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The secrets of business success
Earlier this year the World Economic Forum produced The Future of Jobs report, which predicted that the job skills required in five years’ time will be very different. Among the top 10 skills in 2020, “handling complex issues" remains the most wanted, while "creativity" which was ranked 10th previously, has risen to the third.
With the development and adoption of artificial intelligence, machines are empowered with the ability to observe and process logical reasoning. But only creativity, at present, is uniquely generated by humans.
Beyond creativity
But for entrepreneurs, I believe one more ingredient is needed: business ideas for the betterment of mankind. On top of offering efficient operations, business ideas should be able to generate additional benefit to improve the lives of mankind and to solve social problems in the long term. This is an important element for businesses to survive and thrive.
Recently, I was invited to be an instructor of car manufacturer Infiniti's entrepreneurs mentor program Infiniti LAB Accelerator 2.0. The theme this year is smart city. Among the 140 applications worldwide, two have started their development in Hong Kong and the rest are from Singapore, Dubai and the United States.
One of them was German research company Green City Solutions. The company has recently supported the development of a green wall called CityTree installed outside Hopewell Centre at Wanchai. This green wall uses moss, which can absorb nitrogen oxides and pollutants to improve air quality. It is effective in reducing air pollutants and can remove carbon emission at a capacity equivalent to 275 trees.
Another Hong Kong startup in the program is Precision Services Limited (PSL) post. The ambitious company aims to solve the problems of traffic congestion and air pollution in a big city like Hong Kong. PSL designed an electric bicycle that is light, foldable, battery-charged and environment friendly. It aims to be the green alternative for traveling within the metropolitan.
The merits of these business ideas lie in their ability to improve our living standards and benefit society in the long term, which are essential for any business to survive and thrive.
Mission to develop a digital map
When I switched from teaching in the University of Hong Kong to running my own geographic information system (GlS) business, I had a mission to provide a more accurate and comprehensive digital map. These maps aim to provide diversified information that facilitate urban planning and management, as well as to help Hong Kong to connect to the world.
Back then, GlS was an elective subject, as most government departments and businesses were using only hand-written paper maps. We were lagging far behind the digital format in the United States and Canada.
My original plan was to be a teacher to train more local GIS talents in the university. But the number of students in each class was around 20 to 30 at that time. I soon realized if I continued to teach, after eight or 10 years, there would only be several hundred GIS experts. Their influence in the industry would be limited.
To change the landscape and switch the culture from using paper maps to digital maps, I strongly believe it was necessary to create demand and inspire the use of GIS technologies. I was determined to create an ecosystem, where different businesses could be developed from the technology and provide employment opportunities for GIS graduates.
Apart from solving the problems of paper maps, this GIS ecosystem can pull together innovative technologies, people and ideas to develop a new economy, a new market, and a competitive Hong Kong. With this mission in mind, I started my business and before I knew it, it has been 20 years since.
This is something I shared with the nine short-listed participants at the Infiniti Accelerator 2.0 this year. It kick-started the discussion about entrepreneurship.
I look forward to other business leaders sharing their experiences and networks to help local young entrepreneurs. Together, we shall use technology with greater creativity, and strengthen Hong Kong's economic foundation for the long term.
Dr Winnie Tang
Chairman of the Steering Committee of the Smart City Consortium