When I travelled to many of the Tiger economy countries, like Korea, Taiwan or Hong Kong many start-ups and entrepreneurs complained that generally, there is not enough government support. That doesn’t mean there isn’t any support at all.
The Hong Kong government, through the Hong Kong Science and Technology Park has just opened a new incubation programme to focus on web, mobile and gaming start-ups, called Incu-App. Support will include free office space rental and financial assistance.
The new programme offers generous subsidies of up to HK$408K to kick-start businesses. HK$108K of this will be for free office space rental for 18 months. The Science Park office space is indeed cool and very modern! It is equipped with vital high speed wireless internet and space for meetings. Another HK$300K is available from a Business and Technology Support Fund on a 50% reimbursement. This can cover things like exhibition fees, licensing/R&D, consulting, marketing, product launch, legal and accounting fees. Other valuable services include help to find investment, public relations help, hiring talent and management training.
To be accepted into the programme there are certain admission criteria, based on when it was established, equity ownership and structure, staff profile and if a team member has been through any other programme. Other more qualitative criteria are quality and competency of the management team, innovativeness, sound business plan, R&D content and having milestones.
The admission process consists of a business plan submission, a casual interview and a meeting with the Admission Panel. It takes around 26 days for them to process your application.
So if you are Hong Kong based start-up or want to register your company, take advantage of this great offer to realize your potential!