The Government will set aside $2 billion to set up an Innovation & Technology Venture Fund to co-invest in local start-ups with private venture capital funds on a matching basis.
Delivering his 2016 Policy Address today, Chief Executive CY Leung said the move will encourage investment from venture capital funds in local innovation and technology start-ups.
"Innovation and technology start-ups require capital input at different stages of development. In addition to current sources including the Innovation & Technology Fund, the Cyberport Creative Micro Fund, the Corporate Venture Fund set up by the Science Park, as well as the funding schemes of various universities, the Cyberport will allocate $200 million to launch a Cyberport Macro Fund for investment in its ICT start-ups."
He said the Government will set aside $500 million to set up an Innovation & Technology Fund for Better Living to finance projects that make use of innovation and technology to improve our daily life.
The Government will also review the functions and composition of the Advisory Committee on Innovation & Technology, and step up efforts to promote STEM (Science, Technology, Engineering and Mathematics) education and encourage students to pursue the study of these subjects.
Wi-Fi widened
Mr Leung said the Government will progressively expand the coverage of free Wi-Fi services by doubling the number of hotspots to 34,000 within three years to provide such services at all public rental housing estates and public hospitals, markets, parks, sitting-out areas, promenades, tourist spots, public transport interchanges and land boundary control points.
Wi-Fi connection speed at government venues will be progressively doubled and security enhanced.
"We will offer free Wi-Fi services at all youth service centres and study rooms run by the Government and non-profit-making organisations, and work with schools to improve the quality of their Wi-Fi services in order to support e-learning."
The Government will also develop Science Park and Industrial Estates near the Liantang/Heung Yuen Wai Boundary Control Point, formulate a digital framework and standards to develop a smart city, formulate policies on big data application, and encourage public sector and commercial organisations to open up more data.
