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Voucher scheme set for SMEs

February 25, 2016

A $500 million Pilot Technology Voucher Programme will be launched under the Innovation & Technology Fund to subsidise SME’s use of technological services and solutions to improve productivity and upgrade business processes.


Elaborating today on the InnoTech initiatives outlined in yesterday's 2016-17 Budget, Secretary for Innovation & Technology Nicholas Yang said the move will enhance the long-term competitiveness of small and medium enterprises.


Under the scheme, aimed to benefit 2,500 companies, the Government will offer up to $200,000 to help an SME adopt tech solutions and services.


The three-year pilot programme will offer $2 for every dollar spent by an SME on such services.


Mr Yang also outlined the Government’s measures to encourage more private enterprises to invest in research and development and applied technology, which includes injecting $2 billion to launch a Midstream Research Programme for universities to conduct more applied research projects in key technology areas.


He said the Government will introduce and enhance various funding schemes to encourage more private enterprises to invest in R&D and applied technology, including raising the level of cash rebate under the R&D Cash Rebate Scheme to 40%.


It will also allocate $4.4 billion to expand the Science Park in stages to provide more floor area for startups and tech firms.