The Hong Kong University of Science and Technology (HKUST) today announced the launch of the HK$100 million RAISe+ Project Fund (RPF), a dedicated funding initiative that will provide financial backing and tailored commercialization support to HKUST research teams participating in the HKSAR Government's Research, Academic and Industry Sectors One-plus Scheme (RAISe+). The Fund will strengthen capabilities in intellectual property strategy, market development, and commercialization, accelerating the translation of breakthrough research into real-world applications. It will also support the innovation and technology (I&T) development of the Northern Metropolis and contribute to Hong Kong's development as an international innovation and technology hub.
Capitalized by returns generated from the University's equity holdings in previous spin-off companies, the RPF marks the University's first dedicated reinvestment of commercialization proceeds into a new generation of research ventures and technology startups. All HKUST projects participating in the RAISe+ Scheme, including those funded in the first three rounds, will be eligible to apply. Following assessment by an external review panel and the Fund's investment subcommittee, selected projects will receive a formal funding commitment from the University. Through this pioneering model, HKUST aims to share both risks and rewards with its research teams, accelerate technology transfer, and foster a sustainable innovation ecosystem.
Prof. SUN Dong, Secretary for Innovation, Technology and Industry of the HKSAR Government, said, "Promising research must be validated to meet market needs before it can be transformed into viable products and services. Since its inception in 2023, the HK$10 billion RAISe+ Scheme has paved the way to connect R&D outcomes with industry capital and real market demand. To date, 73 projects have been approved under the Scheme, with Government funding commitment over HK$3 billion."
Prof SUN was pleased to see HKUST's active participation in the Scheme, with 19 projects supported so far. "The HKUST has taken one step further to launch the RAISe+ Project Fund, which complements the Government's efforts. By providing additional institutional support for research teams, the Fund helps promising research teams progress from R&D towards practical application. This aligns with the direction set out in Hong Kong's First Five-Year Plan announced last month, which emphasizes bolstering our basic scientific research capabilities in original innovation, while empowering institutions to attract and cultivate talents for technological innovation.
Ms. Edith SHIH, Vice-Chairperson of HKUST Council, said, "The Government has built a powerful bridge through the RAISe+ Scheme, and it is our responsibility as a university to ensure our researchers can successfully advance their discoveries from the laboratory to the marketplace. The Council's decision to establish the HK$100 million RPF represents a significant institutional commitment to invest alongside our innovators and help promising discoveries advance beyond the laboratory. Supporting innovation requires more than celebrating success. It requires conviction, sustained investment, and a willingness to share both risks and rewards. Through the Fund, HKUST is reaffirming its commitment to empowering researchers, nurturing entrepreneurship and translating breakthrough ideas into solutions that create meaningful impact for society."
Prof. Tim CHENG Kwang-ting, Vice-President for Research and Development of HKUST, said, "For decades, many promising discoveries have faced significant barriers on the path to commercialization. Over the past 30 years, HKUST has systematically built a comprehensive innovation ecosystem, from mentorship and technology transfer to incubation and venture support. The HK$100 million RPF is the latest addition to this ecosystem, providing dedicated support for projects advancing through the RAISe+ pipeline. Powered entirely by returns generated from successful HKUST spin-off companies, the Fund establishes a self-sustaining model that reinvests success back into future innovation. By investing alongside government and industry, HKUST is strengthening the pathway from discovery to deployment and helping researchers transform breakthrough ideas into real-world impact."
During the launch ceremony, three HKUST scholars leading RAISe+ supported projects shared their first-hand experiences in their commercialization journeys in a panel discussion titled "Beyond the Laboratory: Driving Innovation through RAISe+." The speakers included Prof. SU Hui, Chair Professor of the Department of Civil and Environmental Engineering; Prof. SUN Qingping, Chair Professor of the Department of Mechanical and Aerospace Engineering; and Prof. Terence WONG, Associate Head and Associate Professor of the Department of Chemical and Biological Engineering. The panel explored how cutting-edge research can be transformed into market-ready technologies, highlighting the importance of industry partnerships, technology validation, product development, and scaling strategies in bringing innovations to market.
Since the HKSAR Government launched the RAISe+ Scheme in 2023, HKUST has secured funding for projects spanning cutting-edge domains such as health and medical technologies, artificial intelligence, robotics, and advanced manufacturing. These funded initiatives form the bedrock of Hong Kong's I&T landscape and are poised to serve as vital R&D reserves for the development of the Northern Metropolis, laying a solid foundation for a thriving and dynamic I&T ecosystem in the region.
HKUST has long been committed to translating research into real-world impact and fostering a vibrant innovation and entrepreneurship ecosystem. The University established the HK$500 million Redbird Innovation Fund to leverage market capital and accelerate the commercialization of research breakthroughs. In addition, InnoBay, HKUST's deep-tech incubation hub launched at the Clear Water Bay campus last year, has already attracted more than 30 startups. Over the past 35 years, HKUST community members have founded more than 2,000 active startups, including 11 unicorns, while 23 companies have achieved successful exits through initial public offerings (IPOs) or mergers and acquisitions (M&As).
