From last September to this January, the Government invited the VC industry to join as CPs of the ITVF, and received applications from 14 VC funds.
With funding of $2 billion from the Government, the ITVF was set up to encourage VC investment in local innovation and technology start-ups.
Lap Man, Co-Founder and Managing Partner of Beyond Ventures, said: 'The ITVF is one of many initiatives the HKSAR Government has launched to bring about a more vibrant innovation and technology ecosystem in Hong Kong, while harnessing venture capital expertise to help out.
We firmly believe Hong Kong is a fertile breeding ground for world-class tech start-ups, and with support from the ITVF, Beyond Ventures will provide more capital to help these new enterprises flourish globally.'
He said: 'With nearly two decades of investment experience in Greater China and the US under our belts, we believe Beyond Ventures is capable of bringing in quality deals and investing with various venture capital funds and the ITVF to help start-ups expand in Greater China, Asia and other parts of the world.'
I am confident that both the ITVF
and the Cyberport Macro Fund will complement the booming start-up scene in Hong Kong.
Indeed, there is some concern that costs could increase as a consequence of the new partnership with ITVF
. According to Turkish distributors, a decrease in participation from international distributors as a result of spiking costs would likely force them to become a general Turkish content screening event, in the style of the BBC Screenings.
The Secretary for Innovation and Technology, Mr Nicholas W Yang, said, "The ITVF will help fill the funding gap for local technology start-ups.
VC funds, whether incorporated in Hong Kong or overseas, are welcome to apply to become co-investment partners of the ITVF. The selection of VC funds will be based on a number of criteria as well as the advice of an independent Advisory Committee, which comprises veterans from the business and investment sectors, professionals and academics.
ITVF received pilot submissions from around the world.
As in past editions, ITVF featured a mix of panels and awards, focused on independent television pilots, web series, and mobile programming.
Merrimi.com, produced by Red Ladders Entertainment, won Best Comedy; Barry Gribble's Dog won Best TV Series and Darryl Carlton's Oz Girl won Best Web Series at the ITVF's Awards Show.