A Game-Changing Initiative for Research Teams in Hong Kong Universities to commercialize their R&D outcomes
HONG KONG, Oct. 24, 2023 /PRNewswire/ -- Hong Kong-based venture capital firm Beyond Ventures is pleased to applaud the launch of the "Research, Academic & Industry Sectors One-plus Scheme" (RAISe+ Scheme). The RAISe+ Scheme, a part of the Innovation and Technology Fund (ITF), as outlined in the Chief Executive of Hong Kong 2022 Policy Address, aims to provide HK$10 billion in funding support to eight designated UGC-funded universities to assist their research teams in transforming, realizing, and commercializing their R&D outcomes with the collaboration of industry sectors and the market.
The RAISe+ Scheme represents a significant advancement over previous funding schemes for university research projects turned start-ups. Beyond Ventures believes that this initiative is a remarkable step forward for the research community in Hong Kong, attracting high potential research teams that used to be passive to join the program. While there is room for improvement, the firm wholeheartedly agrees with and supports the principles of the scheme, which include:
Lap Man, Co-founder and Managing Partner of Beyond Ventures expressed his enthusiasm about the launch of the RAISe+ Scheme, stating, "The RAISe+ Scheme marks a significant milestone in fostering collaboration among academia, industry and HKSAR Government in Hong Kong. We are excited to be part of this initiative and look forward to working closely with universities and other stakeholders to realize the full potential of research and innovation in our city."
Lap Man added: "As the most active and successful Co-investment Partner of The Innovation and Technology Venture Fund (ITVF), in terms of investment amount, number of investments, and exits. Beyond Ventures is committed to supporting this scheme. We will work closely with universities to identify commercializable projects and aim to lead and aggregate industry investments in these ventures. Our goal is to invest HK$1.5 billion into related projects leveraging capital from our Fund, our partners, and matching funds of the HKSAR Government."
Beyond Ventures is an investment firm rooted in Hong Kong, dedicated to supporting local startups even during challenging economic periods. Despite the current market downturn, the firm remains steadfast in its commitment to nurturing Hong Kong-related startups and driving innovation in the region.
Beyond Ventures' exits and IPO projects include HKTaxi (acquired by Uber in 2021), EXLskills (acquired by John Wiley & Sons in 2022.), SenseTime (stock code: 20.HK), Smartsens Tech (stock code: 688213.SH), Prenetics (Nasdaq: PRE), and YOHO (stock code: 2347.HK). Previous investments in university research turned startups include GenieBiome (G-NiiB), JSAB, APstem, etc.
About Beyond Ventures
Beyond Ventures, the Hong Kong-based venture capital firm, was co-founded by Lap Man and Marvin Hung in 2017 with the goal to revitalize and transform Hong Kong's innovation ecosystem by being the city's most impactful venture capital firm. The firm unites venture capital experts and local conglomerates with visionary entrepreneurs, providing start-ups with the capital and guidance they need to thrive.
The name "Beyond Ventures" originates from the popular rock-and-roll band Beyond, which emerged in early 1990s Hong Kong. Since raising its first fund in 2017, Beyond Ventures has successfully invested in and helped develop portfolio companies which include SenseTime, Smartsens, Prenetics, YOHO, HKTaxi (acquired by Uber in 2021) and EXLskills (acquired by John Wiley & Sons in 2022.). To date the portfolio has produced four IPOs and two trade sales.
Beyond Ventures draws on support from well-known Hong Kong conglomerates including Hop Hing Group, Far East Consortium, Chinney Alliance Group and Chinachem Group, leading private equity firms Hony Capital and GAW Capital, Hong Kong VC firm, eGarden as well as famous university The University of Hong Kong.
Please visit www.beyondventures.hk for more information.
