Technology Start-up Support Scheme for Universities (2022/23)

INTRODUCTION

In 2014/15, a new Technology Start-up Support Scheme for Universities (TSSSU), under the Innovation and Technology Fund (ITF) was launched by the Innovation and Technology Commission (ITC), with the below objectives:

• to encourage our students and faculties to start up technology businesses and commercialise their research and development (R&D) results
• to provide better support for technology start-ups to translate new ideas into business opportunities

ITC will provide an annual funding of up to HK$8 million to each university on a reimbursement basis for expenses incurred by the University recommended technology start-ups during the 2022-23 Government financial year.

TSSSU (2022/23) – CALL FOR APPLICATION

1.    Eligibility:

• The applicant technology start-up must be a company, regardless of size, registered under the Companies Ordinance for not more than two years as of the cut-off date: 01 February 2022 [1]
• There is a flexible approach for the teams that not able to register a limited company before the application deadline. The team can submit the application before the application deadline without forming a company. If the application is selected and recommended by HKUST, the team need to form a limited company before HKUST submit the application to ITC in Jan 2022.
• The team forming the technology start-up may have any mix of the following members of the University –
  • Undergraduates, postgraduates or alumni; and/or
  • professor(s) or teaching / research staff to serve as consultant(s), providing technical expertise and direction of the R&D.
• The Technology start-up must be owned at least 10% by the member of the University

               [1] The two-year eligibility requirement does not apply to a technology start-up which has been recommended for the TSSSU funding for the second or the third year.

2.    Assessment Criteria:

       In assessing an application, the selection panel will take into account, including but not limited to, the following criteria:

• Innovation and Technology Content of the Business
• Capability of the Technology Start-up and its Team Composition to Undertake the R&D Work and Manage the Company
• Commercial Viability and the Business and Technology Barrier
• Social and/or Community Impact of the Technology Start-up’s Business and R&D Work
• Business Plan Write-up / Completeness

3.    Selection Process:

• Application package submission (Annex A and related supporting documents) on or before the deadline
• Upon receiving the complete applications, the University will verify compliance with the eligibility requirements and shortlist the start-ups for selection panel interview
• The shortlisted technology start-ups will be invited to give a presentation on their business plan, include their plan on the deployment of the funding if awarded, to the selection panel
• Recommendations for start-ups will be made to ITC for final approval
• Upon receiving ITC approval, the successfully recommended technology start-ups will be notified of the amount of funding support and the reimbursable period
• A letter of agreement will be signed between the University designated unit and the approved technology start-ups after ITC notifies HKUST for the funding support. 

APPLICATION DEADLINE: 27 October 2021

*Note: Applicants for the 2022-23 financial year should note that the final funding requirements and related arrangements would be subjected to the final arrangement to be announced by ITC in due course.*

IMPORTANT DOCUMENTS