HKSTP announces Joint Incubation with three local universities

(Hong Kong, 25 October 2016) - Hong Kong Science and Technology Parks Corporation (“HKSTP”) today announced the Joint Incubation programme that has Hong Kong Baptist University, City University of Hong Kong and The Hong Kong Polytechnic University as initial partners to further enhance the support to university tech start-ups. At the same time, HKSTP has set up a new co-working space Lion Rock72 at InnoCentre in Kowloon Tong as another development hub for local start-ups besides Hong Kong Science Park. The space will accommodate Hong Kong’s growing innovation and technology ecosystem and provide comprehensive 24/7 support to tech start-ups in a convenient location.

HKSTP endeavours to catalyse the growth of local technology start-ups and support universities at the upper stream of the innovation and technology ecosystem value chain to transfer technology and translate academic research into commercialised products. The Innovation and Technology Commission of HKSAR introduced the Technology Start-up Support Scheme for Universities (TSSSU) in 2014 under the Innovation and Technology Fund, and provides an annual funding of up to HK$4 million to each of the six local universities. The Scheme aims to support technology start-ups formed by university researchers to commercialise their R&D results outside the academia. Since the inception of the Scheme, HKSTP has been actively participating in the TSSSU assessment panel of five of the universities, offering extensive support for selected projects to join HKSTP’s Incubation Programmes. Over 130 start-ups have received TSSSU funding, among them 53 have also been admitted to HKSTP’s Incubation Programmes to commercialise their work and scale up their businesses both locally and globally.

Joint Incubation speeds up university technology transfer

To speed up R&D commercialisation, HKSTP announces its Joint Incubation programme with Hong Kong Baptist University, City University of Hong Kong and The Hong Kong Polytechnic University as initial partners. The programme offers more flexible arrangements to encourage university researchers to commercialise their R&D results into market products and solutions. Under the programme, the three university partners will recommend high-potential projects to be evaluated by HKSTP’s Incubation assessment panel based on the projects’ technical and business feasibility. Successful applicants will become a member of HKSTP’s Incubation Programme and are eligible to use either HKSTP’s premises or their corresponding university as their work location. They will also enjoy the value-added support services from both HKSTP and universities to speed up their technology and business growth.

Andrew Young, Chief Commercial Officer of HKSTP, said: “The universities in Hong Kong have world-class scientific research achievements which lay a strong foundation for our innovation and technology ecosystem to develop and generate economic benefits. We are excited to form close partnerships with local universities and support their start-ups in scaling up through HKSTP’s extensive collaboration network, especially in facilitating their commercialisation, business development, advanced manufacturing and international outreach.”

New start-up anchor at Lion Rock 72 invokes Hongkongers’entrepreneurial spirit

Lion Rock 72 is the first co-working space outside Hong Kong Science Park set up by HKSTP. The “Lion Rock spirit” pervades the 10,000 sq. ft. collaborative space and invokes Hongkongers’innate entrepreneurial spirit – the perseverance, courage and innovativeness to overcome challenges and build a better future.

Lion Rock 72 adopts flexible spatial designs to accommodate start-ups’ functional needs and stimulate idea exchange amongst resident start-ups. Entrepreneurs can also make use of the various multifunctional areas for collaborations, presentations and product launches. All facilities in Lion Rock 72, including a small-scale workshop for prototyping, are operational 24 hours a day to meet the start-ups’ need for flexible working hours.

Being one of the facilities under HKSTP’s Incubation Programme, Lion Rock 72 is open to all incubatee companies. Incubatees may apply to use either Hong Kong Science Park Incubation Centre or Lion Rock 72 as their primary R&D location, and enjoy HKSTP’s full range of value-added business support services in either location within the Programme period. Lion Rock 72 is in the vicinity of Hong Kong Baptist University, City University of Hong Kong and The Hong Kong Polytechnic University, making it extremely convenient for Joint Incubation companies to reside in and enjoy support services offered by both HKSTP and university partners.

Andrew Young, Chief Commercial Officer of HKSTP, said: “Lion Rock 72 will definitely become the next anchor for local tech start-ups where they can tap into a versatile collaborative space and the comprehensive support services we offer. Through Lion Rock 72, we hope technology talent will make good use of this space to spark ideas, work together and fuel Hong Kong’s innovation-based economy.”