Commerce and Industry 133
companies carry out research and development activities to turn innovative technological ideas into commercially viable products, processes or services. By year- end, $207 million in financial support had been provided to 196 companies through SERAP.
DesignSmart Initiative
A $250 million DesignSmart Initiative was launched in June 2004 to strengthen the support for design and innovation, and to promote the wider use of design and innovation in industries to help them move up the value chain.
The DesignSmart Initiative comprises a Design Support Programme and a one- stop shop for a design cluster. The Design Support Programme operates four funding schemes to support projects in four categories design research; design/business collaboration; design professional continuing education; as well as promoting and honouring design excellence. By year-end, the Design Support Programme had provided financial support of some $12 million to four projects. The one-stop shop aims to create and sustain a cluster of high value-added design activities among design professionals and interns, and companies, where creative ideas with functionality will be stimulated, nurtured, researched, promoted, commercialised and branded. It will be located in Kowloon Tong and run by the Hong Kong Science and Technology Parks Corporation and the Hong Kong Design Centre.
Hong Kong Applied Science and Technology Research Institute Company Limited
The publicly funded Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI) has been in operation since September 2001. It performs high quality research and development for transfer to industry for commercialisation to upgrade the technology level of industry and stimulating the growth of technology-based industry in Hong Kong. ASTRI's current research programmes focus on photonic technologies, integrated circuit design,
communications technologies and material technologies.
Hong Kong Jockey Club Institute of Chinese Medicine Limited
The Hong Kong Jockey Club Institute of Chinese Medicine Limited (HKJCICM), incorporated in May 2001 as a subsidiary company of ASTRI, takes forward the vision. to position Hong Kong as a world centre for the development of health food and pharmaceuticals based on Chinese medicine. Its mission is to spearhead the development of Chinese medicine as a high value-added industry for Hong Kong through promotion and coordination of related activities and strategic support for scientific and evidence-based development programmes. The Hong Kong Jockey Club Charities Trust has pledged to donate $500 million to support the HKJCICM's research and development programmes. The institute has set its programme directions to steer Chinese medicine development towards embracing standardisation, technology and product development, safety appraisal and evidence- based clinical studies.