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Entreprenuership and Innovation Insights


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Entreprenuership and Innovation Insights

  1. 1. Entrepreneurial learning and innovation ecosystems in China August 2015
  2. 2. Preface China as a growing nation has seen one of the fastest developments in the modern century. The size of the consumer market is second largest in the world and is projected to triple in size by 2020s. The pace of change and fierce competition have lead to an increased focus on entrepreneurialism and innovation. China is rapidly transitioning itself from a manufacturing economy to an innovation led market in the recent years. The sections below will detail key insights from my experience spent immersed in the midst of the innovation ecosystem in Beijing, China and what businesses can learn from entrepreneurs who have rapidly grown within this economy. Annie Shu – August 2015
  3. 3. Chapters Entrepreneurial learning in China 321 Innovation ideas insights and trends Innovation ecosystem in Beijing Annie Shu – August 2015
  4. 4. 1. Entrepreneurial learning in China Overseas Talent Entrepreneurship Conference OTEC is one of the largest start- up events in China, the conference begins with the International innovation summit of TechCrunch, followed by international pitching of innovation from across the globe. The event is produced by TechCrunch China at the emerging hub of innovation and entrepreneurship in Chaoyang, Beijing. The conference bought together entrepreneurs from United States, Europe, Australia and Asia showcasing innovation and thought leaders from 5 different industry segments. During the week of conference, it attracted more than 7000 innovators and 500 entrepreneurial teams. OTEC is a great platform for entrepreneurs to showcase their innovation. It was an opportunity to be at the forefront of change seeing these new ideas emerging from the technology, health, environmental and energy sectors that has the potential to revolutionise the industry. Annie Shu – August 2015
  5. 5. 1. Entrepreneurial learning in China 5Annie Shu – August 2015
  6. 6. 1. Entrepreneurial learning in China Rapid pace in increasing venture capital funds Australia in comparison to China has much lower venture capital investment, investing in 500 or 1% of estimated 30,000 investable business of high growth potential. China has invested start-up capital exceeding $57b USD. When visiting VCs and angel investors in Australia and China, the typical pace of investment in China is roughly six times the size in Australia. Government Investment into Capital Chinese government is playing a key role in shifting China to a more innovative economy. Since 1980s, there has been investments into the development of innovation incubators and hubs throughout the country. Tax incentives, monetary grants and relaxed laws have been granted to further encourage entrepreneurship in China. Annie Shu – August 2015 Competition creates ambition and risk taking culture Due to the competitive nature of the Chinese economy, entrepreneurs from China tend to produce increments of their idea to test out the concept and rapidly evolve from the reception. A large portion of these entrepreneurs from China come from humble beginnings and are highly ambitious and willing to take risks if they sense a pay-out on their investments. Source: Australian Private Equity & Venture Capital Association Limited OTEC Investor presentations TRIGGERS FOR INCREASED ENTREPRENEURIALISM IN CHINA
  7. 7. 2. Innovation ideas insights and trends 7 Consumer market Tapping into the giant consumer market in China RECURRING THEMES OF INNOVATION IDEAS PRESENTED AT THE CONFERENCE Health and Wellbeing Increasing awareness and accessibility of health aspects in people’s lives Energy consumption Creating sustainable living for households and businesses Gamification Using game play to motivate user behaviour Source: Analysis from OTEC Innovation pitches Annie Shu – August 2015
  8. 8. 2. Innovation ideas insights and trends 8 TRENDS IN THE INNOVATION PRESENTED Mobile – Instant access Large portion of ideas had an element of an online or mobile platform to engage directly with customers. Examples include Wellapets, an app to teach kids in schools healthy living combining with games that are paediatrician approved health contents. Shared economy – matching demand and supply There is a trend seen in the ideas pitched to include innovation sourcing demand and supply opportunities. For example: DineIn, an Airbnb of restaurants concept, users can turn their backyards or homes into a dining experience with people booking and paying for their meals. The concept aims to provide a direct connection for food lovers, chefs and owners of spaces. Big data analysis Utilising readily available information to better inform or enhance the experience of the user. For example: Elumin8, a light device that collects and analyses home energy data to convey a simple information to the user to empower them to reduce their energy consumption. Source: Analysis from OTEC Innovation pitches Annie Shu – August 2015
  9. 9. 2. Top 20 innovation pitches were presented at final round 9
  10. 10. 3. Innovation ecosystem in Beijing Innovation infrastructure Beijing has invested consistently over many years in national innovation and has created several modern scientific and technological infrastructure including incubator parks, universities and research institutes. There are now approximately 1800 innovation hubs in China, 1600 of these technology related. Beijing has seen several districts (Zhongguancun, Sanlitun and Chaoyang) becoming central start-up communities. Zhongguancun, being named as Beijing’s Silicon valley, innovated an impressive average of 49 startups per day last year. Source: OTEC Start-up ecosystem site visit Bloomberg Business, China’s Silicon Valley Sparking 49 Technology Startups a Day, March, 2015 Annie Shu – August 2015
  11. 11. 3. Innovation ecosystem in Beijing INNOVATION INCUBATOR Case Study – TheNode TheNode is an incubator situated in the popular start-up space 798 of Beijing. TheNode focuses on accepting mature start-ups that have secured funding and development from Series A investment round. Dr. Gang Lu, founder of theNode, believes that life experience is the best incubator for startups, “For those who have really lived their lives can spot the demands of everyday life. Entrepreneurship should be a joyful experience and a positive life choice, rather than a backbreaking journey.” This theme is consistently displayed in the setting of TheNode. Source: OTEC Start-up ecosystem site visit Annie Shu – August 2015
  12. 12. 3. Innovation ecosystem in Beijing – TheNode start-up wall 12 Source: OTEC Start-up ecosystem site visit Annie Shu – August 2015
  13. 13. 3. Innovation ecosystem in Beijing INNOVATION CO-WORKING SPACE Case Study – Woo Space One of the newest and fastest growing co- working spaces in Beijing consisting of over 800m2 per Woo space site. There are currently 3 Woo co-working spaces in China with the aim of expanding to 10 new locations by Feb next year. Each of these locations have drawn about two dozen Chinese startup teams to the space including meeting facilities, co- working desks, creative breakout areas and innovation cafes. Source: OTEC Start-up ecosystem site visit Annie Shu – August 2015
  14. 14. 3. Innovation ecosystem in Beijing – Woo space 14 Source: OTEC Start-up ecosystem site visit
  15. 15. 3. Innovation ecosystem in Beijing BILATERAL INCUBATOR Case Study – China Australia Millennial Project (CAMP) CAMP is a world-first bilateral incubator uniting 130 young leaders, innovators and changemakers from China and Australia to tackle global challenges spanning 13 different thinktanks including digital disruption, sustainable living, global talent, entrepreneurship, infrastructure and many more. During the course of the incubator, each of the teams were placed through modules to ideate, build and test out the concepts. The thinktank then went into a one week accelerator where their ideas are challenged and pitched to innovation mentors and investors. Annie Shu – August 2015
  16. 16. 3. Gamification thinktank – Solving for customer’s need 16 CAMP delivered 25 incredible ideas solving issues that is prevalent to both China and Australia. During CAMP process, I was fortunate to be involved in the Gamification thinktank tackling the question on “how can gamification foster collaboration and create sustainable social impact?” Thinktank Concept Our solution is an innovative concept that uses gamification to relieve stress triggered anxiety. In recent years, anxiety is becoming a hidden disorder in both China and Australia. Due to the negative stigma associated with the issue, many who are suffering anxiety often leave it untreated until it gets out of control. This has resultant impact on productivity and wellbeing of the individual. Annie Shu – August 2015
  17. 17. 3. Gamification thinktank – Solving for customer’s need 17 Unxiety, an interactive platform designed specifically for young professionals in the workplace. Unxiety assesses user’s individual circumstance to provide a tailored program and a companion ‘friend’ allowing each participant to use game therapy to navigate through a series of self-discovery and self-recovery adventures. The tailored program offers a differentiated way to deal with the problem and motivate behavioural change. Annie Shu – August 2015
  18. 18. About the author 18 Annie is an innovation manager at Westpac where she facilitates the innovation mindset to businesses and individuals, enabling them to think outside the box, provides capabilities for them to tap into opportunity areas and ideas that are differentiated in the market to add maximum value. Prior to this role, Annie has worked in the strategic function, finance, customer centred design, technology as well as in institutional banking in the expansion of the Asia presence into Singapore, China and India. Annie Shu Annie Shu – August 2015