High-speed innovation and imagination are the true global currency of the 21century, Po Chi Wu is talking today about it from a unique perspective as a researcher at the Innovation Research Center at Peking University in Beijing. Though I wasn't able to capture all of it, he describes the innovative environment as one of
- Accelerating pace of change. In just the past fifteen years, 600 million cell phones have become available in China.
- A hypercompetitive market.
- Problem solving, which he adds, is a traditional Chinese strength.
- Willingness to experiment - something that is new to the Chinese. "Failure is a signal," that's what he teaches his class. It may or may not be bad, but there is always an opportunity to learn something new. Be willing to fail.
For the Chinese, it diaspora - 500 million Chinese outside of China has helped fuel rapid growth.
His innovation takeaways for business are: Scale matters. Scale drives accelerating change. The business must meet human needs, which does not necessarily fit within a spreadsheet.