The Innovation and Technology Fund for Better Living with funding of HK$500 million has been officially launched by the Innovation and Technology Bureau on May 31 for applications.

This is expected to fund innovation and technology (I&T) projects and operate for five years with effect from 2017-18. An approved project will receive a grant up to 90% of the total eligible costs of the project or HK$5 million, whichever is the less. To gain approval, the projects should be able to benefit the public at large or specific groups and not aim to make a profit throughout the funding period.

The Fund will finance projects that make use of innovation and technology to make people's daily living more convenient, comfortable and safer, or address the needs of specific community groups. Project examples include the creation of a mobile app, or a product or service.

The Fund welcomes applications from non-governmental organisations subvented by the Social Welfare Department, public or professional bodies, and trade associations.

Secretary for Innovation & Technology Nicholas Yang said: "The fund will help transform innovative ideas into deliverables for the benefit of society, while at the same time stimulate innovation and nurture I&T talent, thereby building up an I&T culture and strengthening our I&T competitiveness."

The initiative was introduced in the 2017 Policy Address and included in the 2017- 2018 Budget, with the aim of financing I&T projects which will not only contribute to economic development but also bring about social improvement.

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