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manufacturing and service industries. By year-end, the fund had provided $3.77 billion to support 1 273 projects undertaken by research institutes and the industry.

Promoting Technological Entrepreneurship

Financial support has been given to promote technological entrepreneurship. Under the Innovation and Technology Fund, the 'Small Entrepreneur Research Assistance Programme' provides dollar-for-dollar matching grants of up to $2 million per project to help small start-up companies to carry out R&D to turn innovative technological ideas into commercially viable products, processes or services. By year-end, $268 million in financial support had been provided to 264 projects.

DesignSmart Initiative

A $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.

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Under the DesignSmart Initiative, the 'Design Support Programme' has been set up to support projects in four categories design research, design/business collaboration, professional continuing education in design and promoting a design culture. By year-end, 121 projects had received financial support worth some $78 million. Another measure under the 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 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) was set up in January 2000. It performs high quality research and development for transfer to industry for commercialisation to raise the technology level of Hong Kong's industry and to stimulate growth in Hong Kong's technology-based industries. In April 2006, ASTRI launched the R&D Centre for Information and Communications Technologies which focuses on four technology areas: communications technologies, consumer electronics, integrated circuit design and opto-electronics.

Hong Kong Jockey Club Institute of Chinese Medicine Limited

The Hong Kong Jockey Club Institute of Chinese Medicine Limited was established in May 2001 as a subsidiary company of ASTRI. The Hong Kong Jockey Club Charities Trust has pledged to donate $500 million to support the institute's research and development programmes. Its mission is to promote and support the modernisation and further development of Chinese medicine in Hong Kong through co-ordination of related activities and strategic support for scientific and evidence-based development programmes.

Hong Kong Design Centre

The Hong Kong Design Centre was established

established in May 2001 as a multi-disciplinary organisation dedicated to the promotion of design as a value-