ITC welcomes first batch of RAISe+ participating projects (with photos)

The Commission on Innovation and Technology today (28 May) held a signing ceremony for the One Plus Scheme for Research, Academic and Industrial Sectors (RAISe+) with representatives of 24 research teams from universities invited to sign a Memorandum of Understanding (MOU).


In the presence of the Deputy Director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region (HKSAR), Ms. Lu Xinning; Secretary for Innovation, Technology and Industry, Professor Sun Dong; Director General of the Department of Educational Affairs, Science and Technology, Liaison Office of the Central People’s Government of the HKSAR, Dr. Wang Weiming; Permanent Secretary for Innovation, Technology and Industry Eddie Mak; and the chancellors and vice-presidents of the universities concerned, Commissioner for Innovation and Technology Ivan Lee, signed a memorandum of understanding with representatives of 24 research teams at the ceremony to confirm the first batch of projects participating in the RAISe+ program. Total funding is over $1 billion and covers the fields of innovation and technology (I&T) in health and medical sciences, new materials and new energy, artificial intelligence (AI) and robotics, electrical and electronic engineering, engineering, advanced manufacturing, Chinese medicine, and environmental, agricultural and marine biotechnology (see annex). The signing ceremony marks a new milestone in Hong Kong’s I&T development. The Innovation and Technology Commission expressed hope that the program can encourage cooperation between industry, academia and research to further promote the 1-to-N transformation of research and development (R&D) outputs and industrial development, with a view to strengthening Hong Kong high-quality economic development of Congo and accelerating the development of new qualitative productive forces of Hong Kong.

　
In his speech at the ceremony, Professor Sun expressed gratitude for the university’s positive response to the program and congratulated the 24 teams recommended by the RAISe+ Program Steering Committee. He looked forward to the potential impact of these projects on Hong Kong’s I&T system and the possible emergence of unicorn companies.


Professor Sun further added that in addition to the launch of the RAISe+ program to strengthen the midstream sector, many efforts have been made to promote the development of downstream sectors, with particular emphasis on life and health technologies, artificial intelligence and data science, as well as emerging energy and advanced manufacturing industry. “We have managed to negotiate with over 100 strategic technology companies to launch or expand their presence in Hong Kong in just two years. This is a reflection of our development direction to enhance our I&T ecosystem through a virtuous cycle of interactions between different sectors.” he said.


The Chairman of the RAISe+ Scheme Steering Committee, Mr. Duncan Chiu, also mentioned during the ceremony that the RAISe+ Scheme plays a key role in creating a vibrant and self-reinforcing I&T ecosystem. The program was launched at the perfect time as Hong Kong urgently needed this critical grant to promote the successful commercialization of research and development results to unlock the maximum potential of the I&T community.


After signing the Memorandum of Understanding, ITC will begin agreeing project details with the research teams, including the specific amount of funding.


The RAISe+ program was launched in 2023 and aims to fund at least 100 research teams from universities funded by the University Grants Commission that have high potential to become successful start-ups on a matching basis. Each approved project will be provided with financial support ranging from $10 million to $100 million. The evaluation criteria include the I&T component of the project, the commercial feasibility of the project results, the technical and management capabilities of the team, the relationship of the project to government policy or the general interest of the community, and the financial considerations of the project.


Details of the program can be found on the dedicated website (www.itf.gov.hk/en/raiseplus). If you have any questions, please contact the Program Secretariat (tel.: 3655 5678; e-mail: [email protected]).

Ends/Tuesday May 28, 2024

Issued at HKT 18:51

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