Hong Kong Grants for Small and Medium-sized Entrepreneurs (SMEs)
Grants are the funding that is given in the form of finances or its equivalent by entities such as governments, companies, or foundations to enable the accomplishment of a certain specific endeavor such as training, research, or upgrading of business processes. The government of Hong Kong has rolled out such funding to its SMEs to help them cope with such demanding situations. There are usually certain eligibility requirements associated with it.
Innovation and Technology Fund for Better Living
This Hong Kong government grant is rolled out to assist Small and Medium-Sized Entrepreneurs whose business endeavors make the life of local people safe, comfortable, and convenient in terms of daily living, health, education, and the environment, among others. It was laid out in 2017 with a funding duration of five years. These beneficiary projects should be technological innovations that are in line with government policies and are improving the technology industry. It covers 90% of the whole project’s lifespan which is supposed to be at least 2 years unless it is a one-time project. While under this funding, your business should not be making a profit.
Applications for the Innovative Technology grant are submitted online to the Administrative System or through paperwork in person or by post. This Innovation and Technology Fund comes in various forms and it is good to know where your entrepreneurship projects fall because the grants are project specific. Some of these areas are:
1. Guangdong-Hong Kong Technology Cooperation Funding Scheme (TCFS)
This Hong Kong government grant is mainly for research purposes. It aims to make Research and Development successful by improving teamwork between research institutes, universities, and technology enterprises.
2. Partnership Research Program (PRP)
This program is rolled out under the Hong Kong government grants to assist entrepreneurs who are involved with Research and Development (R&D). The entrepreneurs get an opportunity to collaborate with research institutes or R&D centers.
3. Technology Voucher Program
This grant avails technological solutions and services to the local Small and Medium-Sized Entrepreneurs to enable them to enhance their business practices.
4. Innovation and Technology Venture Fund (ITVF)
This funding through the Hong Kong government grants allocation program is aimed to benefit SMEs who are in their preliminary stages. The government co-invests with Venture Capitalist to promote innovation and technology related.
5. Patent Application Grant
This Hong Kong government grant through the commission of Innovation and Technology and the Hong Kong Council of Productivity enable the Small and Medium-Sized Entrepreneur in Hong Kong to secure their inventions through Intellectual Property rights. Grant allocation covers around 90% of the total patent application cost and associated fees, an equivalent of HK$250,000 allocation.
6. Researcher program
7. Retail Technology Adoption Assistance Scheme
8. Reindustrialization and Technology Training Program