This has been particularly pronounced in New York, where entrepreneurs, enticed by free-flowing VC money and local successes like Tumblr and OMGPOP, have started 500 new technology companies in five years, creating a 29 percent jump in technology-related jobs.

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Tung contends that it is not too late for Hong Kong to jump on the technology bandwagon.

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Hesitance to make the jump to more technology extends to government.

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