Applications for the Innovation & Technology Venture Fund opened today.
The $2 billion fund was launched by the Innovation & Technology Commission to encourage venture capital funds to invest in local inno-tech startups.
Secretary for Innovation & Technology Nicholas Yang said the fund will help fill the funding gap for local startups.
"We are confident that having this new fund will be conducive to developing a more vibrant Hong Kong's innovation and technology ecosystem."
Venture capital funds, whether incorporated in Hong Kong or overseas, are welcome to apply to become the fund’s investment partners.
Applications will be assessed by an independent advisory committee comprising business and investment veterans, professionals and academics.
Each selected venture capital fund will enter into an agreement with the Government which lays down co-operation details as well as the rights and obligations of both parties.
The Government and each venture capital fund will invest in eligible startups concurrently at an overall ratio of 1:2.
The Government will provide appropriate carried interest and other performance incentives to successful applicants.
The application deadline is January 15.
A briefing session will be held on October 3.
Click here for details.
