HKUST InnoBay – How to Apply

• Guidelines for the HKUST Entrepreneurship Program
• Rate Card and Other Information
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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

 

User Categories

InnoBay serves two categories of users: 

• Category A - EP Participants: Teams or companies formally admitted under the HKUST Entrepreneurship Program (EP) and approved to receive incubation-related support and facility access.
• Category B - Non-EP InnoBay Users: Approved users who may access designated InnoBay facilities without being admitted as EP Participants, subject to HKUST approval. These may include EMBA-related users, approved industry partners, co-investment partners, innovation ecosystem partners, and licensees with recognized KT links to HKUST.

 

Eligibility Criteria (EP Participants)

• The applicant must be a HKUST equity-holding company or a HKUST research team enrolled in certain knowledge transfer programs such as 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: Application cycles are announced periodically.
• Initial Review: The HKUST EP Adminstrator will review application completeness.
• Due Diligence: Internal or external firms may conduct due diligence on the applicant's standing,
• Shortlisting and Presentation: Shortlisted companies will be invited to present to the EP Admission Committee ("Committee").
• Committee 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 Entrepreneurship 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 majority 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, EP Participants will sign the HKUST Entrepreneurship Program Agreement with the HKUST R&D Corporation (RDC), which sets out the detailed terms and conditions governing admission and incubation services. The agreement will specify, at a minimum: any incubation space allocated, applicable service costs/fees and period; services to be provided; and the terms and conditions of the Program.
• Non-EP InnoBay Users shall enter into s separate usage agreement with RDC governing the permitted scope of use, duration, conditions, and fees. A Non-EP User shall not sign an EP Agreement merely by using InnoBay facilities.
• University approval is conditional on execution of the relevant agreement; there shall be no binding agreement unless and until it is signed by both parties. Services commence only upon the Agreement's effective date and satisfaction of any conditions specified therein. 

 

Space Allocation

Space is assigned according to needs specified in the application, considering team size, business stage, program enrollment, and subject to availability and efficient use. By default, enrolled research teams are offered hot desks with access to facilities and equipment. 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. The service charge rate is updated annually. Overdue payment may result in termination of the Service Agreement. Research team will be granted access at no cash payment - the cost will be treated as an "in-kind" contribution and recovered later from the commercialization revenues. 

 

Monitoring Process

Each incubatee agrees on a set of Key Performance Indicators (KPIs) at onboarding. KPIs are reviewed - and may be adjusted - as milestones evolve. Regular workshops and training sessions address shared challenges and capability gaps. Biannual assessments against the agreed KPIs from the basis of written progress reports. Space usage is monitored daily; an assigned unit remaining unused for more than one-third of a calendar month may be subject to reallocation.

 

Branding and Publicity

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

 

Enquiries

Office of Knowledge Transfer

The Hong Kong University of Science and Technology

email: hkustinnobay@ust.hk