The Framework
Application Notes
Objective
Innovator Farm is funded by the Social Innovation and Entrepreneurship Development Fund (SIE Fund). 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 poverty prevention, social inclusion, well-being, and social cohesion of society, assisting the Government in formulating targeted poverty alleviation initiatives.
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, and promote social inclusion.
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The project should not overlap with any existing government funding programmes.
Types of Funding
Late-Prototype
Tested feasibility and has a go-to-market plan
Start-up
Tested in the market with a sustainable model and planning to further develop in the market in the market
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
(SIE Fund:Matching Fund)
Not required
2：1
(e.g. If SIE Fund amount sought is $500,000, the project is required to secure at least another $250,000 Matching Fund)
1：1
(e.g. If SIE Fund amount sought is $1,000,000, the project is required to secure at least another $1,000,000 Matching Fund)
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
Adopting the Strategy of Targeted Poverty Alleviation
Innovator Farm has been appointed by The SIE Fund as one of the third batch of intermediaries to provide support for social entrepreneurs. The SIE Fund enables social entrepreneurs to address social needs through innovative ideas, products and services, and assists the Government in formulating targeted poverty alleviation initiatives.
Reference：
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.
Sustainability & Operating Model
1. Feasibility of the operating 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).
Value Proposition and Innovativeness
1. Innovativeness of project concept, operating model, 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 thinking, and social awareness of the project team.
Performance of Prototyping
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 participate in optional Social Entrepreneurship Training sessions.
Application Documents Submission
To participate in the programme, you must submit all required documents, including the Project Proposal, Budget Plan, Pitching Deck, Declaration and Consent Form.
Pre-screening
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 1 month after the application deadline.
Dress Rehearsal & Coach Speed Dating
Innovator Farm will arrange a presentation dress rehearsal and coaching speed dating sessions to facilitate the project teams in preparing for the vetting and assessment.
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
2024
29 Feb
Open for Application
25 Mar
Info Session & Social Entrepreneurship Training 1 (Ended)
8 Apr
Social Entrepreneurship Training 2 & 3 (Ended)
12 Apr
Online Information Session
14 May 17:00
Application Deadline
Mid of May
Pre-Screening
Early Jun
Pre-screening Result Announcement
7 Jun
Social Entrepreneurship Training 4 (Optional) &
Coaching Session 1
11 Jun
Dress Rehearsal &
Coaching Session 2
14 Jun
Pitching Day
(Tentative) 27 Jun Or 28 Jun
JVC
Mid of Jul
JVC Result Announcement
Application document
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Pitching Deck
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Registration documents, including: Certificate of Incorporation, Business Registration Certificate, etc.
