Home & Youth Affairs Bureau approves $6m to fund 19 start-up projects

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The Home and Youth Affairs Bureau's Guangdong-Hong Kong-Macao Greater Bay Area youth entrepreneurship funding scheme has earmarked 6 million dollars to fund the development of 19 start-up projects.

The project covers social enterprises, artificial intelligence, big data, medical and biotechnology companies -- led by NGOs. Alongside 1.5 million-dollar grants from private charitable foundations, a total of 7.5 million dollars have been approved. 

Among them, six projects each received up to 600,000 dollars, and the remaining 13 projects also received 300,000 dollars each. The subsidies will be distributed in four installments over two years to support the business development of startups. The organiser said that this year marks the third time that the scheme has been funded by the Home and Youth Affairs Bureau with a record 220 applications having been received -- marking an increase of more than 40 percent compared with the previous period.