The rise of the knowledge economy has generated new global infrastructures with information technology playing an increasingly important role in the global economy. The popularity and prominence of information technology not only changes the nature of knowledge but also restructures higher education, research and learning. It is in such a wider policy context that an increasing number of institutions of higher learning are being established with new missions and innovative configurations of training, serving populations that previously had little access to higher education. Apart from accommodating a larger number of students, higher education institutions are required to improve their administrative efficiency and accountability in response to the demands of different stakeholders like government, business, industry, and labour organizations, as well as students and parents. The present article sets out in this wider context to examine how and what strategies universities in Hong Kong have adopted to promote entrepreneurial spirit and practices by encouraging academic staff to venture in industrial, business and commercial fields. In addition, this article examines how universities in Hong Kong reform their curricula to make students more creative, innovative and international. More specifically, this article reflects upon the role of the Government of the Hong Kong Special Administrative Region (HKSAR, hereafter) in promoting entrepreneurship, with particular reference to the interactions between the government, the private sector and the tertiary education sector in promoting a vibrant and dynamic economy.