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#
1st Place Award HKD400K +HKD75K +HKD37.5K
2nd Place Award HKD200K +HKD50K +HKD25K
3rd Place Award HKD100K +HKD25K +HKD12.5K
Innovation Award HKD100K    
Student Team Award (2 places)* HKD60K each    
Elevator Pitch Award HKD50K    
Exhibition Award (2 places) HKD50K each    
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 schools within HKUST. E.g. 1 SBM student + 3 SENG students or 2 SSCI students + 2 SBM Alumni, etc.

**  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 all awarded teams
  • 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
In-kind for 12 finalists

Cash and in-kind awards are to be used by the winning teams solely for the purpose of proving funding for the businessplan 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

  1. The equity of the winning companies should not be changed.
  2. 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.
  3. The recipients of prize money will be responsible for the tax implications of their winnings.
  4. The disburse of the cash award will be according to the milestone achievement of the winning companies. (milestone setting to be discussed)
  5. 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.
  6. 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 nuture 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.