Over the past 20 years, the ethos of academic entrepreneurialism has significantly influenced the Hong Kong higher education sector. As entrepreneurialism is an increasingly popular restructuring strategy for Hong Kong universities, they have begun to shift their paradigms from purely upholding the mission of research and teaching to the third mission of promoting economic and social development. Knowledge transfer (KT), which involves licensing, spin-offs, consultancy, collaborative research between universities and industry, is one common strategy to achieve such goal. This article focuses on knowledge transfer polices of Hong Kong universities and attempts to examine their impact on academic professions.