The Small Entrepreneur Research Assistance Programme (SERAP) is under the Innovation and Technology Fund (ITF) and is administered by the SERAP Secretariat under the Innovation and Technology Commission (ITC).
It is a technology entrepreneur fund which provides funding on a dollar-for-dollar matching basis to small companies incorporated in Hong Kong to undertake up to 2-year research and development projects with innovative and technology component, commercial viability (reasonable chance of success in the market).
Applications are open all year round and should be submitted electronically. The SERAP Secretariat will meet with the applicants first and the applications will then be submitted to the Panel for assessment. Panel meeting are generally held every month.
The funding amount per project is up to HK$6 million and will be disbursed to the recipient company quarterly as long as the agreed milestones are met.
The government will not take equity in the companies or claim intellectual property rights from the approved projects. However, the SERAP fund will be recouped from the gross revenue generated from the project and/or investment made to the recipient company by a third party.
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The recipient companies have to submit progress and final reports to the Secretariat report the status and achievements of their projects.
As at end of 2012, SERAP has supported 359 projects with a total funding of HK$397.5 million. Project categories range from advanced materials, biotechnology, communications, electronics, environmental technology, IT, mobile commerce, photonics, semiconductors to other technology areas.
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