In addition to describing "startups" in the ViuTV drama "IT Dog", there is still a lot of space to talk about "venture capital".
However, in addition to private venture capital funds, some official venture capital funds are also vaguely mentioned in the play, as well as technology parks that seem to be run by the government.
In the last policy address of Carrie Lam's tenure, he declared the comprehensive development of the northern metropolitan area, and Xintian Science and Technology City was the top priority.
Scholar Zou Chongming analyzed in his article "In Search of a User-Oriented Innovation and Technology Industry" that in reality, the Silicon Valley of the United States, where start-ups are abundant, is regarded as a successful bastion of free entrepreneurship that cannot be touched by the government's "visible hand".
The innovation and technology giants with a market value of tens of billions of dollars seem to be starting their businesses from their garages in the backyard; facing the fierce open competition environment, enterprises are the main source of mutual learning and innovation.
However, according to scholar Neil.
According to Neil Fligstein's analysis, the government's support behind the scenes plays an important role in the development of Silicon Valley.
The "caravan entrepreneurship" and "myth" conceal the important facts behind the success of Silicon Valley - the government, as the setter of software and hardware standards, the consumer of innovation and technology products, and even the sponsor of university research funds, has always been in the process of Silicon Valley's rise. Highly involved.
If the government has insufficient market awareness, it needs to strengthen cooperation with the industry; is it feasible to rely on the industry to lead the way?
In economics, there is a concept of "the market of lemons". In the United States, "lemons" refer to low-quality used cars. Due to the asymmetry of information between consumers and agents, speculators with bad intentions can take advantage of them. Promotion of low-quality "lemons" at low prices will leave no market space for honest agents.
If the government invests heavily in innovation and technology, how can it not attract the attention of some speculators, trying to divide up huge public funds, instead of focusing on developing long-term market potential.
Users or consumers in the downstream industry (including public institutions, private enterprises and individuals) are willing to pay real money to purchase and use products for a long time, and then the achievements of I&T can be considered as successful commercialization.
Therefore, the key to the success or failure of industrial policy is not only how many start-ups to support, but also how many users who really "know the goods" are cultivated.
Users or consumers are important stakeholders in the I&T industry, and further turning them into shareholders is the key.
It is envisaged that the shareholding of Hong Kong Science and Technology Parks Co., Ltd. can be opened, the Hetao Hong Kong-Shenzhen Science and Technology Park can even be split and listed, and governance can be opened up to more public participation, and the structure of the innovation and technology industry will be completely different.
With the co-injection of public funds and private funds, they complement each other's strengths and weaknesses, effectively providing the right balance for the venture capital market.
Moreover, public money investment in innovation and technology should not only be aimed at institutional or professional investors. Equity can be further opened up to all citizens—that is, general users or consumers of innovation and technology achievements.
As long as starting from the fundamental link of the equity model, fully distributing the shares of the Science Park or Cyberport to the public, and allowing the public to inject additional funds in the form of allotment, and participate in the investment in the innovation and technology industry from the bottom up, the economic results produced will be self-sufficient. To share together, but also to build a strong local market backing for the development of the industry.
Further reading:
In addition to real estate hegemony, is Hong Kong emerging as an "innovation and technology hegemony"?
The Innovation and Technology Dream of "IT Dog"｜Aside from the "big platform theory", who cares about privacy loopholes?
"IT Dog" talks about "data property rights", can you feel at ease in the monitoring era?
Government investment in innovation and technology cannot only focus on the industry. Many people may only brag about how good the product is and how much benefit it can bring to the development of the industry, just like the "son of the star" Tony played by Lokman in "IT Dog" .
(ViuTV "IT Dog" stills)
For details, please read the 309th issue of "Hong Kong 01" Electronic Weekly (March 21, 2022) "
In Search of a User-Oriented Innovation and Technology Industry
"
.
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