The Technology Voucher Programme (TVP) is a government-funded initiative in Hong Kong aimed at helping local businesses enhance productivity and optimize business processes through the application of technological services and solutions. While this funding program is highly attractive to many companies, not everyone can easily pass the approval process. Numerous common mistakes or factors may lead to application rejection. To help you ensure a smooth approval process, we have compiled some critical reasons for failure, assisting you in avoiding these issues. Additionally, we remind everyone that finding the right application partner can make the application process more efficient and increase success rates.

1. Lack of Technological Content in the Project

The primary goal of TVP is to help businesses enhance productivity through technological means. If your application lacks technological elements or insufficiently demonstrates a connection to technological innovation, it may not meet the funding requirements. For example, if the project mainly focuses on business process adjustments without introducing any technological innovation, it is likely to be rejected. Click here to see if your project meets the requirements.

Suggestion: Ensure that your project clearly demonstrates tangible benefits through technological solutions and specifies how technology will effectively drive operational improvements. If the project involves complex technology or innovation, consider collaborating with experienced technology service providers or application partners to ensure the project has sufficient technological depth.

2. High Proportion of Equipment and Software Costs

According to TVP regulations, expenses for purchasing off-the-shelf equipment, hardware, and software should not exceed 50% of the total project budget. If your project relies too heavily on purchasing ready-made market products and lacks customized technological solutions, the chances of approval are significantly lower.

Suggestion: In your budget, ensure that custom technological solutions take up a substantial portion and establish clear cooperation terms with suppliers. By finding suitable technology suppliers or consultants, customized technology solutions can not only enhance the project’s innovation but also improve overall competitiveness, avoiding reliance solely on off-the-shelf market products.

3. Unrealistic or Non-compliant Budget

An unrealistic budget is a common reason for TVP application failure. If the proposed project costs exceed market norms or the budget lacks detailed explanations, reviewers may question its feasibility. Additionally, unclear expense items or unrelated expenditures can also negatively impact the application.

Suggestion: When preparing the budget, list each expense in detail and ensure it directly relates to project implementation. Providing clear market quotes and reasonable price references can enhance the project’s credibility. Seeking assistance from an experienced application partner or financial advisor can help ensure compliance in budget preparation, preventing application rejection due to budget issues.

4. Inappropriate Supplier Selection

The TVP requires businesses to select appropriate suppliers through a fair and transparent procurement process. If the supplier selection does not follow an open procurement process or involves conflicts of interest, the project application is likely to be rejected. Additionally, whether the supplier can provide the technical services that meet the project’s needs is also a crucial consideration during the review.

Suggestion: Select suppliers through open bidding or multiple quotations, documenting the procurement process to avoid any potential conflicts of interest. Collaborating with an experienced TVP application partner can also help you choose reputable and qualified suppliers, ensuring smooth project implementation.

5. Incomplete Application Materials

Missing critical application documents or inaccurate information within materials is a common reason for application failure. For instance, incomplete financial statements or insufficient business proof can lead to extended review times or even application rejection.

Suggestion: Ensure all application documents are complete and accurate, and carefully check whether all required materials have been submitted. If you are uncertain about certain details, consider collaborating with an experienced application partner who can provide a comprehensive document preparation checklist, helping you submit all necessary files efficiently and accurately.

6. Duplicate Applications or Funding Conflicts

Businesses cannot apply for multiple grants for the same expenses within the same project. If a company applies for funding for the same project expenses from multiple government programs, or submits multiple project applications at once, the approval is likely to be rejected.

Suggestion: Ensure that each project expense is only applied for once, and avoid funding conflicts. Working with a suitable application partner can help you arrange funding plans effectively, ensuring compliance across all projects and preventing conflicts with other programs.

7. Finding the Right Application Partner

The TVP application process can be complex, especially for businesses without prior experience who may encounter challenges in documentation preparation, project planning, and process management. Collaborating with a professional technology service provider or application consultant can significantly improve the chances of success. These partners can help you avoid common mistakes and provide support in key areas such as project design, budget preparation, and supplier selection.

Suggestion: Find an experienced and reputable application partner to assist you throughout the application process. From project planning and document preparation to coordination with suppliers, these partners can ensure a smoother application process and higher success rate.

Conclusion

Successfully applying for TVP is more than just filling out forms; the process requires avoiding many potential pitfalls. Whether it’s the technological content of the project, budget feasibility, supplier selection, or the completeness of application documents, each factor plays a crucial role in determining application approval. Partnering with the right application consultant can help businesses better manage risks and increase the chances of application success.