Realizing the growing importance of universities in Knowledge Transfer and innovation-centric entrepreneurship, the Government of the Hong Kong Special Administrative Region (HKSAR) actively encourages government-funded universities in Hong Kong to work with the market and industry, as well as wider society to stimulate innovation and entrepreneurship. This article aims to examine the changing university governance in Hong Kong particularly when universities go beyond the academia to work with industries and businesses to promote innovation-centric entrepreneurialism. It begins with a conceptual framework for analyzing multiple sectoral collaborations for entrepreneurship with a focus on the role of universities. It will discuss how the HKSAR copes with the main challenges of university governance by adopting policies and measures to creating a hybridized ecosystem so as to embrace cross-sectoral collaborations. The article concludes by critical reflections on changing university governance in Hong Kong when responding to the quest for entrepreneurial universities.