Building the Technology Bridge for Scientific Breakthroughs: Developing an Innovation Hub of the Future
Building the Technology Bridge for Scientific Breakthroughs: Developing an Innovation Hub of the Future
Universities’ research is the competitive edge for the development of the innovation and technology ecosystem in Hong Kong. Nevertheless, Hong Kong universities lag behind in technology transfer, failing to transform the ‘treasures’ of university research into viable products and services that will exert profound economic and social impacts.
It is high time for Hong Kong to address the gaps in technology transfer to build an innovation hub. Against the current backdrop, Our Hong Kong Foundation has published its new Science & Tech Innovation report, entitled ‘Building the Technology Bridge for Scientific Breakthroughs: Developing an Innovation Hub of the Future’.
Over half of Hong Kong’s R&D expenditure occurred in the higher education sector. Compared with just 23.6% in the United Kingdom and 12.9% in the United States, it is by no means an exaggeration to say that universities are the game-changer for the local innovation ecosystem. The key to unleashing university research is technology transfer, which brings world-class research outcomes to the market through licensing technologies or establishing spin-off companies.
To fill in the existing gaps, we put forward seven recommendations. To foster a culture of technology transfer on campuses, we recommend enhancing the assessment framework and funding allocation, offering more flexibilities and options for research commercialisation, improving universities’ technology transfer units, and strengthening the Technology Start-up Support Scheme for Universities. In the meantime, we recommend the Government utilise the Future Fund to provide patient capital and deep-technology investment strategy, establish a high-level Science and Development Office to advise the Chief Executive, and develop the Kowloon Bay Action Area into a world-class innovation district. For specifics, please refer to full report.
We hope to strengthen technology transfer in Hong Kong universities and commercialise excellent basic research outcomes. As such, it would extend our research impact, generate new industrial opportunities, and increase the long-term productivity of our economy. Hong Kong can foster a vibrant innovation ecosystem and position itself as an international innovation hub.
Universities’ research is the competitive edge for the development of the innovation and technology ecosystem in Hong Kong. Nevertheless, Hong Kong universities lag behind in technology transfer, failing to transform the ‘treasures’ of university research into viable products and services that will exert profound economic and social impacts.
It is high time for Hong Kong to address the gaps in technology transfer to build an innovation hub. Against the current backdrop, Our Hong Kong Foundation has published its new Science & Tech Innovation report, entitled ‘Building the Technology Bridge for Scientific Breakthroughs: Developing an Innovation Hub of the Future’.
Over half of Hong Kong’s R&D expenditure occurred in the higher education sector. Compared with just 23.6% in the United Kingdom and 12.9% in the United States, it is by no means an exaggeration to say that universities are the game-changer for the local innovation ecosystem. The key to unleashing university research is technology transfer, which brings world-class research outcomes to the market through licensing technologies or establishing spin-off companies.
To fill in the existing gaps, we put forward seven recommendations. To foster a culture of technology transfer on campuses, we recommend enhancing the assessment framework and funding allocation, offering more flexibilities and options for research commercialisation, improving universities’ technology transfer units, and strengthening the Technology Start-up Support Scheme for Universities. In the meantime, we recommend the Government utilise the Future Fund to provide patient capital and deep-technology investment strategy, establish a high-level Science and Development Office to advise the Chief Executive, and develop the Kowloon Bay Action Area into a world-class innovation district. For specifics, please refer to full report.
We hope to strengthen technology transfer in Hong Kong universities and commercialise excellent basic research outcomes. As such, it would extend our research impact, generate new industrial opportunities, and increase the long-term productivity of our economy. Hong Kong can foster a vibrant innovation ecosystem and position itself as an international innovation hub.
