The Hong Kong University of Science and Technology (HKUST) received a HK$2 million donation from Mr Yeung Wing Yee for the establishment of an entrepreneurship fund to support the startups at their early stage initiated by HKUST students.
The Yeung Wing Yee Entrepreneurs Fund, a fund that is named after Mr Yeung, will be set up and mainly run by HKUST Entrepreneurship Centre. It is an acceleration seed fund that aims to help HKUST students to jumpstart their entrepreneurship dreams. It will be used to support early-stage startups when financial support is most crucial for the company to survive but most difficult to secure. Startup projects will be evaluated based on their innovations, feasibility, commercial potential or social impacts, among other factors. Successful projects will be awarded an amount not more than HK$50,000 that can cover prototyping, product and service development, marketing and promotion, trials and overheads for the startup. During the process, Entrepreneurship Center provides further assistance through various programs such as mentorship, guidance, workshops, seminars and workspace to facilitate their business development. After successfully completing the acceleration stage, startups will become more competitive in applying larger funding and more ready to venture into the market. Since its inception in 1999, Entrepreneurship Center has been the hub for student startup activities, actively supporting many students in their entrepreneurial endeavors through organizing various activities.
Mr Yeung Wing Yee, being a well-known businessman and philanthropist, has always been dedicated to supporting education, culture and healthcare services in Mainland China. His generosity has grown and now spans across to Hong Kong. Mr Yeung is a 2005 HKUST EMBA alumnus and is the chairman of Shenzhen Rongchao Real Estate Co Ltd, a property development conglomerate.
My Yeung said, “Through this entrepreneurship fund, we aim to encourage, assist and support more HKUST students to realise their startup dreams. Students with innovative ideas can benefit from the fund even if it is still in the concept stage.”
HKUST President Prof Tony F Chan expressed his heartfelt gratitude to Mr Yeung for his generosity. “We are delighted to see our alumnus giving back to the HKUST community. By integrating our efforts and contributions from our graduates, we are truly living our 1-HKUST spirit. HKUST will continue to nurture our students to become leaders of the future, creating innovations that contribute to the wellness of our society.”
The Yeung Wing Yee Entrepreneurs Fund will last for a period of 5 years and accept its first batch of applications in October 2016. The selection panel will consist of industry experts in startup, representatives from Entrepreneurship Centre, Technology Transfer Centre and appointed representatives by the donor.
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HKUST Receives Donation of HK$2million from Alumnus Yeung Wing Yee to Fund for Startups at Early Stage