POLYU MICRO FUND SCHEME 2018 APPLICATION HANDBOOK www.polyu.edu.hk/ife/microfund For enquiry, please contact Institute for Entrepreneurship of PolyU HKSTP Incubation Team Tel: +852 3400-2627/2621/2703 Tel: +852 2629-6707 Email: micro.fund@polyu.edu.hk Email: biadmin@hkstp.org Oct 2017 P. 1
IMPORTANT NOTE All contents in this handbook are subject to change without prior notice. Please contact the Institute for Entrepreneurship (IfE) for latest updates before submitting your application. Oct 2017 P. 2
TABLE OF CONTENTS BRIEF INTRODUCTION... 4 APPLICATION GUIDELINES... 12 FREQUENTLY ASKED QUESTIONS... 18 DECLARATION OF USE OF POLYU KNOWLEDGE/ INNOVATIONS/ TECHNOLOGIES... 24 Oct 2017 P. 3
POLYU MICRO FUND SCHEME 2018 BRIEF INTRODUCTION Oct 2017 P. 4
POLYU MICRO FUND SCHEME 2017 BRIEF INTRODUCTION (1) The Scheme PolyU Micro Fund Scheme (the Scheme) is a key knowledge transfer and entrepreneurial initiative of PolyU since its inception in 2011, aiming to (1) cultivate an innovative and entrepreneurial ambience in the PolyU community; (2) nurture socially responsible youngsters with Do Well Do Good entrepreneurship through hands-on entrepreneurial endeavours; and (3) facilitate knowledge transfer of PolyU s innovations and technologies. Do Well Do Good We look for business propositions that are commercially viable with social/ industrial impact under the following two themes: (1) Business / Social Innovations; and (2) Technology Innovations. Learning by Doing Unlike conventional business plan competitions, all approved teams must set up companies to implement the proposed business ideas. The HK$120,000 seed fund will be awarded by instalments with quarterly progress reviews. Oct 2017 P. 5
(2) Funding and Support The Scheme aims to stimulate and ignite students and young graduates creative potential and entrepreneurial spirit, with experiential learning components integrated into the process to augment conventional classroom learning. A Seed Fund up to HK$120,000 per project will be awarded to the approved applicants to support their implementation of good business propositions with positive social impact within 12 months. Pre-incubation Support will be provided to awardees at the infancy stage of their business, including: Multi-disciplinary Entrepreneurship Training through workshops, seminars, visits, etc.; Mentorship Programme through interactions with Poly-preneurs, seasoned entrepreneurs and business leaders; Networking Opportunities with potential partners, customers, investors and fellow entrepreneurs; Access to Further Incubation and Funding Support, e.g. Cyberport, Hong Kong Science and Technology Parks, Hong Kong Design Centre, Hong Kong Business Angel Network, etc.; and Professional Advice on project execution and development. Admission to Hong Kong Science and Technology Parks Corporation (HKSTP) Incu-App/ Incu-Tech/ Incu-Bio Programme 1 will be offered to awardees under Technology Innovations Stream to provide office premises, technology support, lab services and financial aid, etc. 1 The applying team/ proposed company MUST satisfy relevant conditions set out by HKSTP before they can be officially admitted to the HKSTP Incubation Programme. For details, please refer to the website (www.hkstp.org/hkstp_web/en/admission/apply-incubation-programmes ). Oct 2017 P. 6
(3) Application The Scheme of 2018 is now open for application. Eligible Applicants: Application Process: A team 2 with at least one Students (Full-Time or Part-Time) or Alumni of the PolyU, HKCC or SPEED 3 as the Principal Applicant (PA) 4 The applicants should complete a) online application form at goo.gl/forms/r5g0jivrw1mnxwjt2; with the following documents uploaded on or before the application deadline. b) a two-page Executive Summary c) CVs of all team members d) a copy of student ID/ graduation certificate of each PolyU student/ alumni other supporting documents e) (if applicable) Declaration of Use of PolyU Knowledge/ Innovations/ Technologies endorsed by PolyU academic staff (please refer to P.23 of this Handbook) Application Deadline: 1:00 pm, 19 January 2018 (Friday) Assessment Criteria: Criteria Points Innovation and Creativity 25 Business Model, Commercial and Technical Feasibility 25 Applicant s Background/ Relevant Strength 25 Social/ Community Impact 15 Milestones for the Funding/ Incubation Period 10 Total 100 *Bonus points will be awarded to applications using PolyU s knowledge, innovations and technologies. 2 Business registration is not compulsory upon application. Should the team have already established a business, the business must be registered within 24 months upon the application deadline. 3 Students/ Alumni must be pursuing or have secured degree, associate degree or diploma or any other academic qualification offered by PolyU, HKCC or SPEED (except distance learning programme). 4 The PA MUST assume a key owner-operator role with substantial control in the applying/ proposed company. In the sole opinion of PolyU, substantial control is usually evidenced by: (a) 20% or more ownership, in the form of equity shares or share options, of the applying/ proposed company; and (b) working on a full-time basis in the applying/ proposed company. Oct 2017 P. 7
Assessment Flow & Process: Submission of Application Initial Screening of Eligibility (By Internal Assessors) 3-minute Elevator Pitching by Eligible Teams (To Internal Assessors) Shortlisted? YES NO End Preparation Training I Semi-Final Presentation Shortlisted? YES NO End Due Diligence Exercise Preparation Training II Final Presentation (To External Assessors) Announcement of Awardees Follow Up Activities for Awardees (e.g. Networking, Execution of the Business Proposal) Oct 2017 P. 8
Schedule PolyU Micro Fund Scheme 2018 Mid October 2017 Open for Application 1 November 2017 (Wed) Application Briefing Session I 22 November 2017 (Wed) Application Briefing Session II 5-7 January 2018 (Fri - Sun) Hong Kong Techathon 2018 (a fast-track event to Micro Fund) www.hongkongtechathon.com 19 January 2018 (Fri) PolyU Micro Fund Scheme 2018 Application Deadline Late January 2018 Initial Screening of Eligibility 31 January 2018(Wed) 1 February 2018 (Thu) 3-minute Elevator Pitching by Eligible Teams Early February 2018 Announcement of Shortlisted Applicants 10-11 February 2018 (Sat - Sun) Preparation Training I 5 2 March 2018 (Fri) Semi-Final Presentation Early March 2018 Announcement of Finalists 14-16 March 2018 (Wed - Fri) Due Diligence Exercise 23-25 March 2018 (Fri Sun) Preparation Training II 10-11 April 2018 (Tue Wed) Final Presentation Mid April 2018 Announcement of Awardees 16 April 2018 (Mon) Awardees Briefing Session *Schedule is subject to change without prior notice. Please contact the Institute for Entrepreneurship (IfE) for latest updates before submitting your application. 5 In Preparation Training I & II, the class performance of the Shortlisted Applicants/Finalists may be taken into account in the assessments. Therefore, it is highly recommended for all Shortlisted Applicants/Finalists to actively participate and interact with the trainers/coaches in the workshops. Oct 2017 P. 9
(4) Recognition to Academic Advisors/ Inventors/ Assessors Certificates of Appreciation will be issued to academic staff members who act as assessors, inventors, and academic advisors/ supervisors of the Applicants in recognition of their contributions to the Scheme. In addition, subject to pertinent knowledge transfer policies and outside activity regulations, upon University s approval, the staff members may continue to be involved in start-up ventures created by the Awarded Applicants, holding minority shares without any management role. (5) Important Note for Research Students Current research postgraduate students should check with Research Office (+852 3400-3635) if any approval is necessary prior to application. (6) Briefing Sessions To facilitate application of the Scheme, the following briefing sessions will be opened to all interested applicants. Date Time Venue 1 November 2017 (Wed) 1:00pm - 2:00pm QR404, PolyU 22 November 2017 (Wed) 6:30pm - 8:00pm PQ306, PolyU Oct 2017 P. 10
POLYU MICRO FUND SCHEME 2018 APPLICATION GUIDELINES Oct 2017 P. 11
POLYU MICRO FUND SCHEME 2018 APPLICATION GUIDELINES 1. Institute for Entrepreneurship (IfE) is the administrative unit (the Unit ) of the PolyU Micro Fund Scheme (the Scheme ) and is responsible for all application, screening, shortlisting, assessment, awarding and follow-up processes of the Scheme. 2. Applications and all supporting documents must be submitted on or before the application deadline. No application submitted after the deadline will be entertained. 3. The applicant awarded under the Scheme (the Awardee ) shall establish his / her own business (the Funded Start-up ) to execute the approved business proposal. Should the team have already established a business, the business must be registered within 24 months upon the application deadline. 4. Assessment Panels (the Panels ) will be designated to conduct the assessments in different phases. The decisions from the Panels shall be final. No appeal will be entertained and no communication will be entered into between the applicants and the Unit or the Panel members in relation to the decisions. 5. Applicants agree and acknowledge that the information written in their application documents (including but not limited to the application package and subsequent documents to be submitted) shall be disclosed to the Unit, the trainers/ coaches and the Panel members. While the Unit, the trainers/ coaches and the Panel members shall keep the information confidential and shall use the information solely for the purpose of training/ assessing the applications, NO non-disclosure agreement will be signed between the applicants and PolyU, the Unit, the trainers/ coaches or the Panel members unless under exceptional circumstance supported by strong rationale from the applicant in writing. 6. Communications with applicant, generally via email, will be directed to the Principal Applicant (the PA ) listed on the application form. 7. Should the team consist of both PolyU member(s) and non-polyu member(s), the PA must be the PolyU team member, who should be assuming a key owner-operator role with substantial control 5 of the new business established or to be established. 8. All Awardees 6 are expected to devote a substantial amount of time to implementing the awarded business proposal. The PA shall work on a full-time basis in the Funded Start-up unless that he/ she is currently a full-time student at PolyU/ HKCC/ SPEED during the funding period. 5 In the sole opinion of PolyU, substantial control is usually evidenced by: (a) 20% or more ownership, in the form of equity shares or share options, of the applying/ proposed company; and (b) working on a full-time basis in the applying/ proposed company. 6 Important Note for Research Students: Current research postgraduate student should check with Research Office (+852 3400-3635) if any approval is necessary prior to application. Oct 2017 P. 12
9. The other team members who wish to execute the awarded business proposal while concurrently maintaining full-time employment with third party entities shall secure letters of consent from the employers before the entitlement of the seed fund under the Scheme (the Fund ). For a PolyU staff member who wishes to be a team member/shareholder while keeping his employment, he or she must observe all the pertinent rules and regulations governing knowledge transfer and outside activities, and MUST seek approval from the university management. 10. All Awardees should provide supplemental documentations including but not limited to business registration information and technology licensing agreement (if applicable), upon request from PolyU and/ or HKSTP before they can receive the Fund and be admitted to the HKSTP Incubation Programme (subject to fulfilment of relevant conditions set out by HKSTP). 11. The Fund shall be disbursed to the Funded Start-up s bank account by four instalments subject to reasonable progress made by the Awardee and progress reports to the satisfaction of the Unit. HKSTP Incubation Programme may require separate progress reports from the Funded Start-up. 12. The Fund shall NOT be used for any kind of remuneration of the Awardee. 13. The grant of the Fund shall be subject to further agreement of terms and conditions governing the disbursement and the use of the Fund by the Awardee. 14. It is expected that the creative ideas, innovations, technologies, products or services (collectively the IPs ) proposed in the application originate from the applicants. Should the IPs proposed belong to other third parties (including but not limited to PolyU), the inventors of the IPs must be named in the application form, and the applicants shall also obtain documented approval / agreement from the inventors for the use of such IPs in the applications. 15. Should an application involving the use of IPs owned by PolyU (including but not limited to student works in the course of their studies in PolyU such as class projects and final year projects, etc.) be approved, a licensing agreement between PolyU and the applicant should be entered into to allow the use of such IPs before the Fund disbursement. The Funded Start-up will incur licensing and/ or royalty costs as a result. 16. Unless otherwise specified in the licensing agreement (if any) as per Clause 15 above, should there be new IPs generated during the execution of the business proposal by the applicant, the IPs created shall belong to the applicant. 17. The applying team/ proposed company MUST satisfy relevant conditions set out by HKSTP before they can be officially admitted to the HKSTP Incubation Programme 7. 7 HKSTP reserves its right to revise the admission criteria without prior notice. Please visit www.hkstp.org/hkstp_web/en/admission/apply-incubation-programmes for more details. Oct 2017 P. 13
18. Applicants agree not to make any claim or bring any action against PolyU, the Unit, the Panel members, the trainers/ coaches or advisors for any reason whatsoever, or otherwise seek to recover from PolyU, the Unit, the Panel members, the trainers/ coaches or the advisors any costs incurred in relation to their applications or any loss of estimated profits or any other benefits which the applicant may anticipate to accrue from application of the Scheme. 19. The Unit reserves the right to disqualify any application that, in its sole judgment, violates the rules of the application or the spirit of the Scheme. 20. The Unit reserves the right to change the guidelines of the Scheme stipulated herein and elsewhere from time to time without notice to applicants prior to the change. 21. Where the applicant is asked to submit any information, content or material to PolyU and/ or HKSTP ( Content ) whether for the purposes of enabling PolyU/ HKSTP to assess the applicant and its suitability as a Micro Fund Awardee or HKSTP incubatee, or for inclusion on PolyU/ HKSTP website, the applicant must ensure that all Content is up-to-date, accurate, legal, honest, decent, truthful and complies with all applicable laws, regulations, standards and codes of practice. The applicant must ensure that all Content submitted to PolyU/ HKSTP does not infringe copyright, design, privacy, publicity, data protection, trade mark or any other rights of any third party, and is not obscene, abusive, threatening, libellous or defamatory of any person. Oct 2017 P. 14
APPENDIX 1: Executive Summary Writing Guidelines (for Application) In the Executive Summary, you should cover briefly the followings: 1. Problems and Solutions: The Problems you want to address and your Solutions / Products / Services / Technologies / Ideas proposed, and how innovative / creative it is 2. Business Model: How your business will be conducted to generate revenue 3. Market Assessment: Target Market / Customer Segment and Market Size, Competitor Analyses (who are your potential competitors and your advantages over your competitors) 4. Marketing Strategy: How will you promote and reach out to your potential customers 5. Current Stage of your Project / Business: E.g. when your product/ service/ technology is ready for launch? 6. Applicant Relevant Background and Experience: Why your team can implement the project and excel in this business 7. Social / Community Impact: How your project can generate social impact 8. Others: E.g. did your project / business win any awards or competitions before? NOTE: No more than TWO pages (excluding appendix and CVs of all team members) Oct 2017 P. 15
APPENDIX 2: Pitch Deck Writing Guidelines (for Semi-Final Presentation) A pitch deck (also known as a slide deck or pitch slide deck) is a communication tool to raise money with a potential investor. It is a brief presentation, often created using PowerPoint, Keynote or Prezi, used to provide your audience with a quick overview of your business plan. There are tons of pitch deck templates in the Internet. You are free to choose whatever you think appropriate. Among them, Guy Kawasaki s 10/20/30 Rule of PowerPoint - 10 slides, 20 minutes and no font smaller than 30 point, can be a good reference (guykawasaki.com/the_102030_rule). The ten slides proposed by Guy Kawasaki should include the following topics: 1. Problem Identified 2. Your Solution 3. Business Model 4. Underlying Magic/ Technology 5. Marketing and Sales 6. Competition 7. Team 8. Projections and Milestones 9. Status and Timeline 10. Summary and Call to Action The pitch deck is expected to be engaging and entertaining. Sloppy and lengthy text give you NO advantage. Use your creativity and tell a good story! Oct 2017 P. 16
POLYU MICRO FUND SCHEME 2018 FREQUENTLY ASKED QUESTIONS Oct 2017 P. 17
POLYU MICRO FUND SCHEME 2018 FREQUENTLY ASKED QUESTIONS Application Eligibility 1. Can part-time students apply for PolyU Micro Fund (the Fund )? Yes, all part-time students who are pursuing degree / associate degree / diploma / other academic qualifications to be offered by PolyU, HKCC or SPEED (except distance learning programme) can apply for the Fund. 2. Can research postgraduate students apply for this Fund? Yes, research postgraduate students can apply but need to check with Research Office for any necessary approval before submitting applications. 3. Can PolyU alumni apply for this Fund? Yes, alumni who have secured degree / associate degree / diploma / other academic qualifications offered by PolyU, HKCC or SPEED (except distance learning programmes) can apply for the Fund. 4. Who can be the Principal Applicant (PA)? The PA must be a student (full-time or part-time) or an alumna/alumnus of PolyU, HKCC or SPEED (except distance learning programme) upon application. However, if awarded, the Awarded Team is expected to establish a new business to execute the business proposal with the Fund disbursed to the company. Unless the PA is a current full-time student of PolyU/HKCC/SPEED, he/she MUST work full-time in the new company assuming a key owner-operator role with substantial control as further elaborated in Question 15. 5. Can PolyU staff apply for this Fund as PA? No, unless the PolyU staff member is also a PolyU alumna/alumnus. However, the PolyU staff member should be ready to quit his/her full-time job and work full-time for the new company should his/her business proposal be approved. For a PolyU staff member who wishes to be a team member/shareholder while keeping his employment, he or she must observe all the pertinent rules and regulations governing knowledge transfer and outside activities, and MUST seek approval from the university management. 6. Can I apply for the Fund on my own without any team member? An individual applicant is allowed, however a multi-disciplinary team with members from different but relevant backgrounds is usually preferred by assessors. 7. What is the minimum or maximum number of members per team? There is no restriction on the team size. However, it is recommended to have 3 to 4 team members with complementary backgrounds and knowledge. 8. I had participated in PolyU GSC Pre-challenge. Am I eligible to apply for the Fund using the same proposal? Yes, as long as you submit the required application documents before the application deadline. Oct 2017 P. 18
9. I had been awarded other seed fund from government, NGO or public organization like Cyberport. Can I still apply for the Fund? Yes, as long as you meet all the eligibility conditions (e.g. your company was incorporated for less than 2 years as of the application deadline) and submit the required application documents before the application deadline. However, please note you may be subject to restrictions in applying for other public fund under the rules/regulations governing the seed fund you already received. It is recommended to check with your funding organization before submitting your application. 10. I had submitted application for the Micro Fund Scheme before. Can I re-submit the same application again? Yes, as long as you submit the required application documents before the application deadline. 11. Can I submit more than one application, or participate in more than one team? Yes, each individual is allowed to join more than one team, and each team can submit more than one application. 12. Can I use the same project to apply for PolyU Micro Fund (MF) Scheme, PolyU Student Entrepreneurial Proofof-Concept Funding Scheme (POC) and PolyU Tech Launchpad Fund Scheme (TLF) Scheme at the same time? Yes, you can. However, you can only choose ONE of the funding schemes to avoid double benefits within the same funding period if you are awarded in all schemes 13. Is it acceptable that my team consists of non-polyu member(s)? Yes. However, only PolyU member(s) can act as PA during the entire funding period. The exit of the PA from the Awarded Team, if without replacement acceptable to PolyU, will result in suspension/ cancellation of any undisbursed fund. 14. Can team members be changed? No change is allowed to the PA during the application process. Change of other team members will only be allowed and approved on an exceptional basis, supported by sufficiently strong reasons. 15. Is there any requirement on the shareholding structure of the new company? Yes. PA MUST assume a key owner-operator role with substantial control of the applying/ proposed company. In the sole opinion of PolyU, substantial control is usually evidenced by (a) 20% or more ownership, in the form of equity shares or share options, of the applying/ proposed company; and (b) working on a full-time basis in the applying/ proposed company. Application and Assessment 16. Do we have to register a company upon application? No, you don t need to have a company upon submission of your application. However, you MUST establish a company to receive the Fund and get admitted to HKSTP Incubation Programme* should your business proposal be approved. For awardees who have already established their company, the company must not be incorporated for more than 2 years as of the application deadline. *Subject to fulfilment of other eligibility conditions of the relevant HKSTP Incubation Programme. Oct 2017 P. 19
17. Should I provide a pitch deck in submitting the application? No, upon the application deadline you only need to submit the completed application form and a two-page executive summary with all team member CVs and other supporting documents attached. However, a pitch deck will be required for the later stage assessment. Please refer to Question 18 for further assessment process. 18. How will the applications be evaluated? 1) An Initial Screening of Eligibility by PolyU will be conducted and then eligible applicants will be invited to deliver a 3-minute elevator pitch for the shortlisting assessment. 2) Shortlisted Teams will then go through trainings to prepare a pitch deck for Semi-Final Presentation by PolyU staff, relevant faculty member(s) and / or external judges. 3) The Semi-Final Presentation will select around 30 Finalists. 4) All Finalists will go through due diligence meetings and trainings before making the final presentations to an independent assessment panel for the purpose of final assessment. 19. How can I be eligible to claim bonus points for utilizing PolyU knowledge, innovations and technologies? You just need to fill in the Declaration of Use of PolyU Knowledge/ Innovations/ Technologies with your academic supervisor/ advisor signing off. Supporting documents should also be attached. The bonus points will be counted according to the nature of the PolyU knowledge/ innovations/ technologies used in your business proposal. However, please note that your claim of using PolyU knowledge, innovations and technologies, in most cases, will require licensing from PolyU should your business proposal be approved. Your company will then incur licensing and/or royalty costs. 20. What if my company cannot fulfil the eligibility conditions of the HKSTP Incubation Programme? Will my company still get the funding support from PolyU? If unfortunately, your company cannot fulfil certain eligibility condition and therefore not admitted by the HKSTP Incubation Programme, PolyU will still provide the funding support to your company as long as your business proposal is approved. Intellectual Properties (IP) 21. Who will be the owner of any intellectual properties (IP) generated? The IP generated from execution of the awarded projects shall be owned by the awardees. 22. How do I know what PolyU s knowledge/innovations/technologies I can make use of in my application? You can find the PolyU s knowledge/innovations/ technologies available for use via www.polyu.edu.hk/ife/corp/en/innovation/tech_search.php. Oct 2017 P. 20
23. When should I obtain the authorization of using a third-party IP? You should obtain the written consent from the inventor/owner of the IP upon submission of your application. You MUST secure the official authorization/licensing from the inventor/ip owner before the Fund can be awarded should your business proposal be approved. 24. What will be the arrangement if I need to utilize PolyU s knowledge/innovations/technologies (including but not limited to final year projects and class projects) to execute my proposed business? For PolyU nowledge/innovations/technologies, you should first approach the inventors concerned and Institute of Entrepreneurship (IfE), PolyU (3400-2701/2622) to check for such possibility. Once your application is approved, you should enter into a licensing agreement with PolyU before utilizing such knowledge/innovations/technologies (including but not limited to final year projects and class projects). Your company will then incur licensing and/or royalty costs. Funding Scope and Disbursement 25. How long will be the Funding Period? The Funding Period is usually one year, with extension of no more than 6 months on an exceptional basis. 26. How will the Fund be disbursed? The Fund will be disbursed to the Funded Start-up by four installments following the ratio of 4: 4: 3: 1 subject to reasonable progress made by the awardee and progress reports to the satisfaction of PolyU. The first installment will be disbursed upon the presentation of all necessary documents required in the Standard Terms and Conditions while the following installments will be disbursed after quarterly progress reviews/final review. 27. Can I use the Fund for salary or for renting office space for my business venture? The Fund can be used to pay salary for employees providing the staff concerned are NOT the PA or Team Members listed in the submitted application form. You can also use the Fund to pay rent for office, warehouse, etc. whatever is considered necessary and relevant in running your business. 28. Can I use the Fund to pay licensing fees/royalties to PolyU? Yes, using the Fund for licensing fees/royalties payable to PolyU is allowed. 29. Will PolyU claim any ownership stake on my business venture created with the support of the seed fund? No. The Fund awarded is a grant to the awardees and PolyU will not own any share of your business venture. We however encourage you to make contributions to PolyU in future by employing PolyU students and making donations to PolyU to signify your success in your business. 30. Do I need to return to PolyU any unused Fund granted? It is expected that the Fund will be fully utilized to support the execution of the awarded business proposal within the Funding Period specified in the Standard Terms and Conditions (usually one year). However, if the Fund entitlement were terminated/ suspended/ expired for whatever reason, the awardees shall return any unused Fund / unspent balance to PolyU. Oct 2017 P. 21
31. How will my company be monitored? During the funding period, you should provide PolyU reports on the progress of your business every three months. Then meetings will be arranged to review the progress before approval for the next disbursement. As the Micro Fund funding period is usually shorter than the HKSTP incubation period (18 months for Incu-App, 3 years for Incu-Tech and 4 years for Incu-Bio), the review and reporting requirements of HKSTP Incubation Programme on the Funded Start-up shall continue after the end of the Micro Fund funding period. Both PolyU and HKSTP will provide advice and assistance on your business. You are encouraged to frequently contact the project managers of PolyU and HKSTP to update on the latest progress of and difficulties encountered by your business. 32. What if we want to change our business plan/ milestones? During the fund period, any material modification to the business plan of your company (including but not limited to change of key team members of the start-up, deliverables, business scope, milestones and budget, etc.) will require prior approval from PolyU. Such modifications shall be in writing and supported by clear rationales and justifications. 33. If I need to use PolyU s equipment/ facilities during the execution of my proposed business, would there be any special arrangement for me? PolyU InnoHub and PolyU Industrial Centre (IC) offer some equipment/ facilities for PolyU supported start-ups. More details will be provided once your application is awarded. For other equipment/facilities, we encourage awardees to approach and discuss with the respective department(s) or advisor(s) (if any) for the utilization of PolyU s resources including laboratory facilities or equipment. 34. Will the execution of the awarded project be counted as Work-Integrated Education (WIE)? You need to check with your department whether the execution of your awarded projects will be qualified as WIE. 35. Will Awarded Teams be required to implement their awarded projects? Yes. If the other members of the Awarded Team wish to maintain full-time employment with a third party entity while executing the awarded business proposal, they are required to secure letter of consent from their employers before the entitlement of the fund. 36. If a member of the company (e.g. PA) withdraws from the company business and such withdrawal may render the company no longer eligible for the Scheme, what follow-up action should the company take? In such case, the company should identify a replacement for that member and seek prior approval from PolyU for such a change. Failing that, the funding entitlement to the company will lapse and unused fund (including the fund disbursed/ used without appropriate proof documents) shall be returned to PolyU. Oct 2017 P. 22
POLYU MICRO FUND SCHEME 2018 DECLARATION OF USE OF POLYU KNOWLEDGE/ INNOVATIONS/ TECHNOLOGIES Oct 2017 P. 23
POLYU MICRO FUND SCHEME 2018 (THE SCHEME ) DECLARATION OF USE OF POLYU KNOWLEDGE/ INNOVATIONS/ TECHNOLOGIES Official Use App. #: 1. PRINCIPAL APPLICANT DETAILS Full Name in English: Full Name in Chinese (if applicable) : Email: Preferred Name: Mobile: (+ ) Wechat / Whatsapp (IM): 2. USE OF POLYU KNOWLEDGE/ INNOVATIONS/ TECHNOLOGIES (Please tick on ONE of the below categories and provide SUPPORTING DOCUMENTS as attachment.) PolyU PATENTED technology Patent Name: Patent Country: Patent No.: PolyU technology, (e.g. Results from research papers published or research project) Research Project: Research Paper: (Published on ) Final Year Project / Class Project Project Name: Name of Supervisor: NOTE: Your claim of using PolyU knowledge, innovations and technologies, in most cases, will require licensing from PolyU should your business proposal be approved. Your company will then incur LICENSING and/or ROYALTY COSTS. ENDORSEMENT BY ACADEMIC SUPERVISOR / ADVISOR 1 Endorsement from a university faculty member must be provided to claim bonus point in initial assessment stage for using PolyU knowledge/innovations/technologies mentioned above: Name & Title: Position: Department: Choose an item. Contact Email: I hereby testify that the above claim of using the PolyU knowledge/innovations/technologies made by the Team is true and legitimate. Signature Date 1 References will be sought from the endorser if necessary. Oct 2017 P. 24