Hong Kong’s Ministry of Education has awarded funding to more than 200 innovations and technology initiatives in its school curriculum. It’s a notable new policy from the Government to encourage innovative thinking among students. If you are involved in a venture that will be based in Hong Kong, your company needs to have some innovative thinking to succeed. Let’s take a look at what is required by innovation in Hong Kong, the different types of innovation, and how to apply for ITC funding.
Innovation starts with thinking. To work on innovation, you need to be innovative. You can be an innovator or a visionary, but what you must have is a true and strong conviction to think outside the box and a real feel for what will be a successful invention or service.
Innovation and technology funding seeks to support a specific type of innovation. Generally, most ITC funding comes from sectors that offer goods and services, while some ITC funds come from universities. The government has an interest in encouraging young entrepreneurs to create a startup or to provide smaller ventures to help people have an entrepreneurial spirit.
There are many types of innovations. However, here are three that the government looks for. These three innovation types include:
Innovation may also be called formative innovation. Formative innovation seeks to improve something from existing processes and systems. It may also be called transformative innovation.
Innovation can come from anything. It could come from the use of existing processes and systems, from building something out of nothing, or from learning something completely new. Usually, innovation refers to a new product or service that improves a product or service we already have.
In order to bring an innovative idea to life, the government must look at how it works and why it works. How does a process or system relate to the user? What makes it work?
Innovation can come from research that is conducted by the public, academic, or private sector. It can also come from new knowledge, an invention, or a strategy. In order to get funding for these types of innovations, it is necessary to show that the innovation will benefit society.
Innovation also needs to be planned or produced to fit the space or time. You can produce an innovation that works today by setting up a specific team to work on the process. If you plan it, you can make it happen.
If the public does not have enough innovation, they may need to get funding to come up with ideas that they can test and develop. Innovation also depends on what the public can do to improve, or on what the public already knows about and can do to help with the development of innovation. For example, many initiatives are funded by governments to “educate” the public about the benefits of innovation.
Innovation is generally not targeted to any one group. Rather, innovation is considered to be all of the things that make us a more efficient and innovative society. Think of it as a way of improving a process, system, or even a culture.
Innovation and technology funding has been a major policy shift in Hong Kong, because of the way that Hong Kong has been evolving into a global hub for IT, business, and technology. Here is a brief look at how to apply for ITC funding in Hong Kong. Here’s where you can apply for an ITC fund.