HKUST InnoBay – How to Apply

Introduction

HKUST's InnoBay@Innovation Building is established to accelerate the growth of early-stage and entrepreneurial ventures and to extend the reach of the University's Entrepreneurship Program. This Guideline sets out the incubator's objectives, eligibility criteria, application process, funding support, and operational procedures. 

 

Objectives

  • To provide a supportive ecosystem for DeepTech startups and entrepreneurial ventures to grow and develop
  • To foster innovation and entrepreneurship within the University community
  • To bridge the gap between research and commercialization

 

Eligibility Criteria

  • The applicant must be a HKUST equity holding company or a HKUST research team enrolled in certain knowledge transfer programs like BGF, or equivalent department knowledge transfer program recognized by RDC and AVPRD(KT). 
  •  Utilizing intellectual property developed or owned by the University is preferred.
  • A company or team must primarily focus on technology in its products or services and show commercial potential with advancing tech readiness.
  • It must be less than 7 years old, registered, and operating in Hong Kong.
  • At least 10% ownership must belong to a HKUST faculty member, staff, students, or alumnus. 

 

Application and Approval Process

  • Call for Application: The Application for 1st Cohort (2025) will be opened from Nov 10th to Nov 17th.
  • Initial Review: The HKUST EP Adminstrator will review application completeness.
  • Due Diligence: Internal or external firms may conduct due diligence on the appliocant's standing,
  • Shortlisting and Presentation: Shortlisted companies will be invited to present to the EP Admission Committee ("Committee").
  • Committee Composition and Decision: The Committee is chaired by the Associate Vice-President for Research and Development (Knowledge Transfer) [AVP-RD(KT)] and includes the Director of the Entrepreneursip Center, the Vice-President of RDC, the Head of InnoBay management, and a related OKT staff member. The Chair may invite external consultants as advisors. Quorum is majority of members; decisions are majorioty vote. In the event of a tie, the Chair has the casting vote.

 

Assessment Criteria

  • Innovation, IP protection, and technology content of the business.
  • Competency of the applicant team in business and product development, and in managing the company.
  • Commercial viability, product-market fit, and go-to-market strategy.
  • Social and/or community impact and alignment with strategic I&T development.
  • Track record in internal and external Knowledge Transfer (KT) grants.
  • The Committee's decision is final.

 

HKUST Entrepreneurship Program Agreement

  • Upon approval, applicants will receive the HKUST Entrepreneurship Program Agreement, which sets out (and may incorporate by reference) the detailed terms and conditions governing admission and incubation services. University approval is conditional on execution of the HKUST Entrepreneurship Program Agreement; there shall be no binding agreement unless and until it is signed by the company and the HKUST EP Administrator. Services will commence only upon the Agreement's effective date and satisfaction of any conditions specified therein.
  • The HKUST Entrepreneurship Program Agreement will specify, at a minimum:

          a. Any incubation space allocated (if applicable), the applicable service costs/fees and period; 

          b. The services to be provided by the HKUST incubation space or any designated collaborative incubator;

          c. The terms and conditions of the Program.

 

Space Allocation

  • Allocation Principles: Space is assigned according to needs specified in the application, considering team size, business stage, program enrollment, and subject to availability and efficient use. 
  • Research Teams: By default, enrolled research teams are offered hot desks with access to facilities and equipment within InnoBay@Innovation Building.
  • Confirmation: Final space allocation will be specified in the Service Agreement. 

 

Service Charge

  • The service charge will be collected monthly in advance with one month's deposit. (before the first day of each month)
  • The service charge rate is updated annually at: Service Charge Rate Card
  • Overdue payment of the service charge will result in termination of the service agreement.
  • Research team will be granted with no cash payment to the InnoBay@Innovation Building. The cost will be considered as an "in-kind" and recovered later from the commercialization revenues. 

 

Monitoring Process

  • KPI framework: To systematically track progress, each incubaee agrees on a set of key performance indicators (KPIs) at onboarding. KPIs are reviewed -- and may be adjusted -- as milestones evolve. 
  • Training and Enablement: Regular workshops and training sessions are organized to address shared challenges and close capability gaps. 
  • Performance Reviews: Biannual assessments against the agreed KPIs from the basis of written progress reports. 
  • Space Utilization: Space usage is monitored daily. If an assigned unit remains unused for more than one-third of a calendar month, it may be subject to termination or reallocation to ensure optimal resource use, as specified in the Service Agreement. 

 

Branding and Publicity

  • Use of the "HKUST" name, logos, and marks requires prior written consent. The University may publicise incubatees' participation and achievements (non-confidential) unless an opt-out is requested in writing.

 

Termination Process

  • Right to Terminate: The management team may terminate an incubatee's participation under the Service Agreement for cause, including but not limited to:

         - Cessation or shutdown of business operations.

         - Material breach of program regulations or the Service Agreement.

         - Failure to meet minimum performance standards (as set in the KPI framework) or space-utilization requirements.

         - Non-payment of fees or deposit by the due date.

         - Violation of applicable laws, safety, or conduct policies.

         - Misrepresentation or fraudulent disclosure in the application or reporting.

  • Process: Where appropriate, a written notice and specified cure period will be provided; immediate termination may apply in severe cases (e.g., safety, legal violations, or repeated non-payment), as detailed in the Service Agreement.
  • On graduation/ termination: Settle all fees, remove property, and sign space handover form.

 

Enquiries

Please send your questions to:

Office of Knowledge Transfer

The Hong Kong University of Science and Technology

email: hkustinnobay@ust.hk