GUi issues call for EOI to support tech entrepreneurship projects with special fund

To assemble innovation resources and promote the development of the Grand Union of Innovation (GUi), a support fund for tech entrepreneurship projects will be provided through a "combination of allocation and investment", according to the revised version of Policies to Support the Construction of GUi issued by the Hefei municipal people's government. The call for expression of interest (EOI) has now been launched.

1. What is a "combination of allocation and investment"?

It refers to the fund being first allocated to the project company, and when it meets the necessary conditions, being converted into equity rights at an agreed price.

2. Who are the implementation entities of the fund?

Entities designated by the GUiTEK.

3. What projects can be funded?

(1) Proof of concept projects

Projects whose technological achievements have the potential to transform products, but whose technical feasibility and commercial value have not been fully verified, and for which a minimum viable product has not been developed.

(2) Startup projects

Projects whose technological achievements have been verified to be technically feasible, whose products have market demand, have completed a minimum viable product development, formed a core team, and begun small-scale operations.

4. What are the funding standards and application requirements?

(1) Proof of concept projects

A maximum of 500,000 yuan ($69,450) can be granted for a single application.

Application requirements:

a) The leader holds a position equivalent to associate professor or above, or has more than five years of research and development or management experience in key positions at well-known domestic or international enterprises, universities, or research institutions.

b) The team possesses core technological achievements with clear ownership rights.

c) If the team has registered a company: it must be registered in the GUi with main taxes paid within the area; the core team's total shareholding ratio must be no less than 50 percent; and it must have no unresolved illegal or dishonest behaviors. 

If not, the project team must register a company for operation within the GUi area after completing proof of concept.

(2) Startup projects

A maximum of 5 million yuan can be granted to a single project based on categories and tiers.

a) High-level talent projects

For projects with talent who are identified as Class A, B, and C by Hefei's high-level talent classification and recognition system, a maximum of 5 million, 3.5 million, and 2 million yuan can be funded for Class A, B, and C, respectively.

Projects that have previously applied for the "Policies to Support the Construction of GUi" may apply again for the higher amount.

b) Award-winning projects

The top 10 award-winners of major innovation and entrepreneurship competitions, including the "China Innovation and Entrepreneurship Competition", the "Chuangxiang China", the "Innovation China", and the "Innovation and Entrepreneurship Competition of Anhui", will be funded up to 5 million, 3.5 million, or 2 million yuan, depending on their ranking.

Applications are only accepted for competitions that have taken place within the past two years.

Projects that are both high-level talent projects and award-winners will be granted the higher amount.

c) Other projects

Projects that have not met the standards of the above two categories can be granted a maximum of 2 million yuan for the first application.

If the projects meet higher standards afterwards, a difference can be made up. The cumulative funding for a single project cannot exceed 5 million yuan.

Application requirements:

a) Must possess core technological achievements with clear property rights and industrialization potential.

b) The project company must have been registered in the Gui, with main taxes paid within the area, and must be currently operating.

c) The core team must consist of at least three members, and they must hold at least 30 percent of the company's shares.

d) The total paid-in-capital by cash of the company's core team, or the paid-in registered capital of the company, must not be less than half of the applied support fund.

e)  Must have no unresolved illegal or dishonest behaviors.

5. What is the funding process like?

The process includes an expression of interest (EOI), a formal application, preliminary review of proposals, defense and evaluation, proposal negotiation, joint review and filing of proposals, signing contracts, and fund allocation.

Qualified high-level talent projects and award-winning projects can proceed directly to proposal negotiation.

6. How can I participate in EOI?

Period: The application period starts today and ends on Aug 31.

For: Projects within the GUi area or to be located in the area (applications for relocation of existing projects will not be accepted). For established companies, the time of registration or relocation to GUi should be after June 13, 2022.

Application Method: Applicants should submit the packaged file of project business plan, application form for support fund (attachment 1), and funding application report (attachment 2) as an attachment to fxgkzx@ustcsv.com.cn, with the email subject "company name/project name + Proof of Concept project/Startup project + applied amount + contact person + phone number".

Materials submitted first will be processed first. The materials submitted are all necessary for the formal application. The formal application requirements will be subject to notifications on the Hefei Industrial Policy Comprehensive Service Platform.

Contact Information: Grand Union of Innovation Service Platform (Anhui province)

Address: 22nd Floor, F8 Building, Phase 2, Zhong'an Chuanggu Technology Park, Hefei National High-tech Industry Development Zone, Hefei, Anhui province.

Contact number: +86-18717788763

Attachment 1: Application form for support fund (template)

Attachment 2: Funding application report (template)