'We are not doing it in response to criticism. We just hope to make it better and bring more significant results.'
Yeung Tak-keung
Assistant commissioner, Innovation and Technology Commission
AND IT IS certainly apparent in the commission's latest proposals for turning its leaden efforts into gold that it does not accept official criticism for having been one of the starkest money wasters our government has ever conceived.
Only recently, an auditor's report revealed that its Applied Research Fund had lost $247 million of an initial $461 million, with 32 out of 50 investment projects having lost all their money and a further 18 having lost at least 90 per cent of it.
But leaf through the 83-page consultation document it has just published on how to make things better and not a whisper of a hint of this will you find. When it talks of its record, it prefers ratios per project of patents filed and technologies generated.