Innovation and Technology Fund for Better Living opens for application
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The Secretary for Innovation and Technology, Mr Nicholas W Yang, said, "I&T not only contributes to economic development, but also brings about social improvement. Hong Kong people are innovative. Many innovative ideas with good potential were however not taken forward due to the lack of funding or short-term profit. Through the groundbreaking FBL, we hope that local innovation can be applied for the good of the local community. The FBL will help transform innovative ideas into deliverables for the benefit of society, while at the same time stimulate innovation and nurture I&T talents, thereby building up an I&T culture and strengthening our I&T competitiveness."
Each application should aim at improving people's daily living or benefiting specific community groups through the use of I&T and should not serve a profit-making purpose during the funding period. Project deliverables can be in form of a mobile app, a product, a tool, a service or software, or in other forms. Each approved project can be granted up to 90 per cent of the total project cost or $5 million, whichever is the less. The funding period will be no more than three years, including a 12-month development period followed by a two-year running period.
The FBL generally accepts applications from non-governmental organisations subvented by the Social Welfare Department, public bodies, professional bodies and trade associations. Applicant organisations may partner with technology enterprises or organisations according to their needs.
Eligible applications will be assessed by an FBL Assessment Panel chaired by the Permanent Secretary for Innovation and Technology and comprising representatives from the I&T industry, academia, social service, relevant industries and government departments. Membership of the Assessment Panel is in the Annex.
The FBL is now open for application. The application form is available on the ITB website (www.itb.gov.hk/en/fbl). Completed applications can be submitted by post or in person to the Secretariat. A computer system for making online submission will be available later on. Prospective applicants wishing to obtain more information can visit the ITB's website or contact the FBL Secretariat (Tel: 3655 4826; email: fblenq@itb.gov.hk).
Ends/Wednesday, May 31, 2017
Issued at HKT 11:16
Issued at HKT 11:16
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