Twenty-one technology companies funded by the Small Entrepreneur Research Assistance Programme presented their business plans to seven venture capital companies at a meeting at the Tech Centre in Kowloon Tong today.

The event was jointly organised by the Innovation & Technology Commission and the Science & Technology Parks Corporation. It aims to provide an opportunity for programme-funded companies to introduce themselves and their products and services to attracting investment from venture capitalists for further business development.

The technology areas of the companies include biotechnology, information technology software, integrated circuit design and consumer electronics. Their products or services are considered to have good market potential.

$2m seed capital

The funding programme is under the Government's $5 billion Innovation & Technology Fund, and is specially designed to provide seed money to technology entrepreneurs. It provides up to $2 million seed capital on a dollar-for-dollar matching basis for technology start-ups to embark on research and development work that will enable them to take products and services into the market.

Projects are normally conducted in two phases, with phase one devoted to developing innovative ideas or technology into prototypes and phase two to further develop the prototypes to reach the pre-market launch stage.

Many of the projects introduced in today's event are completed or stage two projects. Some entered the commercialisation stage and showed initial success in launching their products and services and generating revenue. Among the 21 companies, six are also supported under the Science & Technology Parks Corporation's Incubation Programme.

Since the inception of the assistance programme in late 1999, $207 million in financial support has been provided to 196 companies up to end of last year.