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$8 billion worth of grants and guaranteed loans had been approved and over 47 000 SMEs had benefited from the schemes.
The Support and Consultation Centre for SMEs (SUCCESS) in the Trade and Industry Department provides services for business start-ups and SME entrepreneurs looking for free business information and practical consultation services. SUCCESS runs various activities, including seminars, workshops and company visits; publishes publications for SMEs; operates a reference library and provides electronic database facilities to enhance the business 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 is assigned a mentor who gives guidance about running a business on request for a period of nine months.
Promotion of Innovation and Technology
Innovation and Technology Commission
The Innovation and Technology Commission (ITC) is responsible for spearheading Hong Kong's drive to become a world-class, knowledge-based economy. The commission, which is under the Communications and Technology Branch, 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 was established in June 1999. It supports projects that will help upgrade the level of technology and promote innovation in the manufacturing and service industries. By year-end, the fund had provided financial support of some $2.04 billion to 758 projects undertaken by research institutes and the industry.
Promoting Technological Entrepreneurship
Major efforts have been made to promote technological entrepreneurship. Under the Innovation and Technology Fund, the Small Entrepreneur Research Assistance Programme provides dollar-to-dollar matching grants of up to $2 million per project to help small start-up companies carry out research and development activities to turn innovative technological ideas into commercially viable products, processes or
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