Awards
HKUST-Sino One-Million-Dollar Entrepreneurship Competition 2021
Winners of the HKUST-Sino One-Million-Dollar Entrepreneurship Competition 2021 will be awarded with cash prizes and in-kind services.
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.
Cash Awards
| w/ HKUST Tech | w/ Interschool Members# | ||
|---|---|---|---|
| Platinum Award | HKD400K | +HKD75K | +HKD37.5K |
| Gold Award | HKD200K | +HKD50K | +HKD25K |
| Silver Award | HKD100K | +HKD25K | +HKD12.5K |
| GF Innovation Award | HKD100K | ||
| HKUST Student Team Award (3 places)* | |||
| - Gold Award | HKD75K | ||
| - Silver Award | HKD60K | ||
| - Bronze Award | HKD50K | ||
| Best Video Award (3 places) | HKD50K each | ||
| Elevator Pitch Award | HKD50K | ||
| Global Challenge Award** | |||
| - COVID-19 | HKD25K | ||
| - Aging Global Population | HKD25K | ||
| - Chronic Diseases Contol | HKD25K | ||
| - Natural Resources Conservation | HKD25K | ||
| - Sustainable Urban Living | HKD25K | ||
| - Technological Advancement and Inventions | HKD25K | ||
| - Twenty-First Century Education | HKD25K |
* Student Team Award will be awarded to the teams which are composed of HKUST full-time students only. Top 3 teams from the UST student track 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 global challenges. When filling in the online application form, the team has to declare which global challenges the team is solving for this purpose.
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.
- 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 1 year of the announcement, otherwise the cash prize will be considered forfeited.
In-Kind Services and Supports
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
- A webinar offered by AVISTA to introduce the concept of startup valuation including what investors/ venture capital look for in a startup and understanding the fundamentals and approaches of business valuation.
- A webinar offered by CEI to introduce the difference in marketing strategies between China and North America and tips for startups to expand and gain traction in both markets.
- 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 from HKSTP for selected and eligible Round 2 teams
- 40 teams will be selected from the shortlisted teams in Round 2 by HKSTP to join the Admission Panel Meeting (APM) of the Science and Technology Entrepreneur Programme (STEP)*.
- Up to 20 teams will be selected from the STEP APM to receive a series of training and consultation, as well as the first installment of HKD20K financial grant. Upon fulfilling the conditions required in the STEP programme, the teams will receive in total of HKD100K financial grant (including the first installment) as seed funding.
- Up to 10 out of the above 20 teams will be selected to join the APM of the HKSTP Incubation Programmes*.
* Terms and Conditions apply
In-kind for Eligible Teams in Round 2
All HKUST teams in Round 2 that composed of at least 50% of HKUST students OR with HKUST members (students, alumni, faculty) own at least 51% shares will enjoy:
- Support in the basic company incorporation and registration fee under the Hong Kong Companies Ordinance (link) up to $1970 offered by Entrepreneurship Center.
- Exclusive company incorporation package for startup teams offered by FastLane. Offering a special discount for company formation, one year of company secretary, one year of registered address and bank account opening assistance.
- Preferential account opening fee* by HSBC with referral from HKUST-Sino One-Million-Dollar Entrepreneurship Competition (please contact HKUST Entrepreneurship Center for arrangement)
* Terms and Conditions apply
In-kind for 9 finalists
- Free consultation session on company formation, CFO advisory, cloud accounting, corporate services etc offered by FastLane.
- Internship opportunities offered by PALO IT
- A total of 30 tickets of Cyberport’s key events will be provided. The tickets are applicable to access of Cyberport Venture Capital Forum (CVCF), Internet Economy Summit (IES) or Digital Entertainment Leadership Forum (DELF). Each of the tickets accommodate 1 person to 1 event at a time. HKUST Entrepreneurship Center will work with the 9 finalists teams and Cyberport on the ticketing arrangements. The availability of the tickets attend the key events is subject to the final decision of Cyberport.
- Each finalist team can enjoy complimentary audience tickets to at least one of Cyberport’s key events: Cyberport Venture Capital Forum (CVCF), Internet Economy Summit (IES) or Digital Entertainment Leadership Forum (DELF).
- Fast-tracked to the Admission Panel Meeting (APM) of the incubation programmes* organized by Hong Kong Science and Technology Parks Corporation (HKSTP)
* Terms and Conditions apply
In-kind for all awarded teams
- Awarded teams that fit with apparel/textiles and food/agritech industries may be recommended to a 3-months residency programme offered by The Mills Fabrica after the competition to continue working on their projects.
- Exclusive offer to enjoy special discounts of the TusPark Hong Kong Network Membership Package offered by TusPark Hong Kong
- Exclusive company incorporation package for startup teams offered by FastLane. Offering a special discount for company formation, one year of company secretary, one year of registered address and bank account opening assistance
- 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
- The top 3 will be offered to the fast-track Cyberport programme. Seats to fast-track programme will be applied to either Cyberport Creative Micro Fund (CCMF) YEP and Professional Stream and Cyberport Incubation Programme (CIP). The top 3 awardees can choose to apply either of the CCMF programme or the CIP programme while terms and condition applied. HKUST Entrepreneurship center reserves the right to offer the fast-track to other awardees in case the eligible 3 awardees give up the opportunity or they were not eligible to apply the Cyberport programmes.
*Final decision will be subject to Cyberport management. No guarantee to be admitted to the programme, but a fast track to the vetting stage.*
In-kind for the winner of Platinum Award
About AVISTA
AVISTA Group (“AVISTA”) is a leading professional valuation and corporate advisory firm. They are experienced in performing a full range of valuation advisory, risk management advisory, corporate advisory, ESG advisory and property consultancy for various purposes. With a strong presence in the Asia-Pacific region, they have offices in Hong Kong, Shanghai and Beijing. To learn more, please visit https://www.avaval.com/en/.
About CEI
Canadian Ecosystem Institute (CEI) is owned and operated by its management team and founding partners. They are dedicated to one mission: Enabling Canadian and Chinese business opportunities. 100% of the CEI core team and CEO can read, speak and write in both English and Chinese, and has extensive experience between both countries. Technology is in the DNA at CEI, and that’s why they proudly serve clients from 4 of the 5 innovation superclusters across Canada: Digital Technology, Protein Industries, Next Generation Manufacturing, Scale AI. CEI is also an Associate Member of the Digital Technology Supercluster. CEI has a presence across Canada and China: Vancouver, Toronto, Montreal, Shanghai and Shenzhen.
About Cyberport Creative Micro Fund and Cyberport Incubation Programme
Cyberport Creative Micro Fund (CCMF) encourage innovation and creativity by sponsoring high potential digital tech start-up projects and business ideas. It consists of two categories, namely CCMF (Hong Kong) Professional Stream and CCMF (Hong Kong) Young Entrepreneur Programme. Successful applicants receive a HK$100,000 grant over six months to produce proof of concepts and prototypes. For details of eligibility, please read the Guides and Notes: Page 1 (1).
Cyberport Incubation Programme supports entrepreneurs and start-ups with resources that aim to accelerate their growth.
In addition to a range of business and professional services, incubatees get up to HK$500,000 support over 24 months. Incubatees can participate in the programme on-site at Cyberport, or off-site at their own premises. For details of eligibility, please read the Guides and Notes: Page 1 (1).
For more detail, please visit their website:
http://www.cyberport.hk/en/about_cyberport/cyberport_youth/cyberport_creative_micro_fund/hong-kong-programme/ccmf-hk-admission-requirements
https://www.cyberport.hk/en/about_cyberport/cyberport_entrepreneurs/cyberport_incubation_programme
About FastLane
The FastLane Group (https://fastlanepro.hk/) is an accountancy and advisory firm with a presence in Hong Kong and Shenzhen. They combine innovation and technology to provide professional services with a particular focus on entrepreneurs, start-ups, fast growing technology companies, angel investors and venture capitalists.
About HKSTP STEP and HKSTP Incubation Programmes
HKSTP STEP is a one-year programme designed to nurture tech-focused entrepreneurs to become successful startups and help them turn their brilliant ideas into reality. Through the programme, entrepreneurs will receive all-rounded support from HKSTP to acquire the essential skills to launch their new ventures. Apart from business model design and investment training, they will also receive guidance on fine-tuning ideas and technical development. Participating entrepreneurs will also have access to HKD$ 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/).
HKSTP incubation programmes focus on three key areas: Incu-App, Incu-Tech and Incu-Bio. If you specialise in technological application, deep tech or biotechnology, HKSTP’s incubation programme is your next step in founding your own company.
For details, please visit https://www.hkstp.org/en/innovate-with-us/incubation/.
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.
About the Mills Fabrica
The Mills Fabrica is an innovation platform dedicated to supporting apparel/textiles and food/agritech industries transition to a more sustainable future through innovations and collaborations. With their business incubator, investment fund, spaces in Hong Kong and London, and different initiatives, they aim to create success stories and build a wider community of innovators, corporates and organizations that together drive positive change for the next generations.
Please visit their website (http://www.themillsfabrica.com/) for more details.
About PALO IT
PALO IT is a global innovation consultancy and Agile software development company dedicated to helping organisations embrace tech as a force for good. They work with clients to rapidly launch products and services, create new business models, and prepare leadership and culture for the future.
They're committed to helping businesses transform to better our world. They're proud to be a B Corp-certified company in Singapore and Hong Kong, and working towards certification across all other locations.
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/
Summary of In-Kind Services and Support
