Hong Kong Startup Funding Path: Which Cyberport / HKSTP Programmes, When?

Choosing between Cyberport and HKSTP is the first strategic move for founders seeking Hong Kong startup funding, then comes the program matching.

This simple guide compares various Cyberport vs HKSTP incubation programmes, non-dilutive grants (CCMF, HKSTP Ideation) and co-investment routes so you can match your stage – idea, MVP/product-market fit, or scale – to the right path.

Idea Stage (Pre-MVP): HK$100 - 200K

Your Profile:

• You have a killer idea, maybe a technical co-founder with deep expertise.

• You've validated market interest informally (talked to 20+ potential customers).

• You have a prototype or very early MVP, but it's rough.

• You might still be job-hunting or in academic roles; not full-time on the startup yet.

Recommended Path:

• Cyberport CCMF (HK$100k) if your idea is digital/fintech/AI/edtech/IoT.

• HKUST Co-Ideation (HK$100k) if you have university affiliation and your idea is deep-tech.

• HKSTP Ideation (HK$100k) if you're pre-tech company formation and want structured entrepreneurship training.

Combined: HK$100–200k, 6–12 months runway to MVP + MVP.

Dilution: Zero.

Next Gate: After MVP + customer traction, apply to Incubation programs.

Product-Market Fit (MVP Ready, Early Traction): HK$500K - 1.29M

Your Profile:

• MVP is functional and users/customers are interacting with it.

• You have 20–50 active users (B2B) or 100+ (B2C) showing real engagement.

• You're full-time (or co-founder is) and bootstrapped on personal savings or friends/family.

• You've raised nothing yet; first institutional capital will come from these programs.

Recommended Path:

• Cyberport Incubation (HK$500k + rent-free workspace) if you're in fintech, AI, edtech, etc.

• HKSTP Incubation (HK$1.29M + lab access) if you're deep-tech biotech, advanced materials, semiconductors, green tech.

Combined: HK$500k–1.29M over 24–36 months.

RTH Pairing: Start hiring 1–2 researchers via RTH-TC or RTH-ITF (if you have an ITF project); this adds HK$540k–1.08M/year without dilution.

Total Runway: HK$1.04M–2.37M+ over 2 years. Plenty to reach product-market fit validation or early revenue.

Dilution: Zero.

Next Gate: Series A or Co-Acceleration (if achieving strong traction).

Scale Stage (Revenue Proof, $500K - $5M ARR): HK$15.6M Equity Co-Invest

Your Profile:

• You have >HK$5–10M ARR (revenue proof).

• You've been in market for 18–24 months and have 10+ enterprise customers or strong B2C unit economics.

• You're planning to expand regionally (Mainland, ASEAN, US).

• You've likely raised a seed round (HK$500k–2M from angels/early VCs).

• You're targeting Series A (HK$10–30M).

Recommended Path:

• HKSTP Co-Acceleration (HK$15.6M equity co-investment) if you're deep-tech and want a strategic co-investor + global expansion support.

• Cyberport Macro Fund co-investment (for Cyberport alumni) if you're digital-first and need validation co-sign alongside Series A lead investors.

Combined: HK$15.6M+ co-investment (alongside your Series A lead VC).

RTH Continuation: Maintain RTH subsidies for 2–3 senior researchers (HK$900k–1.35M/year) to keep your R&D lean while scaling go-to-market.

Total Runway: Series A (HK$10–30M from lead VC) + HKSTP co-invest (HK$5–15.6M) + RTH subsidies (HK$1M+/year).

Dilution at Series A: 15–20% (founder negotiates strongly because of Co-Acceleration co-sign).

Next Gate: Series B (3–4 years post-founding) or IPO (5–7 years).