Rosewood Foundation Entrepreneurship Award

If you have a solution that is addressing sustainability development in Hong Kong and are looking for funding to scale up your solution and expand your business, apply now.

In partnership with Rosewood Foundation, The Hong Kong Federation of Youth Groups (HKFYG) has launched the “Rosewood Foundation Entrepreneurship Award” to support young entrepreneurs in combining their passion for ‘doing good’ with business, and to unlock their creativity and talents by connecting them with resources and support mechanisms.

About the Award

The Rosewood Foundation Entrepreneurship Award will provide scale-up funding of up to HKD 100,000, along with mentorship and business collaboration opportunities:

• 10 companies shortlisted to participate in the Pitch Day will receive mentorship services and networking opportunities provided by The Hong Kong Federation of Youth Groups and Rosewood Foundation.
• 5 companies will be selected to receive scale-up funding of up to HKD 100,000 to expand their businesses and explore opportunities for collaborating with the hospitality business.

Application Requirements – Four Themes

Applicants must be working on 1 or more of the following themes:

1. Eliminating waste and pollution
2. Promoting product materials/solutions that focus on circularity: reducing, reusing, recycling and upcycling
3. Driving sustainable consumption and production;
4. Refining environmental solutions that focus on improving sustainability in the city (e.g. access to clean water, clean and affordable energy).

Eligibility

1. Hong Kong permanent residents aged between 18 and 35;
2. Applicants must not have been bankrupted or involved in bankruptcy proceedings;
3. Applicants must be seeking support for scale-up funding to either:
   1. Expand their existing business, or
   2. Expand into a new area of business that has already been tested or certified.
4. The company must be registered in Hong Kong and have been in operation for at least 1 year but not more than 5 years;
5. Applicants need to provide relevant business registration documents, including a copy of the Business Registration Certificate, a copy of the Certificate of Incorporation, and a copy of the Incorporation Form (Company Limited by Shares)
6. If the company to be funded is a joint venture or operating as a limited company, all partners or shareholders must also be joint applicants and meet the above qualifications.

Judging Criteria

The judges will select the awardee companies to receive funding based on the following criteria:

1. Innovation and creativity applied in the products / services scalability (20%)

• Sustainability, innovative, creativity, and application of the business operating in Hong Kong regarding products / services scalability

2. Management and business development strategy (20%)

• Corporate culture, business development strategy, staff training and social value & responsibility.

3. Market positioning and competitiveness (15%)

Marketing positioning and competitiveness in Hong Kong

4. Marketing strategy, business viability and sustainability (15%)

• Effective and sustainable development of the business model, including marketing strategy, customer relationship management, cost-effectiveness and contingency plans.

5. Originality, uniqueness, and relevance of products / services to the social problem (15%)

6. Finance and cost control (15%)

• Products or services pricing and cost control strategy.

Judging Process

• The Secretariat will conduct a preliminary review and score the plans submitted by contestants according to the judging criteria. They will recommend 20 finalists to the Rosewood Foundation and invite them to attend the first round of interviews.
• After the first interview, 10 finalists will be selected, and industry experts (including partners of the Rosewood Hotel Group) will be invited to organize industry talks and workshops for the applicants. One-on-one consultations will also be provided for the top 10 finalists.
• The 10 finalists will attend the final interview conducted by a judging panel composed of professionals, who will then select five finalists who will receive the Rosewood Foundation Entrepreneurship Award.

Project Timeline

Application Method

The program only accepts online applications. Please submit the online form, business plan and required documents by the deadline (5:00PM on 31 October, 2023). Late submissions will not be accepted.

Required Documents

1. Complete online enrollment form
2. Detailed business plan in English (up to 8 pages of A4 paper, font size: 12)  (Sample)
3. Financial budget:
   • Proposed usage of the HKD 100,000 scale-up funding (must be used to expand the business)
   • Two-year financial budget
   • Corporate financial report
4. Hong Kong identity card copies (for all team members)
5. Copies of academic qualifications and recent employment certificates (for all team members)
6. Proof of address within the last 3 months (for all team members)
7. Applicants need to provide relevant business registration documents, including a copy of the Business Registration Certificate, a copy of the Certificate of Incorporation, and a copy of the Incorporation Form (Company Limited by Shares)
8. Proof of registered intellectual property, trademarks, patents, or copyrights

Remarks

1. Winning teams must cooperate with the organizers and attend briefing sessions, related activities, launch ceremonies, and media interviews.
2. The organizers reserve the right to publish and promote images, videos, and text submitted by applicants and winning teams.

One-on-one mentorship services

After the first interview, 10 finalists will be selected, and industry experts (including Rosewood Hotel Group) will share industry and market insights with the applicants. 1-hour one-on-one mentorship services will also be provided for the top 10 finalists via zoom / in person.

Networking opportunity

The Hong Kong Federation of Youth Groups has been promoting and supporting youth entrepreneurship since 2000, with an extensive network of start-up entrepreneurs and commercial partners. The Federation is also a founding sponsor of the Hong Kong General Chamber of Young Entrepreneurs (HKGCYE). Through various business and entrepreneurship activities, the Federation aims to facilitate young entrepreneurs with business and personal networks.

FAQ

1. Can I apply if I only have a business idea and have not set up a company or started operating?

• No. The company must be registered in Hong Kong and have been in operation for at least 1 year but not more than 5 years.

2. Does the company have to be a social enterprise to apply under its name?

• No, it does not have to be a social enterprise.

3. Is there a language requirement for the business plan?

• The business plan can be written in English only. Applicants should pitch in English.

4. Does completing the online registration mean successful registration?

• Online registration is the first step in the registration process. Applicants will receive an email from the secretariat within one week of registration, requesting the required documents. The deadline for submitting the documents is November 6, 2023, at 5:00 p.m.

5. Can I apply for funding from other government or non-governmental organizations if my company is selected?

• There are no restrictions on this program. Please refer to the application requirements and terms and conditions, of the other individual program.

6. Can I change team members after submitting the application?

• No. If the company to be funded is a joint venture or operating as a limited company, all partners or shareholders must also be joint applicants and meet the above qualifications.

7. Can applicants participate in this event with different companies?

• No. Applicants can only participate in this event with one company.

8. Is there a limit on the number of team members for the company?

• There is no limit, and the team can have more than one member. If the company is operated as a joint venture or a limited company, all partners or shareholders must also be joint applicants and meet the program’s eligibility criteria.

Contact Us
The Hong Kong Federation of Youth Groups Social Innovation and Youth Business Unit

Tel: 3595 0945 / 3956 8001
Email: rosewoodaward@hkfyg.org.hk
Address: Room B-E, 11/F, Genesis, 33-35 Wong Chuk Hang Road, HK
Website: sic.hkfyg.org.hk
Facebook: hkfyg.sic