Awards
Winners of the sixth annual ‘One Million Dollar Entrepreneurship Competition’ will be awarded a combination of cash, in-kind contribution and services.
| Cash Awards+ | |||
|---|---|---|---|
| w/ HKUST Tech | w/ Interschool Members | ||
| 1st place | HKD300K | +HKD75K | +HKD37.5K |
| 2nd place | HKD150K | +HKD50K | +HKD25K |
| 3rd place | HKD100K | +HKD25K | +HKD12.5K |
| Innovation Prize | HKD75K | ||
| Best Presentation*** | HKD75K | ||
| Elevator Pitch Winner*** | HKD 50K | ||
| Trade Show Winner*** | HKD 50K | ||
| Student Team Prize * | HKD 25K | ||
| International Team Prize ** | HKD 250K |
+ The Cash Awards category and amounts are for reference only, the confirmed Cash Awards category and/or amounts will be announced later. Please check our website: http://onemilliondollar.ust.hk for updates.
* Student Team Prize will be awarded to the team which is composed of full-time students only.
** Only International Teams will compete for the International Team Prize
*** All teams that are selected as Finalists, including the International Teams, will be competing for these awards
#“Interschool Members” means the team is composed of members coming from more than 1 schools within HKUST. E.g. 1 SBM student + 3 SENG students or 2 SSCI students + 2 SBM Alumni, etc.
In-Kind Contribution and Services
- To encourage participants to get their businesses going, and further reinforce the practical focus of this Competition, we have put together a suit of services for the grand prize winners. This includes a 1-year free office space at the premises of HKUST Entrepreneurship Center and other business support services such as coaching, networking.
- Cash and in-kind awards are to be used by the winning teams solely for the purpose of proving funding for the business plan in respect of which the award was granted. Service providers shall be entitled to decline to provide their services for the purpose of business plans other than in respect of which the award was granted. By accepting the awards, participants will be deemed to have accepted these terms and agreed to apply the cash and in-contribution awards for the purposes intended.
Payment Distribution
- The equity of the winning companies should not be changed.
- Winning teams must be a registered company to get the cash award and are expected to form their companies in Hong Kong.
- The recipients of prize money will be responsible for the tax implications of their winnings.
- The disburse of the cash award will be according to the milestone achievement of the winning compa- nies. (milestone setting to be discussed)
- HKUST reserves the right to withhold or to defer in whole or in part of any of the cash and/or and in-kind contribution awards if the winning teams violate the above conditions.