The Proof-of-Concept Fund (PCF) was first implemented at HKUST in 2009/2010, with the support of the knowledge transfer (KT) funding from the University Grants Commission of the HKSAR Government. The fund aims to provide gap funding to enable pre-commercialization development of promising, cutting-edge technologies emerging from the University’s research. Being the first funding program of its nature at HKUST, PCF has been recognized by faculty members as an excellent means to turn their research outputs into something that would truly benefit the local economy and beyond, thereby enhancing the KT culture among faculty members.
The research outcomes of the PCF projects are often directly licensed to industry, further developed with partners, or transferred to start-up companies. The KT team at HKUST is in continuous discussion with companies interested in adopting the results of completed or in some cases on-going PCF projects.