Blue Bay is an innovation and entrepreneurship incubation platform established by HKUST in Shenzhen, which was officially established in 2016 at HKUST Industry-Education-Research Building. Acting as the prominent platform for HKUST's technology & knowledge transfer, as well as the hub for HKUST entrepreneurs and startups in Shenzhen, Blue Bay builds upon the HKUST Entrepreneurship system and deeply integrates the local industry and innovation resources, providing comprehensive one-stop entrepreneurship support for early-stage startup projects.

In 2019, HKUST reached a cooperation agreement with the Futian District Government, Blue Bay officially settled in the Hetao Shenzhen-Hong Kong Cooperation Zone of Technology and Innovation. Blue Bay continues to cultivate entrepreneurial talents and facilitate university knowledge transfer, connecting talents, technology, and industrial resources between Shenzhen, Hong Kong, and the international community, further enhancing the regional innovation and entrepreneurship ecosystem.

To better assist the commercialization of university technology, deeply serve the HKUST community, and create successful HKUST entrepreneurship stories, Blue Bay has upgraded its entrepreneurship system to Version 2.0, covering the full lifecycle from the laboratory to the market, from technical concept validation to enterprise-scale expansion. The Blue Bay 2.0 entrepreneurship system aims to facilitate the commercialization of HKUST's technology and the rapid growth of HKUST-affiliated startups. It strengthens deep connections with industry, leveraging market, supply chain, industry, investment, government, and professional resources to build a model of "concept validation platform + vertical-themed incubators + accelerators + pilot transformation platforms," systematically cultivating high-quality HKUST startups and potential unicorns.