In brief
Under the pilot scheme launched in November 2016, eligible Hong Kong SMEs can receive up to HK$200,000 on a 2:1 matching basis for technological services and solutions. Businesses must contribute at least one-third of approved project costs in cash, obtain approval before starting and undertake only one programme project at a time.
The scheme is now accepting applications, which is good news for many SMEs planning to invest in innovation and technology. But how does the scheme work, and what eligibility requirements and restrictions apply? The following frequently asked questions explain:
1. What is the Technology Voucher Programme pilot scheme?
The programme aims to subsidise local small and medium-sized enterprises (SMEs) in using technological services and solutions to improve productivity or upgrade and transform their businesses. Established with HK$500 million from the Innovation and Technology Fund, the programme initially runs for three years from November 2016.
2. Which businesses are eligible to apply?
In general, businesses registered in Hong Kong that have had substantive business operations there for one year may apply. Shell companies and businesses whose principal operations take place mostly outside Hong Kong are not considered to have substantive business operations in Hong Kong. Applicants must also meet the government's definition of an SME.
3. How do businesses apply, and can they submit more than one application at a time?
Eligible businesses can submit applications through the Technology Voucher Programme Management System. Applicants may submit only one application to the programme at a time. A business may submit a new application only after completing its previously approved project and submitting the final project report.
4. What types of projects are eligible for funding under the Technology Voucher Programme?
For projects eligible for Technology Voucher Programme funding, the programme provides a detailed list of technological services and solutions. Businesses applying for funding must obtain approval before starting their projects.
5. What can the funding be used for?
Technology consultancy services;
The purchase of customised equipment, software and technological service solutions necessary for the project;
Off-the-shelf equipment, software and technological service solutions necessary for the project; and
Project auditing.
6. If a business does not buy hardware or software, can it use the funding to pay rent or salaries?
No. General operating costs, such as premises rent, staff salaries, administrative expenses and marketing expenses, are not covered by the Technology Voucher Programme. Click here for details.
7. What is the maximum funding available to each company?
The Technology Voucher Programme provides each eligible business with up to HK$200,000 in funding on a 2:1 matching basis. The SME must contribute in cash at least one-third of the total approved project cost.
8. What restrictions apply to projects?
Each eligible business may receive approval for up to three projects and may not undertake more than one Technology Voucher Programme project at a time. The authorities also recommend that each project generally be completed within 12 months.
9. What are the assessment criteria for applications?
After receiving an application, the Innovation and Technology Commission checks the applicant's eligibility and conducts a preliminary assessment. Eligible applications are considered by the Technology Voucher Programme Committee. Assessment criteria include whether the proposed project is relevant to the applicant's business, whether the budget and implementation details are reasonable, and whether the consultants or service providers involved have any adverse records.
10. Is there an application deadline?
The Technology Voucher Programme runs as a pilot scheme for three years from November this year. At this stage, applications are accepted throughout the year.
How do you apply? Who is eligible? 10 essential FAQs about the Technology Voucher Programme pilot scheme