HKUST Annual Report 2021-2022

24 USING INNOVATION TO BENEFIT SOCIETY Bringing Ideas and Concepts to Life During 2021-22, HKUST and ASTRI signed a pioneering MoU, whereby IP generated by R&D collaboration between HKUST and ASTRI would be jointly owned by both parties, marking the first time an applied research institute and a university in Hong Kong have officially collaborated using this approach. Under this new IP framework, both parties will work together to commercialize their smart city R&D deliverables, for example, research on advanced 5G applications and third-generation semiconductors. Separately, the University’s Bridge Gap Fund received 29 applications and supported 14 HKUST faculty-led projects in 2022 in areas such as communications, biomedicine, and internet of things. The fund was launched in 2020 to strengthen the commercialization of HKUST technology and create societal impact while stimulating the creation of viable IP, start-ups, and collaborations with industry. Boosting Start-Up Support On-going participation in the government’s Technology Start-Up Support Scheme for Universities (TSSSU) provided support for HKUST start-ups. In 2021-22, 74% of the businesses formed by the 14 HKUST TSSSU fund awardees were based on University technologies. They also received external funding of around US$12 million, an increase of 300% from the previous year. The University’s own HKUST Entrepreneurship Fund (E-Fund) also continued to build young companies’ development and communication with potential investors as well as funding. E-Fund’s Co-Investment Partners rose to 20 during the reporting year, managing an investment pool of more than $14 billion and investing approximately $25 million in E-Fund portfolio companies. The HKUST E-Fund Portfolio Showcase 2021 and HKUST Start-Up Showcase 2022 gave E-Fund start-ups a valuable opportunity to pitch their innovations to the University’s investor and industry partner network. Spurring Greater Bay Area Entrepreneurship and Collaboration HKUST signed a strategic MoU with Hong Kong Science and Technology Parks Corporation (HKSTP), paving the way for the establishment of the Hong Kong Science Park and Guangzhou Nansha Co-incubation Base in Nansha. The base will connect HKUST and HKSTP to the region, with high-potential start-ups, entrepreneurs, and young talents from Hong Kong being able to “land” in Nansha and immediately connect up to the local innovation ecosystem while Mainland ventures and talents can do the same in connecting to Hong Kong.