A think tank has proposed to authorities that the recurrent funding for knowledge transfer in universities should be increased, while allocating such funding based on their performances. A study by Our Hong Kong Foundation pointed out that more than half of Hong Kong’s total expenditure in research and development took place in universities, while university research in the UK and US constitutes a much lower portion of their country’s research and development spending, equivalent to 23.6 percent and 12.9 percent respectively. However, the combined total income from intellectual property rights in 2019 for all Hong Kong universities totaled HK$100.1 million, which is dwarfed by the HK$762.8 million generated by Harvard University and HK$799.1 million generated by the University of Oxford in the UK. The foundation suggested the University Grants Committee allocate the research fundings accordingly to the university’s performance in knowledge transfer, encourage universities’ research to be transformed into viable products and services. The foundation also suggested authorities to develop Kowloon Bay into an innovation district, offer space for expansion of the Hong Kong Science and Technology Parks and Cyberport to attract more AI and fintech firms.

Source: The Standard November 09, 2020 06:11 UTC