(Image designed by student of Hong Kong Design Institute) On the road to entrepreneurship you may come across to different kinds of challenges: which funding scheme is more suitable for me? How to avoid legal traps in business? No worries, the four consultation services below offer professional advice for free to all your queries about entrepreneurship. Support and Consultation Centre for Small and Medium Enterprises (SUCCESS) - "Meet-the-Advisors" Business Advisory Service SUCCESS provides business starters with not only information on setting up business in Hong Kong, but also free "Meet-the-Advisors" Business Advisory Service. Entrepreneurs encountering problems relating to the starting and running of a business can consult experts on their opinions. Youth Employment Start” (Y.E.S.) - Professional Consultation Service Y.E.S. is set up to provide one-stop employment and self-employment support services to young people aged between 15 and 29. To assist business members to tackle their business problems in legal and accounting fields, meetings with qualified lawyers and accountants will be arranged to obtain professional advice. Hong Kong Productivity Council (HKPC) - SME ReachOut A dedicated service team entitled "SME ReachOut" would support startups through face-to-face meetings to help identify suitable funding schemes, while answering questions relating to applications. The goal is to enhance startup's understanding of the Government's funding schemes, with a view to encouraging better utilisation of the support provided by the Government. Hong Kong Trade Development Council (HKTDC) SME Support - SME Advisory Service The HKTDC SME Advisory Service provides one-to-one free business advisory service, which covers a wide spectrum of areas such as tax issues, business law, operation of the letter of credit, up-to-date information for new business start-ups, logistics, branding strategy for cultural industry and e-commerce. Source: SUCCESS, Y.E.S., HKPC, HKTDC “Startup How-tos” is an introductory guidebook written for entrepreneurship newbies, providing startup tips and related public services information.
Hong Kong Science and Technology Parks Corporation (HKSTP) held its annual Elevator Pitch Competition 2020 (EPiC) virtually on 6 November for the first time. This year, EPiC attracted 476 entries from 37 countries and cities, who presented their innovative business ideas with a one-minute video pitch to simulate the signature 60-second elevator ride to leading investors and judges. US-based biotechnology startup, Mi Terro, crowned champion and claimed the top prize of US$100,000 at the competition. Mi Terro, also the winner of the Smart City category, is a company that upcycles and reengineers protein food waste into plastic and cotton alternative fibres for the fashion, medical and packaging industries. The three Tech Category Winners, including UK-based AI & Robotics startup Arctoris, Philippines-based fintech startup PearlPay, and Portugal-based health technology startup RUBYnanomed, showcased their potential as innovators in the competition. Startups which participate EPiC have to present their innovative business ideas in a one-minute elevator pitch. The top ten finalists were given another opportunity to face the judges in a three-minute live pitch and two-minute Q&A, before announcing the overall champion, who took away a cash prize of US$100,000 while each of the category winners received a cash prize of US$10,000 and all ten finalists won US$6,000 each. This year the event was expanded to a week-long virtual programme. Please visit https://epic.hkstp.org/ for more details. List of Winners: Award Company Name Countries and Cities Champion and Tech Category Winner – Smart City Mi Terro United States Tech Category Winner – Artificial Intelligence & Robotics Arctoris United Kingdom Tech Category Winner – FinTech PearlPay Philippines Tech Category Winner – Health Technology RUBYnanomed Portugal Other Top 10 Finalists Augmented Bionics Australia D-Engraver Hong Kong FindOurView United States Pivotal Technologies Limited Hong Kong PurCity Denmark Qi Sensor Technologies Limited Hong Kong
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Apart from capital and social networks, young people may also need office space or studio to launch their businesses. In recent years, many young entrepreneurs prefer to develop their business in a co-working space. Paying heed to their own needs and budget, young people can choose a suitable one from the many co-working spaces across the territory.