The Centre for Innovation and Entrepreneurship (CIE) of the University of Macau (UM) and UMTEC Limited held a press conference on the Funding Scheme for Outstanding Start-ups today (21 June). The funding scheme is supported by the Economic and Technological Development Bureau (DSEDT) of the Macao SAR Government and sponsored by Melco Resorts & Entertainment Limited with a seed grant of MOP 1.5 million. It will provide financial support to five selected start-ups with the aim of promoting innovation and entrepreneurship in Macao.

Speaking at the event, Xu Jian, vice rector of UM, said that the funding scheme embodies the cooperation between government, university and the gaming industry, and demonstrates the determination of all parties to jointly promote innovation and entrepreneurship in Macao. Lo King Hang, senior vice president and head of international marketing at Melco Resorts & Entertainment and general manager of Macao Altira and Mocha Clubs, expressed hope that more potential start-up projects could be identified through the funding scheme, thus supporting the ‘1+4’ strategy for economic diversification.

In the presence of Xu and Chan Chou Weng, head of the Technology Department of DSEDT, Lo presented a cheque to Leung Lai Han, member of board of directors of UMTEC Limited. The five funded start-ups are all incubated in UM: Macau Chiherbal Health Technology Company Limited, Chasing Health Technology Co Ltd, Macau Hap On Aromatherapy Application Research Institute Co Ltd, Macau Cloud Time Technology Co Ltd, and Macau Yunchao Future Technology Co Ltd. By providing financial support to the start-ups, the funding scheme aims to help them transform their creative projects into commercial products or services, expand their business scale, and increase their technological maturity.

Source: Centre for Innovation and Entrepreneurship, University of Macau
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