Young Startup Pioneer in Guangdong-Hong Kong-Macao Greater Bay Area

The world is changing so fast, with anticipated as well as unexpected challenges and it has been incumbent on all of us, especially young people, to seize opportunities, while also being creative and innovative, willing to take risks and make changes.

With the rapid development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), we see many opportunities opening up, particularly in entrepreneurship.

Organised by The Hong Kong Federation of Youth Groups (HKFYG), the “Supportive Scheme for Young Startup Pioneer in Guangdong-Hong Kong-Macao Greater Bay Area” (Programme) is a “We Venture” project, supported by “Funding Scheme for Youth Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area” under the Youth Development Fund (YDF) of the Home Affairs Bureau and the Youth Development Commission.

The Programme aims to encourage and support youth entrepreneurship, providing up to HK$600,000 (made up of a HK$120,000 interest-free loan provided by HKFYG and a HK$480,000 grant provided by YDF), along with other support, including business trainings, mentors, consultations, networking opportunities and a one year free hot-desk to the successful applicants. Visits to different GBA Start-up hubs will also be arranged to enhance their connection with GBA cities.  

 

Programme Description

Up to HK$600,000 Start-up Capital

Successful applicants are eligible for a maximum grant of HK$480,000 provided by the YDF and a HK$120,000 interest-free loan provided by the HKFYG.

  • The funding will be disbursed to the successful team’s bank account in three installments
  • Successful applicants can repay the loan provided by the HKFYG in 12 installments after the end of the funding service period.

 

36 Hours Business Training

The HKFYG will provide 12 training courses and workshops. Applicants who are shortlisted must attend the business training to prepare for the submission of the final proposal and the start of the business. Business courses and workshops will mainly focus on design thinking, business model design, start-up training, basic accounting, online marketing, free online tools, and online store marketing strategies, including:

12 training courses:

  • Lesson 01: Understanding Yourself Being An Effective Entrepreneur
  • Lesson 02: Trends and Opportunities of Hong Kong and GBA (Introduce the policy, development and advantages of Hong Kong and GBA)
  • Lesson 03: Target the Right Talents for Your Business in Hong Kong and GBA (Introduce the talent development trends in Hong Kong and GBA and introduce the importance of human resources)
  • Lesson 04: SMART Business Proposal Writing
  • Lesson 05: Essential Legal knowledge: Start your Business with Protection (Introduce the basic legal procedures of establishing company in Hong Kong and GBA; terms and conditions of agreement with different partners; protection of corporate property, copyright and patents)
  • Lesson 06: Crisis and Risk Management
  • Lesson 07: Insider Skills and Techniques to Convince your Investors
  • Lesson 08: Essential Accounting: How to Manage and Make Good Use of Your Resources? (Introduce the knowledge of basic accounting, bookkeeping and taxation in Hong Kong and GBA)
  • Lesson 09: Effective Marketing: Marketing or De-marketing? (Introduce online marketing strategy for brand building in Hong Kong and GBA; understand the customers’ behavior; introduce the skill of marketing research and content marketing)
  • Lesson 10: Reach Global Market: Strategies of Launching an Successful Online Store (Introduce the online platform and tools for Hong Kong and GBA business, UI and UX design of online store and payment gateways)
  • Lesson 11: Introduce digital marketing tools, inbound marketing and SEO.
  • Lesson 12: Discover and Create the Profitable Market for Your Business (Explore GBA and global market to inspire the business model)

Business Clinics

  • Business Clinics – Resolving Business Problems with Industry Leaders and Professional Parties

Workshops:

  • Matching Co-founder
  • Breakfast Meeting for Start-up

Mentoring and Professional Consultations

A “Business Clinic” will be arranged for shortlisted applicants where a group of mentors – who could be senior corporate executives, consultants, professionals or entrepreneurs – will provide advice for polishing the start-up projects. In addition, one-on-one professional consultations on specific issues, like taxation, legal services or human resources management, will be arranged for the selected teams (grantees).

 

Field Trip of Start-up Bases in GBA Cities

The Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub (EHub) is a partner of HKFYG. The programme will arrange a visit to the EHub to explore the Qianhai start-up ecosystem and to understand the supportive policies, while also connecting the local industries and resources. The selected projects will be recommended to be stationed at the EHub.

 

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 – 40 years old (as of the application deadline)
  • Has solid and feasible business plan(s) to start business in Hong Kong or any GBA city within one year; OR has already owned a start-up company in Hong Kong or any GBA cities, with less than three years of operation
  • Has no bankruptcy records OR is involved in procedures for filing a creditor’s petition for bankruptcy
  • Has not been benefited from the first round of Youth Development Fund (YDF)
  • Has not received start-up services OR capital support offered by other organisations which are also funded by YDF
  • The nature of business is not limited (except for businesses that are illegal, involve tobacco, promote gambling, obscenity, etc.)
  • The beneficiary teams (grantees) must register their businesses in Hong Kong and set up businesses in Hong Kong and/or cities in GBA (such as EHub)
  • 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

 

Application Method and Procedures

Procedures Date
Briefing Session #1 16/3/2021
Briefing Session #2 29/3/2021
Briefing Session #3 15/4/2021
Submit Online Application Form and Business Plan Deadline: 26/4/2021
First-Round Interviews 15/5/2021, 16/5/2021, 22/4/2021
Result of Shortlisted Applicants 25/5/2021
Business Training  1/6/2021-12/7/2021 (12 lessons)
Business Clinic 13/7/2021-3/8/2021 (10 sessions)
Breakfast Meeting 24/7/2021, 7/8/2021, 21/8/2021, 4/9/2021 (4 sessions)
Submit the Business Proposal (Fine-Tuning) 31/8/2021
Second-Round Interviews 10/9/2021, 11/9/2021
Result Announcement (12 Teams) Late-September
Confirmation of Selected Teams and Agreement Signing October
Orientation Day (Kick-Start the 2-Year Programme) Mid-October

 

Judging Criteria

  • Qualities of the Applicants (30%)

Shows a good team combination with different knowledge and skills; shows determination and readiness to start their own business

  • Business Viability (30%)

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

  • Significance of the Programme’s Support (25%)

To what extent the support of the programme is significant to the project

  • Other Factors (15%)

Such as social impact, innovation, etc.

 

Milestones for the Selected Teams

Phase 1 (within 12 months from the beginning of the service period)

For the teams who haven’t been incorporated:

Completed business registration in Hong Kong or any other cities in the GBA

 

For the teams who have been incorporated:

Finalise the business plan that was approved by the programme team

(40% of the YDF capital + 100% of the interested free loan will be issued)

 

Phase 2 (within 21 months from the beginning of the service period)

Launch the prototype

(40% of the YDF capital will be issued)

 

Phase 3 (within 31 months from the beginning of the service period)

Evidence of Product/Market Fit

Able to meet the KPI agreed in the project mid review meeting

(20% of the YDF capital will be issued)

 

Enquiries

Website: https://sic.hkfyg.org.hk/

E-mail: ysgba@hkfyg.org.hk

Tel:       3595 0945