122 | Commerce and Industry
services. By year-end, $230 million in financial support had been provided to 218 companies.
The $750 million Applied Research Fund was established in March 1998. By year- end, $410 million in financial support had been provided to 25 companies through private venture capital firms. With the introduction of the new strategic framework for innovation and technology development, the fund is being wound down but it will not cease operation until exits of all existing investments are arranged.
DesignSmart Initiative
The $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.
Under the DesignSmart Initiative, the Design Support Programme supports projects in four categories design research; design/business collaboration; professional continuing education in design and promoting a design culture. By year-end, 18 projects had received financial support of some $33 million. In a separate project, five young, promising designers won the Hong Kong Young Design Talent Awards, with sponsorship for overseas training as prizes. Another measure of the DesignSmart Initiative is the InnoCentre, which was set up jointly by the Hong Kong Science and Technology Parks Corporation and the Hong Kong Design Centre. This is a one-stop shop aiming to create and sustain a cluster of high value-added design activities, including the provision of an incubation programme for design start-
ups.
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 use in industry and its research programme focuses on information and communications technologies.
Hong Kong Jockey Club Institute of Chinese Medicine Limited
The Hong Kong Jockey Club Institute of Chinese Medicine Limited was incorporated in May 2001 as a subsidiary company of ASTRI. Its job is to work towards positioning Hong Kong as a world centre for the development of health food and pharmaceuticals based on Chinese medicine. It aims to develop Chinese medicine as high value-added industry for Hong Kong through the 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 institute's research and development programmes which concentrate on standardisation, technology and product development, safety appraisal and clinical studies.
Hong Kong Design Centre
The Hong Kong Design Centre was established in September 2002 as a multi-disciplinary organisation dedicated to the promotion of the Hong Kong design industry and its competitiveness in the region. Its major activities included the
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