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DigitalEconomy

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How do we #innovate when we are getting bigger? In the #DigitalEconomy, industry leaders cannot keep on doing what they have been doing. Even we have invested 15% or more of our sales revenue on R&D, it doesn’t mean we can continue winning & surviving. #DisruptiveBusinessModels & #EmergingTechnologies have already got into traditional industries & disrupted or even killed the leaders there.

How to formulate our #InnovationStrategy to compete & sustain our success? I am grateful to teach one of my favorite courses in #CUHK #EMBA on Zoom & shared my experience with top executives from mainland #China & #HongKong. Special thank to Prof Andrew Chan for giving me this opportunity. Key topics are #OpenInnovation #Intrapreneurship #Experimentation #DesignThinking #LeanStartup #AgileManagement & more.

We’ve gone through a series of cases #IDEO #BookingCom #Huawei #Xiaomi #GE #Adobe & certainly #TechGiants & #Unicorns. More importantly, I’ve invited #startup & #CorporateLeader as guest speakers to share their experience. Thanks to Harris Sun #RaspectMatthew Chan #JardineRestaurantGroupAndy Bien #HKAirportAuthority & Hugh Chow #ASTRI. We all learned a lot from them.

If you would like to learn more about #Strategic #Innovation #Management, I am happy to share more with you.

https://www.linkedin.com/posts/toacharm_innovate-digitaleconomy-disruptivebusinessmodels-activity-6679770403289858048-H0kF

It is a challenging time for any industry leaders in the #DigitalAge when they are competing with new digital leaders instead of traditional rivals.

How to transform a 90 years old company to sustain their industry #leadership & seize the emerging opportunities from the #DigitalEconomy was the main theme that 80+ senior managers across different regions & functions of #ChowTaiFook #Jewellery Group https://lnkd.in/eAxk8iV & I discussed through both Zoom and in person today.

Chow Tai Fook has a great #culture of #innovation in the #NewRetail industry such as award winning #TMark#SmartTray, etc. but we all agreed that a lot more can be learned from the #techgiants#unicorns #startups and other industry #innovators. We explored several potential #businessmodels that could bring in asset-light businesses driven by #platform and #bigdata to the group. We also talked about the best practices of corporate #intrapreneurship such as #LeanStartup#OpenInnovation, etc.

Appreciate that the participants actively engaged & shared their views. We did have a fruitful discussion. I learned a lot from all of them as well. Thanks for the leadership from MD Kent Wong https://lnkd.in/e2kJmHS & Bobby Liu Quentin Wong Flora Ho Jessica Tam Vicky Chiu & all who participated today.

Many of the offline classes & forums have been canceled or postponed due to the Cornavirus outbreak. Fortunately, technology can keep learning as usual. A group of big data experts has made use of technology to share their experience online on the topic of BigDataLiteracy in the DigitalEconomy.

HKPC together with OpenCertHub organized an online forum on the topic “The Most Wanted Data Technology Talent”. In this decade, AI & Big Data skill will be a necessity for everyone, not just IT & data scientists. We need IQ, EQ & now DQ in order to compete and survive. DQ stands for DataQuotient or DataLiteracy. Every business leader and executive needs to boost their DQ in order to be able to create data-driven business models and monetize their data. It is a common language like English that we use it for our business worldwide. Please refer to my previous article for more. https://lnkd.in/fwqbUff

Reskilling everyone of us to be a CitizenDataScientist has become an urgency in this decade no matter what industry & what position we are in now. Hundreds of audiences from a diverse background has joined the online forum. Glad that they have started aware of this urgency.

Thanks Patrick Tsoi , Daniel Yuen, Andy Kwok, HKPC Edmond Lai, Karen Fung, Desmond Chan, & the audiences joined the forum.

OpenData & OpenSource are two critical engines to empower collaboration among technology giants, startups, citizens, governments & universities in the DigitalEconomy. In the AI &  BigData space, open data and open source technologies have proven to be efficient & cost-effective in getting big data stored, analysed & visualised. Open source data & open source products are no longer as risky as they used to be, so more companies are adapting & implementing leading open data tools like #Apache’s #ASF’s Hadoop, #Kafka and #R.

Open source tools are also globally democratized to the mass from tech giants to startups, enterprises to SMEs & experts to laymen.  Where is Hong Kong now? Here is a chance to learn from all the key stakeholders in the Open Sources Economy. HKPC HKSTP Cyberport HKU has co-organized an Open Data & Open Sources Forum on Oct 29. Thanks Edmond Lai and his teammates HKPC to organize it. Registration https://lnkd.in/fXAfJc2 & agenda https://lnkd.in/fkzTC6i

OGCIO PCPD industry practitioners & researchers will share their experiences on open data & open sources. On behalf of OpenCertHub, I will share the open sources talent development in HK, mainland & Asia. It is our honour to be a sponsor for the forum together with AWS CIOConnect. See you there.

Part 2 of #FHKI × #HSBC STARS Programme: 12 elite entrepreneurs shined on the demo day of our #FHKI × #HSBC STARS Programme in front of a number of  influential and experienced #toys and #electronics manufacturers.   We have carefully selected these start-ups through several rounds of assessment and prepared them for the demo day.  Congrats to AGIT FreightAmigo Quikec PowerArena Raspect  ArtroDigital Parami Posify 42Lab BNET-Tech CapLab and iCUBE.

The participating manufacturing leaders from FHKI will help and collaborate with these innovators on #GoToMarket strategy, #Production, #Marketing, #Funding, business connection and matching, etc.  Both sides were highly engaged in the demo and networking sessions.

Thanks again for #HSBC Daniel Chan Jaff Lau and Ada LAM for their support and presence on the demo day.  Daniel also shared how HSBC collaborates with startups to support SMEs.   Appreciate FHKI Bryant Chan Jason Chiu Gordon Lo Idy Cheung for their excellent leadership and execution.  It was my honour as the Principal Mentor of this program and am proud of all the participating startups and FHKI manufacturers.  Enterprise collaboration is the key for start-ups’ success.  Keep it going.

Part 1 of #FHKI × #HSBC STARS Programme can be found here.
https://lnkd.in/f5ui7rG

It is absolutely critical to have leading manufacturers,  financial services institutes &  startups to collaborate together to co-create innovative solutions to solve customers’ pain points & come up with new business models to seize the market opportunities in the Digital Economy. Here is a great example in  Hong Kong.  FHKI Federation of Hong Kong Industries Startup Council partnered with  HSBC has organized a STARS programme to select the best of the best startups to add values to the Toys & Electronics manufacturing industries. https://lnkd.in/fV79SXT Today, we have done the vetting exercise. It was my honour being the Chairman of today’s judging panel & Principal Mentor of the programme. Experienced manufacturers, serial entrepreneurs, financial services leaders & investors were in our panel today. 10+ teams were selected & will proceed to next round for business & investors matching. It is encouraging to see all key stakeholders of the start-up ecosystem working together.  It combines the strength of HK to create synergy & miracles. Look forward to seeing more joint effort there. Special thanks to FHKI & HSBC to make it happen & the great effort from participating startups. Bryant Chan,  Jason Chiu , Gordon Lo , Idy Cheung Jaff Lau,  Ada LAM,  Daniel Chan & more.

From their National BigData Analytics Framework to now NationalAI Framework, Malaysia MDEC has been proactively to transform their country to be a DataEconomy. I have participated in their largest AI & Big Data Annual Conference nextbigtechasia https://lnkd.in/ezEXEbr On behalf of OpenCertHub, I was glad to have a chat with the MDEC CEO Surina Shukri and Head of Data Economy Dr. Karl Ng there to see how we can collaborate to cultivate a platform to authenticate and certify AI and Big Data talents to fuel the rapid growth of the data economy in Malaysia. I also shared our experience in Hong Kong and mainland China on how we collaborate with the training institutes, universities, corporates, AI & big data companies & experts, recruitment professionals to nurture AI & big data talents. Our common mission is to democratize data literacy to the mass. AI is going to replace a lot of jobs but at the same create a lot of new jobs. Business leaders and professionals, not just IT guys, need to reskill ourselves on data capabilities in order to grow with the data-driven digitaleconomy.  CitizenDataScientist is the way to go. For more, please visit www.opencerthub.com. Really glad to have met many great partners and clients who are interested to collaborate with us.

“Banking is necessary but banks are not” ( quote from Bill Gates ) is not just applied for the incumbents in banking industry but all leaders in traditional industries. Traditional companies are facing unprecedented challenges from 4 major forces in the Digital Economy. Many of them will not survive if they don’t act now & don’t do it right. Last week in Shanghai, I have shared my experience gained from consulting large incumbents & cultivating innovative startups. We talked about these 4 key types of competitors for traditional companies: 1. Tech Giants Amazon Alibaba 2. Unicorns Gogovan Klook 3. Traditional companies from other industries with great digital capabilities to cross over to your industry Volkswagon getting into insurance 4. Companies in your same industry but with better digital capabilities than you Strategy that we learned from Business School, MBA and EMBA still matters but may not be good enough to empower leaders to win & even survive in the Digital Age. We talked about how to formulate Digital Strategy, cultivate a Digital Workforce & work with Digital Colleague around us. More importantly, how to innovate & collaborate with startups. Will deliver this talk in Tsingtao, Taiwan, Malaysia & more Asia’s cities in the next few months. CU.