Wish to start your own business? The Youth Development Commission has rolled out the “Funding Scheme for Youth Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)” under the “Youth Development Fund”, which aims at providing a capital subsidy of up to HK$600,000, as well as entrepreneurial support and incubation services that befit the needs of young people who are about to start their businesses in Hong Kong and Mainland GBA cities. Read the following easy guide to learn more details of the scheme. Eligibility criteria#: Youth aged between 18 and 40 Hong Kong permanent resident Start-ups that have not been in operation or have been in operation for not more than 3 years Business registration in Hong Kong Having a planned/established business in Hong Kong and/or Mainland GBA cities (start-ups may set up their business in Mainland GBA cities and/or in Hong Kong)#Individual NGOs may prescribe additional application conditions. Please refer to the project details of the relevant NGOs. Funding Amount: Each start-up may receive a capital subsidy of up to HK$600,000 Entrepreneurial support and incubation services*: Assistance for settling entrepreneurial bases in Hong Kong and Mainland GBA cities Entrepreneurial guidance and business know-how Professional consultation services Business networking Market and supply chain development services Concessionary and facilitative measures for youth start-ups in various cities*Each youth entrepreneurship project lasts for a maximum of 3 years Application Method: A total of 16 non-governmental organisations (NGOs) are funded under the scheme to implement youth entrepreneurship projects. Individual funded NGOs may further prescribe additional requirements for applicants (such as business nature, affiliation with the institutions, etc.). Interested applicants may refer to the We Venture website. You may also watch the following video for more information of the Scheme:
"Series A, B Investments" Definition: Series A investment usually refers to the first investment a startup received from institutional investors after the stage of seed / angel investment. The startup would have developed a product prototype at this stage, yet it may usually generate limited revenue or zero profit. Series B investment refers to the second investment received from institutional investors. The startup would usually expand its business or market share, and develop a better business and profit model. Nevertheless, the definitions of Series A and B investments vary across industries and areas, and may change according to market conditions. More information: HKSTP Ventures and Cyberport Macro Fund provides investments to nurture early-to-growth stage startups. As announced in the 2021-22 Budget, $350 million and $200 million will be injected into the two Funds respectively and their scope will be extended to cover Series B and later stage investments. For more information on institutional investors, please visit Startmeup.hk. Source: Innovation and Technology Bureau HK Facebook Page Published by the Innovation and Technology Bureau HK Facebook Page, the “Inno-dictionary” series aims to facilitate startup newbies to understand the jargons related to entrepreneurship as well as innovation and technology.
Co-working Space LocatorMore
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.
(Please refer to official website)