Our Hong Kong Foundation has released its research report on innovation and technology, and recommends establishing a HK$ 50 billion endowment fund on applied research. We recommend the Government to set the goal of increasing public R&D funding to 1% of GDP, to catch up with international peers.
To boost Hong Kong’s ecosystem of innovation and technology, a multi-pronged approach must be adopted. In terms of human resources, Our Hong Kong Foundation advocates for adding “societal impact” as a performance indicator for universities to promote more university-industry research collaboration. For business, regulatory bodies should strike a balance between innovation and regulation. At the same time, the Government should also support the development of venture capital and private incubator industries via co-investment schemes and other incentives. The Foundation also recommends that the Government establish a spatial data infrastructure to strengthen the future development of Hong Kong as a Smart City, as well as modify and expand Web API, to allow more personalised and convenient access to updated information to citizens and users. Moreover, the Foundation hopes the Government can promote collaboration with Shenzhen to create a regional technology cluster.