HONG KONG SAR – Media OutReach – October 12, 2023 – Creating a sustainable future has become an unstoppable global trend. As a passionate advocate for empowering UrbanTech to deliver solutions, ParticleX hopes to leverage venture capital funding and cutting-edge technologies to address urban challenges. He initiated the 2sd ParticleX UrbanTech Global Challenge (PUGC) to connect startups, corporations, angel investors and incubators around the world. ParticleX kicked off the PUGC Launch Ceremony this afternoon, themed “Igniting Urban Innovation – A Launch Towards Sustainable Solutions”. With a strong focus on sustainability, PUGC is dedicated to fostering collaborations and driving innovation, creating a vibrant UrbanTech ecosystem.
The Covid-19 pandemic has created difficulties for foreign start-ups engaging Hong Kong companies due to travel restrictions that have hampered their outreach. Collaboration between foreign companies and domestic start-ups has also faced obstacles. To address this issue, ParticleX launched the ParticleX PropTech Global Challenge (PPGC) in 2020, connecting real estate developers, construction companies, property management, and other industrial users locally and globally with startups through a digital platform . This made it easier to connect businesses with suitable start-up products or solutions, while providing foreign start-ups with access to user companies and local investors.
The Challenge returns, unlocking the financial and societal returns of start-ups
Seeing the success of PPGC in supporting diverse users, ParticleX expanded its reach in 2022 with the first PUGC. The PUGC makes a grand return this year, bringing together around 30 partner organizations and including for the first time the participation of all innovation departments of Hong Kong universities, signaling the aim of more holistically fostering research commercialization university.
ParticleX works beyond conventional notions of venture capital. It aspires to serve as an activation engine that moves ideas toward implementation and a catalyst for urban progress.
Mr. Mingles Tsoi, Director of Exploration at ParticleXsaid: “Our investment philosophy goes beyond simple financial returns. We believe that every unique innovation born from a startup initiative has both investment value as well as social value and impact. Therefore, PUGC 2023 encompasses six main categories of UrbanTech aimed at shaping sustainable and resilient cities around the world.
Regarding academic collaboration this year, Mr. Tsoi added that “ParticleX places particular emphasis on key innovations emerging from academic institutions. Although university R&D teams undoubtedly possess a wealth of promising technologies and concepts, they may lack the experience and resources needed to successfully commercialize. ideas. Therefore, this edition of PUGC specially invited all innovation departments of universities in Hong Kong to participate. The aim is to facilitate more connections between academia and industry by providing testing grounds. By gaining user feedback and real-world experience when applying their solutions, university spin-offs can refine ideas and bring them closer to implementation. We are delighted to see the Hong Kong Government’s implementation of the One-plus Program for the Research, Academia and Industry Sectors (RAISe+ Scheme) by generously funding the R&D projects of universities and By encouraging investment from institutional investors in return, we believe that the RAISe+ program will stimulate the dynamics of the technology community, paving the way for continued innovation. »
Collaboration is the key to fostering a vibrant UrbanTech ecosystem
The PUGC 2023 Launch Ceremony was honored to welcome distinguished guests including Hon. Mr. Duncan Chiu, Member of the Legislative Council representing the Technology and Innovation Constituency. Also present were Mr. Aldous Mak, Chief Financial Officer of Hong Kong Science and Technology Parks Corporation, Ms. Jayne Chan, Head of StartmeupHK at InvestHK as well as partners and start-up founders from various sectors. The honorable guests expressed their support for the development of UrbanTech startups and their contributions. A round table was also held around “UrbanTech Trends and Challenges”.
She. Mr. Duncan Chiu said: “ParticleX has always focused on early-stage investing, supporting many local start-ups, as well as university-based entrepreneurs and university spin-offs to enter various markets, including including mainland China. This type of professional investor is crucial for Hong Kong. Kong’s I&T ecosystem will flourish as they provide capital as well as industry connections and business advice that fuel start-up growth. The PUCG’s focus on the commercialization of UrbanTech provides further impetus to Hong Kong’s smart city development. I wish the challenge every success, and hope it helps more companies move to the next generation of unicorns.
Mr. Aldous Mac said: “We are excited to support ParticleX in this event, discover more innovative UrbanTech solutions and accelerate technology adoption, as well as make Hong Kong a smart and sustainable city through this challenge. HKSTP is committed to providing a wide range of incubations. programs to startups at various stages, from world-class infrastructure, business development support to financing. We look forward to welcoming more startups and new-generation talents to jointly strengthen Hong Kong’s innovation and technology ecosystem.
Ms. Jayne Chan said: “When it comes to businesses tackling climate change and creating a more sustainable world, technology is a game-changer. It can help businesses reduce their emissions by improving efficiency, switching to cleaner alternatives and recycling materials. Hong Kong is a great place for startups. in the field of sustainable development, with favorable government policies, investment opportunities, deep talent and easy access to growing markets.
This year, PUGC targets six main categories of UrbanTech, namely 1) Real Estate and Built Environment, 2) Infrastructure, Energy and Utilities, 3) Transportation and Mobility, 4) Food Supply, Public Health and Safety, 5) Economy circular, Cleaning and waste management, 6) Lifestyle, culture and education.
PUGC applications are open until January 5, 2024. ParticleX will make an initial selection by the end of January to shortlist the start-ups. The shortlisted start-ups will present their project to the PUGC investment committee in March 2024. The successful finalists could win a chance to each obtain a minimum investment of USD 200,000. They will also have the opportunity to partner with major Hong Kong companies to test the feasibility of a product or solution. This allows UrbanTech companies to gather user feedback and real-world data to refine their offerings efficiently and cost-effectively. The ultimate goal is to accelerate product adoption, business growth and social impact.
Apply and find out more about PUGC here:
https://particlex.com/pugc/
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