50 6.1.4 “Output Thinking” believes that the economic competitiveness of enterprises and countries depends on the success of the innovation process. Therefore, when promoting technology and innovation, all factors that affect the success of the innovation process should be considered comprehensively. In addition to financial resources, these factors also include the efficiency of using these resources. Simply put, “Output Thinking” believes that successful innovation includes, in addition to inputs, effective output-oriented management in the innovation process124. 6.1.5 To promote the development of technology and innovation industries so as to provide young people in Hong Kong with upward mobility opportunities, there are two paths to follow: one is to develop emerging technology and innovation industries and achieve industrial diversification; the other is to use existing technology to empower existing industries and improve their competitiveness. Both paths can provide entrepreneurial and employment opportunities related to technology and innovation. In other words, Hong Kong can provide young people with development space by promoting the development of the Type I and Type II technology and innovation industries. 6.1.6 The Type I technology and innovation industries refers to industries that aim to develop cutting-edge technologies and corresponding technological products and services. These products and services can be tangible technological products or intangible intellectual property rights and solutions. The Type II technology and innovation industries refers to a variety of industries that use existing technological achievements, such as artificial intelligence and the Internet of Things, to improve technology, optimize processes, add value to products, reduce costs, expand markets, etc., thereby enhancing the efficiency and profitability of the industries. The Type I technology and innovation industries and the Type II technology and innovation industries are essentially different, so no matter the relevant stakeholders, the required policy support, or the ecosystem, there are significant differences125. 6.1.7 The goals and related paths of Hong Kong’s development of technology and innovation are shown in Figure 6.1. Figure 6.1 The Goal and Path of Hong Kong’s Development of Technology and Innovation 124 Xu, Y., and Yu, C. (2009) Innovated by Hong Kong, HKUST Business School: Hong Kong. 125 Xu, Y.,“Classification of Technology and Innovation Industry – Edited Keynote Presentation at the 30th Communication Forum of the Japan Society of Information and Communication Research”, Journal of Information & Communication Research, 31, 4, 2014, 32-35 6 Develop Technology and Innovation Industries and Foster Upward Social Mobility Create more space for Hong Kong’s young people to develop in the technology and innovation industries and promote upward social mobility Develop Type I technology and innovation industries: Realize Hong Kong's industry diversification Develop Type II technology and innovation industries: Use existing technologies to empower existing industries
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