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Impact Innovation Lab is Now Accepting Seed Funding for the Fifth Cohort!
Impact Innovation Lab (The Lab) is now accepting seed funding applications for the Fifth Cohort, calling for social innovation ideas! Successful applicants will receive up to HKD 100,000 in seed funding and have six months to implement their ideas. During this incubation period, projects will benefit from expert mentorship and guidance, access to a maker space, business referrals, and various other forms of support to foster growth and success.
The first four cohorts have selected a total of 33 incubatees. These projects offer products or services addressing critical social issues, with the aim of creating positive social impact. The Lab will soon unveil the selected projects for the Fourth Cohort. Among them are pottery training designed to enhance employability for high school students from low-income families, leisure services that combine travel and physical wellness for vulnerable elderly, and more.
The Lab welcomes permanent residents of Hong Kong who are 18 years old or above to join. Interested parties can form a team of one to five members and submit a proposal focused on pressing poverty issues and the needs of vulnerable groups, especially households living in subdivided units, single-parent households, and elderly households. For more information, please visit our official website. Turn Your Social Impact Vision Into Action!
Cohort 5 – Apply for Seed Funding
Deadline: By September 27, 2024 (Fri, HKT 17:00)
Eligibility
- Permanent Residents of Hong Kong aged 18 or above
- Interested parties can join the activities and training sessions individually and form a team of 1 to 5 members for seed funding application. The proposal should be related to local poverty alleviation and social inclusion, and the target beneficiaries are members of the public in Hong Kong who are generally residents of Hong Kong without conditions of stay
Schedule of Cohort 5
| Application for Elementary Training | |
| Online Application | From now till 7th August 2024 (HKT 17:00) |
| Elementary Training | |
| Introduction of Social Innovation & Briefing Session | 18th August 2024 |
| Maker Skill Workshop (Free to choose 2) | 13th to 17th August 2024 |
| Experiential Activities (Free to choose 1) | 19th to 22nd August 2024 (Face-to-face) |
| Bootcamp | 24th to 25th August 2024 |
| 4 Weeks for Project Development: 3 Weekly Tutorial Sessions & Mentoring Session | |
| Weekly Online Tutorial Sessions | 31st August, 7th September, 21st September 2024 |
| Mentoring Session | 14th September 2024 (Face-to-face) |
| Seed Funding Application | |
| Online Application | 9th September (HKT 00:00) – 27th September 2024 (HKT 17:00) |
| Interview | |
| First Pitch (Eligible teams will be invited to present their projects) | 12th-13th October 2024 (Saturday or Sunday) |
| Final Pitch (Teams being shortlisted after the First Pitch will be invited to present their projects) | 13th November 2024 |
| Implementation | |
| Announcement of Awarded Teams | November 2024 |
| 6 months Incubation | April 2025 to September 2025 |
Evaluation Criteria
| Idea’s Innovativeness | 15% |
| Social Impact | 20% |
| Project Readiness | 30% |
| Business Model and Market Analysis | 20% |
| *Commitment (Applicants for seed funding who attend at least 70% of the Elementary Training will receive a full score of “Commitment”, which accounts for 15% of the evaluation criteria.) |
15% |
– The proposal should be related to local poverty alleviation, focusing on various pressing poverty issues and the needs of vulnerable groups, especially households living in subdivided units, single-parent households and elderly households, such as elderly singletons and doubletons. The target beneficiaries are members of the public in Hong Kong who are generally residents of Hong Kong without conditions of stay.
– Impact Innovation Lab has been appointed by The SIE Fund as one of the third batch of intermediaries. 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.
References:
- Website of SIE Fund – Harnessing Social Innovation for “Targeted Poverty Alleviation”
- LC Paper No. CB(2)349/2023(01) – Legislative Council Subcommittee on Reforming the Poverty Alleviation Policies and Strategies – Strategy of Targeted Poverty Alleviation
For the details and FAQ, please refer to the official website: https://makerbay.net/impact-innovation-lab/
For enquiries or suggestions, please call our hotline (852) 4638 0364 or email us at thelab@makerbay.org.
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