TSSSU
TSSSU (2023/24) – Call for Application
Introduction
In 2014-15, the Innovation and Technology Commission (“ITC”) set up, under the Innovation and Technology Fund (“ITF”), the Technology Start-up Support Scheme for Universities (“TSSSU”), 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.
[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 –
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: https://hkust.zoom.us/webinar/register/WN_ZPhatustQvqbAXMy6LQZqQ
Important Documents
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1. Operation Plan of TSSSU 2023/24 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 |
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Enquiries
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Telephone |
(852) 2358 5829 |
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Fax |
(852) 2358 1493 |