Frequently Asked Questions
- Who can participate?
CityU students, CityU alumni, CityU research staff, and general public championing commercial use of CityU’s intellectual property (IP, knowhow or patented/patent pending invention).
- What is the role of a venture lead (person-in-charge)?
A venture lead should be the visionary (core direction) in driving a project into a company. The venture lead can be a jack-of-all-trades (e.g., CTO-cum-CEO-janitor of the company) until the company grows to afford hiring professionals. Sometimes tech start-ups will commence with the innovator (CTO) as the venture lead before a more suitable member joins as CEO.
- What are the possible role(s) of team members?
- Innovation – to resolve technical issues faster than anyone else in the team; ensure tech development is on schedule with strategic use of resources, etc.
- Product/Service Manager – familiar with/know customer needs and forecast/predict customer needs; product development, marketing and pricing strategies, project product sales, etc.;
- Operations – looking into various aspects of start-up operations
- Marketing & Communications – for creating and building the customer base, exploring revenue generation and company profitability, brand strategies, lead generation
- Finance – budget, expenses monitoring and management, financial planning, risks vs goals
- Sales – to convince prospect clients to take a try out on an untested product, an unknown company; define sales strategy, process and sales strategies; hire and groom a sales team (eventually)
- Customer Relations – to ensure customers have a lasting impression of the company, soft sell the value of company products, and generate good feedback/referrals; establish workflow and process between sales and marketing
- Can team members be changed after submitting applications?
You may provide a justifiable reason for our consideration. However, it is not allowed to change the Venture Lead (Person-in-charge). Otherwise, the contract may be terminated.
- Can an associate degree holder of CityU (e.g. CCCU) participate?
Yes, they can participate as a member of a project team.
- Can an individual participate in more than one project team?
Yes, but not for venture lead (person-in-charge).
Team members in the project team have to be clear on their roles and not to create conflict between different project teams.
- Can a project team, completely without any member affiliated to CityU (students, alumni, staff), enroll in the HK Tech 300 Programme?
Yes, as long as the project team is championing a CityU IP throughout the Programme.
- Can a project team champion multiple projects?
No, each project team should focus on one project.
- Is there a limit in the number of members in a project team?
Recommended 3 – 5 members per project team. Team members should be chosen strategically, based on what they can bring to the project.
- Will a project team that champions a CityU’s research outcome be eligible?
Certainly. We encourage anyone interested in specific CityU’s research results to discuss with faculty who is/are responsible for the particular research results concerned, and to get to know more about the potential use of the research work. This will maximise the chance of turning the research ideas into successful products as direct dialogue with the researchers would be beneficial to understanding the theory behind the research and the gist of the problems that could be crucial to commercialisation.
- Will a project team championing a known technology for new application be eligible?
Certainly, as long as it leads to novel business applications. Very often, a useful technology proposed in the past did not get to any market or lead to any useful products. Timing, availability of other enabling technologies as well as market maturity could make a big difference. It is thus not unusual to see that many successful products are built on the basis of a previously proposed technology but targeted to a new application with completely new sets of practical parameters addressing completely new market needs.
- Can applicants re-apply if they failed in a previous application?
Yes, HK Tech 300 runs several cohorts per year. Please refer to the webpage of HK Tech 300 Seed Fund for details.
- When does a project team become a company (formally registered business)?
Registration as a business/company is not required at the time of project team formation, enrollment or training. Incorporation of a new business registration should be done at the end of the Seed Fund period.
- Any restrictions on technology areas/industry sector for the project teams?
There are no restrictions on technology areas, industry sectors for a project team to focus. The HK Tech 300 Programme aims to enable participants to demonstrate innovation and build sustainable businesses that will benefit to society.
- When is the deadline to enroll?
Enrollment is rolling throughout the year. Participants can enroll in any of the 4 cohorts each year.
- Do we need to go through all phases of the HK Tech 300 Programme?
Generally speaking, project teams are advised to go through all phases of the Programme. A break or deviation from the required stages in the Programme may cause the loss of momentum of the project team. Nevertheless, we also consider project teams that are at a more developed stage to participate directly in an advanced phase.
- How are Networking Sessions conducted?
Participants will be divided into two groups:
- Venture leads (person-in-charge) who have a business idea and like to engage talents from the CityU community to form their venture team; and
- Team members from a variety of background/know-how/experience/skills/social network and would like to join a business venture with a venture lead.
At the end of the Session, a wrap-up will be concluded and the Training Programme will be promoted again to encourage those who form their venture team to sign-up.
Each Session generally lasts for 2 hours.
- What is the structure of Training?
The 8-week Training is to be conducted twice a week on Tuesday and Thursday. Each session lasts for 1.5 hours, starting from 5 pm on the training day. Additionally, an optional session is to be held on Wednesday for start-up who needs special guidance.
- What will be the schedule of Training for each cohort?
The schedule of 4 cohorts in a year is as follows:
1st cohort: Apr-Jun (Exam weeks excluded)
2nd cohort: Jul-Sep
3rd cohort: Oct-Dec (Exam weeks excluded)
4th cohort: Jan-Mar
When the number of project teams sign-up is significant, there will be consideration for more Training sessions.
- Will mentors be available for project teams?
We will try to match project teams to mentors having relevant experience.
- Will CityU provide a consultation or advice to applicants to enhance their funding application proposal?
Yes, applicants may contact us by email for making the arrangement.
- Does Incubation include the provision of physical space for project teams?
- Are there restrictions on the use of the Seed Fund?
Project teams supported by the Seed Fund should observe the relevant operation guidelines to ensure proper use of the funds.
- Can project teams join the incubation from HK Tech 300 Programme and other incubators at the same time?
Generally speaking, co-incubation at the same time is allowed in order that the project teams can benefit from the most resources possible.
- What is the application timeline of the Seed Fund, and what application materials are required?
Please refer to the webpage of HK Tech 300 Seed Fund for details.
- When and how will the Seed Fund be released?
The funding period will be shown in the agreement to be signed, and the disbursement of funding is subject to the stipulated requirements. The project team has to finish the agreed milestones within the funding period and must submit interim and final reports together with the expenditure reports as required before the funding is paid to the project team via the designated bank account in three respective installments.
- Is it necessary to provide a company name upon the application for the Seed Fund?
A project name will suffice if a company name is not yet ready.
- Can the milestones be completed in advance for an earlier release of the remaining Seed Fund?
If the milestones are completed before the scheduled dates, the University will consider advancing the release of funding to teams.
- When will the results be announced if I apply for the Seed Fund?
Please refer to the webpage of HK Tech 300 Seed Fund for details.
- How long will the Incubation last?
The Incubation will last for a period of up to 12 months.
- What kinds of support will be provided in the Incubation Phase?
Funding support, co-working space, business meet-up arrangement with major chambers, as well as mentors and other support including milestone review and consultation etc, will be provided to help the project teams along their road to entrepreneurship.
- Is there any time limit to develop the prototype?
For areas with prototypes required, the prototype is expected to be developed within the Seed Fund period (i.e. up to 12 months).