Under the circumstances that the Innovation and Technology Bureau was not set up, some sector representatives wonder that Hong Kong will lag behind our neighboring competitors. On the contrary,China is rapidly becoming the innovation leader of the world. Chinese innovation does not follow the Western pattern. Whether or not a company operates today in China, its competitive success in the near future is likely to be determined by innovations created there, it is critical for MNCs to learn the lessons from the Chinese innovation model.
Savantas Policy Institute held a seminar entitled “China’s Next Advantage: Innovation” today (August 11). The speaker, Professor Bruce McKern, is a highly-rated instructor and advisor on issues of MNC strategy and innovation in China. Mrs. Regina Ip, Chairperson of Savantas Policy Institute, gave a welcome speech and special thanks to Professor Bruce McKern who shared his views to all participants in the seminar, giving idea that innovation and technology sector practitioners can learn from China’s success.
Based on three years of research on the ground in China, Professor McKern shared the key arguments of his book with colleague George Yip, China’s Next Advantage: Innovation. Professor McKern said, “China is no longer just the factory of the world. It is rapidly becoming the innovation leader of the world. Its huge and rapidly growing economy, combined with its large number of scientists and engineers and the government’s far-sighted drive to establish a modern innovation ecosystem, mean that more and more Chinese companies now innovate in China, not just for China’s market, but for the world.”
“Chinese innovation does not follow the Western pattern. Chinese companies have very different approaches to the relationship between innovation and the market, to the organization of change, and to the fundamental purpose of product and process innovation. They have learned not only how to innovate more cheaply than their global competitors, but they have also learned to build innovation processes in collaboration with their customers, and to do it faster than their Western counterparts.”
“Chinese companies understand and respond to diverse customers and have evolved their strategies from low cost, to ‘fit for purpose’, to genuine innovation. And their outward investment is moving rapidly from resource security to leadership inside Western markets. Their focus on knowledge creation will soon enable them to challenge the world with disruptive innovation.”
“Whether or not a company operates today in China, its competitive success in the near future is likely to be determined by innovations created there, it is critical for MNCs to learn the lessons from the Chinese innovation model. The talk today outlined strategies to deal with this challenge.” Professor McKern concluded.
About the Seminar:
The seminar “China’s Next Advantage: Innovation” was organized by Savantas Policy Institute, withStanford Club of Hong Kong Alumni, Stanford GSB Chapter Hong Kong and Savantas Liberal Arts Academy as co-organizers.
The seminar was essentially academic. Participants included Stanford alumni, members of technology and VC communities and policy researchers in pertinent fields. Experts and academics in the Innovation and Technology sector also attended.
Mrs. Regina Ip attended in the capacity of Chairperson of Savantas Policy Institute and Stanford alumna, though she is also the Chairperson of New People’s Party and Member of the Executive Council and Legislative Council.
About the speaker:
Professor Bruce McKern is currently Visiting Fellow at Stanford University’s Hoover Institution, Visiting Professor of International Business at China Europe International Business School in Shanghai, and Visiting Research Fellow at Technology and Management Centre for Development at Oxford University. He has rich experience in researching and consulting in the field of innovation and strategy. He is a highly-rated instructor, advisor and public speaker on issues of MNC strategy and innovation in China.
Today’s talk by Professor Bruce McKern, based on three years of research on the ground in China, described the key arguments of his book with colleague George Yip, China’s Next Advantage: Innovation, to be published by MIT Press.