The Framework
Application Notes
Objective
Innovator Farm is funded by the Social Innovation and Entrepreneurship Development Fund (SIE Fund) under the Commission on Poverty. The SIE Fund provides support to the entire life cycle of innovative ventures, from idea incubation and seed funding to implementation and eventual scale-up. The ultimate goal is to foster an ecosystem which is beneficial for social innovation projects to grow, social entrepreneurs to thrive and innovative ideas, products and services to benefit society by meeting underserved needs and unleashing underutilised talents. In the long run, it hopes to promote poverty alleviation and proverty prevention, social inclusion, well-being, and social cohesion of the society.
Eligibility
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The Key Management of the project must be a Hong Kong resident who is over 18 years old
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The project must be under a registered limited company or organization in Hong Kong
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The application can be made by one person or a group, with a team size of 1-6 members.
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The project must aim to alleviate poverty, prevent poverty, or promote social inclusion
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The project should not overlap with any existing government funding programmes.
Types of Funding
Late-Prototype
Projects that have tested their feasibility and has a go-to-market plan
Start-up
Projects that have been tested in the market with a viable business mode
Start-up
Projects with a viable business model that have been launched in the market and plan to further develop
Start-up
Projects that have achieved a sustainable business model and aim to scale-up
Application Amount
Up to HK$300,000
Above HK$300,000
up to HK$900,000
Above HK$900,000
up to HK$2,000,000
Above HK$2,000,000
Matching Fund Required
Not required
2：1
1：1
1：1
Funding Period
12/18 months
12/18/24 months
12/18/24/36 months
12/18/24/36 months
Assessment Panel
Joint Intermediary and Task Force Vetting Committee (JVC)
Joint Intermediary and Task Force Vetting Committee (JVC)
Joint Intermediary and Task Force Vetting Committee (JVC)
Joint Intermediary and Task Force Vetting Committee (JVC) and Proposal Assessment Committee (PAC)
Vetting Criteria
Vision and Social Impact
1. Clarity of vision and goals, aligned with the objectives of the Social Innovation and Entrepreneurship Fund (SIE Fund) (e.g., poverty alleviation, prevention of social exclusion).
2. Clarity of outcomes and performance indicators.
3. Use of Donald Kirkpatrick's Model to measure social impact.
4. Understanding of beneficiaries' needs and effective solutions to address them.
Business Model and Sustainability
1. Feasibility of the business model and implementation plan.
2. Ability to integrate resources across sectors.
3. Clarity of human resource plan.
4. Effectiveness of sales and marketing strategies.
5. Clarity of financial and operational sustainability plan.
6. Accuracy of break-even time prediction (if applicable).
Innovation and Value Proposition
1. Innovativeness of project concept, business model, and execution (e.g., SCAMPER model).
2. Comprehensive market research (e.g., market landscape survey, competitor analysis, expert interviews, mystery shopping).
3. Understanding of market trends, including opportunities, competition, target market, and positioning.
Project Management, Governance, and Team Capability
1. Clarity and comprehensiveness of the work plan.
2. Effectiveness of corporate governance, risk management, and mitigation.
3. Leadership of the team and effectiveness of their contribution to the project; relevance of the team's experience to the project.
4. Entrepreneurial, business thinking, and social awareness of the project team.
Prototype Testing and Effectiveness
1. Results and performance of the project prototype.
2. Benefit of learning and reflection from prototype design.
Application Process
Open for Application
You may choose to attend an Information Session to learn more about the application details and receive preliminary consultation.
Dress Rehearsal & Coach Speed Dating
If you need Innovator Farm's assistance in securing matching funds, you must participate in a presentation rehearsal. After the presentation dress rehearsal. You will meet with coaches to receive initial guidance for your project.
Application Documents Submission
Pre-screening
To participate in the programme, you must submit all required documents, including the Business Proposal, Budget Plan, Pitching Deck, Declaration and Consent Form
Innovator Farm will conduct a Pre-screening of the submitted documents. During this period, Innovator Farm may request additional information from the applicant. In general, Innovator Farm will announce the Pre-screening results within 10 working days after the application deadline.
Coaching
Innovator Farm will arrange professional coaches for projects that have passed the Pre-screening to provide in-depth guidance for the project.
Pitching Day
Projects that have applied for assistance in finding matching funds will introduce their projects to potential investors on the day of the presentation.
Vetting and Assessment
HK$2,000,000 or below: The Joint Intermediary and Task Force Vetting Committee (JVC)
Above $2,000,000: The Joint Intermediary and Task Force Vetting Committee and The Proposal Assessment Committee (PAC)
In general, Innovator Farm will announce whether the project has been recommended within 10 working days after the JVC.
*The Joint Intermediary and Task Force Vetting Committee (JVC), comprising members from various disciplines and sectors and representatives of the SIE Fund Task Force, will assess eligible applications, and formulate funding decisions for each eligible application. Where necessary, the JVC may seek comments and advice from other experts.
**The Proposal Assessment Committee (PAC), chaired by the SIE Fund Task Force, will regularly meet to assess and vet applications, and to make the ultimate funding decision for each eligible application.
Seeking of Endorsement by SIE Fund
Projects that have been recommended by the JVC will be submitted to SIE Fund's dedicated team for seeking endorsement by SIE Fund. During this period, the dedicated team may request additional information from the applicant or request that the project make some modifications (such as financial budget, key performance indicators, etc.) for further evaluation.
Application results
Innovator Farm will notify the applicant of the application results via email (if the application is not approved, the reasons will be stated). Approved projects can only receive the funding after signing the agreement.
Programme Timeline
2023
27 Apr
10 May
24 May
24 May - 5 Jun
10 Jun
3 July
3 July-10 July
Info Session 2
Enrollment Deadline for Matching Fund
Info Session 1
Preliminary consultation service
4 Sessions of Social
Entrepreneurship Training
(Optional)
Dress Rehearsal & Coach
Speed Dating
Early coaching
Application Deadline
Pre-screening
26 July
11 Aug
Pitching Day
JVC
Coaching
Application document (Version 2023/09)
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Pitching Deck
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Registration documents, including: Business Registration Certificate, Company Registration Certificate, etc.