Over HK$1.1m for winner of Greater Bay area entrepreneurship contest

Local | 27 Jul 2021 8:27 pm

Young people who aim to start businesses in the Greater Bay area now have a chance to win a total of over HK$1.1 million in an innovation and entrepreneurship contest co-held by the Y.Elites Association and Qianhai Authority.

The Qianhai Guangdong - HongKong - Macau Youth Innovation and Entrepreneurship Competition is now in its sixth year. Application is open until August 16 for adults aged under 40, the association announced today. 

Candidates from 12 teams can set up their own business with the help of the association and entrepreneurs, and exchange experiences with other young entrepreneurs from the mainland and Macau. 

Seminars and training in law, entrepreneurship, accounting and information technology and business incubation services are provided. The candidates can also pair up with the 1,100 members from the association, where many of them are already veterans in the industry.

Each team will receive subsidies of at most HK$600,000 throughout the scheme. Each person in the team gets a chance to win 150,000 yuan (HK$180,000) in the Hong Kong region race. 

Then all the teams will automatically enter the national leg of the race, where they can win up to 300,000 yuan (HK$360,000). 

“We hope that the competition can be a compass to young entrepreneurs,” said Clarence Ling Chun-Kit, Chairman of the Y.Elites Association, and the Co-founder of Ztore. 

The HK$600,000 subsidies will be given out in 12 stages, which covers the business from scratch till they roll out the first product, according to Yvonne Wong Lai Fong, Vice Chairman of the association.

Wong also gave some “tips” to the candidates, which she advised candidates to read over the criterias in order to stand out in the competition. She adds that it is a bonus if the whole team can attend the presentation, as to impress the judges by their passion.

Wong said Hong Kong youngsters can do a better job than other candidates in fields like marketing and creativity. She suggested candidates develop high-end technology so that they would have an edge from their competitors. 

There is no restriction on the genre of business, but Ling reminds that products that can be marketed in all three regions of mainland, Hong Kong and Macau will have a higher chance to win.

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