Young Techpreneur Project 2021-2022

Technology is an integral part of all forms and types of business, with an increasing reliance on digitalisation and innovation. As a result, a new breed of entrepreneurs are emerging. They are the Techpreneurs. They are original and creative thinkers, quick to adapt to market changes; able to anticipate market needs and agile in being able to rapid and relevant offer market solutions. They use new technologies as an advantage and are well versed in Big Data, Blockchain, Machine Learning, IoT and Artificial Intelligence. Techpreneurs successfully leverage high-end technology and advanced business practices to reinvent and reshape society around them.

The HKFYG Social Innovation Centre (SIC) is launching the Young Techpreneur Project with generous sponsorship from the Lo Kwee Seong Foundation. The aim is to assist, train and guide youth and help turn their interests and enthusiasm in tech into valid businesses. This will, it is believed, empower them to apply for other start-up funds and incubation programmes so as to take their dreams and visions further.

The Project will recruit 15 teams of Techpreneurs who have shown potential and are willing to undergo training in software development, social platform operations and proposal writing among other skills.  Applicants/teams need to present a project idea, which combines business with technology, with the final six selected projects receiving an up to HK$100,000 funding (grant)  to start their businesses. They will also be equipped with free desk rental for one year, and business start-up support, including professional mentorship, networking referrals and promotion of their ideas.

Project Description

Up to HK$100,000 funding (grant)

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

15 training sessions on digital technology business

[Free of charge for shortlisted applicants!]

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

*The above schedule is tentative, and the final schedule will be released after the announcement of the preliminary shortlist.

Business Clinic – Consultation with Industry Experts on Entrepreneurial Challenges

Initially shortlisted applicants will participate in a “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. In addition, the selected teams will also be provided with mentors to serve as 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.

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, including the new breed of Techpreneurs.

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
• Interested in technology innovation and start-ups
• Has basic knowledge or skills on technology, website or application design
• Has not received start-up services OR capital support offered by other organisations, including matching fund, start-up or incubation support
• Has no bankruptcy records OR is 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 (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

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

Application Procedure

The HKFYG will select 15 projects with the highest marks for the training courses after the application deadline. On completion of the training courses (with attendance of over 80%*) along with attending the business clinics with their mentors, they will enter the final round, to be selected as one of the six finalists.

*For teams, at least half of the teammates must attend to fulfil the attendance requirement.

Judging Criteria

The following criteria will be used by the Judging Panel:

Qualities of Applicants (25%)

Demonstrate good team combination with different knowledge and skill with readiness to start their own business

Business Plan (25%)

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

Business Viability and Sustainability (15%)

Viability and sustainability, ready to seek for further start-up support and funding

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

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

Presentation (10%)

Well-prepared, to the point, confident in answering the questions from the judges

Application Procedures

Application Method

The project only accepts online applications.

Please submit the online form before the deadline (5PM, 10 December 2021). Late applications will not be considered.

Remarks

• The applicants or teams need to fulfil 80% attendance of training sessions and attend all business clinics before the submission of the fine-tuning business proposal
• Winners will be obligated to take part in promotional activities arranged by the organiser, which can include training 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 winners must kick-start their business according to the content of the proposals in half year. Should there be need for other arrangements, justification needs to be provided, but may not be automatically entertained

FAQ

1. Can I submit more than one proposal?
   • Applicants can only submit one proposal or represent one team to submit the proposal.
2. Do I need to set up a company?
   • Applicants are not required to set up a company to apply for the project.
   • The winners have to set up a company to run their business in half year.
3. Will other than financial support will be provided?
   • Mentoring sessions, venue, networking and promotional opportunities will be available to winners.