Here’s why China’s innovation ecosystem is good for business | World Economic Forum

The World Economic Forum’s Annual Meeting of the New Champions focuses on leadership, innovation and entrepreneurship.

More than 2,000 participants, including leading experts in science and technology, attend the meeting in Dalian, People’s Republic of China. They will take part in over 100 working sessions.

The meeting pools ideas and galvanizes progress towards a building a future where entrepreneurship serves everyone in society. The key focus areas are: Fostering Agile Industry Leadership, Achieving Technology Leadership, Sustaining Economic Leadership and Promoting Responsible Leadership.

This aspect underscores the need for start-ups to diligently monitor the Chinese government’s resource allocation priorities and seize opportunities to align and expand their businesses accordingly. Other factors include

This leads to companies iterating fast with the mindset of a ‘lean start-up’, focused on learning from real-world experiments and prototyping minimum viable products in the market to get ahead of the competitors.

Just like any business context, guanxi can make or break a deal, and influence decision-making, negotiations and partnerships. Establishing and maintaining guanxi can lead to better business opportunities, access to key decision-makers, and the resolution of conflicts.

Building and maintaining strong relationships with partners, investors, and government officials are highly valued. Smardaten does leverage strong connections – guanxi – with leaders in digital, technology companies and public organizations to establish a robust foundation of case studies quickly.

Combine these policies with social phenomena such as continuing urbanization, declining birth rates and improving educational systems, and you are looking at a situation where there are more buildings that require maintenance, operation and sustainable optimization and fewer people to keep them running.

This makes smart building, digital twin and artificial intelligence technology crucial. The need to find a balance between productivity, growth and sustainability makes China an ideal location to be doing what we are doing with Akila’s organizations are willing to try radical new ideas to find that balance.

Not only the integration of technology into daily life is unparalleled, offering a fertile ground for technology start-ups to thrive, but being from Hong Kong (SAR), the government’s proactive measures, such as favourable policies, targeted investments and regulatory flexibility, have played a key role in shaping the ecosystem’s trajectory.

Apart from this, Hong Kong’s welcoming environment, driven by its strong economy, business-friendly policies, multicultural society, language advantages, and networking opportunities have attracted talent for remote jobs.