which merges the University-Industry Collaboration Programme (UICP) and the collaborative stream of Innovation and Technology Support Programme (ITSP)

To support research and development projects undertaken by private companies in collaboration with local universities and public research institutions

To provide funding support for collaborative applied research and development (R&D) projects undertaken by an R&D Centre 1 or a designated local public research institute 2 (i.e. the lead applicant) in partnership with a private company (i.e. the industry co-applicant)
The company has to be a company incorporated in Hong Kong under the Companies Ordinance
Funding support is given to R&D activities only and not to business development or operating expenses incurred by the company
The support is given as a grant, subject to the contribution by the company of at least 50% of the project cost
The maximum project duration is 3 years
Applications for PRP are open all year round

The majority of the R&D work funded under PRP projects should be conducted within the territory of Hong Kong. Up to 50% of the R&D work of an ITF project can be conducted (and relevant expenditure incurred) in the Mainland
The lead applicant is required to submit progress report(s)/final report until project completion

Downstream activities should be justified based on their individual merits, including innovation and technology content and/or potential impact to the community.

Should be relevant to the industry or its potential market and/or bring upon positive impact to the community and supported by detailed plans for realisation and commercialisation.