Overview

The HKUST Greater Bay Area Youth Entrepreneurship Fund Program is supported by the Funding Scheme for Youth Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area under the Youth Development Fund of the Youth Development Commission and Home Affairs Bureau, which is also a part of the “We Venture” initiative.  The Program aims at driving, promoting and supporting dedicated and qualified young members of the HKUST community, including students, faculty members, alumni and staff, to develop and realize their innovations and entrepreneurial success in Hong Kong SAR and the Greater Bay Area.
 

   

 

 

 

 

Start-up Support and Incubation Services

Innovation and Entrepreneurial Enrichment Activities

Periodic training, information exchange and sharing sessions on industry insights, visits and learning trips will be organized to allow participants meet with professionals, entrepreneurs and investors, keep abreast of key market updates, gain a thorough understanding of the concessionary policy initiatives in the Greater Bay Area and drive potential collaborations or partnerships. Browse below for all upcoming events.

Entrepreneurial Mentorship and Business Consultation

The existing HKUST Innovation Entrepreneurship Bases in Guangzhou, Shenzhen and Foshan, along with their well-equipped research facilities and extensive network of resources, will connect participants with professionals and experts who will offer pragmatic mentoring and corporate services in areas of legal advisory, tax, human resources, marketing, investment, business consultation, etc., in order to help them incubate and settle in the Greater Bay Area.

HKUST Greater Bay Area Youth
Entrepreneurship Fund

 

This Entrepreneurship Fund provides eligible start-ups with funding and mentoring that will support their product and business development, business registration in Hong Kong SAR and Mainland GBA cities. Application is now open until 18 August 2021, 11:59pm HKT.

 

Eligibility


1. Applications are open to start-up teams of at least two members who either:
a. plan to operate a start-up business in Hong Kong and in Mainland GBA cities; or
b. have an existing start-up project/ business that has not been in operation or has been operating for not more than 3 years at the time of application.

2. All members of the start-up team must meet the following criteria:
a. aged between 18 to 40;
b. are permanent residents of Hong Kong with valid HKIDs;
c. are HKUST members (full-time or part-time postgraduates or undergraduates, alumni or staff);
d. not bankrupt or subject to bankruptcy proceedings at the time of application; and
e. have never been funded by the Entrepreneurship Matching Fund of the Youth Development Fund (YDF).
f. must agree to the terms and conditions of this Entrepreneurship Fund Program and strive to complete all requirements.

Please click here to read the detailed requirements and application guidelines.

 

Selection Criteria


1. Business Viability (25%) - business model, sustainability of business, value proposition, go-to-market strategy, competitive advantage
2. Team Composition & Strengths (20%) - capability and expertise of team in managing the business and implementing the proposed plan, execution ability and commitment, individual qualifications and roles of core members
3. Innovation & Disruption to Industry (20%) - technology involved, how disruptive is the proposed solution/ product/ service to the industry?
4. Traction and Development Plan (20%) - business scalability, short and long-term objectives and milestones, forecast and roadmap in HK and Mainland GBA city/ cities
5. Social Value and Impact (15%) - contribution to society at local and regional levels

 

 Funding Amount & Disbursement


With contributions from the Funding Scheme for Youth Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay and HKUST at a matching fund ratio of 4 to 1, this Fund grants each successful funded start-up team up to HKD $600,000. The funding amount granted is subject to the final funding budget plan approved by the vetting panel.

The funding will be disbursed by installments:

  1. First installment (40% of the approved funding amount) will be disbursed upon successful application and acceptance of offer and agreement.
  2. Second installment (30% of the approved funding amount) will be disbursed upon submission of all required documents endorsed by HKUST
  3. Final installment (30% of the approved funding amount) will be disbursed upon successful development of the startup as planned and satisfactory submission of all required documents before April 2024.

 

Key Expected Achievement and Milestones


The funded start-ups are expected to incorporate the following milestones in their Milestone Plan and achieve these throughout the proposed project/ business period:

Latest Completion Date
(from the date of agreement signed)
Expected Achievement
Within 3 months Commence product development and complete related marketing materials
Within 6 months 1. Collect detailed user testing and market feedback
2. Complete product prototype
Within 12 months 1. Complete business registration in Hong Kong
2. Complete business registration in Mainland GBA city
3. Settle in Mainland GBA city
Within 31 months
(by April 2024)
1. Launch product in the market
2. Start and sustain business operations

 

 

Key Dates


20 Jul 2021, 12:30pm - 1:30pm: Briefing on HKUST Greater Bay Area (GBA) Youth Entrepreneurship Fund (Click here for details and registration)
18 Aug 2021: Application Deadline
25 Aug 2021: 
Confirmation of shortlisted applicants
3 Sep 2021: Interview & presentation (Face-to-face)
6 Sep 2021: Result announcement
8 - 15 Sep 2021: Meeting with funded start-ups and collection of agreement

 

 Application

 

 

GBA Start-up News and Resources

 

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