Awards
HKUST-Sino One Million Dollar Entrepreneurship Competition 2020
Winners of the HKUST-Sino One Million Dollar Entrepreneurship Competition 2020 will be awarded with cash prizes and in-kind services.
Cash Awards
| w/ HKUST Tech | w/ Interschool Members# | ||
|---|---|---|---|
| President Award | HKD400K | +HKD75K | +HKD37.5K |
| Gold Award | HKD200K | +HKD50K | +HKD25K |
| Silver Award | HKD100K | +HKD25K | +HKD12.5K |
| GF Innovation Award | HKD100K | ||
| Student Team Award (2 places)* | HKD60K each | ||
| Best Video Award (3 places) ( New Updates) | HKD50K each | ||
| Elevator Pitch Award ( New Updates) | HKD50K | ||
| Focus Area Award** | |||
| - Healthcare Prize | HKD25K | ||
| - Social Services & Enterprise Prize | HKD25K | ||
| - Environment & Sustainability Prize | HKD25K | ||
| - Robotics & AI Prize | HKD25K | ||
| - I.T & Smart Tech Prize | HKD25K | ||
| - Fintech Prize | HKD25K |
* Student Team Award will be awarded to the teams which are composed of HKUST full-time students only. Up to 2 teams with best performance in this competition will get the award.
# “Interschool Members” means the team is composed of members coming from more than 1 academic programs AND the academic programs are collectively run by more than 1 schools within HKUST.
Example 1:
1 SBM student + 3 SENG students or 2 SSCI students + 2 SBM Alumni
Example 2:
1 DSCT student + 1 double major (CSE + MATH) student
** Each team is only qualified to be considered in one of the Focus Areas. When filling in the online application form, the team has to declare their Primary Area for this purpose.
In-Kind Service and Support
To encourage participants to get their businesses going, and further reinforce the practical focus of this Competition, we have put together a suite of services for all applicants and awardees. This include:
In-kind for all participants
- Up to 2 teams that fits with may be selected by The Mills Fabrica for a 3-months residency programme after the competition to continue working on their projects.
- A workshop to introduce how you can start a business in Hong Kong and the Greater Bay Area (incorporation process, basic requirements about forming a business, bank account opening process, key players in Hong Kong and GBA startup ecosystem and etc) offered by FastLane
- Special discount on Xero subscription fee offered by FastLane
In-kind for Top 50 teams
- An online workshop to introduce how to do Elevator-Pitching to prepare for the Pre-recorded Video in Round 2, guiding teams for a well-defined business vision & mission, business model, customer segment & size and key competitive advantage offered by PALO IT.
In-kind for 12 finalists
- Fast-tracked to the Science and Technology Entrepreneur Programme (STEP) organized by Hong Kong Science and Technology Parks Corporation (HKSTP)
- Free consultation session on company formation, CFO advisory, cloud accounting, corporate services etc offered by FastLane
- Mentoring session in May for finalists to prepare for the business plan and presentation in Round 3 offered by professionals from PALO IT.
In-kind for all awarded teams
- Exclusive company incorporation package for startup teams offered by FastLane
- Exlcusive offer to enjoy special discounts of the TusPark Hong Kong Network Membership Package offered by TusPark Hong Kong
- Preferential account opening fee* by HSBC for all awarded team with referral from HKUST-Sino One Million Dollar Entrepreneurship Competition (please contact HKUST Entrepreneurship Center for arrangement)
*Terms and Conditions apply
In-kind for Top 3
- Exclusive offer to enjoy a one year free membership of the TusPark Hong Kong Network Membership Package offered by TusPark Hong Kong
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 company name should be the same as the team name.
- 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 companies. (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.
- Cash prize arrangement will be announced after the competition. Winners must present the company registration documents, company bank account number and other information requested within 2 years of the announcement, otherwise the cash prize will be considered forfeited.
About STEP
This is a one-year programme designed to nurture tech-focused entrepreneurs to become successful startups and help them turn their brilliant ideas into reality.
Through the programme, entrepreneurs will receive all-rounded support from HKSTP to acquire the essential skills to launch their new ventures. Apart from business model design and investment training, they will also receive guidance on fine-tuning ideas and technical development.
Participating entrepreneurs will also have access to HKD$ 100,000 seed funding and a co-working space with a series of training during the 12-month programme to realise their ideas.
For details of the eligibility, please visit their website (https://www.hkstp.org/step/).
About FastLane
The FastLane Group (https://fastlanepro.hk/) is an accountancy and advisory firm with a presence in Hong Kong and Shenzhen. They combine innovation and technology to provide professional services with a particular focus on entrepreneurs, start-ups, fast growing technology companies, angel investors and venture capitalists.
About the Mills Fabrica
Fabrica is the innovation arm of The Mills – dedicated to creating techstyle startup success stories and building a global techstyle community. We are an open platform for innovation, facilitating collaboration between startups, brands, retailers, manufacturers, academic and research institutions and more.
Please visit their website (http://www.themillsfabrica.com/) for more details.
About PALO IT
PALO IT is an international consultancy specialising in Human-Centered Design, Agile Software Development and the Transformation of forward-thinking companies. Our approach takes the best of Design Thinking, Agile and DevOps to help our clients disrupt their industry, reduce their time-to-market and successfully run their digital transformation. This makes us one of the few disruptors in the market with the full capability to accompany our clients from ideation to product development. We have over a decade of experience working with MNCs and budding businesses alike. In a nutshell—we help companies remember how to innovate. To learn more, please visit https://www.palo-it.com/.
About TusPark Hong Kong Network Membership Package
Being the first to introduce the concept of “incubation + investment” in China for innovation and entrepreneurship business, TusStar has dedicated 20+years to develop a complete ecosystem including “incubation services + entrepreneurship training + open platform + angel investments for start-ups and entrepreneurs. TusHoldings Co Ltd (mother company of TusStar) which based at Tsinghua University Science Park, on the other hand, has successfully created a full chain service system including fundamental researches, application development and technology transfer. To extend our services in Hong Kong and overseas, TusPark Hong Kong is proud to launch the Network Membership Package for all innovators and entrepreneurs.
For more detail, please visit https://www.tuspark.com.hk/.
About HSBC Sprint Account
Starting a business always takes more than just an idea, especially with limited resources. Introducing HSBC Sprint Account, an integrated banking account to provide you with a simpler and faster banking experience. So whether your business has just started, or is getting ready to thrive, HSBC solutions have you covered.