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【2024 TVP Funding Guide】Get up to $600K | Success Stories
Many dream of starting a business, yet often feel overwhelmed by constraints of time and cost, unsure of where to begin. Similarly, small and medium-sized enterprises (SMEs) struggle with the challenges of upgrading and transformation.
However, there’s good news: since April 1, 2020, the Technology Voucher Programme (TVP) launched by the Innovation and Technology Commission provides funding up to HK$600,000 to each local enterprise. This increase from the previous cap of HK$400,000 aims to bolster productivity and ROI through technological enhancements.
This guide offers a comprehensive overview of the TVP, including eligibility criteria, application process, and success stories to inspire and facilitate your business journey.
文章目錄
What is the TVP - How to Get Up to $600,000 in Funding
The Technology Voucher Programme (TVP) aims to assist SMEs in enhancing business productivity and ROI through technological innovations. Applications are open year-round, allowing businesses to apply for up to six projects, with a maximum of HK$600,000 in funding per enterprise. Each application must be for a single project, completed within one year, with the government funding 75% of the project costs (3:1 funding ratio) while the remaining 25% is borne by the enterprise. Typically, applicants receive approval within 1 to 3 months after submission.
Eligibility for TVP
Applicants must be:
- Registered under the Business Registration Ordinance of Hong Kong; or
- Incorporated and registered under the Companies Ordinance of Hong Kong; or
- Established in Hong Kong under relevant statutes
Businesses must have substantive operations in Hong Kong for at least three months and cannot be listed companies, government subordinates, or subsidiaries of government-funded entities. For more details, visit the TVP official website.
Required Documents for TVP Application
- Business Registration Certificate or a copy of NAR1 form
- Proof of substantive business operations in Hong, such as recent contracts or receipts
- Valid Hong Kong ID or passport of the applicant
- Signed declaration of honesty and non-collusion
- Quotation from the technology service provider detailing contact information
- If hiring a technology consultant, their business registration certificate is required
- For projects exceeding HK$50,000, an audited project budget from an independent auditor is necessary, and audit costs can be reimbursed if included in the project expenses.
Top 13 Popular Projects Under TVP
- Company Website: Leverage TVP funding to build a professional website Design, increasing your online visibility.
- E-commerce Systems: Develop an e-commerce website to offer a seamless online shopping experience.
- Data Analytics Systems: Analyze website and customer data to better understand customer needs and market trends.
- WhatsApp API Automation: Develop a WhatsApp API automation system integrated with a CRM to synchronize and manage data and communications, enhancing efficiency and precision in business operations.
- Customer Relationship Management (CRM) Systems: Develop a CRM system to improve management and sales of products and services.
- AI Chatbots: Implement AI-powered chatbots to automatically respond to user queries, providing instant and accurate customer service while saving on labor costs.
- Inventory Management Systems (POS): Improve the efficiency and accuracy of inventory management with a robust POS system.
- Enterprise Resource Planning (ERP) Systems: Develop an ERP system to integrate resources across departments, automate processes, provide real-time data analysis, establish standards, and enhance transparency and collaboration within the enterprise.
- Database Management Systems (DBMS): Develop a DBMS to effectively organize and manage data, ensuring efficient data retrieval, storage, updates, and maintenance.
- Cloud Solutions and Network Security: Develop cloud and network security systems to provide flexible, scalable, and secure data storage and processing solutions, enabling more efficient operation and data management.
- Mobile App Development: Create mobile applications that allow customers to access the latest products, information, and make purchases anytime, anywhere.
- Electronic Booking Systems: Develop an electronic booking system to make scheduling services or products more convenient for customers.
- Human Resources Management Systems: Enhance the efficiency and precision of human resources management with a dedicated system.
Eligible Technology Projects for TVP Application Across Various Industries
Below are examples of technology applications suitable for different industries that qualify for the Technology Voucher Programme (TVP):
Retail Industry
- Development of Online Stores and Integration with WhatsApp API: Implement systems that facilitate 24/7 order management and utilize big data analytics to understand customer behaviors better. This helps retailers meet customer needs more effectively and boost sales.
Food and Beverage Industry
- Smart POS Systems: Develop and implement smart POS systems that allow customers to place orders instantly using QR codes, enhancing restaurant efficiency and customer satisfaction.
Accounting Industry
- Cloud Solutions and AI for Automation: Develop systems that use cloud solutions and artificial intelligence to automate repetitive tasks such as payroll processing and managing operational expenses.
Interior Design Industry
- Website Development with ERP System: Enhance online visibility and ROI through professional website development. Integrate with an Enterprise Resource Planning (ERP) system to automate business processes, allowing repetitive tasks to be completed in seconds.
Healthcare Industry
- AI-Powered Diagnostic Assistance and Medical Record Systems: Develop systems that use artificial intelligence to assist doctors in diagnosing and treating diseases more quickly and accurately.
5 Step TVP Application Processes
Step 1: Submit Application Documents
To begin, companies must register as users on the TVP Management System website and submit all required application documents, which are listed on the site. A sample filled application form is available for reference to ensure that all necessary information is correctly provided.
Step 2: Write the TVP Application Proposal
The purpose of the TVP proposal is to secure funding to drive innovation and technological development. The proposal should include:
- Business Background: Provide a detailed description of your company, including its history, main business activities, case studies, and market position. Include an organizational chart and brief profiles of key team members.
- Project Objectives: Clearly state the goals you aim to achieve with the TVP, such as improving production efficiency, developing new products or services, or digitizing business operations. Specify measurable outcomes for each goal.
- Technology Needs Analysis: Analyze the technological needs based on your objectives and identify the required technology products and services, which may include software, hardware, and professional technical services.
- Budget and Funding Needs: Create a detailed budget based on your technology needs, itemizing expenses and amounts. Determine the amount of funding to be applied for and explain how these funds will be used to achieve the project objectives.
- Implementation Plan and Timeline: Develop a concrete plan outlining the timeline and responsibilities for each task. Ensure the timeline is realistic to guarantee the project can be completed on time.
Key Points for Writing the Proposal:
- Ensure the structure of the proposal is clear and organized for easy understanding and reference.
- Use concise and straightforward language, avoiding overly technical jargon.
- Support your statements with sufficient data and facts.
- Be specific and clear in describing project goals and technology needs, avoiding vague language.
- Verify all financial figures and data for accuracy to prevent funding discrepancies.
Step 3: Application Review
After submission, the Innovation and Technology Commission will review the application to verify the feasibility of the project and the relevance of the company’s background.
Step 4: Project Execution
Once approved, the applicant company must sign a funding agreement with the Commission. The project must then be initiated and completed within 12 months.
Step 5: Submit Reports and Expenditure Proof
Upon project completion, the company must submit a final project report and proof of deliverables within two months. This includes all receipts and financial statements for expenses incurred. Additionally, it must be demonstrated that the TVP funds were less than three-quarters of the total project cost.
TVP Success Story
We successfully assisted an online photo sharing and album customization company in securing a Technology Voucher Programme (TVP) grant. Our comprehensive services included professional web design and system development aimed at enhancing the company’s business automation processes.
The TVP-funded project encompassed several key components:
- UI UX Web Design: Improving the user interface and user experience to make the website more intuitive and visually appealing.
- Customer Relationship Management (CRM): Implementing CRM solutions to manage customer interactions and data throughout the customer lifecycle.
- Newsletter Integration: Developing systems for distributing targeted email campaigns to keep customers informed and engaged.
- DIY Online Photo System (Design For Me): Enabling customers to create custom photo albums through a user-friendly online interface.
- Single Sign-On (SSO) Integration: Streamlining the login process across various platforms to improve user accessibility and security.
- Coupon Integration: Incorporating discount mechanisms to attract more customers and boost sales.
- Data Migration: Efficiently transferring existing data to new systems to ensure seamless continuity and integration.
(See more)
Why Choose ROVERTECH as Your Ideal TVP Application Partner?
If you’re considering applying for TVP, partnering with a reliable technology service provider like Rovertech can significantly enhance your chances of success and improve your business operations. As your tech consultant, Rovertech boasts extensive experience in system development, web and e-commerce design, mobile app development, and TVP application expertise. We offer tailored IT solutions and professional TVP application consulting services to help you transform digitally, optimize business processes, increase your customer base and profitability, and enhance productivity and ROI.
TVP FAQ
Q: Can a business without a Business Registration (BR) apply for TVP?
No. Businesses must first obtain a Business Registration and then apply for TVP. Also, remember to prepare proof of substantive business operations for the past three months, such as invoices issued under this registration. For more details, visit the government’s TVP website.
Q: How to avoid TVP scams?
Be cautious of false advertising, especially those claiming easy success in TVP applications. Some consulting firms might mislead clients into applying for more system expenses than needed, which could lead to unsuccessful applications or even legal issues. Choose your TVP consultant and provider carefully.
Q: What is the success rate for TVP applications?
While the exact success rate is not publicly disclosed, the latest data until December 31, 2022, shows that 19,375 TVP projects have been approved, with grants ranging from HK$25k to HK$250k.
To increase your chances of success, ensure you meet all eligibility requirements, submit a comprehensive business plan and project execution plan, select appropriate projects that align with Hong Kong’s innovation goals, and adhere strictly to the application process.
Q: What are the TVP application review criteria?
The review criteria primarily focus on the project’s relevance to the business, budget, execution details, application value, and the provider’s track record.
Q: How many supplier quotes are needed for TVP applications?
- If the project value is under HK$50,000, at least two supplier quotes are required;
- For values over HK$50,000, at least three quotes are needed;
- For projects over HK$300,000, a minimum of five quotes must be obtained.
Q: What expenses are not covered by TVP?
The TVP does not fund costs unrelated to the project, such as expenses incurred before the project start date, daily operational costs (e.g., salaries, allowances, training, office equipment), business expansion costs (marketing and branding), capital expenditures, and taxes.
Q: What is the fastest approval time for TVP applications?
With all required documents prepared, funding can be approved within three months. After approval, applicants must submit the final project report, outcome proof, payment invoices, and receipts, along with an audited expenditure report (for grants over HK$50,000), within two months of project completion.
Thank you for your reading. If you need to apply for a TVP and require a customized enterprise management system, please contact Rovertech IT Consulting. Our extensive experience in developing mature systems tailored for various industries ensures enhanced business efficiency and service quality.