Science & Tech Innovation | Policy Research Series
Building Hong Kong as a Cradle for Successful Entrepreneurship
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[Presentation Slide (Read Flipbook) - English]
[Presentation Slide (Read Flipbook) - Traditional Chinese]
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[Presentation Slide (Download PDF) - English]
[Presentation Slide (Download PDF) - Traditional Chinese]
[Executive Summary (Download PDF) - English]
[Executive Summary (Download PDF) - Traditional Chinese]
Our Hong Kong Foundation (OHKF), in strategic partnership with Alibaba Entrepreneurs Fund, has launched its policy research report entitled Building Hong Kong as a Cradle for Successful Entrepreneurship. Start-ups are a crucial driver in promoting Hong Kong’s innovation and entrepreneurship. Data from the World Bank reveals that a 10% increase in the number of new business start-ups results in a 2.4% growth in GDP per capita and a 2.9% rise in patent filings in the subsequent year. Cultivating a vibrant start-up ecosystem will not only bolster the city’s economic development and support industrial transformation and upgrading but will also advance the vision of transforming Hong Kong into an international innovation and technology centre.
The report revealed critical gaps that hinder the growth of Hong Kong start-ups from inception to maturity, including: low start-up intention among graduates due to a lack of viable business ideas and a risk-averse tendency; insufficient support for technology transfer hindering the commercialisation of start-up products; a lack of risk appetite for early-stage ventures, especially in public sector funding, limiting access to financing; and regulatory barriers as well as differences in institutional systems faced by start-ups when seeking to expand into GBA Mainland cities and ASEAN markets.
Combining stakeholders’ insights and international case studies, OHKF puts forward 14 policy recommendations to stimulate the growth of Hong Kong’s start-up ecosystem across five key areas: education, technology transfer, financing, market expansion and attracting talent and enterprises. The report aims to rally the efforts of all sectors in creating a robust start-up environment, and to foster the development of more innovative and competitive talents and start-ups.
Developing Hong Kong into Asia’s Leading Clinical Innovation Hub
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[Full Report (Download PDF) - Simplified Chinese]
Our Hong Kong Foundation (OHKF), in strategic partnership with Hong Kong Science and Technology Parks Corporation (HKSTP), today released a policy advocacy report entitled Developing Hong Kong into Asia’s Leading Clinical Innovation Hub. Clinical research supports biotechnology as a strategic pillar of Hong Kong's Innovation and Technology (I&T) development. Clinical trial in particular is vital to bridge the gap between Hong Kong’s academic excellence and drug commercialisation, attracting biotechnology companies to Hong Kong as home to their new drugs’ development and ultimately benefitting patients with drugs from the latest clinical breakthroughs. Experience of the UK National Institute for Health and Care Research (NIHR) demonstrates that a £1 investment in clinical trials can generate economic benefits of up to £7.6, underscoring its economic potential.
With two universities ranked top 50 globally in medicine and top 100 in pharmacy and pharmacology, as well as well-recognised, world-class healthcare services and trial quality, Hong Kong has distinct advantages as a promising global hub for biotechnology. In the Hong Kong Innovation and Technology Development Blueprint released last year, the Government has identified life and health sciences as a key area for development; biotechnology has also been recognised as an evolving industry of strategic importance in China's 14th Five-Year Plan.
The increasing need for biotechnology has continued to drive clinical trials’ development, with a predicted annualised expansion of 6% globally over the next decade; furthermore, Asia is expected to outperform.
Predicted clinical trials market size (USD billion)
However, the number of clinical trials conducted in Hong Kong has seen a 22% decline between 2015 and 2021, in stark contrast to the average increase of 48% in major economies and the exponential growth of 285% in mainland China.
Number of clinical trials in Asia Pacific and global economies
To address the issues behind Hong Kong's lagging competitive position, the report proposes policy recommendations aimed at transforming Hong Kong into the leading clinical innovation hub in Asia, through attracting top-tier biotechnology firms, fostering talent development, and strengthening Hong Kong's role as a bridge between China and the West. The study proposes 5 policy initiatives, such as the establishment of a Clinical Research Institute to facilitate policy implementation and the creation of Hong Kong's own primary drug review authority.
Unleashing Hong Kong Youths’ Potentials in Technology Innovation to Build a National Engine for Innovation and Entrepreneurship
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[Executive Summary (Read Flipbook) - Traditional Chinese ]
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[Full Report (Download PDF) - Traditional Chinese]
[Full Report (Download PDF) - Simplified Chinese]
[Executive Summary (Download PDF) - Traditional Chinese]
[Executive Summary (Download PDF) - Simplified Chinese]
Innovation and technology (I&T) is the key driving force of socio-economic development. Entrepreneurship, on the other hand, is an important way to examine and promote I&T outcomes. Having creativity and a vivid imagination, youths are the young blood among entrepreneurs.
In this regard, Our Hong Kong Foundation, in collaboration with the Ministry of Science and Technology Torch High Technology Industry Development Center (China Torch), has published its new report titled "Unleashing Hong Kong Youths’ Potentials in Technology Innovation to Build a National Engine for Innovation and Entrepreneurship".
In recent years, more Hong Kong youths are exploring the opportunity to develop in the mainland, in the hope of making a difference in this vast hinterland. Hong Kong and the mainland are complementary in many aspects. If Hong Kong youths have the chance to actualize their potential in the mainland, it will undoubtedly be a win-win situation for both places.
However, at present, Hong Kong youths often face different obstacles when developing in the mainland, such as not keeping abreast of local entrepreneurial environment and relevant policies. Therefore, this report presents three key messages in a systematic manner, so that Hong Kong youths would have clearer directions and goals when entering the mainland market. At the same time, in light of the pain points young people encounter during the preparation stage of entrepreneurship, as well as those regarding their onsite struggles and living support, we put forth seven major policy recommendations for the mainland and Hong Kong governments, so that they can offer more comprehensive assistance to would-be entrepreneurs in the mainland. Other than integrating platform messages to ease the comprehension of mainland policies and information; facilitating immersion and networking programs offered by universities ; and tackling the dilemma of “unopened big and small doors”, we also suggest enhancing incubators’ efficacy by advancing subsidies for incubated start-ups; bringing together government, businesses and citizens to boost recruitment and employment through job fairs ; introducing a “Patent Prosecution Highway” to optimize patent protection; and improving Hong Kong people’s quality of life in the mainland by prioritizing the optimization of education and healthcare provisions . For details, please refer to the full report.
We hope to unleash the potential of Hong Kong youths in I&T through our recommendations. We believe that this will not only expand the development space for Hong Kong youths and unleash the huge potential of talent flows, but also promote the overall I&T development in Hong Kong and the mainland to jointly build an international I&T hub.
2021-07-23
策動灣區港深引擎 孕育生物科技新機
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[報告摘要 (閱讀揭頁版)]
[報告全文 英文 (下載PDF)]
[報告全文 繁體中文 (下載PDF)]
[報告全文 簡體中文 (下載PDF)]
[報告摘要 (下載PDF)]
位於一河兩岸的香港和深圳關係密切，而作為粵港澳大灣區的兩大中心城市，兩地在科技創新方面的合作備受矚目。
就此，團結香港基金聯同中國國際經濟交流中心、中國（深圳）綜合開發研究院，發布這份題為《策動灣區港深引擎 孕育生物科技新機》的科技創新研究報告。
香港基礎研究能力卓越， 亦擁有健全及蓬勃的資本市場；而深圳在政府大力支持下，已發展出成熟的科創企業及產業鏈。故本報告建議港深兩地科創合作以生物科技作為切入點，善用河套深港科技創新合作區，發揮兩地獨特優勢，共同發展。
然而，港深兩地生物科技合作面對缺乏規劃、體制差異、產業集群發展不足等障礙。因此，本報告提出七大建議，為港深兩地及中央政府建言獻策。除了建議港深兩地政府加速發展產業集群、建設配套設施、建立一站式服務平台、鼓勵知識轉移並培育複合型人才，我們還建議中央政府加强統籌協調、銜接兩地機制及便利港深生物材料和器械流通。詳情請見研究報告内文。
我們希望透過本報告的建議，突破港深合作的困局，讓兩地把握大灣區發展帶來的機遇，同時以發展河套區作為核心，發揮協同效應，促進經濟發展，共建首屈一指的生物科技創新高地。
Strategic Collaborations between Hong Kong and Shenzhen in Biotechnology – Capitalising opportunities in the Loop for Policy Innovations
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[Full Report (Download PDF) - Traditional Chinese]
[Full Report (Download PDF) - Simplified Chinese]
[Executive Summary (Download PDF) Traditional Chinese]
Overlooking the same narrow riverbed stand Hong Kong and Shenzhen, the two major cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), whose co-operation in the area of innovation and technology (I&T) has drawn significant attention.
As such, Our Hong Kong Foundation has partnered with the China Center for International Economic Exchanges and the China Development Institute to publish its new Science & Tech Innovation report entitled ‘Strategic Collaborations between Hong Kong and Shenzhen in Biotechnology – Capitalising opportunities in the Loop for Policy Innovations’.
While Hong Kong enjoys a competitive advantage in basic research and a robust capital market, Shenzhen leverages substantial government support to develop mature I&T enterprises and supply chains. Therefore, this report recommends that Hong Kong and Shenzhen use biotechnology as an entry point for scientific and technological innovation cooperation. By taking advantage of the Hetao Shenzhen/Hong Kong Innovation and Technology Co-operation Zone and making use of each cities’ unique advantages, Hong Kong and Shenzhen can pursue common development in this area.
Nevertheless, several problems hinder the two cities’ biotechnology collaboration, including lack of planning, systematic differences, and underdeveloped industrial clusters. Hence, we put forth seven major recommendations for the Hong Kong, Shenzhen, and Central Government to consider. Namely, we recommend speeding up the development of industrial clusters, setting up ancillary facilities, building a one-stop service platform, encouraging technology transfer, and training interdisciplinary talents. We also recommend strengthening overall coordination, bridging the systems of the two cities, and facilitating the flow of biological materials and equipment. For details, please refer to the full report.
We hope to overcome the cooperation challenges of Hong Kong and Shenzhen such that both cities can seize the opportunities brought by the GBA and, by building up the Hetao zone, create a world-class biotech innovation hub together.
2020-11-09
Building the Technology Bridge for Scientific Breakthroughs: Developing an Innovation Hub of the Future
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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.
2019-12-10
Science & Technology Innovation Report
Although Hong Kong is one of the world’s most competitive economies, it needs to enhance its innovation capability to catch up with global peers. Our Hong Kong Foundation believes that science and technology innovation is a critical growth engine for Hong Kong’s economy in the future as well as an essential element to uphold its leading position in the world. Therefore, we have launched a new research report, titled “Unleash the Potential in Science and Technology Innovation: Develop Hong Kong into an International R&D Powerhouse”.
To unleash its full potential in science and technology innovation, Hong Kong needs to strengthen interdisciplinary and cross-institutional collaboration. As scientific developments and challenges are increasingly complex and multi-faced, tackling these emerging issues requires multilateral collaboration. To that end, this report puts forward the recommendation of establishing interdisciplinary and cross-institutional mega research institutes to attract top-notch international scientists to conduct large-scale, collaborative scientific research. Mega research institutes also provide local researchers with a promising career pathway, thereby promoting the development of the entire science and technology innovation ecosystem in Hong Kong. With a view to create the optimal conditions for mega research institutes to flourish, the report addresses three fundamental areas: funding, talent and collaboration. The recommendations aim to provide higher-level strategies, build the R&D talent pipeline and promote interdisciplinary and cross-institutional collaboration. We hope our report will complement the Government’s recent initiatives to accelerate Hong Kong’s science and technology innovation and develop Hong Kong into an international R&D powerhouse. With further enhancement in the local science and technology innovation ecosystem, Hong Kong definitely stands a strong chance to scale new heights and become a world’s leading innovative economy.
2017-09-19
FinTech Advocacy Study
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Hong Kong is a well-known international financial centre, and financial technology (FinTech) is one of the major trends affecting the global financial community. Maintaining our status as an innovative and world-class financial hub requires us to expand and promote the development of FinTech.
Our Hong Kong Foundation’s advocacy study on financial technology considers that a ‘FinTech regulatory sandbox’ is a highly suitable option to accommodate innovative FinTech product within existing regulations, while also maintaining social and economic stability. The advocacy study suggests that four aspects of the FinTech regulatory sandbox of Hong Kong’s regulatory authorities (the Hong Kong Monetary Authority, the Securities and Futures Commission, and the Insurance Authority) could be improved. They are: (1) collaboration; (2) inclusivity; (3) facilitation; and (4) scalability.
In light of Hong Kong’s comparative advantage in finance, we should seize this opportunity and maintain our competitive edge in FinTech development.
2015-12-18
The Ecosystem of Innovation and Technology in Hong Kong
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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. |
徐立之
香港科學院創院院長
