Youth Innovation and Entrepreneurship Funding Resources
The Hong Kong Government is dedicated to empowering youth innovation and entrepreneurship in the dynamic Guangdong-Hong Kong-Macao Greater Bay Area (GBA)! They offer a comprehensive range of initiatives, providing invaluable financial aid and real-time support to help young visionaries turn their ideas into reality.
Explore the types of support that suit you, and we are here to assist you hands-on in connecting with these resources and obtaining the support you need!
Financial Initiatives
>> Greater Bay Area Youth Employment Scheme
Launched in the 2020 Policy Address, this initiative encourages young people to explore career opportunities in Mainland cities of the Greater Bay Area. The scheme aims to facilitate cross-regional career development, provide access into regional economic developments and foster professional growth.
Eligibility Criteria:
- Enterprises operating in Hong Kong and GBA Mainland cities in compliance with Hong Kong labor laws
- Station Hong Kong youth for on-the-job training
Financial Incentives (subject to change, please refer to the official link for the most updated information):
- Government subsidy: 60% of monthly salary
- Maximum allowance: HK$12,000 per month
- Support duration: Up to 18 months
EdUHK Student/alumni Potential Participation Pathway:
Final-year students and recent graduates (within 2 years of graduation) who serve as a team player in the start-up project aiming to market their services/ products to the broad and high demand mainland market by establishing an operation in the GBA, or start-up initiators looking to recruit other fresh Hong Kong graduate talents into their teams while adopting the scheme to lower initial labor costs may consider to apply.
>> Youth Development Fund (YDF)
The YDF aims at supporting youth entrepreneurship and youth development activities through collaboration with non-governmental organisations (NGOs) in the form of a matching fund to help young people start their own businesses. Two funding schemes, one for Youth Entrepreneurship (Entrepreneurship Scheme) and the other for Experiential Programmes (Experiential Scheme) at Innovation and Entrepreneurial Bases in the GBA were rolled out in 2019.
The Entrepreneurship Scheme supports Hong Kong NGOs in providing entrepreneurial and incubation services to young people interested in starting businesses in the GBA, including assistance with settling in entrepreneurial bases and securing start-up capital. Meanwhile, the Experiential Scheme subsidizes NGOs to organize short-term programs for Hong Kong youth to visit these entrepreneurial bases in Mainland GBA cities.
Browse more details on each scheme:
Entrepreneurship Scheme
A note on eligibility:
- Hong Kong permanent resident aged between 18 to 39
- Never received the capital funding support from Entrepreneurship Matching Fund or first round of Funding Scheme for Youth Entrepreneurship in the GBA under Youth Development Fund
- Applicants/shareholders/partners must not be bankrupt or involved in bankruptcy proceedings
- Start-ups that are not yet in operation or have been in operation for no more than 3 years
- Intend to set up business in Hong Kong and/or mainland cities in the GBA
Experiential Scheme
>> HYAB Funding Scheme for Experimental Programmes at Innovation and Entrepreneurship Bases
A note on eligibility:
- Youth aged between 18 and 39
- Hong Kong Permanent Resident or holder of valid Hong Kong resident identity card who studies in a full-time course in Hong Kong
- Young people who are interested in starting a business but yet to have a clear plan
- Each eligible participant can participate in no more than two experiential programmes under this round of funding scheme
Space Sharing Scheme for Youth
Launched in 2018, the Space Sharing Scheme for Youth (SSSY) aims to support youth pursuing careers in innovation, technology, arts, and culture by providing co-working spaces for young people in revitalized industrial and commercial buildings across various districts. The programme is a collaboration between the business sector, NGOs, and the Government. Property owners offer space at concessionary rates, while NGOs or the owners manage the operations without government involvement in tenancy arrangements under the scheme. Participating companies can provide additional support services, such as training and mentorship, to enhance opportunities for youth for at least 6 years. Rent for these young users will be capped at 50% of the market rate, while property owners charge operating agencies no more than one-third of the prevailing market rental.
Browse here for shared space already in operation in Hong Kong
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