Richmond needs to transform from a capital-driven economy to an innovation and knowledge economy, shift from a real-estate-driven to a technology-driven, abandon dependence on real estate, focus on innovation, management and knowledge.
Innovation means the innovators and entrepreneurs must come to Richmond first. For this purpose, Richmond City needs to set up a startup mansion to provide low-rent or even free office for startup and new companies, cultivate start-up incubators and encourage entrepreneurship.
This kind of entrepreneurship is not just a technology startup, but a full-scale entrepreneurship. City council creates a variety of software and hardware environments for entrepreneurship.