City University is giving some 300 start-ups a push with HK$500 million over the next three years, with each company receiving HK$100,000 in seed money.

Apart from CityU students, alumni and research staff, anyone who would like to use the university's intellectual property to set up start-ups in Hong Kong can also join the "HK Tech 300" flagship innovation and entrepreneurship program.

It was launched yesterday with the theme "Ventures Beyond Boundaries."

"Under the mentorship of our world class faculty and with the support of our partners and the community, HK Tech 300 will become the No 1 university-based entrepreneurship program in Asia and help our students 'venture beyond boundaries' to realize their dreams," CityU president Way Kuo said. Each successful team will receive up to HK$100,000 to develop their idea into start-ups and help them proceed to the incubation phase, as well as training and mentorship, he added.

Selected start-ups will receive an angel fund of up to HK$1 million for them to develop and validate their business models.

Coworking spaces and other related support will also be provided through a comprehensive network in commercial and industrial communities.

CityU council chairman Lester Garson Huang said: "This program will enable our youth to strengthen their innovation and entrepreneurship skills and prepare them to meet the challenges of the future."

CityU vice president for research and technology Michael Yang Mengsu said the university has bred more than 50 start-ups in the past three years, while the HK Tech 300 program has received hundreds of applications in the first stage of recruitment.

The program has partnered with the Innovation and Technology Commission, InvestHK, Science Park, Cyberport, the Hong Kong General Chamber of Commerce, the Chinese General Chamber of Commerce, the Federation of Hong Kong Industries and the Chinese Manufacturers' Association of Hong Kong and has the support of some other 20 organizations.

Separately, Secretary for Labour and Welfare Law Chi-kwong said on a radio program yesterday that it is very unlikely that the unemployment rate will increase more than 7.2 percent - recorded between December and February - next month.

It is very likely that the unemployment situation has peaked after its worst decline in December, Law added.

sophie.hui@singtaonewscorp.com