Regarding HKGov funding schemes for tech startups, there are 2 available programs can be applied: Cyberport Incubation Program - HK$100k initial working capital grant (admission) - Up to HK$200k grant to be allocated in stages upon completion of 3 progress reviews (6th month – HK$50k, 12th month – HK$50k, 18th month – HK$100k) - Up to HK$200k grant after the performance-driven 2-tier assessment - Rent-free working space in Cyberport, and networking opportunities - Totaling up to HK$500k HKSTP Incubator Program - 6 milestone assessment meetings throughout the 3-year incubation program, first meeting in 3 months after the incubatee joined the program, then every - other 6 months. Up to HK$140k subsidy after satisfactory assessment at each milestone meetings Totaling up to HK$860k, additional of HK$450k rental subsidy in HKSTPC’s leased area Both programs cannot be applied together; can only apply when the one you applied got reject. Both are not free upfront money to start the business. Whether by grant or subsided costs, payments are made in arrears, and will need to expend up front. The Cyberport scheme will start accepting applicants in Jan/Feb 2022, shortlisted applicants will have the chance to pitch in May, and the result will announce in June 2022. The HKSTP scheme is open year-round, but the timeline for receiving the funds will be much longer than from the Cyberport. There is a lot of overlap, but very generically, Cyberport tends to bend towards IT stuff (fintech, apps, services, AI, Big Data) and HKSTP towards hardware (plus the biotech, deep electronics tech, etc). But that's very loose and there's a lot of crossover. Good prototype, business model and team experience help winning. These are equityfree schemes so expect some boring forms to fill in, several rounds of pitching and so on. Going through the scheme is fairly straightforward as long as you appear to be making progress and hit (or nearly hit) pre-agreed milestones. Once in, then there is a lot of help to get you more taxpayer cash.
