Inno Impact 2022

The world around us is changing faster than ever before. Economic systems are also creating huge social challenges and problems. Young people have shown that they are the innovators the world needs, not just to find solution’s to today’s issues, but perhaps to avert tomorrow’s as well.

With that in mind, The Hong Kong Federation of Youth Groups is launching a new programme, “Stepping Forward with Commitment to Hong Kong”, the purpose of which is to gather 20,000 young people in the city to seeks ways to contribute to the development of the community.

Focusing first on economic development and construction, youth aged 18 – 35 are encouraged to submit innovative proposals to create social value and share returns under the Inno Impact Project (獻計有方) 2022.  Five selected projects will be in line to receive an award of up to HK$200,000 each in cash, with entrepreneurship training, mentorship support, networking, free venue support and promotion opportunities. If you have any innovative ideas, whether you are a student, working youth or start-up entrepreneur, don’t miss the opportunity to apply for “The HKFYG Inno Impact Project 2022”.

The details are below:

Project Description

HK$200,000 funding grant

Selected projects can receive up to HK$200,000 which could be used as seed money or capital funding for business development

The five subject areas are:

1. FinTech
2. Elderly Health Care
3. Housing Development
4. Sustainable Development
5. Cultural and Creative Industries

18 hours Entrepreneurship Training Lessons

All shortlisted applicants will be required to attend practical entrepreneurship training lessons provided by the HKFYG to prepare for the submissions of their final proposals and business start-ups. The training courses and workshops will be as follows:

Business Clinic – Consultation with Industry Experts on Entrepreneurial Challenges

Initially shortlisted applicants will participate in two “Business Clinic”, where a group of mentors, including senior executives, consultants, professionals and entrepreneurs from partner companies, will provide advice and support. This will help participants improve their Project proposals to increase the chances of successful selection.

Networking Opportunities

The HKFYG has supported youth entrepreneurship since 2000 and has a large network of entrepreneurs and business partners. It is also the founding sponsor of the Hong Kong General Chamber of Young Entrepreneurs (HKGCYE). The HKFYG has, furthermore, been organising numerous entrepreneurial activities to provide networking opportunities for young entrepreneurs.

One-year Free Office Space

Winning participants of the selected projects can enjoy a one year free hot-desk at The Hong Kong Federation of Youth Groups Jockey Club Social Innovation Centre.

Eligibility

• Any Hong Kong permanent resident, aged between 18 – 35 years old (as of the application deadline);
• Can apply individually or as a team;
• Has no bankruptcy records OR is involved in procedures for filing a creditor’s petition for bankruptcy;
• Has solid and feasible business plan(s) / idea(s) to start an innovative business in Hong Kong; OR has already owned a start-up company in Hong Kong with less than three years of operation;
• The beneficiary teams (grantees) must register their businesses in Hong Kong and set up businesses in Hong Kong;
• If the selected teams have not been incorporated, they must complete the procedure according to the Business Registration Ordinance (Chapter 310);
• If the intended business or existing business is owned by the applicants in the form of a partnership/limited company, all the partners/shareholders must be the applicants and fulfil the above requirements.

Proposed Projects
There will no restrictions on the idea or design of the proposal. Project period must be for two years. All selected proposals will be required to submit Progress Report in every three months.

Required Documents

1. Project Proposal(Maximum: 8 pages of A4 paper; Font size: 12) (Sample)
2. Budget, including:
   • Budget for the Grant (What’s your plan to use the grant)
   • Two Years Financial Forecast
   • One Year Financial Report (for the applicant who has registered a company only)
3. HKID Copy(all team members are required to submit the copy)
4. Education Qualifications and Working Experience References (all team members are required to submit the documents)
5. Copies of Business Registration Certificate, Certificate of Incorporation and NNC1of existing/pre-owned businesses (if any)

Judging criteria

The following criteria will be used by the Judging Panel:

1. Innovation / Creativity (25%)
    Innovative / Creative application of new idea

2. Business Viability and Sustainability (25%)
    Effective and sustainable development plan, including marketing strategy, market positioning, financial budget and contingency plans

3. Capability of applicant(s) (25%)
    Good teamwork, relevant knowledge and skills, and demonstrate a passion and commitment to creative practice

4. Social value, Benefit and Return, Impact on the HKFYG, the community or target group (15%)
    The project can focus on the theme of the plan, such as: FinTech, Elderly Medical Care, Housing Development, Sustainable Development or promotion of the Cultural and Creative Industries. Each project must have a social impact. Including but not limited to financial, service and reputation forms of return

5. Presentation (10%)
    Well-prepared, to the point, confident in answering the questions from the judges

Application Procedure

Application Method

Online submissions can be made through the official website. Once completed and applications are submitted, a confirmation e-mail will be sent and applicants will be requested to submit relevant documents on or before 21 September 2022, 5:00pm. Late submissions will not be considered.

Application Process

• 50 teams will be shortlisted by the Secretariat according to the judging criteria and will be invited to participate in the Entrepreneurship Training Lessons;
• 15 proposals will be shortlisted and will be invited to attend the First Round Interview;
• Out of the 15, eight will qualify for the finals. Five innovative and creative proposals will be chosen to benefit with an award of up to HK$200,000 each in cash, with mentorship support and networking and promotion opportunities;
• All decisions made by the judging panel, at every stage, shall be final.

Remarks

• Applicants/teams are required to attend at least 80% of the Entrepreneurship Training Lessons and Business Clinic activities;
• Winners will be obliged to take part in promotional activities arranged by the organiser, which can include briefing sessions and media interviews;
• The organiser reserves the rights to use the design works, including photos and video material for exhibitions, promotion and publication purposes;
• The grant will be issued in two batches and winners will be required to sign an agreement to receive payment in two instalments. The first (50 per cent of the grant on inception of the project; and the second (remaining 50 per cent) on submission of the Mid-term report. Should there be need for other arrangements, justification needs to be provided, but may not be automatically entertained;
• The winners must complete the projects according to the content of the proposals in 2 years. Should there be need for other arrangements, justification needs to be provided, but may not be automatically entertained.

Contact Us
The Hong Kong Federation of Youth Groups
Tel: 3595 0945 / 3956 8001
E-mail: innoimpact@hkfyg.org.hk
Address: Room B-E, 11/F, Genesis, 33-35 Wong Chuk Hang Road, HK
Website: sic.hkfyg.org.hk
Facebook Page: hkfyg.sic