In order to jointly promote the development of Hong Kong as an international innovation and technology hub, fulfill Hong Kong's role as an important bridge connecting our country and the rest of the world, and enhance the empowerment of Hong Kong's economic and social development, China Resources Research Institute of Science and Technology (referred to as "CRRIST") and Hong Kong Cyberport Management Company Limited (referred to as "Cyberport") have launched the CR-Cyberport Joint Accelerator program. The accelerator will focus on high-quality projects from Cyberport and its related technology companies or start-up teams. The program provides comprehensive support such as industrial resources, funds, venues, R&D facilities, and professional consulting to the selected companies. This will help accelerate the commercialization and application of research outcomes, expand the market scale, and enable the selected companies to become unicorn companies in the Greater Bay Area. Each eligible project may receive up to HK$1.8 million in funds and in-kind support, and may also have the opportunity to receive investment.
The program details are as follows:
1. Application Phase (Online application deadline is April 30th) (Apply Here)
The accelerator program is focused on specific areas and industries, including but not limited to financial technology, smart living, digital entertainment, cybersecurity, artificial intelligence, big data, blockchain, and Web 3.0. The projects should also be relevant to the existing industries of China Resources Group (including consumer goods, integrated energy, urban development and operation, healthcare, industrial finance, technology, and emerging industries. For more details, please visit: https://www.crc.com.cn/business/keybusinesses/. ) Additionally, the projects should have collaborative research capabilities with CRRIST, if applicable.
To be eligible for application, the applicant company must meet the following conditions:
a) The applicant company is a Hong Kong registered limited company located in Cyberport; and
b) The accelerator project proposed by the applying company should align with the focused areas and relevant industries of the accelerator program.
2. Review Phase (April-June)
A Joint Management Committee (referred to as the "Management Committee") consisting members from both CRRIST and Cyberport has been established. The Management Committee has set up a Evaluation Committee (referred to as the "Evaluation Committee") to review the submitted projects and select eligible projects for incubation.
The review process is as follows:
a) First Round of Screening: Cyberport will conduct an initial screening of all applications for the program and provide the list of selected projects to Evaluation Committee for second round of screening.
b) Second Round of Screening: The Evaluation Committee will conduct interviews evaluations for the list of selected projects. The Evaluation Committee may also seek suggestions from relevant individuals outside the Evaluation Committee. The projects will be ranked based on the average scores given by the judges, and the best projects will be admitted.
c) Third Round of Screening: The Management Committee will conduct a final review of the projects selected in the second round. If no further questions are raised within the specified feedback time, the projects will be approved eligible to enter the incubation stage.
3. Incubation Phase (June-December)
Before officially entering the incubation phase of the accelerator, the eligible companies can apply for the Accelerator Support Program from Cyberport or the R&D Funds for the incubation phase from CRRIST, and sign an incubation agreement.
a)The support may include expert sharing in the project's field, guidance on technology commercialization, support for equipment, hardware, servers, and etc;
b)CRRIST can collaborate with the project teams during the incubation phase and provide a maximum of HKD 1.5 million R&D Funds for each project during the incubation phase;
c) Cyberport can provide a maximum of HKD 300,000 Cyberport Accelerator Support Program for each project team during the incubation phase.
4. Results Demonstration (June-December)
Incubated projects will demonstrate their results to CRRIST and Cyberport on specified dates.
5. Investment Opportunities (September-December)
CRRIST and Cyberport can independently assess the results demonstrated and decide whether to proceed with investment. Both parties will make their own determinations regarding signing investment agreements with the incubated companies.
1 The Cyberport Accelerator Support Program refers to the funding provided by Cyberport to the incubating technology startup during the incubation phase. The funding scope includes a 75% accelerator fee subsidy, a 75% office rental subsidy, a 50% salary subsidy for interns, a 75% travel and accommodation subsidy, a 75% marketing and promotion expense subsidy (up to HKD 50,000), and a 75% professional services subsidy.
2 The R&D funds during incubation phase refers to the fund provided by CRRIST for collaborative research and development with the incubating companies during the incubation phase. Unless otherwise agreed upon by both parties, the R&D funds must be used for expenses related to the joint research and development projects between the incubating companies and CRRIST. This may include, but not limited to, equipment and material costs, experimental expenses, software, databases, research management fees, salaries, equipment, consulting fees, and licensing fees.