Commerce and Industry 115
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 R&D activities and design-related projects.
Innovation and Technology Fund
The $5 billion Innovation and Technology Fund was established in 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 $2.68 billion to 897 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 R&D activities to turn innovative technological ideas into commercially viable products, processes or services. By year- end, $252.1 million in financial support had been provided to 240 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. After a review in 2005, the fund has ceased making new investment, but it will continue to operate to oversee existing investments and their exits.
DesignSmart Initiative
The $250 million DesignSmart Initiative was launched in June 2004 to strengthen 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
in four categories - design research, design/business collaboration, professional continuing education in design and promoting a design culture. By year- end, 57 projects had received financial support of some $54 million. 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. Officially opened by the Chief Executive in November 2006, this one- stop shop aims 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 2001. It performs high quality research and development for use in industry and its research programme
No comments yet.
Private notes are available after approval.