How To Apply for the Hong Kong AI Fund: The 7 Steps
A step‑by‑step guide to securing funding for AI projects from Hong Kong’s new 500‑million‑HKD initiative
The Hong Kong government just unveiled a 500‑million‑HKD AI fund, opening a massive opportunity for startups. With AI driving industry transformation, early access to capital can make or break a venture. This guide walks you through the application process, partnership options, and practical tips to secure funding and grow your business.
Step 1: Research the Funding Criteria and Eligibility
Begin by visiting the official Hong Kong Innovation and Technology Fund website and downloading the AI Fund guidelines. Research the eligibility criteria, focusing on company size, industry focus, and technology maturity. Use tools like Google Scholar to find related case studies and set up a Google Alert for updates. Finally, create a checklist in Google Sheets to track each requirement.
Step 2: Prepare a Compelling Business Plan and AI Use Case
Draft a clear business plan using LivePlan or Bizplan, emphasizing market size, revenue model, and AI innovation. Plan your AI use case with concrete metrics, and leverage ChatGPT to polish the narrative. Include a risk assessment and mitigation strategy. Export the final plan as a PDF and store it in Dropbox for easy sharing.
Step 3: Build a Minimum Viable Product (MVP) and Demonstrate Proof of Concept
Develop a functional MVP using GitHub for code hosting and Hugging Face for model deployment. MVP should showcase core AI capabilities and gather user feedback. Run a pilot with at least 50 beta users and collect performance data using Mixpanel. Capture screenshots and performance logs for the proposal.
Step 4: Identify and Engage Potential Partners in Aviation and Consulting Sectors
Use LinkedIn and Xing to find key decision makers in aviation and consulting firms partnering with the AI fund. Partners can provide industry expertise and access to data. Reach out with a concise pitch deck and schedule discovery calls. Keep a CRM record of contacts in HubSpot.
Step 5: Draft a Detailed Funding Proposal and Budget
Create a detailed proposal that aligns your AI project with the fund’s priorities, such as sustainability or health. Proposal should include a line‑item budget, timeline, and ROI projections. Use Excel for cost modeling and Canva for visual charts. Review the document with a mentor or advisor before submission.
Step 6: Submit Application Through Official Portal and Follow Up
Log into the Hong Kong government’s funding portal and upload all required documents, including the business plan, MVP demo link, and partnership letters. Submit the application and confirm receipt via email. Set calendar reminders to follow up every two weeks and keep a log of all communications in Notion.
Step 7: Leverage the Funding for Scaling and Explore Additional Partnerships
Once approved, allocate the funds to accelerate product development, marketing, and hiring. Scale operations by integrating Slack for team communication and Asana for project tracking. Use the partnership network to co‑develop pilots with aviation and consulting firms, and publish joint case studies to attract further investment.
Many applicants overlook the need to align their AI project with Hong Kong’s strategic themes, such as green technology or public health; tailoring the proposal to these themes boosts approval chances.
You now have a clear roadmap to apply for the Hong Kong AI Fund and secure the capital needed to scale your AI venture. By following these seven steps, you’ll be positioned to win funding and forge valuable industry partnerships. Take action today and start building your application portfolio.
