Call for Application: HKUST Entrepreneurship Program

Call for Application: HKUST Entrepreneurship Program

HKUST R and D Corporation Limited (RDC) is pleased to announce the call for application of Entrepreneurship Program (EP) is now open. EP is aiming at assist faculty, staff, students and alumni in their entrepreneurial endeavors to form startup companies by providing an office space for incubation at cost.

Application Requirements:

The Company must:

  1. have been established for no more than 2 years at the time of application;
  2. be validly registered and subsist in Hong Kong;
  3. be owned legally and beneficially at least 10% by any one faculty member, staff member, student or alumni of HKUST;
  4. have a realistic, viable and innovative business plan and/or idea accepted by the vetting committee;
  5. provide sufficient and relevant information and supporting evidence on the business plan and/or idea;
  6. demonstrate a competent management team;
  7. have at least one full-time member of staff;
  8. be agreeable to undergoing a company health check (including providing financial information and statements) every six months.

Application Procedures:
 
Application is invited on an on-going basis
 
Please submit the filled application form (click here to download) with a brief Business Plan to HKUST R and D Corporation Limited:
 
Softcopy to olivewyy@ust.hk; and Signed Hardcopy to Room 3636, 3/F, Annex, HKUST, Clear Water Bay, Kowloon, Hong Kong (via Lifts 29, 30)
 
Shortlisted companies will be invited to make a brief presentation to the vetting committee.
 
Evaluation Criteria:
 
(a)    Technology Content 

  • Degree of technology viability;
  • Presence of technological market entry barrier;
  • Utilizing a technology owned or developed at HKUST.

(b)    Management Team

  • Commitment of key technological driver;
  • Commitment of management team;
  • Marketing & sales expertise or access.

(c)    Financial Plan

  • Clearly structured and phased developments;
  • Identification of critical weakness at each phase;
  • Financial estimates for each phase realistic.

(d)    Product/Services

  • Addressing critical need;
  • Disruptive advantage over competition;
  • Available market size.

(e)    Market Positioning

  • Appealing value proposition for targeted customers;
  • Identification of product features;
  • Competitive difference from market leaders;

(f)    Business model

  • Feasibility of pricing strategy;
  • Identification of first and second adopter groups;
  • Feasibility of sales channels;
  • Partnership plans;
  • Cash-flow viability.

 
 
Note: Qualified Companies must execute the EP Agreements and complete the 3% share transfer to RDC within 3 months. 

Services and Support to EP members:
 
A package of support and services will be provided to the companies under the HKUST Entrepreneurship Program:
 
(a)    Designation

  • During the incubation period after acceptance into the Program, accepted companies will be given, and may use, the designation “Member of HKUST Entrepreneurship Program”.
  • Upon the completion of the incubation period, the company will move out from the HKUST incubation space. The company may use the designation “Graduate Company of HKUST Entrepreneurship Program”.

(b)    Office space

  • For a period of up to two years (renewable annually) and at a cost set by the University to cover maintenance and operation.

(c)    Central office services

  • Access to photocopier and facsimile facilities (with direct operating costs paid by the incubated companies).

(d)    Introductions to industry experts for guidance on technical and management issues.
(e)    Introductions to potential investors, venture capital companies, and partners.
(f)    Discounted rates for participation in trade shows, convention displays, and other promotional activities in which the University takes part.
(g)    Members may participate in programs for entrepreneurship/startups organized by HKUST’s collaborating organizations.
(h)    Introduction to HKUST technologies and special licensing arrangements. 
(i)     Additional incubation supports from designated partners.
 
 
For more details, please visit: https://rdc.ust.hk/epintroduction/ 
For enquiries, please contact Ms. Olive Yau at 2358 8060 or olivewyy@ust.hk