Social Entrepreneurship Challenge: Innovating for Social Good!

The massive global response to the pandemic leads us to the question: what can we take from the pandemic to tackle societal and global challenges that have long been pervasive in local, regional and global communities?

Not only has the pandemic driven the demand for imminent transformations and innovations to respond to dynamic changes and the emerging new normal, but it has also exemplified how countries can collaborate to find solutions and how governments, businesses and individuals can act together to address a crisis. With individual and collective efforts, we can make big differences, and we all have a role to play in not only the pandemic but also in many of the existing societal and global challenges.

Organized by HKUST EC in collaboration with Sustainable Smart Campus as a Living Lab and Schools of Business, Engineering, Humanities & Social Science, Science) and supported by our Climate Actions Strategic Partner, Wofoo Social Enterprises - Hong Kong SDG Hub , the "Social Entrepreneurship Challenge: Innovation for Social Good!" is here for you to act now, unlock your potential and generate novel business ideas and solutions for the betterment of society while achieving social, environmental and economic values!

A. Societal & Global Challenges Themes

Since 2015, the United Nations has set out a 15-year plan to achieve 17 Sustainable Development Goals (SDGs), calling on global and local actions to act upon global and societal challenges in order to achieve a better and more sustainable future for all. This contest aims to call for innovative solutions targeted to achieve any of the following SDGs:

1. SDG 6: Clean Water and Sanitation
2. SDG 7: Affordable and Clean Energy
3. SDG 8: Decent Work and Economic Growth
4. SDG 11: Sustainable Cities and Communities
5. SDG 12: Responsible Consumption and Production
6. SDG 13: Climate Action
7. SDG 14: Life below Water
8. SDG 15: Life on Land

B. Eligibility

1. The competition is open to the public but the principal applicant must be an HKUST current student (undergraduate/ postgraduate from Clear Water Bay/ Guangzhou Campus).
2. Contestants can take part as individuals or in teams (up to 5 members in a team).
3. Applicants may submit more than one entry, but each entry must be a unique idea.
4. All entries must address one or above Sustainable Development Goals.

C. Submission Requirement & Deadline

1. A PPT pitch deck with a 10-minute audio narration in English (click here for instructions on how to audio-record in your PPT) (up to 15 slides including all title/reference pages and appendices) AND
2. A 1-minute pitch video OR an A4-page poster illustrating the business idea; this will be publicized on the EC website
3. Please submit your entry online by 8 November 2020, 11:59 pm.

D. Prizes, Certificates and Additional Opportunities

1. Certificates to All Contestants: “Certificate for Societal Issues Challenger” issued by the HKUST Entrepreneurship Center

2. Certificates to All Contestants of Winning Teams: “Certificate for Top Societal Issues Challenger” issued by the HKUST Entrepreneurship Center

3. Awards and Cash Prizes for Winners:

• Champion: $15,000 x 1
• First Runner-up: $10,000 x 1
• Second Runner-up: $5,000 x1
• HKUST – Wofoo SDG Award: $5,000 x 2
• Social Value Award: $5,000 x 1
• Most Social Entrepreneurial Potential Award: $5,000 x 1
• Best HKUST Technology Adoption Award: $5,000 x 1

4. Fast Track for Winners:

• U*STAR Award (2020-2021 Spring): up to $40,000
• Entrepreneurship Acceleration Fund and YWYEF: up to $200,000
• HK Cyberport Creative Micro Fund / Cyberport Incubation Programme: up to $500,000
• HKSTP STEP (Pre-Incubation): up to $100,000

5. Nomination to the Climate Action Recognition Scheme of Wofoo Social Enterprises for All Entries: up to $180,000

E. Judging Criteria

The selection panel, composed of an HKUST EC representative and external assessors from social enterprises and industry leaders, will assess and select entries according to the following criteria:

1. For Championship, First Runner-up, Second Runner-up:

• 20% - Level of Innovation (e.g. creativity, originality)
• 30% - Business Feasibility (e.g. business model, execution plan, market understanding)
• 30% - Social Value Creation (e.g. impacts to society, contribution to social good)
• 10% - Team Background & Strength (e.g. team capabilities, vision)
• 10% - Overall Presentation

2. For Awards:

• HKUST – Wofoo SDG Award: for the entries that best address/ respond to one/more SDGs above
• Social Value Award: for the entry with the greatest potential in creating social value and contributing to social good
• Most Social Entrepreneurial Potential Award: for the entry with the most feasible and sustainable business model while achieving social value
• Best HKUST Technology Adoption Award: for the entry with feasible adoption of university technologies in addressing/ responding to one/more SDGs above

Final decisions of the results rest with the University.