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The Government has launched several funding schemes to help local companies to develop innovative ideas and technology businesses, the Assistant Commissioner for Innovation and Technology, Mr Brian Lo said today (November 23).
Speaking at a Talk on Government Technology Funding, Mr Lo said that one of the major focuses of the funding schemes was to improve quality of products and services through technology development and application.
"Three of the Government technology funding schemes, namely the Small Entreprenuer Research Assistance Programme (SERAP), the Univeristy-Industry Collaboration Programme and the Applied Research Fund (ARF), are launched with the aim to encourage local industries to carry out research and development (R&D) activities.
"With the introduction of the essential elements of innovation and technology, not only could enterprises expand their businesses more efficiently, but they could also add value to their products and services, thereby enhancing their competitiveness," Mr Lo said.
Mr Lo briefed participants on the objectives, scope, eligibility and application procedures of the various programmes under the Innovation and Technology Fund (ITF) and the Applied Research Fund (ARF) at the talk.
He pointed out that the $5 billion ITF was set up to support projects that contribute to innovation and technology upgrading in local industry, as well as those essential to the upgrading and development of industry.
Since its establishment in late 1999, a total of 1,114 applications, requesting a total of $4 billion, were received. Of these, 223 applications, with a total funding of $480 million have been approved, representing an overall success rate of 24 per cent.
Noting that the $750 million ARF was a venture capital fund aimed to support local technology ventures with commercial potential, Mr Lo said that the fund is administered by the Applied Research Council and managed by private sector venture capital firms.
"Our fund managers will assess the technical and commercial viability of proposed ventures and determine the terms of the fund's investment in any particular venture," he said.
As at end October, a total of $306 million has been invested in 18 technology based projects.
Mr Lo said that the funding schemes had helped local companies, professional bodies, industry support organisations, trade and industry associations, universities and research institutes turn their applied R&D endeavours into technological and commercial successes.
Among the successful cases are the development of an environmental friendly rubber soil technology, plasma DNA-based diagnostic tests which makes diagnostic tests much safer, and a karat gold electro-forming technology which serves to illustrate how technology could help the traditional industries enhance their competitiveness.
To enable the public to have a better idea of how the Government technology funding can contribute to the innovation and technology upgrading in local industry, the Innovation and Technology Commission has commissioned Radio Television Hong Kong to produce a TV programme on the topic, Mr Lo said.
"With the title 'Technofrontier', the programme will focus on the Government's funding and support on innovation and technology and to showcase some of the successful cases," Mr Lo said.
The Talk on Government Technology Funding was held as a concurrent programme of the Innovation Expo, which is open to the public until November 26 at the Hong Kong Exhibition and Convention Centre.
End/Friday, November 23, 2001
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