In a bid to spur innovation, Hong Kong has doubled its prize money for athletes who win team-event medals at the Olympics. The move could give a much-needed shot in the arm to the city’s sports economy, which has been reeling from the global financial crisis and slumping property market. The new policy is part of a package of measures to boost the economy that will be introduced by the government this year.
Founded in 2022, the BOCHK Science and Technology Innovation Prize is sponsored by Bank of China (Hong Kong) Limited. The prize has attracted widespread support and enthusiastic nominations from universities, researchers and innovative enterprises. The scope of the prize has also been expanded to include scientific research in the Guangdong-Hong Kong-Macao Greater Bay Area for the first time this year.
Winners of the prize will be selected by an independent panel of experts. They will be awarded for their outstanding achievements in their respective field of study, as well as the remarkable application and transformation of their research findings for the benefit of humanity. The prize aims to encourage scientists and technology entrepreneurs to persist in innovation and work together to build on Hong Kong’s strengths, serve the country and contribute to the world.
This year, the prize focuses on five fields: artificial intelligence and robotics, life and health, new materials and energy, advanced manufacturing, and fintech. The winners will be given a cash prize, as well as an invitation to participate in various events and networking opportunities.
The ceremony will be emceed by Dr Owen H. Ko, a 2004 HLMA winner and Assistant Dean of Research, Faculty of Medicine at The Chinese University of Hong Kong, and Ms. Ewina Pun, a 2012 HLMA winner and doctoral candidate at Brown University.
Athletes who place in the top three will receive the highest amount of prize money: HK$12m for gold, HK$6m for silver, and HK$3m for bronze. Athletes who finish outside of the top three but in the top eight will also be rewarded, with a payout of HK$750,000 for fourth to eighth places.
Besides the prestigious prizes, shortlisted participants will be invited to join a networking event hosted by Generocity to share their ideas on setting up an Official Development Assistance program in Hong Kong. This will provide an invaluable opportunity for shortlisted candidates to interact with key stakeholders in the development sector and make valuable connections.