The head of the Science Park called for a balanced approach in technological development, saying while research and development is important, the results must also be applied in practical and real-world settings.

Speaking on a Commercial Radio programme on Sunday, Hong Kong Science and Technology Parks Corporation CEO Albert Wong noted the SAR's strong fundamental research capabilities.

He added the park is committed to helping startups and enterprises transform their technology into marketable products.

According to Wong's estimates, Hong Kong is home to over 4,700 innovation and technology companies, employing 40,000 to 50,000 people. He says those numbers still pale in comparison to cities like Shenzhen and Shanghai.

Going forward, Wong said the SAR needs to focus on attracting more tech firms to set up shop here, noting the ongoing development of two tech projects in the Northern Metropolis - the San Tin Technopole and the Hong Kong-Shenzhen Innovation and Technology Park.

He also talked about how the Science Park has been helping startups gain exposure overseas. Dozens of tech firms were given a chance to showcase their products at the Consumer Electronics Show (CES) in Las Vegas, as well as the Mobile World Congress (MWC) in Barcelona earlier this year.

"We also send companies to other parts of the world. But US Silicon Valley is important because it is a mecca of entrepreneurship and startup. There's a lot to learn about early stage investment, about entrepreneurship, about product market fit," he said.

Startups with great potential even have the chance to undergo six months of training in Silicon Valley through a booster programme. Five firms were earmarked last year, and secured over US$15 million of investment.

"These five companies that went there last year, it was very, very useful. They have to survive and they did survive. That is why we're going to send another 10 companies there this year," Wong said.