HKUST Startup and Unicorn Ecosystem (Part 1) – The Entrepreneurship Center, the One Million Dollar Competition, and Unicorn Day

HKUST’s reputation for “deep integration of industry, academia and research” is not only built on star spin-offs like DJI and Googol Technology, but on a systematic set of mechanisms that support entrepreneurship: the Entrepreneurship Center, founded in 1999, was the starting point; the “One Million Dollar Entrepreneurship Competition” is the funnel entry; and the annual Unicorn Day is the gala event that quantifies and platforms the entire ecosystem. This first part maps out these three layers; for in-depth company profiles (DJI, Googol Technology, Yunzhou, SmartMore, etc.) and support mechanisms such as the Office of Knowledge Transfer and the Redbird Innovation Fund, see HKUST Startup and Unicorn Ecosystem (Part 2)^※.

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# 1. The Entrepreneurship Center: Among the First in Hong Kong Higher Education

According to the Entrepreneurship Center website^※, the HKUST Entrepreneurship Center (EC) was founded in 1999, making it one of the first such centres among Hong Kong universities^※ (also see the entry for “Entrepreneurship Center established” in 1999 in the University History Timeline^※).

The choice of 1999 is significant: it was the height of the first wave of global internet entrepreneurship, and HKUST was not yet ten years old. Setting up a dedicated entrepreneurship education unit at such an early stage shows that the University viewed “entrepreneurship” as part of its mission from the outset—consistent with the founding president’s principle of “don’t copy, create” and the University’s overall orientation to “serve Hong Kong’s practical needs”. The EC provides training, networking, mentorship and funding, acting as the institutional hub of HKUST’s entrepreneurship ecosystem.

# What specific programmes does the Entrepreneurship Center offer?

According to the Entrepreneurship Center website^※, the support system covers the full lifecycle of entrepreneurship, not just a single competition. The early stage is built on the foundational “Entrepreneurship 101” course and the “Pitch Perfect” workshop on presentation skills; for the incubation phase, there are three parallel pathways: HKUST Dream Builder, the HKUST x HKSTP Co-ideation Program (jointly with Hong Kong Science Park), and the Tech-Ship Program; for teams targeting the Greater Bay Area, the GBA Youth EF Program (Greater Bay Area Youth Entrepreneurship Fund Programme) provides cross-border resources and landing support. This ladder from “training” to “incubation” to “cross-border landing” forms the backbone of the EC’s daily operations, beyond the One Million Dollar Competition and Unicorn Day.

In October 2024, the EC celebrated its 25th anniversary with the “HKUST E-25th Entrepreneurship Carnival”. According to official HKUST reports, the carnival featured over 100 booths by startups founded by alumni and current students, attracting over 3,500 visits through gamified interactions, while over 1,000 people participated in various entrepreneurship activities^※. On display were DJI, Googol Technology, and Perception Digital founded by Professor Chui Ching-yuen, among others—the first time the EC had visualised its 25-year incubation history in a retrospective exhibition, showing that the starting point of 1999 has by now accumulated an exhibitable track record.

The HKUST Founders’ Club, launched in May 2023, extended the EC’s services from currently enrolled students to alumni entrepreneurs. According to the EC website, the club has gathered about 150 members and fellows^※ so far, offering free entrepreneurship training, investment matching, business matchmaking, and R&D collaboration opportunities with HKUST professors—essentially keeping a channel open for alumni entrepreneurs who would otherwise lose ties after graduation.

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# 2. The ‘One Million Dollar Entrepreneurship Competition’: From a Single City to the World

The EC’s most influential flagship event is the “HKUST-Sino One Million Dollar Entrepreneurship Competition”. Its evolution is itself a micro-history of the HKUST entrepreneurship ecosystem expanding from within outward and from near to far.

From Hong Kong to five cities. According to HKUST announcements, the competition was extended for the first time from a single Hong Kong edition to five cities—Beijing, Guangzhou, Shenzhen, Macau and Hong Kong—with over 500 teams taking part^※. This “five-city linkage” upgraded the competition from a campus event to a startup platform radiating across the Greater Bay Area and beyond.

Sino Group’s long-term title sponsorship. According to HKUST, Sino Group has been the title sponsor for many consecutive years—for the seventh year in 2024, and the eighth year in 2025^※. Founded in 1971, Sino Group is one of Hong Kong’s major property developers, with core businesses in property development and investment, and three listed companies under its umbrella—Sino Land, Tsim Sha Tsui Properties, and Sino Hotels—with operations across Hong Kong, mainland China, Singapore and Australia^※. The fact that a traditional property group has been title sponsor of a high-tech entrepreneurship competition for eight years reflects, in a sense, the sustained investment of traditional Hong Kong capital in the innovation and technology arena. Long-term corporate sponsorship of a campus entrepreneurship competition is a mark of industry recognition and commitment to HKUST’s startup ecosystem.

First open to the world in 2024. The most ground-breaking step came in 2024. According to HKUST, the 2024 HKUST-Sino One Million Dollar Entrepreneurship Competition historically opened to both Hong Kong and overseas teams for the first time, and introduced a new International Student Track, attracting a record-breaking 340 entries^※. From a single city, to five cities, to the world—this trajectory echoes HKUST’s overall “concentric circle expansion” model of internationalisation (see AEARU and Regional Alliances^※ for context).

Format and awards. The competition now has two main tracks: the HKUST Track and the International Student Track, each with Platinum, Gold and Silver awards. There is also a Sustainability Impact Award for environmental and social impact, and dedicated mentorship for female entrepreneurs. According to HKUST, the 2025 edition (the 15th) attracted 348 teams, of which 10 HKUST teams and 5 overseas teams advanced to the Hong Kong final^※. The HKUST Track Platinum Prize went to Stellerus Technology, focused on AI meteorological technology; Gold to SmartPath (computational pathology for cancer diagnosis); Silver to Lulusmiles (AI orthodontic solutions). The International Student Track Platinum Prize was won by Envirovex from the UK, Gold by MaternaSense (USA), Silver by BACKEER (Kazakhstan). The sector distribution of past winners reflects the recent push of HKUST’s entrepreneurship ecosystem in AI applications, healthcare, and sustainability.

Cumulative scale over fifteen years. According to official figures disclosed in HKUST’s report on the EC’s 25th anniversary, the One Million Dollar Competition has supported over 9,000 teams since its launch in 2011, distributing over US$60 million in total funding to startups^※. This number concretises the scale of the “funnel entry”: over fifteen years, nearly 10,000 teams have passed through screening, mentorship and exposure to produce the pool of active startups and unicorns described earlier.

The 2026 (16th) edition has launched. According to the official competition page, the HKUST-Sino One Million Dollar Entrepreneurship Competition 2026 opened for applications on 1 May 2026, with the first-round application (including a ten-page business plan) deadline set for 14 July 2026, and the final expected in October of the same year^※. The competition retains the parallel HKUST Track and International Student Track; the HKUST Track is open to all current students, postgraduates, postdocs, alumni, researchers and staff, and also accepts external teams that include at least one HKUST-affiliated member or use HKUST IP/technology. As of the time of updating this article, the 16th edition is still in the application review stage and the final winners have not yet been announced.

Within HKUST’s entrepreneurship ecosystem, the competition plays the role of a “funnel entry”: it provides a platform for early-stage ideas to gain exposure, funding and mentorship, and is the first gateway for many teams moving from “campus project” to “formal company”.

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# 3. What other flagship competitions does the Entrepreneurship Center host?

In addition to the One Million Dollar Competition, the EC in recent years has regularly hosted the Hong Kong regional rounds of two other international student entrepreneurship competitions, further segmenting coverage by target audience and track to reach teams at different stages of maturity.

Hult Prize Hong Kong Summit — aimed at current students, focused on social entrepreneurship. According to an official HKUST report, the inaugural Hult Prize Hong Kong Summit was hosted by HKUST in 2026, bringing together 16 student teams from multiple local universities^※; the winner represented Hong Kong at the global finals, competing for up to US$1 million in seed funding. The champion that year was Thorani from The Chinese University of Hong Kong (focused on a crop loss verification mechanism to help insurers with risk assessment and claim settlement). HKUST’s own teams included Smart Cool Tech (an AI-powered smart cooling optimisation system for commercial buildings), which won third place, and two other HKUST teams received merit awards (AI football shin guards with motion monitoring, and a menopause health management solution). For context, the Hult Prize global competition attracts over 18,000 teams from about 26 countries^※, making it one of the world’s largest student social entrepreneurship competitions—HKUST’s hosting of the Hong Kong summit effectively brings the global entry point to the campus doorstep.

Startup World Cup Hong Kong Region — Unlike the previous two competitions aimed at current students, the Startup World Cup has a higher threshold, targeting startups that are already registered and operating. According to the EC website, participating companies must have at least one HKUST-affiliated person (student, alumni, faculty or staff) legally holding no less than 10% equity, and the company should have completed financing from angel round to Pre-IPO stage, or have a working prototype^※. For the 2026 season, applications ran from 3 April to 10 May, with the final pitch on 28 May; the Gold prize team receives sponsored flights and accommodation to compete in the global final in the United States, while Silver and Bronze teams advance to the Asia regional final, and the global champion can receive US$1 million in investment^※. The first round of judging uses seven criteria—creativity, problem-solving ability, market demand, market traction, competitive advantage, business strategy, and team composition—totalling 70 points; the final round adds pitch performance, raising the maximum to 80 points.

Laying the three competitions side by side: the One Million Dollar Competition is the “on-campus funnel” for faculty and students; the Hult Prize Hong Kong Summit is the “student track” connecting the global social entrepreneurship network; the Startup World Cup Hong Kong Region is the “enterprise track” for startups that have taken shape, providing a direct path to million-dollar international investment. Together, tiered by team maturity, they form the EC’s competition matrix, which—alongside the One Million Competition and Unicorn Day—progressively pushes early-stage projects from “idea” to “company” and then to “global capital markets”.

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# 4. What is the scale of HKUST’s startup ecosystem?

The volume of HKUST’s startup ecosystem has now reached clear numerical coordinates. According to the HKUST Unicorn Day announcement in June 2026^※, the number of active startups founded by HKUST faculty, students and alumni has surpassed 1,900 (counting method: founded by HKUST members, including during their studies and after graduation), including 11 unicorns (startups valued at over US$1 billion) and 22 exits through IPO or M&A. This compares with the Unicorn Day 2025^※ figures of over 1,800 active startups, 10 unicorns and 17 exits, representing year-on-year growth and demonstrating the ecosystem’s sustained expansion momentum.

In each row, the counting boundary is “founded by HKUST members (faculty/staff/students/alumni)”; figures are as officially published by HKUST on the eve of that year’s Unicorn Day.

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# 5. What is Unicorn Day, and when was it established?

Unicorn Day was first held on 23 May 2023^※, and is HKUST’s largest annual innovation and entrepreneurship gathering, co-organised by the Office of Knowledge Transfer (OKT) and the Entrepreneurship Center. The inaugural event attracted about 600 guests from business, government and international organisations, showcased nearly 90 HKUST startups, and announced the establishment of the HKUST Founders’ Club.

The format has matured year by year into a fixed structure: a morning innovation forum and keynote speeches, multiple parallel investment pitching sessions in the afternoon, a signing ceremony for major collaborative agreements before the market close, and links to international entrepreneurship competitions (for example, the Startup World Cup Hong Kong Regional Final was held during the 2025 event). In terms of scale, the 2024 edition showcased over 100 cutting-edge technologies and attracted around 1,300 participants^※; the 2025 (third) edition also featured over 100 HKUST startups and drew around 1,300 investors, industry leaders, government and academic representatives from more than ten countries^※; the 2026 (fourth) edition expanded to over 1,800 participants, with six-way cooperation agreements signed simultaneously^※.

Prof. Tim Cheng, HKUST President (who was then Vice-President for Research and Development), stated in his address at the 2025 Unicorn Day that HKUST would continue to expand its entrepreneurial ecosystem connectivity to help startups go from local to global. Official HKUST news, June 2025^※

2026: Overlaid with the “35th Anniversary” framework. The fourth Unicorn Day took place on 2 June 2026, coinciding with HKUST’s 35th anniversary, and was positioned by the University as “From Ideas to Miracles – 35 Years of Impact and Beyond”. According to HKUST social media announcements, the event brought together over 160 startups, along with investors, business leaders, entrepreneurs and innovators^※, complementing the aforementioned “over 1,800 participants” visitor count—the former measures the density of exhibited projects, the latter the scale of attendance. Together, these two dimensions show that Unicorn Day has grown from a single exhibition into one of the largest annual innovation and technology events in Hong Kong’s higher education landscape.

# Key partners of Unicorn Day editions by year

Taking the three layers together—the Entrepreneurship Center + the One Million Dollar Competition (and its sister competitions, Hult Prize and Startup World Cup) + Unicorn Day—it becomes clear that HKUST’s entrepreneurial achievements are not merely the result of occasional genius on the part of a few star founders, but rest on a systematic “incubation infrastructure”: the EC founded in 1999 was the starting point; the One Million Dollar Competition and its sister events are a matrix of entry points tiered by team maturity; Unicorn Day and the subsequent Redbird Innovation Fund are the amplifier and the annual review platform. This infrastructure constitutes the institutional soil in which entrepreneurial lineages like the “Li Zexiang school” (explored in detail in HKUST Startup and Unicorn Ecosystem (Part 2)^※) can repeatedly emerge.

Note: The founding year (1999), team numbers, active startup/unicorn/exit figures, and title sponsorship years cited in this article are based on HKUST’s official pages as of the time of writing and are time-sensitive; these figures change annually. Please refer to the latest official announcements before citing.

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Read on in HKUST Startup and Unicorn Ecosystem (Part 2) – Representative Companies and Support Mechanisms^※: the entrepreneurial journeys of DJI, Googol Technology, Yunzhou Intelligence, SmartMore and other representative companies; Li Zexiang’s “entrepreneurial incubation lineage”; and institutional support from the Office of Knowledge Transfer, the Redbird Innovation Fund, TSSSU, etc.

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# Related Reading

• HKUST Startup and Unicorn Ecosystem (Part 2) – Representative Companies, the Li Zexiang Lineage, and Support Mechanisms^※: The companion piece, delving into representative companies such as DJI, Googol Technology and SmartMore, and institutional support from the Office of Knowledge Transfer, the Redbird Innovation Fund, etc.
• Robotics and Artificial Intelligence^※: Li Zexiang’s robotics education philosophy, and the academic lineages of Jia Jiaya and the von Neumann Institute, which form the disciplinary base for many of the unicorns discussed.
• University History Timeline^※: Time coordinates for key milestones such as “Entrepreneurship Center established” in 1999.
• AEARU and Regional Alliances^※: The institutional context of HKUST’s “concentric circle expansion” of internationalisation, mirroring the outward trajectory of the One Million Dollar Competition.

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