Financial Aid PackageTo ensure that incubatees have higher chances of succeeding, HKSTP offers each and every company a fund of up to HKD60,000 to cover R&D and business development expenses.
To access this funding, incubatees are subject to milestone assessments conducted at the end of month 3 and every 6 months thereafter during the incubation period. Based on progress and performance, each incubatee may have access to a financial grant of HKD 20,000 per assessment, which purpose is to help incubatees covering part of their operation costs.
Mandatory Admission CriteriaThe applicant should meet the following conditions to apply for the Incu-App Programme:
- An applicant must be a Hong Kong registered technology start-up company established for no more than 2 years before the date of application. HKSTP may request for proof including but not limited to audited financial report of the company.
- Founding team members must hold more than 50% of the company at the time of application submission. Founding members must be individual shareholders or non-operating holding companies (as reflected by the Articles of Association or any other valid proof).
- Minimum one full time staff in the company, and all staff must be able to work in Hong Kong legally. The team of full-time engineers and technologists must, individually or collectively, own at least 10% of the company's equity. If the applicant has technology from a University and the applicant is approved by the said University, any shares held by the founding university professor(s) shall count towards the 10% equity ownership requirement.
- At least 50% of full time staff must be engaged in technology related work.
- Implementation of R&D activities at the Incubation Centre. It cannot operate a sales and marketing office only.
- No retail activities or massive production at the Incubation Centre.
- The applicant's office and work bench set up at the Incubation Centre must be environmentally friendly (i.e. must not create smell, noise or other elements which may disturb others) and should not handle hazardous materials, and must be able to operate in an office building
- Normally, a shareholder working for the applicant cannot be a shareholder or former shareholder who is working for or worked for any of the following:
(i) more than two other companies in the same field as applicant that have previously joined and failed to graduate from any incubation programme operated by HKSTP, Hong Kong Cyberport Management Company or Hong Kong Design Centre (together the “HK Incubators”);
(ii) a company in the same field as applicant that has previously joined and graduated from any incubation programme operated by any of the HK Incubators; or
(iii) a company in the same field as applicant currently in any incubation programme operated by any of the HK Incubators.
- Requirement of less than 1,600 square feet of office space
- In case of successful application, the applicant needs to fulfill the admission criteria throughout the incubation period, and maintain at least 1 full-time staff member at the office at Hong Kong Science Park Technology Incubation Centre, where they should conduct the core R & D.
- The applicants should have a full disclosure of shareholder's identity and holding (up to the top level) of the applying entity. The general guideline is that should there be corporate shareholders, they should not be mature companies in the same industry involving R & D of the same or similar products.
Other Qualitative Assessment Criteria
- Quality and competence of the management team
- Sound business plan
- R&D content
- Milestones set for every 3-6 months after move-in Application Procedure
The assessment panel comprises HKSTP’s senior management and key market players, including but not limited to the following companies:
- CITIC Telecom International Holdings Ltd.
- Cluster Technology Ltd.
- Google Hong Kong
- Hong Kong Applied Science and Technology Research Institute Co., Ltd.
- Hong Kong Business Angel Network Ltd.
- HKT Limited
- Hong Kong Wireless Technology Industry Association
- Microsoft Hong Kong Ltd.
- Samsung Electronics HK Co., Ltd.