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Applications open for HKUST ETA Fellowship Program

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Request for Proposals: Leadership Circle (United States)

Deadline: 15-Jun-2026

The HKUST ETA Fellowship Program is a 4–6 month leadership and acquisition-focused fellowship designed to prepare professionals to acquire and operate established small and medium-sized enterprises (SMEs) using the Entrepreneurship Through Acquisition (ETA) model. Participants receive training in business acquisition, valuation, deal structuring, acquisition financing, leadership, and post-acquisition growth, supported by mentorship and investor engagement opportunities.

The program is ideal for experienced professionals, executives, investors, and entrepreneurial leaders seeking to become CEO-owners of established businesses rather than starting companies from scratch.

What is the HKUST ETA Fellowship Program?

The HKUST ETA Fellowship Program is a structured professional development initiative focused on Entrepreneurship Through Acquisition (ETA), a business model in which entrepreneurs acquire existing companies and lead them as owner-operators.

The fellowship helps participants develop the knowledge, skills, and networks required to identify, acquire, manage, and grow small and medium enterprises (SMEs).

Rather than building a startup from the ground up, participants learn how to acquire businesses with proven operations, customers, and revenue streams.

Key Focus Areas

The fellowship focuses on several critical areas of business acquisition and leadership:

Understanding Entrepreneurship Through Acquisition (ETA)

What is ETA?

Entrepreneurship Through Acquisition is a business ownership strategy where an entrepreneur acquires an existing company and assumes responsibility for operating and growing it.

Unlike startups, acquired businesses often have:

Benefits of ETA

ETA can offer:

Fellowship Structure

The program follows a cohort-based model lasting approximately 4 to 6 months.

Phase 1: Selection

Applicants undergo a competitive selection process designed to identify individuals with:

Phase 2: Intensive Training

Participants receive in-depth instruction covering:

Business Acquisition Fundamentals

Valuation and Deal Structuring

Acquisition Financing

Leadership Development

Phase 3: Applied Learning

Participants engage in practical exercises and real-world simulations covering:

Phase 4: Investor Engagement

The fellowship culminates in activities designed to prepare participants for:

Fellowship Benefits

Selected fellows gain access to:

Structured Learning

Comprehensive training in:

Mentorship

Participants receive guidance from:

Investor Exposure

Opportunities to:

Professional Network

Participants become part of an ecosystem that includes:

Funding and Investor Readiness Support

While the fellowship itself is primarily a training and development program, a major objective is helping participants become prepared for future fundraising and acquisition activities.

Participants learn:

Who is Eligible?

Priority Applicants

The program prioritizes:

Other Eligible Candidates

Exceptional applicants outside the HKUST network may also be considered.

Ideal Candidate Profiles

Industry Executives

Professionals with:

Investment Professionals

Individuals experienced in:

Strategic Generalists

Professionals who demonstrate:

Skills and Experience That Strengthen an Application

Competitive applicants typically demonstrate:

How the Program Works

Step 1: Submit Application

Provide professional and educational information demonstrating relevant experience and leadership potential.

Step 2: Selection Review

Applications are evaluated based on:

Step 3: Join the Fellowship Cohort

Successful candidates participate in the structured training program.

Step 4: Complete Practical Learning Activities

Engage in:

Step 5: Prepare for Investor Engagement

Develop skills necessary for:

Why This Fellowship Matters

Many SMEs face succession challenges as founders retire or exit their businesses. ETA provides a pathway for capable leaders to acquire and grow these companies rather than allowing valuable businesses to disappear.

The HKUST ETA Fellowship helps create a new generation of entrepreneurial leaders capable of:

Common Application Tips

Do

Avoid

Frequently Asked Questions (FAQ)

1. What is Entrepreneurship Through Acquisition (ETA)?

ETA is a model where entrepreneurs acquire existing businesses and operate them as owner-managers rather than creating startups from scratch.

2. How long is the fellowship?

The program runs for approximately 4–6 months.

3. Does the fellowship provide acquisition funding?

The program focuses on training, mentorship, and investor readiness. It helps participants prepare for future fundraising and acquisition activities.

4. Who can apply?

Experienced professionals, executives, investors, strategic operators, HKUST alumni, and qualified candidates outside the HKUST network may apply.

5. What industries are eligible?

The fellowship focuses on acquisition skills rather than specific industries, making it relevant to a wide range of SME sectors.

6. Is prior acquisition experience required?

No. However, leadership, operational, investment, or strategic management experience can strengthen an application.

7. What skills will participants gain?

Participants develop expertise in:

Conclusion

The HKUST ETA Fellowship Program is a specialized leadership and acquisition development initiative designed for professionals who aspire to become owners and operators of established businesses. Through intensive training, mentorship, practical learning, and investor engagement, the program equips participants with the skills needed to identify, acquire, manage, and grow SMEs while contributing to sustainable business succession and economic development.

For more information, visit HKUST.

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