VETTING PROCEDURE
HKCSS' Impact Incubator team and a pool of independent assessors will conduct a preliminary assessment of all applications received, and submit recommendations to the Vetting Committee for a decision. During the preliminary assessment, the Impact Incubator team might require clarifications or supplementary information from the applicant. Representatives of the applicant may be required to attend meetings to present their project proposals and answer questions from the Joint Vetting Committee (JVC) / Proposal Assessment Committee (PAC). The applicant will be informed of the outcome after the Vetting Committee has made the decision.
HKCSS, Impact Incubator team and SIE Fund reserve the right on the ultimate funding decision.
FUNDING TIERS
| Tier | Threshold value (HKD) | Endorsement Party |
|---|---|---|
| 1 | 2,000,000 or below | JVC* |
| 2 | 2,000,000 above | PAC** |
* The Joint Vetting Committee (JVC) comprises five members, including two SIE Fund Task Force members, and one HKCSS Convenor. This committee will assess eligible applications and formulate funding decision for each eligible application. Where necessary, the JVC may seek comments and advice from other experts.
** The Proposal Assessment Committee (PAC) comprises SIE Fund Task Force members. The PAC will make the funding decision on each eligible application, for the SIE Fund Secretary General’s final endorsement.
VETTING TIMETABLE
Under normal circumstances, the initial vetting result will be emailed to the applicant's registered email address within 50 working days after the application deadline. Tier 2 Funding applications will require a longer vetting procedure.
VETTING CRITERIA
Vetting Criteria | Weighting | ||
Scale-up, Growing and Start-up | Late prototype | ||
HKD300,000 above | HKD300,000 and below | ||
Social mission and impactClear vision and objective which align with SIF Fund objectiveClear illustration of output, outcome and impact Sound measurement of social impact (not applicable to Late prototypes) | 20% | 20% | |
Project management and executionEffective operational model and work planGood management team Cross-sectoral collaboration Good publicity, marketing and promotion plan Sound corporate governance and risk management (not applicable to an individual's Late prototype funding application) | 20% | 25% | |
InnovativenessDemonstration of project innovativeness (eg idea, business model, delivery approach, etc) | 20% | 25% | |
SustainabilityClear demonstration of impact sustainabilityTested/ Sound revenue and/or business model during funding period Sound plans to self-sustain after funding period | 25% | 15% | |
Project team capabilityCommitment, leadership and relevant experience of the founder(s)Sense of entrepreneurship and social awareness | 15% | 15% | |
NOTIFICATION OF RESULT
HKCSS' Impact Incubator team will notify the applicant of the vetting result by email. If an application is rejected, the Impact Incubator team will inform the applicant of the reason(s) for the decision. The successful applicant may be required to revise the project proposal and / or budget, when necessary. The revised project proposal and budget will be further examined by the Vetting Committee / JVC / PAC. Funding approval will be granted to the applicant upon the signing of the agreement with the Trustee of the SIE Fund. For applicants' reference only, the Summary of Principal Terms for each application type, is as follows:
Late Prototype (individual) application ***
Late Prototype (organisational) application ***
Start-up/ Growing/ Scale-up application ***
***The information in the Summaries of Principal Terms is non-binding and non-committal. It is intended to facilitate the Grantee's consideration of the agreement with the SIE Fund (Trustee) and not intended to be legally binding or to give rise to any other rights or obligations. Nothing in the Summaries of Principal Terms shall constitute any commitment of the Trustee to provide the requested grant. The provision of any grant is subject to the terms and conditions of the legally binding agreement to be entered into between the Grantee and the Trustee of the SIE Fund.