knowledge and competitiveness of SMEs. SMEs may visit SUCCESS to seek experts' advice on their specific business problems through the 'Business Advisory Services' or join the 'Mentorship Programme' under which each participant will be assigned a mentor from whom to seek guidance on a business operation for a period of nine. months.
Promotion of Innovation and Technology
Innovation and Technology Commission
To promote the development of innovation and technology, the Innovation and Technology Commission (ITC) under the Communications and Technology Branch is tasked with the mission of spearheading Hong Kong's drive to become a world-class, knowledge-based economy. The commission formulates and implements policies and measures to promote innovation and technology; supports applied research, technology transfer and application; promotes technological entrepreneurship; facilitates the provision of technology infrastructure and development of human resources; and promotes internationally accepted standards and conformity assessment services to underpin technological development and international trade. The commission works closely with its partners in the Government, industry, business, tertiary education institutions and industrial support organisations.
To make Hong Kong a regional centre for innovation and technology, the Government has been implementing various initiatives to drive forward innovation and technology. It offers a range of infrastructure and funding support for applied research and development activities.
Innovation and Technology Fund
The $5 billion Innovation and Technology Fund supports projects that will help upgrade the technology level and promote innovation in the manufacturing and service industries. By year-end, the fund had provided financial support of some $1,690 million to 668 projects undertaken by industrial support bodies, trade and industry associations, higher education institutions, professional bodies and locally incorporated companies.
Promoting Technological Entrepreneurship
Major efforts have been made to promote technological entrepreneurship. A $750 million Applied Research Fund was established in March 1998, replacing two previous schemes to provide equity finance for technology ventures in the private sector. In November 1998, private venture capital firms were appointed as managers for the fund. Besides selecting technological ventures for investment, the venture capital firms provide management and networking advice to the investee companies. By year-end, $384 million in financial support had been provided to 23 companies through these fund managers.
SMEs form a dynamic and vital part of Hong Kong's economy. The Innovation and Technology Fund has been actively supporting technology development among SMEs through its Small Entrepreneur Research Assistance Programme (SERAP). SERAP provides dollar-to-dollar matching grants up to $2 million each to help small start-up
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