The biggest challenge of opening your own startup is always the initial capital. Luckily there are a number of startup funds and loans and subsidies from the government, which are the first choice of all entrepreneur-wannabes. Reap has gathered all startup funding sources for you to build your company with less hassle!
Science Park STEP program
STEP stands for Science and Technology Entrepreneur Programme. If your start-up is primarily focusing on scientific research, then the STEP program would be the best fit for your company. The program lasts one year. The Science and Technology Park is committed to fostering entrepreneurs who are interested in technology research and development, and offers a full range of entrepreneurial support to funded enterprises, with concessions or grant in funding guidance, training, and facilities.
|Application requirements||Have an innovative idea supported by R&;D (Research & Development) and business planning
Personal: HKID holder aged 18 and above, OR
Company: Have a limited company incorporated in Hong Kong for less than a year by the application start date, OR
Team: Have a team (must incorporate a limited company in Hong Kong before the programme starts)
|What STEP offers||Seed Funding: HK$100,000 financial grant
Coaching: Dedicated mentor for business advice
Training: Hong Kong’s startup ecosystem, Business modelling, Pitching and investment etc,
Centre Facilities: Co-working space access in 12 months
Potential to bridging programmes: Prepare for HKSTP incubation programmes admission
|Required documents||Submit your proposal for the assessment on Evaluation Criteria, with reference to the template shown below
Complete the online application with supporting documents
|How to Apply||Online Application Submitting related documents
The applications will open in January, May, and September of each year.You can only submit during the application period
May 2020 (Cohort 20-04)
- Application Period: 4 May 2020 noon to 29 May 2020 noon
- Admission Panel Meeting (shortlisted applicants only): Late June OR early July 2020
- Result Announcement: July 2020
September 2020 (Cohort 20-05)
- Application Period: 4 September 2020 noon to 29 September 2020 noon
- Admission Panel Meeting (shortlisted applicants only): Late October OR early November 2020
- Result Announcement: November 2020
January 2021 (Cohort 20-06)
- Application Period: 4 January 2021 noon to 29 January 2021 noon
- Admission Panel Meeting (shortlisted applicants only): Late February OR early May 2021
- Result Announcement: March 2021
|Enquiry||Email to [email protected]|
Cyberport Creative Micro Fund
The Cyberport Creative Micro Fund encourages innovation and creativity by sponsoring high potential digital start-up projects and/or business ideas. Successful applicants receive an HK $100,000 grant over six months for producing proof of concepts and prototypes. This 6-month program also sponsors lots of well-known local start-ups, such as Gogovan, Klook, and Shopline. The applicant does not have to build a company before applying. Therefore, it is a top choice for anyone interested in starting a business.
|Application requirements||Over 18 years old and is a permanent resident of Hong Kong, OR
Applied for limited company that is registered in Hong Kong
The project must be related to digital technology and be in the conception or prototype development stage before participating in this programme
The project cannot accept other previous funding from other public organizations or other programmes simultaneously
|Support from Cyberport||Successful applicants receive an HK $100,000 grant for expenses related to product development. The grant is disbursed in three stages.
Stage 1: HK$10,000 is granted once it is arranged upon signing the CCMF agreement
Stage 2: HK$45,000 is granted once it is arranged upon approval of the interim report
Stage 3: HK$45,000 is granted once it is arranged upon project completion and approval of the final project.
- Mentorship and business advice
- Business development and investment connections
- A local and global business network
- Publicity and promotion
- Industry recognition and validation
- Alumni network and peer support
|Criterion||Project management team (30%)
Business model and time to market (30%)
Creativity and innovation (30%)
Social responsibility (10%)
|How to Apply||Online application the programme will be reviewed and approved regularly, and a presentation will be required after the shortlisted final round.
June 2020 intake:
Application deadline: 1 April 2020
Vetting &Presentation Session: May 2020
Result Announcement: June 2020
October 2020 intake:
Application deadline: 3 August 2020
Vetting &Presentation Session: September 2020
Result Announcement: October 2020
February 2021 intake:
Application deadline: 1 December 2020
Vetting & Presentation Session: January 2021
Result Announcement: February 2021
|Remark||If the applicant uses the same/similar ideas to simultaneously apply for the Cyberport Creative Micro Fund and the Cyberport Incubation Programme.
Cyberport will only accept applications for the Cyberport Incubation Program, and will not notify otherwise.
|Enquiry||Dial 3166-3900 or email to [email protected]|
Alibaba Entrepreneurs Fund
Alibaba Entrepreneurs Fund was created by the Alibaba group in 2015, the purpose of which is to provide assistance to Hong Kong entrepreneurs and youngsters who wish to promote their business and stimulate local development.
|Application requirements||A majority of business founders are Hong Kong permanent residents; or
The meaningful operations of the company are carried out in Hong Kong
Your business has moved beyond the brainstorming stage and has customers or a prototype or a viable product; or
Your company possesses innovative and unique business ideas that are scalable, financially viable and have high potential to grow, preferably by using resources from the Alibaba ecosystem; or
Your business is disruptive to an existing industry or has the potential to create efficiencies or deliver enhanced user experiences.
|Obtained Resources||Investment funds
Alibaba Ecosystem: Expanding the scale of selected companies
|How to Apply||Online application|
|Enquiry||Email to [email protected]|
We knew that the quota for start-up funds is very limited and the amount of money is less than your expectation. Hence, Reap is to provide instant cashflow for SMEs and startups, believing that access to financing is a fundamental pillar of growth for any business.