Cyberport Creative Microfund Information
1.0 Objective
The Cyberport Creative Micro Fund (CCMF) Pilot Scheme is set up to encourage innovation and creativity, by seeding potential good start-up projects or business concepts in digital entertainment, digital content and creative lifestyle. This fund is focused on a particular industry sector which is consistent with Cyberport’s public mission. Hong Kong Cyberport Management Company Limited (Cyberport) is to award half a million dollars in grants through CCMF. CCMF will award up to $100,000 each to five promising startup projects in digital creative innovation. Cyberport has engaged the Hong Kong Startup Association (HKSUA) to do the overall program management of the CCMF Pilot Scheme.
2.0 Background information
The Cyberport Creative Micro Fund (CCMF) Pilot Scheme is set up to encourage innovation and creativity by seeding creative and innovate start-up projects or business concepts in the digital entertainment, digital content and creative lifestyle sectors. The CCMF will encourage rapid prototyping of digital, creative content-based ideas, which may or may not lead to intellectual property, that can be commercialised. This fund is focused on industry sectors which are consistent with Cyberport’s public mission.
CCMF is designed as an award scheme so that Cyberport will not take on any financial interest of the awarded applicants and will maintain its neutrality. The applicants are asked to voluntarily contribute to CCMF, after their projects become financially successful. The management of Cyberport and the HKSUA believe that if successful CCMF will start a new trend of private-sector driven financial support to the development of creative business in Hong Kong, which complements government funding schemes such as the Innovation Technology Fund (ITF) and/or CreateSmart Initiative (CSI). The purpose of the CCMF Pilot Scheme is to demonstrate the viability and success of the CCMF model for a possible extension and expansion of the CCMF project.
3.0 Composition of the Vetting Committee
The Vetting Committee consists of five members assembled by the HKSUA (in consultation with Cyberport) from a diverse cross-section of the members of Hong Kong’s ICT community, including a Cyberport representative . Vetting Committee members were chosen because of their knowledge of trends in the digital entertainment, digital content and creative lifestyle sectors, prior work and engagement with local startups or other companies in the aforementioned sectors (as consistent with CCMF Pilot Project’s mandate) and provide additional resources, such as dealflow, useful connections or other contributions that will promote the success of the CCMF Pilot Project. Specifically, the Vetting Committee were selected based on a belief that they have the ability and experience to judge the applications to identify the project applications with the highest probability of success.
- Mr. Robert McTamaney, Managing Director, Goldman Sachs (Asia).
- Mr. Edmon Chung, Chief Executive Officer, DotAsia Organisation;
- Mr. Aaron Farr, Board Member, Apache Software Foundation;
- Mr. John Lo, Partner, King & Wood; and
- KO Chia, Cyberport Representative and a member of Cyberport’s Board of Directors
- Aug 25/Sept 14: CCMF Pilot Scheme Launch at Pre Incubation Training which will provide a full day of free, professional training for applicants and those interested in startups
- Oct 31: CCMF Application Submission Deadline (through WikiEnterprise)
- Nov 18: CCMF Grant Recipients announced at CVCF
- Nov through Mar: Weekly Mentorship
- End of Mar: CCMF Pilot Scheme Completion
- Management Team (20%)
- Prior track record, execution ability, good probability of launch to market, and individual qualifications
- Revenue Model (20%)
- The commercial potential, feasibility, and assessment of market potential
- Business Model and Time to Market (30%)
- Communication and quality of vision, direction, short and long term objectives, market need for product, target market and marketing strategy, and realistic assessment of the project viability will be considered. In addition, a product launch of three months from grant disbursement will be encouraged.
- Technological innovation (10%)
- Use of innovative technologies, creative solutions, disruptive technology capability, emerging, or breakthrough technologies
- Social Responsibility (20%)
- Preference will be given to projects that incorporate social responsibility objectives as a project focus (including contribution to open source, Creative Commons and other “progressive” technologies with a social focus), exercise ethical decision making, or contribute toward solving a problem originating from the social environment.
- Applicants can apply as individuals or companies recommended or endorsed by the Hong Kong Startup Association (“HKSUA”). The graduates and incubatees of IncuTrain Centre are automatically eligible to apply.
- For individual applicants, they can be from any nationality; overseas applicants not in possession of a Hong Kong Permanent Identity Card must have a company registered as a legal entity and incorporated in Hong Kong. University students are eligible as long as they are over 18 and meet the other eligibility requirements.
- For company applicants, the company must be registered as a legal entity and incorporated in Hong Kong.
- Projects must be rooted in the digital entertainment, digital media and creative lifestyle sectors. Application must demonstrate to the vetting committee a reasonably good probability of success for their plans with regard to the technology, creative and innovative ideas, social impact and business model underlying their project.
- All applicants must have, or be willing to open a bank account with a recognized Hong Kong based lender for receipt of the funds and such account must be under the name of the incorporated company.
- Project related expense items should not overlap with the Government and/or ITC’s funded items if any.
- All entries must be a startup that has received less than HK$500,000 in funding from outside sources during the past 18 months. Grants earmarked for research expenditures do not count toward the HK$500,000 limit. Additionally, each team must pledge that they have not exceeded the HK$500,000 limit at the time their application is complete and submitted. A startup can be a group of people who have formed a team to enter the contest. However, a legal entity (in accordance with the Companies Ordinance) must be created prior to receiving the CCMF Pilot Project grant and any such legal entity must have an ownership structure typical of an independent startup (at the discretion of the Vetting Committee).
- The team should have at least one full time founder as a Director of such company.
- All applicants will be required to sign and adhere to CCMF’s terms and conditions and be subject to the laws of the Hong Kong SAR.
Or attend our session at Barcamp this Saturday, September 12th!
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