More diverse minds

On the collaboration mechanism, OHKF's Shui recommends introducing more external members and professionals for a more diverse pool, since technology transfer offices (TTOs) and the committees that supervise them in Hong Kong universities, lack external representation compared to world-leading universities.

"Besides TTOs, we also need technology transfer alliances that can bundle inventions across universities, lower operation costs, access personnel with commercialization expertise, and develop university-industry networks for technology transfer," adds Shui.

Philip Law Yuen-kong, the Southern Region venture capital and private equity leader at Deloitte China, recommends Hong Kong emulate the Singaporean model when formulating collaboration mechanisms.

The Agency for Science, Technology and Research (A*STAR) in Singapore is a statutory board under the Ministry of Trade and Industry, tasked with developing the required I&T manpower, undertake R&D, and to monetize R&D outcomes.

"Singapore has the A*STAR that bridges academic universities and business entrepreneurs. Hong Kong should explore such a technology incubation model by injecting more commercial support into the technology commercialization process," Law says.