Funding for research and development

CreateSmart Initiative
The CreateSmart Initiative (CSI) was established by the Government in June 2009 to promote and speed up the development of local creative industries so as to build Hong Kong into Asia's Creative Capital. The CSI aims at providing financial support to projects conducive to the development of creative industries in Hong Kong. It is administrated by the Create Hong Kong (CreateHK). Starting from 1 June 2011, CSI also accepts applications for design-related projects.

Innovation and Technology Fund
Also administered by the Innovation and Technology Commission, the Innovation and Technology Fund (ITF) aims to increase the added value, productivity and competitiveness of our economic activities. The Government hopes that, through the ITF, Hong Kong companies could be encouraged and assisted to upgrade their technological level and introduce innovative ideas to their businesses. There are different programmes under the ITF. They are:

	The Innovation and Technology Support Programme (ITSP), which supports midstream/downstream research and development (R&D) projects undertaken mainly by universities, industry support organizations, professional bodies and trade and industry associations.
	The General Support Programme (GSP), which supports those projects that contribute to fostering an innovation and technology culture in Hong Kong, and those that will be beneficial to the upgrading and future development of our industries.
	The University-Industry Collaboration Programme (UICP), aims to stimulate private sector interest in R&D through leveraging the knowledge and resources of universities. The emphasis is on close collaboration between private companies and universities in Hong Kong.
	The Small Entrepreneur Research Assistance Programme (SERAP), a matching grant supporting pre-venture capital stage of technology entrepreneurs to start-up, carry out R&D, and to conduct market validation.

Professional Services Development Assistance Scheme (PSDAS)
PSDAS, administered by the Commerce and Economic Development Bureau, is to provide financial support for projects which aim at increasing the competitiveness of Hong Kong's professional service sector as a whole, or of individual sectors, in external markets including the Mainland market. In addition, projects aiming at enhancing the standard of professional services in Hong Kong are also eligible. Examples are conducting seminars, conferences, training courses, research studies and promotional events such as exhibitions.

SME Development Fund
This scheme, administered by the Trade and Industry Department, provides financial support to projects carried out by non-profit-distributing organisations operating as support organisations, trade and industrial organisations, professional bodies or research institutes, to enhance the competitiveness of Hong Kong's SMEs* in general or SMEs in specific sectors.