One-stop Supportive Scheme for Young Entrepreneurs by SIC


One-stop Supportive Scheme for Young Entrepreneurs by SIC

Start-Up PointPoint to Start

The Hong Kong Federation of Youth Groups (HKFYG) has been providing youth entrepreneurship services since 2002. Our Youth Business Hong Kong (YBHK) scheme was introduced in 2005; this was the first one-stop youth entrepreneurship service in Hong Kong. The YBHK scheme provides seed money, business mentorship, information and help in building business networks to young people who want to be an entrepreneur. To further promote the use of technology and to encourage social innovation, the HKFYG Jockey Club Social Innovation Centre (SIC) was opened in 2016.

 

Sponsored by the Youth Development Fund, the HKFYG proudly presents ‘‘One-stop Supportive Scheme for Young Entrepreneurs by SIC, which provides a HK$300,000 seed fund, professional mentorship, free office space and a unique promotion platform.

 

A 14-year journey with young entrepreneurs

Established in 1960, the HKFYG is committed to enhancing the well-being of young people in Hong Kong by providing a wide range of comprehensive professional services.

 

The HKFYG encourages young local people to explore new career opportunities and to break new ground in youth employment. In 2002, under the umbrella of the global Livewire programme, the HKFYG co-operated with Shell to organise educational programmes to promote entrepreneurship. To meet the changing needs of aspiring young entrepreneurs and to foster a culture of youth entrepreneurship, the HKFYG has organised various incubation schemes, training courses and start-up programmes.

 

 

Established the 1st one-stop youth entrepreneurship centre in Hong Kong

Published 10 books on start-ups and social innovation

Provided support to young entrepreneurs for the past 14 years

Served the young people of Hong Kong for the past 56 years

Worked with partners in 45 countries and regional partners to promote start-ups

Fostered entrepreneurship with the support of over 100 local partners

Reviewed over 2,000 business proposals

Offered 5,000 square feet of co-working space

Granted a total of HK$1,100,000 in seed funding

Approved HK$10,000,000 of interest-free loans

Provided over 100,000 hours of comprehensive business training

 

Organised numerous kick-starter activities to enable young entrepreneurs to build connections and explore new business opportunities. These activities include the HSBC Youth Business Award, the TV programme I Am Boss, Barclays Youth Entrepreneurial Course, the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub (E Hub), the Entrepreneur Trip to South Korea, the Global Youth Entrepreneur Forum, the Jockey Club Incubation Programme for Social Innovation, the Taobao E-commerce Training Programme and the pitching competition Wanted: Your Pitch for Our Funds, to name but a few.

 

The new SIC programme will provide the following:

 

1. HK$300,000 seed fund

Successful applicants will receive financial support in the form of a HK$200,000 grant and a HK$100,000 interest-free loan.

 

2. 20 hours of practical business training

Shortlisted applicants will receive 20 hours of practical business training. The training modules will include ‘Practical online marketing strategies’, ‘Tips on photographing products with a smartphone’, ‘Five free online tools every entrepreneur should know about’ and ‘Strategies for launching an online store’. Shortlisted applicants will be able to choose the training modules that match their personal interests and that are relevant to their industries.

 

3. 2-on-1 business mentorship

Successful applicants will enjoy the privilege of having two mentors. One of these will be a successful entrepreneur, a senior executive in a corporation or a professional consultant. Their business expertise and experience will enable these mentors to provide invaluable professional business’ advice and guidance to the successful applicants. The other mentor will be an entrepreneurial ‘buddy’, who will be a young entrepreneur; these buddies will provide extra support and guidance to the successful applicants throughout their start-up journey. The industry-specific expertise of both kinds of mentors will be taken into account when the mentors are allocated to the applicants.

 

4. 1-on-1 business start-up clinic

Shortlisted applicants will gain professional advice at a ‘start-up clinic’. Led by business experts, the 1-on-1 business consultations will help each participant to formulate his/her business ideas and better prepare for the final application stage.

 

5. Rent-free office space for 1 year

Successful applicants will be allocated one-year-rent-free office space (worth HK$14,400) at the SIC. The SIC is located at the heart of the Wong Chuk Hang district and has an area of nearly 5,000 square feet. It takes only 7 minutes by MTR from Admiralty Station to Wong Chuk Hang Station. With good meeting facilities and all necessary office equipment, the SIC provides stylish office space. It also reduces the start-up costs of successful applicants.

 

6. 1-year SIConnect membership

Shortlisted applicants will enjoy free SIConnect membership for 1 year. This will entitle them to attend (at a reduced price) various business events that enable budding entrepreneurs to build their networks and to gain information from practitioners about, for example, the latest business trends.

 

7. Business opportunities

The HKFYG has an extensive partnership network to boost the development of local start-ups and social innovation. The partners include Hong Kong’s Trade and Industry Department, the Hong Kong Trade Development Council, the Hong Kong Science Park, Cyberport, the Hong Kong Design Centre, McKinsey & Company, HSBC Hong Kong, PricewaterhouseCoopers, DLA Piper, The University of Hong Kong, and the Hong Kong Polytechnic University, to name but a few. This network will serve as a valuable platform for start-up companies to reach potential partners, to secure business referrals and to explore market opportunities.