To cultivate the industries of the future we need to invest in this intangible human quality
The ideas that will power the next wave of entrepreneurialism can only come from a culture that embraces out-of-the-box thinking
What is now known as The Long March, the year-long arduous trek through very difficult terrains in China, allowed Mao Zedong’s Red Army to escape Jiangxi after massive losses at the hands of Nationalist forces.
Chairman Mao, with his innovative ways of thinking, got his battered forces to regroup and recover, making him the undisputed leader.
Similarly, as we plan for the future economy in an equally challenging but economic terrain, we recognise at least two key factors driving innovation – creativity and the role of the government in driving economic initiatives.
Society must embrace creativity over conformity and learn from success as well as failure
In May this year, the Chinese government unveiled a three-stage plan with the objective of making China a “world powerhouse of scientific and technological innovation” by 2050. The idea is to move away from traditional growth sectors such as steel, and give a boost to a slowing domestic economy.
While any government should be driving the engine for fundamental research and development, and the necessary regulatory frameworks that comes with it, we argue that governments may do well to consider letting free enterprise handle incremental improvements. With laissez-faire at work, market forces will see to the survival of the fittest, and in the long run, a more productive economy.
Unfortunately, this is not the case in all economies. The UNESCO Science Report: Towards 2030 points out that despite massive government support, there has been relatively few success stories from China’s domestic innovation system. Yet, as the second largest economy in the world and as the leading economy in Asia, it must drive innovation.
