The Innovation & Technology Venture Fund will launch early next year, Secretary for Innovation & Technology Nicholas Yang says. It was one of the initiatives in the 2016 Policy Address, which set aside $2 billion for co-investing with private venture capital funds on a matching basis in local innovation and technology start-ups. Mr Yang told reporters today that a committee will be set up to select the venture capital funds in a fair and open manner. He said, in addition to securing capital, the venture fund can also enhance the ecology for start-ups by bringing in the professional knowledge and business network of private funds.