Application of Start Up Award Scholarship

Start-up Award

Types of Scholarships

Start-up Award is a seed funding to support current students and alumni (graduates within three years at the time of application) who become aware of entrepreneurship and are planning to start their own venture or have started their business less than one year.

Purpose

Start-up Award is established to stimulate current students and alumni to plan to start up a business, non-profit-making organization, social enterprise or charitable organization with an aim to integrating their experiential learning with real business dynamics or addressing social needs among the community.

 

Method of Disbursement

Funding will be awarded to each successful applicant by two installments, i.e., stage 1 (70%): upon approval by the Selection Panel; and stage 2 (30%): upon satisfactory receipt of an updated business model canvas and updated financial reports by the Selection Panel one year after receiving the first stage award.  Failure to do so will result in the forfeiture of the remaining award.

 

Value of Award

The award is set at HK$50,000 for one recipient or HK$25,000 for two recipients. The award can be shared by individual and/or team of up to 5 persons (comprising a project leader plus up to 4 members).

 

Quota of Award

One recipient (HK$50,000) or two recipients (HK$25,000 each) to be selected by the Selection Panel and endorsed by the Scholarship Committee

Renewal Conditions

The award is granted on a one-off basis.

 

Selection Process

A Business Model Canvas is required for each application. Applicants will be invited to present the business model and logic explaining the core values preposition, revenue model, cost model, target customers, delivery channels, customer relationship, key partners, key activities, and key resources. Successful applicants should be able to demonstrate the feasibility and potential development of the business to the Selection Panel.

 

Selection Panel is formed with Dean of Students (Chairman), one teacher from the Business/Accounting Domain and one teacher from another discipline of study.

Place of Origin of Students

For current students, only local students can be selected. For alumni, both local and non-local graduates can be selected.


Source of Funding

Outside donation (Donated by Global Sources Ltd.in honour of Mr. Peter Yam in 2016)

Selection Criteria

  • Awardwill be offered to current students and alumni (graduates within three years at the time of application) who become aware of entrepreneurship and are planning to start their own venture or have started their business less than one year.
  • Judging Criteria of the Business Model Canvas mentioned in the paragraph “Selection Process”
  1. Innovation and creativity: 30%
  2. Functionality: 10%
  3. Market potential/performance: 25%
  4. Benefits and social impact: 25%
  5. Quality: 10%
  • Successful awardee(s) should submit an updated business model canvas to the Selection Panelone year after receiving the first stage award. The submission must indicate the numbers of changes, improvements, and achievements done between previous and updated business model canvas. This includes revenue, cost, profits, numbers of users, services level, operation effectiveness, and awards, etc​.
  • Awardee(s) should also provide the updated financial reports for the Selection Panel’s review and assessment of the financial performance of their business model.
  • For other details, please refer to the attached Annex.

Dead line of Application: 6 July 2018, 5:30pm