From time being, most successful BUD Fund applicants are manufacturers. This is because factories have an obvious need to transform as brands. Nevertheless, as the number of target market sponsored by the BUD Fund increases (from mainland only to all Free Trade Agreement regions today), plus the market structure changes, more and more service providers enter those FTA markets and the BUD Fund is definitely a bonus for these service industrialists.
From Industrial Cities to Diversified Markets
Take a look at mainland China, during the time Chinese manufacturing bloomed, a middle class formed. According to some statistic, the Chinese middle class population is around 200 million and control more than 10 trillion US dollar. This huge bourgeois layer pursuits better living and establishes numerous start-ups. All these new demands contribute a new diversity of broadened market and create new business opportunity. Besides China, the phenomenon also takes place in richer Southeastern Asian countries (e.g. Thailand, Indonesia etc). Some Hong Kong entrepreneurs attempt to these new markets and succeed.
Extended reading: ASEAN: Potential Indonesia
Service needs local business to apply BUD Fund
In the past, most successful BUD Fund application were from manufacturers due to the requirement of local markets. In order to obtain the grant, service providers should have a holistic business plan to establish a local business. For instance, business registration, office or distributing points etc. If it is a virtual service, there should be in prior successful case and mature business model to achieve the grant. In general, service providers with experience have a higher chance to get the BUD Fund to expand in mainland China or FTA economies.
BizMagnet is a Government Enterprise Grant Application consultant.