Gov't backs nine accelerators under pilot I&T scheme

Funding will be matched one-to-two, with a subsidy ceiling of $30m.

The Pilot Innovation & Technology Accelerator Scheme (PITAS) Assessment Committee, under the Innovation & Technology Fund, has given its support in principle to nine applications, the Innovation & Technology Commission (ITC) said on 14 October.

Under PITAS, the government will provide funding support to accelerator service providers on a one-to-two matching basis, with a ceiling subsidy of $30m.

The project duration is up to three years.

Secretary for Innovation, Technology & Industry Sun Dong said the nine organisations have extensive networks and resources in artificial intelligence, robotics, biomedicine, new energy and new materials.

The scheme aims to attract I&T enterprise service providers with proven track records in and beyond Hong Kong to establish accelerator bases in the city.

PITAS has received over 50 applications since the January launch.

The nine applications were selected based on criteria including experience, operational models, capital and resources, quality of the management and project teams, and expected benefits to the city’s I&T ecosystem.