Technology Start-up Support Scheme for Universities (TSSSU) INTRODUCTION In 2014/15, a new Technology Start-up Support Scheme for Universities (TSSSU), under the Innovation and Technology Fund (ITF) was launched by the Innovation and Technology Commission (ITC), with the below objectives: to encourage our students and faculties to start up technology businesses and commercialise their research and development (R&D) results to provide better support for technology start-ups to translate new ideas into business opportunities ITC will provide an annual funding of up to HK$8 million to each university on a reimbursement basis for expenses incurred by the University recommended technology start-ups. To further strengthen the support for start-ups, in addition to the original component of the Scheme (which will be termed “TSSSU O” hereafter), an enhancement measure will be introduced with effect from 2023-24 to provide dollar-to-dollar matching funds to those start-ups which have demonstrated good growth potential through securing investment from private sector (which will be termed “TSSSU+” hereafter). In other words, TSSSU will comprise TSSSU O and TSSSU+ starting from 2023 24, the annual funding of up to HK$16 million is provided to the University. An overview is illustrated below for reference. TSSSU‑O TSSSU+ (a) Annual funding ceiling for each university HK$8 million HK$8 million (b) Annual funding ceiling for each start-up HK$1.5 million HK$1.5 million (c) Maximum number of funding years for each start-up 3 consecutive years[1], provided that the respective start-up has not been funded under TSSSU+. 3 consecutive years, same as TSSSU‑O. [1] If a funded start-up has made reasonable progress in its R&D and/or business performance, the associated university may recommend such start-up for continued funding for the second or the third year. The three-year period should count consecutively from the first year that a start-up is approved for TSSSU‑O or TSSSU+ funding. If a start-up is first approved for funding in 2023-24 (Year One) and only applies for continued funding in 2025-26 (Year Three), it will not be eligible for seeking further funding in 2026-27 (Year Four). TSSSU (2023/24) – CALL FOR APPLICATION 1. Eligibility: The applicant technology start-up must be a company, regardless of size, registered under the Companies Ordinance. Details of the eligibility under TSSSU-O and TSSSU+ are as follows – TSSSU‑O TSSSU+ (a) Years of establishment Registered for not more than two years as of the cut-off date: 1 February 2023. The two-year eligibility requirement does not apply to a start-up which is recommended for TSSSU funding for the second or the third year. Registered for not more than seven years as of the cut-off date: 1 February 2023. The seven-year eligibility requirement does not apply to a start-up which is recommended for TSSSU+ funding for the second or the third year. (b) Secured private investment N/A Start-ups should submit document proofs (e.g. agreement /letter of undertaking issued by the private investor etc. together with the applications. 2. Assessment Criteria: In assessing an application, the selection panel will take into account, including but not limited to, the following criteria: Innovation and Technology Content of the Business Capability of the Technology Start-up and its Team Composition to Undertake the R&D Work and Manage the Company Commercial Viability and the Business and Technology Barrier Social and/or Community Impact of the Technology Start-up’s Business and R&D Work Business Plan Write-up / Completeness 3. Selection Process: Application package submission (Annex A and related supporting documents) on or before the deadline Upon receiving the complete applications, the University will verify compliance with the eligibility requirements and shortlist the start-ups for selection panel interview The shortlisted technology start-ups will be invited to give a presentation on their business plan, include their plan on the deployment of the funding if awarded, to the selection panel Recommendations for start-ups will be made to ITC for final approval Upon receiving ITC approval, the successfully recommended technology start-ups will be notified of the amount of funding support and the reimbursable period A letter of agreement will be signed between the University designated unit and the approved technology start-ups after ITC notifies HKUST for the funding support. APPLICATION DEADLINE: 26 October 2022 *Note: Applicants for the 2023-24 financial year should note that the final funding requirements and related arrangements would be subjected to the final arrangement to be announced by ITC in due course.* INFORMATION SESSION Interested applicants are highly recommended to sign up for the information session to understand more about TSSSU 2023/24, details are as follows. Date: 29 September 2022 (Thu) Time: 4:00 pm Format: Zoom Webinar Registration: Link IMPORTANT DOCUMENTS Operation Plan of TSSSU 2023/24 Application Package - Annex A CV Template - Annex A(i) Midterm/ Annual Report - Annex G Frequently asked questions - TSSSU FAQ Information Session - TSSSU Introduction Applicants should complete the Application Package - Annex A, and submit together with the required documents, on or before the application deadline: Softcopy to: tsssu@ust.hk ENQUIRIES Email tsssu@ust.hk Telephone (852) 2358 5829 Fax (852) 2358 1493 _ INTRODUCTIONTSSSU (2021/22) – CALL FOR APPLICATIONIMPORTANT DOCUMENTSENQUIRIES
