1. Funding cap:HK$100 million per project
2. Two stages:

    Phase 1 (turning research results into practice);

    Stage 2 starts commercialisation of the research. Depending on how far the results have been translated, a university team may join at stage 1 or stage 2.

3. Matching ratio:

    Stage 1: up to 2 (government) to 1 (industry and the university)

    Stage 2: 1 (government) to 1 (industry)

4. Maximum project period:

    The university should complete the project in two stages within about five years –

    Stage 1 lasts about three years; stage 2 is the remainder of the project

    A project that joins at stage 2 must finish within three years

5. Industry sponsorship:required
6. Intellectual property:The university team or inventor keeps at least 70% of the intellectual-property returnIntellectual property created by the team or inventor during the project