive links with the businesses and industry.

Applicants can take part in an eight-week training programme, which teaches them how to start their entrepreneurial journey from scratch, develop a business plan and deliver a pitch. The training programme is worth more than HK$10,000 (£1,000) for each project team. Next, teams can apply for seed funding worth HK$100,000 (£10,000) and at the end of the six-to-12-month funding period, eligible teams will be recommended to compete for the HK Tech 300 angel fund, worth up to HK$1 million (£99,700).

Throughout the HK Tech 300 process, teams are mentored by highly supportive, successful entrepreneurs from the industrial and commercial sectors. Their guidance helps to enrich students’ learning experiences as they progress through the training and develop their ideas.

The mentors are seasoned entrepreneurs, industrialists and professionals from a range of backgrounds, including members from the Hong Kong General Chamber of Commerce, the Chinese General Chamber of Commerce, the Federation of Hong Kong Industries, the Chinese Manufacturers’ Association of Hong Kong, the CityU Eminence Society, and the CityU Business & Industrial Club.

Medals for mettle

At the Geneva International Exhibition of Inventions in 2024, 14 of CityUHK’s winning teams were start-ups incubated by HK Tech 300. They won three gold medals with congratulations of the jury, five gold medals, four silver medals and two bronze medals.

The HK Tech 300 South-east Asia Start-up Competition aims to spread CityUHK’s start-up culture throughout the region. The competition aims to help South-east Asian start-ups expand their businesses to Hong Kong and mainland China by leveraging Hong Kong’s unique advantages and resources. The 10 winning start-ups are awarded angel funding worth HK$1 million (£99,700) each from HK Tech 300.

“The competition presents a unique opportunity to foster collaboration among top academic institutions and incubators in the region,” says Freddy Boey, president of CityUHK. “We will continue to create a thriving innovation and technology ecosystem through more cross-discipline, cross-sector and cross-region collaboration.”