The Vetting Process For The Application Of Funding In Technology Projects

To achieve business goals, whether long term or short term, companies may use systematic approach such as business process management. Companies measure how successful a business process is by tracking the completion in different steps/stages of the process. Often in many companies, their processes and/or their “systems” are becoming outdated. They are in a time that upgrades (of a large scale) need to be conducted, or else the businesses would lose accuracy.

But not all companies have the resources and budget for upgrades. Companies also may not have staffs/employees who can do the upgrade. Certain companies may be eligible to apply for the Hong Kong Technology Voucher Programme (TVP). The Technology Voucher Programme allows funding to local HK-based companies. Companies can use the funding to enhance business process, etc.

Let’s examine the vetting mechanism and the vetting criteria for the funding application of the Technology Voucher Programme. Prior to that, make sure your business is officially incorporated with the Companies Registry Hong Kong through an easy-to-use online platform or a reputable local service.

Vetting Mechanism

What is the vetting mechanism (or background check process)? When a TVP application is received, the Innovation and Technology Commission (ITC) checks eligibility of the application and conducts a preliminary/initial screening.

The applicant company may be asked by ITC to clarify and provide supplementary information in order to further support the application.

Only eligible applications will be considered by the TVP Committee.

All the ineligible applications will be returned to the applicant.

Applications considered eligible by the Committee will be submitted to the Commissioner for Innovation and Technology (CIT). The applications will be awaiting for funding approval.

Vetting Criteria

The vetting criteria are like this: Each eligible application will be assessed according to individual merits. This is on a case-by-case basis. The assessment criteria include the following.

How relevant the proposed project is to the applicant’s business: 

The proposed project needs to have some good prospects which may improve the competitiveness of the business such as through enhancing productivity, expansion of business development, operational cost reduction, improvement in employees work efficiency, upgrading business systems/platforms, transforming business processes, and more.

How reasonableness the implementation details are. Consideration would usually include: The concrete project deliverables and outcomes have been identified/proposed or not. The project must have realistic implementation details. The complexity and duration of the project should also be considered.

How reasonableness the proposed budget is: Market prices are taken into consideration. The assessment will have to use references of the technologies/software in the market. Certain projects may have to make expenditure on individual items that are essential to the success of the projects.

The adverse record of consultants and/or service providers are considered.

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