Institute of
Dining Professionals
The Hang Seng University of Hong Kong &
Institution of Dining Art Foundation Limited
“Food and Beverage Young Entrepreneurship Competition”
Guidelines for the Competition and the Seed Fund
Introduction
The “Food and Beverage Young Entrepreneurship Competition”, jointly organised by Centre for Innovation and Entrepreneurship (CIE) of The Hang Seng University of Hong Kong (HSUHK) and Institution of Dining Art Foundation Limited (IDAF), strives to support young entrepreneurs’ start-up projects in the Food and Beverage (F&B) industry. IDAF will provide the awardees with the awards and seed fund, industry expert mentoring and other supports.
Eligibility and Conditions
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The Competition is open to individuals or teams to participate. Students in tertiary institutions, members of Institute of Dining Professionals, non-members, F&B professionals or start-up entrepreneurs in this field are all welcome to join.
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The team leader (applicant), by 20 March 2024 (as of the deadline for proposal submission) must be aged between 21 and 40 and must possess a Hong Kong permanent identity card.
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Participant(s), if not the team leader, by 20 March 2024 (as of the deadline for proposal submission) must be aged between 18 and 40 and must possess a Hong Kong identity card.
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A team should consist of a maximum of 8 members including the team leader.
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The proposal must be related to the F&B industry.
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The Grand Winner must launch their F&B business in the specific unit location stated in the “Awards” session below, while the merit teams are expected to launch their F&B business within the territory of Hong Kong.
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All submissions must be the team’s original work. Plagiarism is NOT allowed. The submission must not contain any unauthorised use of copyrighted or proprietary materials of any person or entity or content violating the law of HKSAR.
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Businesses that are unlawful or illegal will not be supported.
Timeline
19 February 2024 – Call for entries open
20 March 2024 – Deadline for proposal submission
27 March 2024 – Announcement of shortlisted teams via email and phone
9 April 2024 – Presentation and interview of the shortlisted teams
17 April 2024 – Announcement of winning teams & award presentation ceremony
1 May 2024 – Lease starts
Proposal Submission Requirements
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Participants must complete the application form here (https://forms.gle/EcZjCrXCVzEjXEkd8). One application form is needed for each individual or group.
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Participants are required to submit a business plan in the form of pitch deck within 15 pages, including any cover page, appendices, diagrams and tables.
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The pitch deck should be submitted in PDF format.
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The business plan can be written in either English or Traditional Chinese.
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Additional materials such as a short video, may be submitted together with the main business plan if appropriate.
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All proposal submission must be uploaded on Google Drive on or before the deadline (20 March 2024 by 23:59). Participants are required to provide the relevant Google Link via the application form.
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Both team name and proposal naming must be identical and in the form of: standard prefix (IDAFxHSU) with the full name of the applicant, e.g. IDAFxHSU-Jenny Wong.
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Each participant shall join ONE team only.
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Late submission will not be accepted.
Submission requirements of additional materials
Short video:
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Video length: Up to 5 minutes long*
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Language: English or Chinese
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File format: MP4
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File size: Less than 200MB
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Resolution: Not higher than 720p
* The video content beyond 5 minutes will not be considered as a part of the presentation.
Presentation of the Business Plan
Shortlisted teams will be invited by the organisers to attend a face-to-face presentation of their business plan to a panel of adjudicators in the campus of The Hang Seng University of Hong Kong on 9 April 2024.
Each shortlisted team will be given 15 minutes for the presentation, followed by a 10-minute Q&A session. It is not compulsory for all team members to present, but every member is required to participate in the presentation and be ready for the Q&A session.
Awards and Sponsorship Offer
Grand Winner Prize (1 winning team)
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Seed fund of HK$200,000 for Grand Winner
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1 Year mentorship by an F&B industry expert
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Metropole Management (Hong Kong) Company Limited (the “Sponsor”) through Cushman & Wakefield, offers the Winner to rent the ground floor unit situated at Flat D1 on the Ground Floor, Fortuna Building, No. 26 Kam Ping Street, Hong Kong, subject to the terms and conditions as stipulated in Annexure 1 (the “Sponsorship Offer”) and the final form tenancy agreement to be formed between the landlord of the unit and the grand winner.
Site visit to the unit is available on the following dates:
5 Mar 2024 (3 - 5pm)
8 Mar 2024 (10am - 12pm)
12 Mar 2024 (3 - 5pm)
15 Mar 2024 (3 - 5pm)
Please register your interest here.
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Free interior design service by Max Lam Designs**
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Free food license consultation service by Arts & Design Consultancy Limited***
Merit Winner Prize (2 winning teams)
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Seed fund of HK$100,000 for each Merit Winner
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1 Year mentorship by F&B industry expert
Assessment Criteria
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Identification of the business opportunity (Addressing a need, problem or a market gap)
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Creativity (Ability to offer new concept/service, use of technology and social impact)
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Completeness (Thorough consideration of various aspects required in a business plan)
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Business Model Viability (Valid business value proposition to target market, sustainable revenue streams and realistic cost structure)
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Management Capability (Team structure, ability to execute the business plan and experience in F&B)
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Potential Impact or Scalability of the Product/Service
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Presentation (Fluency/clarity in presentation and Q&A)
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Relevance of Extra Materials (e.g. a video, a flyer, business concept statement, etc.)
General Principles of Receiving Seed Fund and Sponsorship Offer
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The seed fund, provided by IDAF, is part of the awardee’s prize of the “Food and Beverage Young Entrepreneurship Competition”;
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The seed fund should be spent in a prudent, proportionate and proper manner.
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Each Contestant of the Competition shall sign a prescribed form of declaration and/or deed at the time of submitting the application form, stipulating and confirming clearly that the Winner shall automatically acknowledge and agree all the terms and conditions as stipulated in Annexure 1 herein and the Winner shall voluntarily enter into the Tenancy Agreement in prescribed form with the Landlord. Please download the deed from here.
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The Grand Winner must sign a tenancy agreement of the unit offered by the Sponsor. The terms and conditions of the tenancy agreement will be based on the Annexure 1. The final form of tenancy agreement can be downloaded from here for all contestants to review and acknowledge the contents. If there are any discrepancies in respect to the terms and conditions in the Annexure 1 and the final form of tenancy agreement, the terms and conditions of tenancy agreement shall prevail.
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The Awards of the Competition and Sponsorship offer together shall be regarded as a single and combined “package”. IDAF shall only release the Awards of the Competition to the Winner subject to the due execution of the Tenancy Agreement between the Landlord and the Winner.
Funding Period of the Seed Fund
The funding period of the seed fund is one year from 1 May 2024 to 30 April 2025. All services from suppliers which are provided to the team should be accomplished within this period.
Unspent seed fund will expire at the end of the funding period. It could not be turned into a cash fund.
Company Registration
The team leader must complete the company (Limited) registration by 1 May 2024.
Financial Representative & Reporting
The team leader will be the financial representative who is responsible for managing the distribution and usage of seed fund, reimbursement, quotation for procurements and providing IDAF with relevant financial documents. A formal audited financial report is required to submit to IDAF on the 6th and 12th month after the business operation starts.
The team leader shall be the director and majority shareholder of the corporation. Before any changes in the corporate structure including but not limited to change of directors, and shareholders, the team leader must seek written approval from IDAF before any of these changes. Shall the team leader make any corporate structural changes without any prior approval of IDAF, the IDAF has sole and absolute rights to terminate the contract and reserves all rights to recover all damages and losses due to these changes.
Reimbursement Procedures
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Each reimbursement claim should be made within a month after payment.
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For the seed fund, the financial representative needs to submit or update the bank account details to IDAF.
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As the seed fund needs to be verified by IDAF, it will proceed the payment through autopay into the financial representative’s bank account.
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The financial representative should fill in and submit the Reimbursement Form of the Seed Fund to IDAF along with the official receipts and a detailed description and justifications of the purchase which are required by IDAF to verify and proceed with the payment.
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The reimbursement form should be submitted to IDAF no later than the 28th of each month within the funding period.
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Make hard copies of the receipts in case the ink fades away.
Procurement Procedures
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It is the responsibility of all team members to ensure the integrity and impartiality of the procurement process and avoid conflict of interest.
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Procurement for equipment, goods and services should be carried out in a transparent and fair manner. The goods and services shall be based on value for money, quality, services, timeliness, durability, delivery, safety and environmentally-friendliness as appropriate.
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Team members shall avoid any conflict of interests during procurement procedures.
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For purchases valued above HK$50,000 requires a minimum of 3 competitive written quotations.
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Quotation / draft contract for service should include a scope of service and service fee breakdown, deliverable, timeline and payment terms.
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Accept the lowest conforming bid as far as possible. Otherwise, justifications should be given.
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Ensure the team member(s), who involves in procurement process shall be bound to the “Prevention of Bribery Ordinance” according to anti-corruption laws in HKSAR.
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It is needed to declare in writing any current or prospective connection they or their families have with suppliers / service providers.
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Ensure the team member(s) in the supplier selection / specification preparation / offer assessment / purchase recommendation must declare if they have any conflict of interests in the purchase requisition.
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All original copies of quotations and/or invoices should be submitted to IDAF for further approval by IDAF.
Scope of Funding
The followings are the only permitted scope of the seed fund#:
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Legal and accounting services
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POS system
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Business registration
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Renovation cost
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Kitchen equipment
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Marketing materials
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Security deposit with the maximum amount of HK$32,400. (For the Grand Winner)
#Item(s) not listed above are not to be reimbursed by IDAF.
Important notes
The organiser reserves the right to reject any application submitted for Competition and the right to interpret, amend, and supplement the terms and conditions in the Competition.
The provision of awards and seed fund is subject to the final decision of IDAF.
By submitting the application to this Competition, the teams agree to share their information with IDAF, CIE and HSUHK for publicity and media coverage. For materials that are highly confidential and proprietary, the team should make a special note to IDAF for the special handling of such information.
The organiser may update this Guidelines on a regular basis and obtain the right to modify, change, add or remove the terms and conditions accordingly at any time without prior notice. Should any dispute arise, the organiser reserves all rights and final decision.
IDAF reserves the right to revoke the award and recover the amount spent if it was subsequently discovered that the application contained any misrepresentation or inaccurate information or otherwise contravened the guidelines.
Personal Information Collection Statement
The personal data collected from you will be used for the purpose of processing this application/request, awards, research, promotion, marketing purposes and providing subsequent services.
The personal data you provide may be disclosed to other relevant parties within IDAF, CIE and HSUHK for the above purpose if required.
Photos and videos taken during the events will be used in promotion and media coverage by IDAF, CIE and HSUHK.
Please find the Competition details at these websites: www.ida.org.hk and https://cie.hsu.edu.hk. For enquiries, please contact:
Ms Ronna Lau
Secretary General
Institution of Dining Art Foundation Limited (IDAF)
Institute of Dining Professionals (IDP)
Email: info@ida.org.hk
Phone: 3989 7034
References
**Company information of Max Lam Designs, please visit https://www.maxlam.com/, or download from here.
***Company information of Arts & Design Consultancy Limited, please visit https://www.licenceconsultant.com
Annexure 1 - Sponsorship Offer Lease Terms and Conditions
Premises: Flat D1 on the Ground Floor, Fortuna Building, No. 26 Kam Ping Street, Hong Kong
Lettable Area: Approx. 700 sq. ft.
Landlord’s Provisions:
The Landlord shall provide the followings:-
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1 x freshwater inlet point with water meter;
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1 x drainage point (waste) for the unit;
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2 x 3HP Split-Type Air conditioning with supporting frames for condenser for the unit. The costs of supply and installation of indoor units shall be borne by the Tenant.
Electricity: 60-Amp 3-Phases electricity supply with electricity meter
Towngas: 50mm gas riser connecting point located outside the unit wall is provided. (The application for the installation 50mm gas riser is pending for Towngas approval and execution.)
Terms: Three years fixed term from 1st May 2024 to 30th April 2027 (both dates inclusive)
Rent Free: Rent Free shall be offered from May 2024 to June 2025 (Total of 14 months)
Rent: Rent payable in: -
Year 1: Rent free; and
Year 2: HK$31,050 per calendar month or 12% of monthly gross sales turnover of the Tenant in the Premises, whichever is the higher; and
Year 3: HK$32,400 per calendar month or 12% of monthly gross sales turnover of the Tenant in the Premises, whichever is the higher.
Management Fee:
Management Fee - HK$2.6 per square foot per month to be borne by the Tenant. The amount is subject to review and determine by the Landlord from time to time.
Government Rent, Rates and all Outgoing Utilities:
To be borne by Tenant as levied by the HKSAR Government (subject to review from time to time).
Initial and Security Deposits:
The Tenant shall pay the Landlord the security deposit in accordance to the following schedule:-
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A sum of HK$32,400 as Initial Deposit shall be paid to the Landlord upon signing of the Tenancy Agreement.
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A sum of HK$32,400 as Security Deposit shall be paid to the Landlord on 1st of May, 2025.
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A sum of the HK$32,400 as Security Deposit shall be paid to the Landlord on 1st of May, 2026.
Use of the Premises:
The Tenant shall only operate food and beverage related business in the Premises.
Normal Business Hours:
10:30am to 9:30pm on all days of the year.
Annexure 1-1 -
FLOOR PLAN OF FLAT D1, ON THE GROUND FLOOR, 26 KAM PING STREET,
NORTH POINT, HONG KONG
