The Hong Kong University of Science and Technology (HKUST) and Sino Group are committed to nurturing the next generation of innovative talents. The "HKUST-SINO One Million Dollar Entrepreneurship Competition 2024", organised by HKUST and Sino Group, aims to empower young individuals with entrepreneurial aspirations to turn their ideas into reality. This platform enables future entrepreneurs to develop innovative solutions that contribute to sustainability and global advancement. A record-breaking 340 teams from Hong Kong and around the world participated in this year's competition, with a new track introduced for overseas university students. This initiative promotes collaboration and the exchange of ideas between local and international universities.
This year, the competition introduced a new "International Student Track", enabling overseas students to form their own teams. Nearly a quarter of the participating teams came from overseas, spanning 15 countries and regions, including Australia, Canada, Germany, India, Singapore, the United States, and Vietnam.
Themed "Empower Your Future", the competition aimed to support young entrepreneurs in developing innovative solutions that benefit humanity, while encouraging them to embrace the ESG (Environmental, Social, and Governance) principles for society's sustainable development with the "Sustainability Impact Award". Over half of the teams incorporated ESG elements in their entries.
HKUST President Prof. Nancy IP said, "I am deeply grateful to Sino Group for their unwavering support of HKUST's efforts to foster entrepreneurial development. The 'One Million Dollar Entrepreneurship Competition' has been instrumental in nurturing innovative teams and advancing the local entrepreneurial ecosystem. As a pioneer in entrepreneurship among Hong Kong universities, HKUST collaborates closely with industry partners to provide training, networking, mentoring and funding to aspiring entrepreneurs among staff and students. Additionally, the introduction of the new International Student Track aligns with the University's strategic focus on internationalization. Greater global participation will cultivate broader perspectives and drive innovation and collaboration, which in the long term will strengthen Hong Kong's status as a global innovation and startup incubation hub."
Sino Group has been the title sponsor of the "One Million Dollar Entrepreneurship Competition" for seven consecutive years. Mr. Daryl Win-Kong NG, Deputy Chairman of Sino Group, stated, "Sino Group is dedicated to nurturing the innovation and technology ecosystem. We actively support local and international technology startup talents through 'Sino Inno Lab' and various initiatives. Our enduring partnership with HKUST provides a significant platform for encouraging young innovators to translate their research into practical applications, and contribute to the advancement of Hong Kong's innovative landscape. This year's competition attracted teams from over 15 countries and regions, offering valuable opportunities for knowledge exchange and learning among young talents from Hong Kong and abroad. These engagements facilitate the realisation of innovative concepts, strengthen connections within the global startup community, drive cross-domain collaboration and inject fresh vitality into innovation and entrepreneurship ecosystems locally and globally."
After two rounds of assessment by a panel of venture capitalists, corporate representatives, and professors, 10 teams from HKUST and five teams from overseas universities have been shortlisted for the finals, which will be held on October 4th at HKUST's Clear Water Bay Campus. These 15 teams will present their pitches before a public audience, and a panel of experts will select the winning teams for the Platinum, Gold, and Silver awards, along with several additional prizes. Over HK$ 1 million will be awarded to support the winning teams in transforming their innovative ideas into practical solutions that benefit societal development and well-being. Additionally, top-performing teams in the "International Student Track" will receive an award of up to HK$100,000.
Meanwhile, other outstanding teams in this competition will have the opportunity to participate in the "IDEATION Program", an initiative organized by the Hong Kong Science and Technology Parks to inspire the next generation of entrepreneurs. Additionally, transportation and accommodation allowances will be provided for the top five international student teams to encourage their active involvement in Hong Kong's innovation and technology ecosystem.
For those who are interested in attending the competition finals, please visit: http://ec.hkust.edu.hk/one-million/hk/2024/reg to register online.
