Innovation for Hong Kong's Upward Social Mobility

64 7 Conclusions 7.8 This report also recommends the introduction of “Output Thinking”; the government should match the income derived from knowledge transfer of universities to promote the commercialization of scientific and technological achievements. This part of matching fund should be further divided into two parts: half of which should be used as an angel fund to promote entrepreneurship and innovation activities of scholars and college students, while the other half of which should be used by universities autonomously to mobilize the incentives for universities to participate in the matching fund scheme, and promote the enthusiasm of knowledge transfer. 7.9 Through the above suggestions, it is envisaged that a goal-oriented, Output-Thinking ecosystem can be formed in Hong Kong to promote the development of Hong Kong’s technology and innovation industries (Figure 7.1). Figure 7.1 A Goal-oriented Hong Kong Technology and Innovation Industry Ecosystem with Output-Thinking Encourage and promote knowledge transfer from Hong Kong’s universities, especially to local enterprises Make good use of the development of the Lok Ma Chau Loop to make it a gathering place for mainland and overseas enterprises and talents to overcome the shortage of R&D talents and the lack of entrepreneurship talent cultivation mechanism in Hong Kong. Develop the Type II technology and innovation industries: use existing technology to empower existing industries Create a bigger space for Hong Kong’s young people to develop in the technology industry and promote upward social mobility Develop the Type I technology and innovation industries: realize the diversi cation of Hong Kong’s industries Strengthen the postgraduate education of local students in Hong Kong’s universities Technological entrepreneurship of youth in Hong Kong Encourage large mainland and foreign technology companies to settle in Hong Kong Increase support for the Type II technology and innovation industries