New project with duplicated assets

I’m creating a new project which is a lite version of my main project. As most of the content between the projects is the same i just copied over the contents of my Asserts folder to the new project with the intention of removing the non-lite assets etc

When i did this all the assets appeared correctly in my new Unity iPhone project but i could not see any of them in the game view. Everything was black. All of my game objects in the project hierarchy view were also red text. But everything was there. Scenes, textures etc

Is it not possible to just copy over a set of assets from one project to another like this? Or is there a specific way it has to be done?

http://unity3d.com/support/documentation/Manual/Behind%20the%20Scenes.html

A better thing to do would have just been to duplicate the entire project folder.

But that’s still not great, because if you update your assets in one place, they won’t be updated in the other. Why do you need a new project? Why don’t you just use a different set of scenes, in the same project? You can use scenes from the full version as starting points. Once again, by duplication.