The Innovation & Technology Commission today held a forum to announce to universities the official launch of the Research, Academic & Industry Sectors One-plus Scheme in mid-October.

The Chief Executive announced the scheme, which aims to incentivise collaboration among Hong Kong’s industrial, academic and research sectors and promote the so-called “1 to N” transformation of research and development (R&D) outcomes, in his last Policy Address.

Speaking at the forum, Secretary for Innovation, Technology & Industry Prof Sun Dong said: “The Innovation Technology & Industry Bureau has attached great importance to collaboration among the industry sector, academia and research institutions.”

Prof Sun added that besides fostering co-operation among the three sectors and encouraging more private companies to participate in or invest in R&D projects and innovation and technology (I&T) startup activities, the scheme also aims to unleash the potential of universities’ research teams by providing more comprehensive support for applied R&D activities.

With a funding allocation of $10 billion, the scheme will fund, on a matching basis, at least 100 research teams at eight universities funded by the University Grants Committee.

Funding support of between $10 million and $100 million will be provided to each approved project.

Assessment criteria include the extent of the projects’ I&T components, the commercial viability of project outcomes, teams’ technical and management capabilities, the relevance of the projects to government policies or community interests, and various financial considerations.

The scheme, together with the first call for applications, will launch in mid-October. The first awards, following initial applications, are expected to be announced during the first quarter of 2024.