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Recommendation 5.2B: Establish More importantly, we recommend adding a second phase 5
under TSSSU, through which TSSSU provides start-ups with
two phases of TSSSU funding to
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additional funding. In our previous report, we indicated that the
ensure commercial viability and prerequisite for start-ups wishing to access the second phase
industry collaboration with of TSSSU funding should be the acquisition of private funding
or the securing of collaboration with industry partners, as this
welfare services prerequisite demonstrates the start up’s commercial viability
(OHKF, 2020). Education & Talent Development
In 2014, the Technology Start-up Support Scheme for Universities
(TSSSU) was launched under the Innovation and Technology Within the gerontech context, we recommend that the
Fund (ITF). TSSSU encourages students and faculty members prerequisite for accessing Phase II TSSSU funding can also
to establish technology start-ups or commercialise their R&D include industry collaboration with welfare service providers,
outcomes by forming spin-offs (ITF, 2021). At present, TSSSU such as elderly or rehabilitation service units. As mentioned
funding has been critical in supporting early-stage start-ups from in Chapter 1, there are few initiatives that actively encourage
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local universities (ITF, 2020). Yet, there is room for improvement, start-ups to interact with or provide solutions for welfare service
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as many start-ups require strategic support to succeed in the providers. To further encourage such collaboration, TSSSU can
market in the long-run. Therefore, we recommend TSSSU to recommend start-ups to create industry partnerships with service
enhance the existing funding mechanism, as well as establish units that register to become gerontech testbeds under the GT
a second phase of funding that encourages collaboration with Platform. The service unit’s willingness to collaborate with the
welfare services (Figure 22). start-up demonstrates the usefulness of their gerontech product
or service. TSSSU’s investment in gerontech start-ups through
In terms of enhancing the existing TSSSU funding mechanism— Phase II funding will therefore better guarantee that gerontech
what we consider as “Phase I”—we recommend that all R&D results are translated into real-world social impacts.
participating universities provide a condition-free grant to
start-ups instead of the existing reimbursement model. 66

65 An annual funding of up to HKD 8 million is provided to each of the six UGC-funded universities, and each funded start-up may receive up to HKD 1.5 million each year for up to three
years. The six universities are The University of Hong Kong, The Chinese University of Hong Kong, City University of Hong Kong, The Hong Kong University of Science and Technology,
Hong Kong Baptist University and The Hong Kong Polytechnic University. A technology start-up should consist of any mix of students, including alumni, and faculty members. In
2020/21, 44 start-ups were supported.
66 Start-ups often face a severe cash-flow problem so awarding funding by reimbursement is counterproductive to support tech start-ups from universities. The timeframe of the first
phase (18 to 36 months) should be subject to the nature and sector of the start-up.
In the second phase, the TSSSU funding will match at a predesignated ratio up to a set ceiling. The funding for the second phase should last for around 18 to 24 months, by which
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point the start-up should be capable of raising funds by themselves in the private market.
68 One notable exception is the LingnanU Jockey Club Gerontechnology and Smart Ageing Project, which hosts a 54-hour start-up competition and workshops to help entrepreneurs
obtain related education, launch businesses, build networks, learn skills, etc., on innovation for smart ageing (LingnanU techstars_Startup Weekend, 2021). LingnanU also collaborates
with HKSTP to host focus group discussions between start-ups and end-users (LingnanU, 2021, March 1).
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