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UK-Hong Kong Entrepreneurs
Incubation
Programme
Nurturing success for Hong Kong
entrepreneurs in the UK
Disclaimer: Hong Kong Business Hub will not provide any legal and financial advice to applicants and investors. The applicants and investors acknowledge and agree that they will take their own independent legal and financial advice with regard to the opportunity for funding or investments.
Hong Kong Business Hub is thrilled to launch the first-ever incubation programme designed for new migrants from Hong Kong in the UK. The UK-Hong Kong Entrepreneurs Incubation Programme is an initiative aimed at providing vital support and resources to Hong Kong entrepreneurs as they embark on their journey to establish their own businesses in the UK.
Supported by private funding, the Programme revolves around three key pillars: training, networking and equity investment. We link up the entrepreneurs, our coaches, investors and other stakeholders in order to increase the successful rate of the fund-raising.
Who can join?
We welcome applications from any newly founded businesses in the UK that can provide a solid business plan and financial forecast for the next 3 years. Besides, the business must fulfil the following requirements:
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The company must be a UK-based private company limited by share
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The company must have been established on or after 1 January, 2020
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The company must have at least one full-time working staff, including the founders
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The founding team must collectively hold 51% of the company shares
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At least one member of the founding team must be a new migrant (start residing in the UK on or after 1 January, 2020) from Hong Kong with appropriate status that permits them to start a business who hold not less than 30% of the company shares
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The investment amount requested shall be £50,000 or above
Why should you join?
This programme is designed to foster collaboration, idea exchange, and support member companies of the Incubation Programme in their fundraising efforts.
Practical training workshops and coaching - Hong Kong Business Hub will provide essential training workshops, coaching and business model refinement services to enhance your investment readiness.
Networking opportunity - The programme also presents a unique opportunity to connect with a diverse group of visionary Hong Kong entrepreneurs who share your passion for innovation and business growth. You’ll to engage in meaningful conversations, forge valuable connections, and expand your professional network within the entrepreneurial community.
Fundraising – Member companies can showcase their ideas to investors, gaining valuable feedback and potential equity investment for their innovative ventures in our online pitching event.
Selection criteria
Eligible applicants will be assessed against the following evaluators by the Incubation Programme Selection Board.
The application must receive a minimum 60 marks in average, including both basic and bonus marks, and the mark of each basic mark dimension must not be 0 in average. Shortlisted applicants will gain entry to the incubation programme.
Basic Marks
Dimension | Weight (%) |
|---|---|
Innovation and creativity | 20% |
Feasibility and reasonableness of the business model | 20% |
Background and competence of the core team members | 30% |
Current status of the product and/or business development | 10% |
Go-to-market strategy | 10% |
3-year business proposal including milestones and budget | 10% |
Bonus Marks
Dimension | Weight(%) |
|---|---|
PR profile and character of team members can assist the branding of the programme | 5% |
The applicant’s company represents a distinctive industry that contribute to the diversity of the programme portfolio | 5% |
Business can benefit Hongkongers community and align with Hong Kong Business Hub’s core values | 5% |
ESG policies or related concepts incorporated in the business | 5% |
Application procedure
Application
8 Aug–17 Sep 23
Complete the online application form and submit the required documents by an authorised representative of your business.
Selection
18 Sep –9 Oct 23
All eligible applications will be marked against the scoring criteria detailed above by the Selection Board.
Virtual interview & due diligence
14-16 Oct 2023
Shortlisted applicants will be invited to attend a virtual interview. Due diligence will be conducted.
Announcement
18 Oct 23
Successful applicants will be notified individually and admitted to the programme after signing a formal agreement.
We strongly recommend applicants to download and carefully read the Programme and Application Guidelines. This will ensure a comprehensive understanding of the requirements before you proceed.
What’s next for member companies?
Training workshops
23 Oct– 15 Nov 23
All member companies are required to join 2 complementary training workshops on business plan refinements and pitching skills.
Coaching (optional)
23 Oct– 15 Nov 23
Member companies can join additional
1-2-1 coaching sessions provided by our entrepreneurship coaches at their own cost.
Networking event
23 Oct – 15 Nov 23
Member companies can join our networking event to meet with other visionary entrepreneurs to exchange ideas.
Online investor pitching
16 - 17 Nov 23
An investor pitching day will be arranged for investors to meet member companies that demonstrated readiness and continued commitment to the long-term success of the business.
Result announcement
20 – 24 Nov 2023
Member companies will be notified individually if they are selected by investor.
Term sheet negotiation
27 Nov – 31 Dec 23
Member companies will negotiate the terms with the investor directly. Member companies are recommended to hire their own solicitors while HKBH can provide referral if needed.
Agreement signing & deal closing
1 Jan 23 onwards
After signing the term sheet, member companies shall instruct their solicitors to draft the investment agreement and close the deal with the investor#.
Monthly reporting
Ongoing
Member companies are required to submit monthly financial reports* and quarterly progress report to the investor. If the deal is closed by 29 February, 2024, Hong Kong Business Hub will facilitate the reporting for 6 months.
#The member companies will be charged 1% of the capital raised as referral fee once investors confirm their investment and sign the investment agreements.
*Monthly financial reports include balance sheets, income and expenditure statements and cashflow statements generated by software required by the investor or equivalent accounting system. Member companies are recommended to hire their own accountant while HKBH can provide referral if needed.
Apply Now
You’re just one step away from unlocking your potentials! Please complete the online application form on or before 17 September, 2023. The application form must be completed by an authorised representative of your business.
Before commencing your online application, we highly recommend that you download and carefully read the Programme and Application Guidelines. This will ensure a comprehensive understanding of the requirements before you proceed.
Hong Kong Business Hub reserves the right to seek additional information as it deems necessary. You should also provide all clarification, information and documents requested by HKBH from time to time for processing your registration.
Join as an investor
If you are looking to support and invest in businesses established by Hongkongers in the UK, please contact us at info@hkbusinesshub.net
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