Young Techpreneur Project 2023-2024

The global innovation and technology are rapidly growing and constantly changing people’s lives. This transformation is heavily driven by the ideas and passion of techpreneurs, who tirelessly use their business and creative concepts to improve the way things were traditionally done.

The Hong Kong Federation of Youth Groups, with the sponsorship of the Lo Kwee Seong Foundation launched the “Young Techpreneur Project”. In 2022 and 2023, our projects received a large number of applications and helped the outstanding candidates move their businesses forward. To the nearly 200 young candidates, our projects help them develop and expand their products by offering financial aid, business consultation, mentorship programmes, ample facilities and networks that potentially secure them further funding.

Entering its third year, the programme will continue to recruit young people with potential and provide them with opportunities to realise their entrepreneurial dreams. The selected participant will sharpen their entrepreneurship knowledge through 15 practical digital business training sessions, enhance their techpreneurship skills, and develop ideas that help improve industrial ecology and sustainability. This year, we bring our training courses to the next level and incorporate trending case studies in the field of innovation and technology.

In addition, the number of site visits has been increased. Participants will be shown public institutions in Hong Kong that support the development of innovation and technology, pacing the path for their own business expansion.

The shortlisted applicants will be invited to join an intensive and exclusive training programme including mentorship support. After final pitching on start-up ideas, a shortlist of six winners will receive HKD100,000 in grants to kick-start their projects.

Project Description

Up to HK$100,000 funding

The grant of up to HK$100,000 can be used as seed money or capital funding for business development and can also help raise further funding in the future.

15 training courses on Innovation Technology business

[Free of charge for shortlisted applicants!]

All shortlisted applicants will be required to attend practical Innovation Technology business training courses (with a requirement of up to 80% attendance rate) provided by the HKFYG to prepare for the submission of their final proposals of business start-ups.

Venue: Room B-E, 11/F, Genesis, 33-35 Wong Chuk Hang Road, Hong Kong

The training courses and workshops will be as follows:

*Full-day courses will include 1 hour for lunch

Mentorship Support – Consultation with Industry Experts on Entrepreneurial Challenges

Initially shortlisted applicants will receive mentorship support, where senior executives, consultants, professionals and entrepreneurs from partner companies, will provide advice and support to the applicants to improve their Project proposals and increase the chances of successful selection. In addition, the selected teams will also be provided with advisors on a one-to-one basis and business service providers to provide professional consulting services such as taxation, legal advice, and human resources management.

If the intended business is registered under a team, all members of the team will be required to attend.

Networking Opportunities

The HKFYG has supported youth entrepreneurship since 2000 and has a large network of entrepreneurs and business partners. As the founding sponsor of the Hong Kong General Chamber of Young Entrepreneurs (HKGCYE), the HKFYG has 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 office space (hot desk) at The HKFYG Jockey Club Social Innovation Centre.

Eligibility

• Hong Kong permanent resident, aged between 18 – 35 years old (as of the application deadline)
• Can apply individually or as a team
• Interested in technology innovation and start-ups
• Has basic knowledge or skills in Innovation Technology, website or application design
• Businesses that are unlawful, illegal or involving tobacco, advocacy of gambling, obscenity, etc., will not be supported;
• Has no bankruptcy records or involved in procedures for filing a creditor’s petition for bankruptcy
• Has solid and feasible business plan(s) to start a technology-related 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 (Cap. 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

The nature of business is not limited, but must be heavily aligned with, or reliant upon, Innovation Technologies. The finalists must start their business within half a year, with an incubation period of two years. They are required to submit a progress report every three months to the Secretariat as a form of progress reports.

Application Procedure

The HKFYG will select potential Young Techpreneurs with the greatest potential (please adjust this if there is a clear criteria) for training. On completion, with an attendance of at least 80%, and fulfilment of other requirements, they will proceed to a first round of interviews. From here 12 teams will be chosen for the final round of interviews, after which six teams will be declared winners.

If the intended business is registered under a team, all members of the team need to fulfil such requirements.

Judging Criteria

The following criteria will be used by the Judging Panel:

Use of technology and the utility of supporting service (25%)

Business can clearly illustrate the focus on technology and show how well it has benefitted from start-up supporting services that were offered

Qualities of Applicants (25%)

Demonstrate good team spirit, related knowledge and skillsets, and determination to start their own business.

Business Plan (25%)

A complete and valid business plan, including marketing strategy, positioning, budget and contingency planning

Business Viability and Sustainability (15%)

Practical and sustainable business proposals that are able to attract further start-up support and funding

Presentation (10%)

Well-prepared, able to deliver the business idea in a precise way, confident in answering the questions from the judges

Timetable of application procedures:

Application Method

The project only accepts online applications.

Please submit the online application form before the deadline (5PM, 19 December 2023). Late applications will not be considered.

Supporting Documents

1. Project Proposal (Maximum: 8 pages of A4 paper; Font size: 12) (Sample)
2. Budget Plan:
   • Details of how the $ 100,000 grant will be used
   • Two Years Financial Forecast
   • One Year Financial Report (only for applicants who have registered companies)
3. HKID Copy (for all team members)
4. Education Qualifications and Working Experience References (details and documents required for all team members)
5. Valid proof of address (document/bill/official correspondence issued within the last three months from the application date, with clear indication of name and address of applicant, the name of sender and date)
6. Copies of Business Registration Certificate, Certificate of Incorporation and NNC1 (of existing/pre-owned businesses if any)

Remarks

• The applicants or teams need to fulfil at least an 80% attendance rate at training sessions and attend all business consultations before the submission of their final business proposal.
• Winning teams will be obligated to take part in promotional activities arranged by the organiser, which can include training sessions, briefings, ceremonies and media interviews. If the winning teams are absent from the event, the organizer reserves the right to disqualify the teams from winning the prize.
• The organiser reserves the right to use the applicants and winning teams’ works, including photos and video material for exhibitions, promotion, and publication purposes.
• The winners must kick-start their business according to the content of the proposals within six months. Should there be a need for other arrangements, justification needs to be provided and permission from the organiser should be obtained. If the business cannot be started before the deadline, the organiser reserves the right to cancel the winner’s qualification.

FAQ

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

• Yes. If the selected teams have not been incorporated, they must complete the procedure according to the Business Registration Ordinance (Cap. 310) once they obtain the award and funding.

2. Is there a restriction on the establishment period of the company?

• The company must be a startup business with less than three years of operation.

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

• The business plan can be written in Chinese or English. Sample

4. Is there any other support will be provided in this program?

• Winners will also receive free office space (hot desk) for a year, business start-up support, network referrals, and continued mentorship to promote their projects.

5. 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 December 27, 2023, at 5:00 p.m.

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

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

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

• The main applicant cannot be changed. To make changes to other team members, permission from the committee is required.
• If the business of a selected team needs to add new partners or shareholders during the funding period, its new partners or shareholders must also meet the requirements of the Scheme for applicants at the time of joining.

8. Can applicants submit more than one business plan in this program?

• No. Applicants can only submit one business plan each.

9. 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.

10. Do all applicants need to have an attendance at least 80%?

• Yes.

11. Is the business plan limited to programming, virtual learning programs, the Internet, and artificial intelligence?

• No, the scope is not limited (but businesses that are unlawful, illegal or involving tobacco, advocacy of gambling, obscenity, etc., will not be supported;)

Contact Us

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

Tel: 3595 0945 / 3956 8001

Email: ytp@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