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2021 Policy Address – Building a Bright Future Together

There are a number of measures to support Hong Kong to strive ahead with renewed perseverance and plan for the future in the Policy Address 2021. We have summarised measures related to Youth Development and Innovation and Technology for your reference: Youth Development Invite the Youth Development Commission to explore the introduction of a new funding scheme to subsidise eligible NGOs to organise projects that are conducive to nurturing young people’s positive thinking Establish more effective channels to gauge the views of young people of different backgrounds in order to better meet their needs in areas such as education, career pursuits, housing, upward mobility and development of their potential Introduce measures, including the Funding Scheme for Youth Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the GBA Youth Employment Scheme, to support the development of Hong Kong young people in the Mainland, as well as support for enhancing various Mainland internship and exchange programmes Regularise the Member Self‑recommendation Scheme for Youth, under which young people aged between 18 and 35 are recruited on a regular basis to participate in government advisory committee For details on the measures related to Youth Development, please refer to the Facebook page of the Home Affairs Bureau. Innovation and Technology Develop the San Tin Technopole Strengthen the development of the Eastern Knowledge and Technology Corridor Build landmark Innovation and Technology (I&T) facilities in Lau Fau Shan Reserve land for The University of Hong Kong and The Chinese University of Hong Kong for research use Start planning for the construction of the second Advanced Manufacturing Centre Set up an InnoLife Healthtech Hub in the Hong Kong‑Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop Set up a dedicated fund to encourage local researchers to participate in national research and development projects Explore collaboration between the Hospital Authority (HA) and Hong Kong Science and Technology Parks Corporation on the use of the HA’s clinical data for research and development Continue to implement the Global STEM Professorship Scheme and other talent-nurturing schemes Establish incubator networks in the GBA campuses of Hong Kong universities Set up the GBA InnoAcademy Set up the GBA InnoExpress to to nurture start ups and support I&T enterprises to go global and attract foreign investment Explore the extension of the Immigration Arrangement for Non-local Graduates to cover graduates of Hong Kong universities’ GBA campuses so as to facilitate the flow of talents within the GBA Expand the Innovation and Technology Bureau into the Innovation, Technology and Industry Bureau to support the development of re-industrialisation For details on the measures related to the I&T development so as to integrate into the national and GBA development, please refer to the Facebook page of the Innovation and Technology Bureau. After the delivery of Policy Address, the Innovation and Technology Bureau continued to engage stakeholders on the I&T initiatives, which some startups agreed that the measures would bring benefits to the I&T development in Hong Kong. Let’s take a look at the sharing video below to know more! (The video is in Chinese only)   The Policy Address Supplement used more infographics to make the document more readable and listed out those ongoing and new initiatives. You may wish to refer to the following chapters of the Supplement - Chapter V - Unlimited Business OpportunitiesChapter VII - Nurturing TalentChapter VIII - Caring Society

Inno-dictionary: What is GP / LP?

“GP, LP”   Definition: The help from a venture capital fund (VC) may be needed for business development during the prototype stage of a start-up. A VC is formed by GPs (General Partners) and LPs (limited partners).   GP (General Partner): A GP is responsible for the practical operation of a VC which include planning investment directions and recruiting LP to provide funding. When sufficient funding is raised, a GP will search for investment projects and “add value” to the selected ventures, such as expanding their network. A GP is entitled to receive a 1.5-2.5% management fee on an annual basis from the total investment of the VC. When the VC withdraw from a profited investment, a GP may receive a share profit of over 20% of the investment return; if the investment of the VC recorded a good performance, a GP may even receive an amount of 30% or more. The shared amount is also called carried interest.   LP (Limited Partner): A LP is mainly an institutional investor. Usually he/she is required to identify himself/herself under the “Securities and Futures (Professional Investor) Ordinance”, which means he/she owns an investment portfolio of not less than HK$8 million (please refer to the webpage of Investor and Financial Education Council for more information).   More information: The limited partnership fund (“LPF”) regime is introduced on 31 August 2020 to attract investment funds (including private equity and venture capital funds) to set up and register in the form apart from limited partnership in Hong Kong. An eligible fund should have one general partner and at least one limited partner. The LegCo has also passed a bill in April 2021 to provide tax concessions for carried interest distributed by eligible private equity (“PE”) funds operating in Hong Kong. For more information on VCs, please visit Startmeup.hk.     Source: Innovation and Technology Bureau HK Facebook Page, Company Registry, news.gov.hk Published by the Innovation and Technology Bureau HK Facebook Page, the “Inno-dictionary” series aims to facilitate startup newbies to understand the jargons related to entrepreneurship as well as innovation and technology.

Inno-dictionary: "Series A, B Investments"

"Series A, B Investments"   Definition: Series A investment usually refers to the first investment a startup received from institutional investors after the stage of seed / angel investment.  The startup would have developed a product prototype at this stage, yet it may usually generate limited revenue or zero profit. Series B investment refers to the second investment received from institutional investors. The startup would usually expand its business or market share, and develop a better business and profit model. Nevertheless, the definitions of Series A and B investments vary across industries and areas, and may change according to market conditions.   More information: HKSTP Ventures and Cyberport Macro Fund provides investments to nurture early-to-growth stage startups. As announced in the 2021-22 Budget, $350 million and $200 million will be injected into the two Funds respectively and their scope will be extended to cover Series B and later stage investments. For more information on institutional investors, please visit Startmeup.hk.   Source: Innovation and Technology Bureau HK Facebook Page   Published by the Innovation and Technology Bureau HK Facebook Page, the “Inno-dictionary” series aims to facilitate startup newbies to understand the jargons related to entrepreneurship as well as innovation and technology.

Inno-dictionary: “Angel Investors”

“Angel Investors”   Definition: “Angel Investors” are people who provide angel investments to potential startups. Angel investors provide not only funding but also business networks and operational experiences and advices to startups.   Etymology: Why would the term “angel” be used for “angel investors”? The jargon “angel” originally comes from the Broadway theatre, which was used to describe investors for theatrical productions. In 1978, Professor William Wetzel in the U.S. began using the word “angel investors” to describe individuals who provide funding support for startups.   More information: Investment Matching Gatherings (IMGs) are held frequently by Hong Kong Science & Technology Parks and Cyberport to connect angel investors and entrepreneurs. For more information on angel investors, please visit Startmeup.hk.     Source: Innovation and Technology Bureau HK Facebook Page   Published by the Innovation and Technology Bureau HK Facebook Page, the “Inno-dictionary” series aims to facilitate startup newbies to understand the jargons related to entrepreneurship as well as innovation and technology.

Cyberport Academy: Free Resources for Entrepreneurs

It’s easy to start your own business with Cyberport! The Cyberport Academy has launched a new online platform which connects the world's top technology learning resources and offers a wide range of enrichment courses, training programmes and internship opportunities for students, teachers, youth, entrepreneurs and practitioners from all walks of industries. Check out the four useful resources below from the platform! Free Online Learning Tools Provided in Partnership with World Class Platforms The Academy  partners  with global technology  giants  AWS,  IBM  and  Microsoft to offer a  free  online  learning  portal "AIM for Students". Secondary  school  students  and  university  students  can  keep  themselves  updated  with latest technology trends and knowledge, while teachers can embrace EdTech by utilising the platform to create an interactive learning environment. Free Online Entrepreneurship Learning Platform The online portal is connected to the Startup School of Y Combinator, a leading start-up accelerator in the United States. Start-ups can get chances to connect with internationally renowned  start-ups  such  as  Airbnb,  Stripe  and  Coin base,  and  get  access  to  free entrepreneurial  advice  and  consultations. Certificate courses and workshops Provide recognised training programmes and courses including accredited programmes, special short courses, seminars, workshops, delegations, etc. The programmes cover areas in innovation and technology including FinTech and Smart Living with the aim to provide students with credible qualifications and level hierarchy recognition. Talent cultivation programmes Cyberport Academy provides internships and career opportunities, including collaborating with faculties in various tertiary institutions and encourages university students to participate in multi-disciplinary credit-bearing externship programmes to gain hands-on experience in managing start-ups. There are also internships and entrepreneurial activities such as Cyberport Digital Tech Internship Programme and Cyberport University Partnership Programme. The Academy also holds annual Career Fair to further connect the I&T industry with job seekers and cultivate tech talents. Please stay tuned for the latest updates on the official website of Cyberport.

[Chang’e 5 series #3] Innovation and Technology in Hong Kong

In last episode of the Chang'e 5 series, Professor YUNG Kai-leung, Sir Sze-yuen Chung Professor in Precision Engineering, Chair Professor of Precision Engineering and Associate Head of Department of Industrial and Systems Engineering of the Hong Kong Polytechnic University, talks about the development of Innovation and Technology in Hong Kong. (The video is broadcasted in Cantonese) For details about PolyU-made space instruments complete lunar sampling for Chang’e 5, please visit the PolyU website. (Content and video of this story are provided by the Innovation and Technology Bureau's Facebook Page, click here for more stories) Know more about Department of Industrial and Systems Engineering of the Hong Kong Polytechnic University PolyU ISE (Industrial and Systems Engineering)https://www.polyu.edu.hk/iseBEng (Hons) Scheme in Product and Industrial Engineering (JUPAS Code: JS3557)https://www.polyu.edu.hk/ise/pieBSc (Hons) Scheme in Logistics and Enterprise Engineering (JUPAS Code: JS3571)https://www.polyu.edu.hk/ise/lee  

[Chang’e 5 series #2] No second chance for the lunar sampling!

(Reference: China`s Chang e 4 lunar probe landed on the surface of the moon.) Talking about the challenges of the Chang'e 5 project, Professor YUNG Kai-leung, Sir Sze-yuen Chung Professor in Precision Engineering, Chair Professor of Precision Engineering and Associate Head of Department of Industrial and Systems Engineering of the Hong Kong Polytechnic University (PolyU) said, “As our system needed to operate on the sun-facing side of the Moon where the ground temperatures could be as high as 110 degree Celsius, this innovation had to be highly sophisticated and capable of functioning under extremely high temperatures. It also needed to withstand the extreme space environment during travel to and landing on the Moon which meant enduring impact and shock during lift-offs and landings, high vacuum on the moon, exposure to solar wind and cosmic rays, as well as high-speed re-entry to Earth’s atmosphere.”“To meet the limited payload requirement, we had to be innovative in our mechanism design and be stringent in weight control. For example, the two samplers are more than a tool to acquire lunar regolith. They are also used to pick up and move the sample container from the lander to the ascender atop,” Professor Yung continued.(The video is broadcasted in Cantonese) For details about PolyU-made space instruments complete lunar sampling for Chang’e 5, please visit the PolyU website. (Content and video of this story are provided by the Innovation and Technology Bureau's Facebook Page, click here for more stories) Know more about Department of Industrial and Systems Engineering of the Hong Kong Polytechnic University PolyU ISE (Industrial and Systems Engineering)https://www.polyu.edu.hk/iseBEng (Hons) Scheme in Product and Industrial Engineering (JUPAS Code: JS3557)https://www.polyu.edu.hk/ise/pieBSc (Hons) Scheme in Logistics and Enterprise Engineering (JUPAS Code: JS3571)https://www.polyu.edu.hk/ise/lee  

[City I&T Grand Challenge Hong Kong] Tools and Tips 101 (for University/Tertiary Institute & Open Group)

(Image source: City I&T Grand Challenge website) Will you be Hong Kong’s next GREAT INNOVATOR? Anyone can be an innovator, whether you are a student, employee, entrepreneur or retiree. The City I&T Grand Challenge Hong Kong invites you to help transform the future of Hong Kong, one idea at a time. If you enjoy tackling big picture issues, discovering creative solutions and moving the city forward into the future, the Grand Challenge is the perfect place for you to put your creativity and innovative skills to the test. Winners will have the chance to receive mentorship and shadow startups and advisors. Selected projects may even be productised, featured in exhibitions and roadshows, and enter incubation programmes!Ready to bring your ideas to life and help alleviate Hong Kong’s imminent challenges? Get involved now.Tools & Tips 101 No ideas where to start yet? The training videos below and the "Tools and Tips 101" aim to equip you with the critical soft skills and knowledge to get started with your idea development for the Grand Challenge.Watch the videos to learn more about the two sub-themes – Environmental Sustainability and Social Connectivity, the principles of Design Thinking and Lean Canvas Model to develop your ideas and combine innovative technologies with design ideas to imagine and create new opportunities and embark on your innovation journey! "Tools and Tips 101" for University / Tertiary Institute & Open Group

[City I&T Grand Challenge Hong Kong] Tools and Tips 101 (for Secondary School Group)

(Image source: City I&T Grand Challenge website) Will you be Hong Kong’s next GREAT INNOVATOR? Anyone can be an innovator, whether you are a student, employee, entrepreneur or retiree. The City I&T Grand Challenge Hong Kong invites you to help transform the future of Hong Kong, one idea at a time. If you enjoy tackling big picture issues, discovering creative solutions and moving the city forward into the future, the Grand Challenge is the perfect place for you to put your creativity and innovative skills to the test. Winners will have the chance to receive mentorship and shadow startups and advisors. Selected projects may even be productised, featured in exhibitions and roadshows, and enter incubation programmes!Ready to bring your ideas to life and help alleviate Hong Kong’s imminent challenges? Get involved now.Tools & Tips 101 No ideas where to start yet? The training videos below and the "Tools and Tips 101" aim to equip you with the critical soft skills and knowledge to get started with your idea development for the Grand Challenge.Watch the videos to learn more about the two sub-themes – Environmental Sustainability and Social Connectivity, the principles of Design Thinking and Lean Canvas Model to develop your ideas and combine innovative technologies with design ideas to imagine and create new opportunities and embark on your innovation journey! "Tools and Tips 101" for Secondary School Group

Will you be Hong Kong’s next great innovator?

The City I&T Grand Challenge believes that anyone, regardless of age, can be an innovator to transform the future of Hong Kong! Organised by the Innovation and Technology Commission together with the Hong Kong Science and Technology Parks Corporation, the first City I&T Grand Challenge will be launched. In light of the new normal under the epidemic, the theme of the competition this year is “Innovating for Hong Kong’s New Normal”. All sectors of the community are invited to develop innovative smart solutions to tackle problems facing by the city and people in their daily lives as well as to make Hong Kong a more sustainable, connected and efficient city. Participants are invited to submit innovative solutions to tackle one of the following focused issues: “environmental sustainability” or “social connectivity”. Participants are required to address the environmental problems arise from disposable plastic tableware and household food waste, and the physical and social well-being of senior citizens and children under the new normal of social distancing and distant learning. (The video is broadcasted in Cantonese) The Challenge is open to various participant categories including Primary School, Secondary School, University / Tertiary Institute, and Open Group. Each proposal will be evaluated based on its originality, uniqueness and effectiveness, application of innovation and technology, as well as social benefits and impact. Winners will be awarded a cash prize and a trophy. For the winners of the University and Open categories, they will also have a chance to receive R&D resources and training for refining their I&T solutions for trying at a designated venue such as a government department or a public organisation. The Challenge is open for application from today till 30 June 2021. For further details on the Challenge and registration method, please visit the official website. A host of workshops, seminars and training activities will also be organised to introduce knowledge on technologies and entrepreneurship as well as topical daily life issues. All are welcome to join.

[Chang’e 5 series #1] Why the lunar sampling is related to Hong Kong?

In support of the Nation’s first lunar sample return mission, a research team at The Hong Kong Polytechnic University (PolyU) developed and manufactured one of the key systems for this historic undertaking, namely the “Surface Sampling and Packing System”, in collaboration with the China Academy of Space Technology. The PolyU-developed system accomplished the tasks of automatic sample collection and packaging on the lunar surface following the soft landing of the Chang’e 5 probe on 1 December 2020. Chang'e-5 is the world’s first lunar-sample return mission in more than 40 years, aiming to bring back a large amount of lunar samples of up to two kilograms via robotic means. The probe adopts two methods of moon surface sampling: one uses a robotic arm for multiple-point surface sample collections, and the other is to drill underground. The team led by Professor YUNG Kai-leung, Sir Sze-yuen Chung Professor in Precision Engineering, Chair Professor of Precision Engineering and Associate Head of Department of Industrial and Systems Engineering, PolyU, was tasked in 2011 to develop the “Surface Sampling and Packing System”, a comprehensive system for lunar surface sampling, packaging and sealing. (The video is broadcasted in Cantonese)   For details about PolyU-made space instruments complete lunar sampling for Chang’e 5, please visit the PolyU website. (Content and video of this story are provided by the Innovation and Technology Bureau's Facebook Page, click here for more stories) Know more about Department of Industrial and Systems Engineering of the Hong Kong Polytechnic University PolyU ISE (Industrial and Systems Engineering)https://www.polyu.edu.hk/iseBEng (Hons) Scheme in Product and Industrial Engineering (JUPAS Code: JS3557)https://www.polyu.edu.hk/ise/pieBSc (Hons) Scheme in Logistics and Enterprise Engineering (JUPAS Code: JS3571)https://www.polyu.edu.hk/ise/lee  

2020 Policy Address - Striving Ahead with Renewed Perseverance

Following 2019's social unrest and amid the ongoing global COVID-19 pandemic, there are a number of measures to support Hong Kong to strive ahead with renewed perseverance in the Policy Address 2020. We have made reference to the "Highlights - Striving Ahead with Renewed Perseverance" leaflet and summarised measures related to education, entrepreneurship and career pursuit for your reference: Quality Education Enhance moral, civic and national education, as well as strengthen education on the Constitution, the Basic Law and national security Reform the liberal studies subject in the senior secondary curriculum Enhance the training of teachers upon appointment, during service and before promotion to enhance their quality Set aside $2 billion under the Quality Education Fund to launch a three-year programme to support e-learning and to ensure that students from disadvantaged families will enjoy equal learning opportunities Support the provision of new teaching facilities and a student hostel for the Hong Kong Academy for Performing Arts Youth Development Launch the Funding Scheme for Youth Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), under which subsidies will be provided for about 200 youth start-ups, and earmark $100 million under the Youth Development Fund for this purpose Launch the GBA Youth Employment Scheme under which enterprises operating business in both Hong Kong and the GBA Mainland cities will be provided with subsidies to recruit and deploy local university graduates to work in the GBA Mainland cities with a quota of 2 000 Creating Employment In addition to providing about 10 000 civil service job openings and creating about 30 000 time-limited jobs under the second round of the Anti-epidemic Fund (of which over 11 000 jobs are suitable for university graduates) this financial year, the Government will create more sector-specific job opportunities, covering environmental protection, construction and engineering, innovation and technology, property management, legal, creative industries, etc., for young people graduating in recent years Provide 20 000 places with training allowance under the Employees Retraining Board's new tranche of the Love Upgrading Special Scheme to be implemented in January 2021 for six months International Innovation and Technology Hub Jointly develop the Shenzhen-Hong Kong Innovation and Technology Co-operation Zone with Shenzhen, and explore with Shenzhen government the idea of allowing the Hong Kong Science and Technology Parks Corporation to lease and manage certain areas of the Innovation and Technology Zone in Futian, Shenzhen, before the completion of the first batch of research and development (R&D) buildings in the Hong Kong-Shenzhen Innovation and Technology Park at the Lok Ma Chau Loop Launch a five-year Global STEM Professorship Scheme at a cost of $2 billion to attract outstanding R&D talent from overseas to engage in R&D work in Hong Kong Release the Smart City Blueprint for Hong Kong 2.0 in December 2020 with more than 130 smart city initiatives Launch the iAM Smart one-stop service platform in December 2020 for the delivery of a number of government and public utility electronic services   The Policy Address Supplement used more infographics to make the document more readable and listed out those ongoing and new initiatives. You may wish to refer to the following chapters of the Supplement - Chapter V - Unlimited Business OpportunitiesChapter VII - Nurturing TalentChapter VIII - Caring Society

STEM Internship Scheme launched

In the 2020-21 Budget, the Financial Secretary has set aside $40 million to subsidise undergraduates and postgraduates taking STEM (Science, Technology, Engineering and Mathematics) programmes in universities funded by the University Grants Committee to enrol in short-term internships. The Innovation and Technology Commission (ITC) has set up under the Innovation and Technology Fund the STEM Internship Scheme to encourage STEM students to gain innovation and technology (I&T)-related work experience during their studies and to foster their interest in pursuing a career in I&T after graduation, so as to enlarge the local I&T talent pool. (The video is provided by the Innovation and Technology Bureau's Facebook Page, click here for more stories) Eligibility of StudentsThe Scheme is open to undergraduates and postgraduates who are -1. local students in accordance with the classification by the Education Bureau for the purpose of admission to post-secondary programmes; and2. enrolling in one of the full-time STEM programmes offered by the eligible Universities. Internship PlacementsInternship places can be newly created or belong to existing in-house internship programmes of the companies/organisations. They have to meet the following requirements -1. local or non-local full-time placements with duration of at least four consecutive weeks; and2. offer meaningful I&T-related work, subject to the vetting of the universities. The Scheme has adopted a broad definition of I&T under which an internship place will be regarded as I&T-related as long as its actual work contains I&T elements (e.g. technology-related intellectual property work, digital marketing, data analysis for the manufacturing industry, etc.). Participating employers may pay a monthly honorarium during the internship period on top of the allowance under the Scheme. They have full discretion in determining the honorarium level with reference to their internal policies, industry benchmarks or market rates. Allowance and FundingThe student interns will receive the allowance subject to the arrangements of individual universities. The allowance for each student intern under the Scheme will be HK$10,500 per month, with a cap as prescribed by individual universities, but not more than three months in every academic year. ITC will disburse the funding to the universities on a reimbursement basis. Application Procedures and ArrangementsIndividual universities have prescribed their respective application procedures and arrangements. Interested students and employers are welcomed to approach the following universities -The Hong Kong University of Science and Technology - Career CenterTel: (852) 2358 6688Email: careercenter@ust.hkThe University of Hong Kong - The Centre of Development and Resources for StudentsTel: (852) 3917 2317Email: stem@cedars.hku.hkThe Chinese University of Hong Kong - Ms Zoe FongTel: (852) 3943 9639Email: zoefong@cuhk.edu.hk The Hong Kong Polytechnic University - Mr KK Ng (Employer matters)Tel: (852) 2766 4651Email: kk.ng@polyu.edu.hkThe Hong Kong Polytechnic University - Miss Genette Cheung (Scheme details and application)Tel: (852) 3400 3121Email: genette.cheung@polyu.edu.hk City University of Hong Kong - Miss Cherry ChongTel: (852) 3442 4481Email: cherry.chong@cityu.edu.hk Hong Kong Baptist University - Miss Penny Lo (Career Centre)Tel: (852) 3411 5278Email: pennylo@hkbu.edu.hkThe Education University of Hong Kong - Career Development ServiceTel: (852) 2948 6246Email: careerservice@eduhk.hk Please visit ITC website for more details.