Deadline: 31-Mar-21
The Social Innovation and Entrepreneurship Development Fund (SIE Fund), the Hong Kong Council of Social Service (HKCSS) launches the Impact Incubator, a one-stop supporting platform connecting SIIs with various parties in regards of knowledge, resources and network to implement innovative ideas with social purpose. The program provides holistic support to social entrepreneurs through the “7Ps Incubation Package”.
The SIE Fund was established by the Commission of Poverty of the Hong Kong Special Administrative Region (HKSAR) Government in 2012. The SIE Fund, as a catalyst for social innovation in Hong Kong, connects our community with different sectors, including businesses, NGOs, academics and philanthropies to create social impact through innovative solutions that address poverty and social exclusion.
Types of Funding
- Late Prototype: A social project or social enterprise with a solid prototype that has been alpha-tested. The project’s owner/founder intends to commercialise and launch the prototype to market.
- Start-Up: A social project or social enterprise whose prototype has already been tested and launched to market. The project’s owner/founder has a business model to support the project
- Growing: A social project or social enterprise which has demonstrated a track record in performance and social impact with recurring income, and has potential for steady growth.
- Scale-Up: A social project or social enterprise which has already demonstrated impact and sustainability. The project’s owner/ founder has a commercial framework to further develop and scale the business.
Funding Information
- The maximum amount of grant funding for Late Prototype projects is HKD300,000.
- There is generally no funding ceiling for Start-up, Growing and Scale-up projects. However, applicants will be required to secure at least 50% of their total funding application budget as matching funds. Matching funds may be in cash or in kind, provided by any party other than the HKSAR Government. If the SIE Fund funding application is for HKD500,000 or above, the Joint Vetting Committee and Proposal Assessment Committee will further review the application
Budget
Only expenditure incurred exclusively for the funded project can be covered in the budget, for example:
- Capital Expenditure
- Cost of procuring equipment
- Renovation cost
- Operating Deficit (Operating Expenses in Excess of Revenue)
- Salary (including the employer’s contribution to the Mandatory Provident Fund)
- Expenses for consumables
- External consultancy fees
- Production and promotion cost of project deliverables
- External audit fee (this is compulsory for organisations’ and companies’ funding applications)
- Patent registration fee
- Rental and utilities
- Travelling fee (not exceeding 5% of the total budgeted expenditure)
- Insurance
- Central administrative overheads (not exceeding 5% of the budgeted expenditure)
Eligibility Criteria
- Late Prototype Application: Hong Kong permanent residents aged 18 years or above, or organisations and companies limited by guarantee or limited by shares and registered in Hong Kong are eligible to apply.
- Start-up, Growing and Scale-up Application: Organisations and companies limited by guarantee or limited by shares registered in Hong Kong are eligible to apply.
- Projects which are, or will be, supported by other public funding schemes will not be considered. Applicants cannot submit the same project proposal to different intermediaries to apply for the SIE Fund.
- The Impact Incubator supports and incubates:
- Social entrepreneur who aim to adopt sustainable business solutions to address poverty and social exclusion issues.
- Social intra-preneur from the NGO or private sectors, who aim to mobilizes internal resources for social good.
- Social innovator who adopt creative approaches to addressing social needs.
For more information, visit https://socialinnovation.org.hk/en/how-to-apply/funding-objectives/#funding-objectives