Asia's Role Economy: Innovative Does Asia Need Moderator: Peter S

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Asia's Role Economy: Innovative Does Asia Need Moderator: Peter S

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One: Asia's Role Economy: Innovative Does Asia Need
Asia's Role Economy: Innovative Does Asia Need
Moderator: Peter Stein, Managing Editor, Asian Wall Street Journal Panelists: Dato' Orthman Yeop Abdullah, Executive Chairman, Multimedia Development Corporation John Chen, Chairman, President CEO, Sybase Inc. Paul Saffo, Director, Institute Future
Stein: success Silicon Valley spawned number admirers imitators, particularly Asia. have Hong Kong, Cyber-port project, which coming online. Malaysia, have Multimedia Super Corridor. Beijing, have Zhong Guang Cheng. these signs eager governments businesses Asia spawn innovation that allowed Silicon Valley take off. question aside from actually dumping Government money into projects like these, what done foster innovation Asia important, fact, innovation allow Asia reap fruits Economy. have panelists discuss this subject with John Chen, Chairman, President Sybase; Dato' Orthman Yeop Abdullah, Executive Chairman Multimedia Development Corporation, which charge running Malaysia's Ambitious Multimedia Super Corridor Project. Paul Saffo, Director Institute Future. Let's start with question Orthman Multimedia Super Corridor fact probably most ambitious effort Asian government encourage development industry Asia. Orthman, much success Multimedia Super Corridor nurturing culture innovation Malaysia what, besides building Multimedia Super Corridor itself, needed done Malaysia further nurture that spirit? Orthman: think success Multimedia Super Corridor depends great deal culture innovativeness that permeates just with Multimedia Super Corridor
One: Asia's Role Economy: Innovative Does Asia Need
throughout society large. What shaping result Multimedia Super Corridor, entering into fifth year operation now, that there this awakening. number indices what extent these things have manifested, course looking number high learning institutions that being developed emerging particularly from private sector, result liberalization government policies, which allows private schools That provides platform which knowledge workers drawn. young people emerging from institutions high learning longer attracted becoming wage earners rather setting their companies. attraction make good their entrepreneurial innovative. concur wholeheartedly with what John presented four elements: education, venture capitalism, intellectual-property rights, well risk-taking. What happened Asian societies that there need have safety respect risk taking. could that this view culture, where there stigma attached with failure. That stigma results from absence safety net. Where there social security, fails, entire family might hungry. with safety available United Sates, flock Chinese, Asians, Indians going United States business there, green card eligible that safety net. fail, have social security system support yourself. This aspect Stein: follow this point raised. fact John Chen, were just whispering that disagreed idea safety net. spot. Orthman: package. cannot take single item that cause-and-effect entire innovative spirit. What saying that there other elements added four that John mentioned. Chen: many people United States even Francisco, these guys with signs saying "Need food"? They were born United States citizens. reason said that, fact, Silicon Valley discussion, reason risk-taking interesting guts wrenching because there safety net. Nobody live social security least very hard United States. will agree with that there some kind implied social safety net. Canadians have
One: Asia's Role Economy: Innovative Does Asia Need
much bigger safety than United States, Canada center innovation. Saffo: safety social security incentive that makes people innovative United States, what incentives then? pointed that one-third residents Silicon Valley fact from outside United States, fact know many them from Asia, Asia doesn't seem lack innovators. keep those people Asia? What incentives does Asia need provide keep them here? Chen: Most people would answer question "It's just money". think it's just beyond money. wanted stay United States would rather have wanton noodles than steak sandwich lunch. Personally went there educated myself grew there, there environment attitude Asia today that really nurtures innovation. Maybe, wants lead, maybe there desire there, environment isn't quite there yet. United States, Silicon Valley join startup, already environment, speak. That only reason come back Asia work here. Stein: Paul, want raise different issue with you. Recently quote attributed said, "The early bird gets worm, it's second mouse that gets cheese." believe concept that talking about whether fact Asia does need innovate order successful Economy. wondering could comment that. possible Asia well Economy outsourcing innovation Silicon Valley? Saffo: really puzzled name session "Does Asia Have Innovate." American, first mistake always make treating Asia unitary thing always shocked when Asians treat Asia "Unitary Thing." Clearly There lots different forms innovation right have gotten transfixed American model solo entrepreneur, it's great model, works very well
One: Asia's Role Economy: Innovative Does Asia Need
would right many areas Asia copy that model. What happen here that Asia innovate deeper level, which home-grow models that account things such social safety net. Yes, course, Asia innovate. reason that innovation central capitalism. engine that drives capitalism capitalism about change. models have local models. only lesson learn from United States that when Silicon Valley launched each different phrases, very happily stole best ideas which picked from elsewhere planet. want steal best ideas think from Silicon Valley Route elsewhere, your build your style here. Stein: Follow that thought that capitalism that perhaps central innovation. that raises question about some projects government investments such Multimedia Super Corridor project. primary they fostering type innovation talking about? Saffo: think this something most governments don't started fundamental level. United States Government didn't started fundamental level, doesn't matter because happens that they have done right thing. When economic history this last century written, recognized that kings were economic arbiters first half century. Stability, government policy government were about maintaining sustaining institutions. economic today Joseph Schuoepetter, gentlemen coined phrase "Creative Destruction." correctly pointed that capitalism about stability. Capitalism pushes economy towards disequilibrium engine heart entrepreneur. wanted keys adding value society, about maintaining institutions. result that Japan, where maintaining institutions permanent recession. Government's role this environment create institutions orders, also destroy them. have seen some governments move from sustaining creating. They haven't quite their heads around destroying that challenge. Stein: Orthman, talk about role institution like Multimedia Super
One: Asia's Role Economy: Innovative Does Asia Need
Corridor fostering innovation, type changes talking here regulatory changes promotion entrepreneur capitalism? important think actual building Corridor will chain reaction that will promote broader innovation? Orthman: don't actually intervene directly into process innovation. What create ideal climate ideal environment with necessary supporting infrastructure, order allow that innovative spirit well innovative process take place. slightly differ with what mentioned just now. role government entirely move innovation that would United States model. society where research culture that steep, need certain intervention government through investing specific research projects therefore buffer risk undertaken individuals institutes. That's been done Taiwan, that's been done Singapore, that's been done Malaysia well United States. create this council have funds, fund some research projects, result research project undertaken labs, then applied research will emerge that commercialized. look continuum research innovations, have basic research, applied research developmental research. Applied research finalized somebody because gestation period long, risks very high that's where government play role, that's what Multimedia Super Corridor trying through institutions higher learning. same time what doing right that create this special research grant, provide small- medium-scale enterprise undertake research order innovate, whether particular application just process. think valuable property, then will provide research grant. It's small research grant enough propel research culture within Corridor. Stein: John, mentioned number factors which have contributed success Silicon Valley. There thing didn't mention, which became issue Asia grappling with Internet trying foster Internet economy freedom access information. countries this part world over world trying come terms with freedom information that
One: Asia's Role Economy: Innovative Does Asia Need
Internet provides. particular, China mixed feelings about blessings evils Internet offer. possible restrict access information foster innovation same time? Chen: That would very deep question. think general restrict information impose other government control, even United States, there debate government's control content. don't mean content delivery, issues like media responsibility taxation e-commerce. opinion, will kill entire revolution. Given very binary type must control content, then will probably kill innovations. Saffo: Absolutely correct! that when control information encourage people move areas where there freedom information. love that Silicon Valley. live fear fact that third valley population only plane flight away from lower-cost towers, icer lifestyle their relatives, which think even more fundamental. very case Wen-Ho United States destructive this point: That case mediation sorts deep issues happy chapter American history. There secrets that governments have over idea that they control their power controlling their information. more challenging issue what want allow socially. regulate things that socially disagreeable like pornography? Those deeper issues quite distinct. terms controlling information keeping secrets, rapid road ruin region trying control that. Stein: this point would like open floor questions since this topic that people ought have lots opinions about. Anybody with questions panel? Audience question with regards media. know, have several `name brands' media. think media will play role editor when everybody speak their audience directly? Stein:
One: Asia's Role Economy: Innovative Does Asia Need
question have understood correctly, media affected some changes we're talking about, where traditional media editor decided what people read, Internet people access information freely. that fair paraphrase? good news that editors more important than ever. news that they same editors. middle media revolution very specific kind shift. It's shift from mass media personal media. What seeing species radiation different forms mass media leaning into gales mass destruction figure that much anyone else. Rich Jaroslovsky from Jones right middle this. Editors more important than ever they different editors. most important source information from journals, magazines formally edited articles, from sites informally edited things Net. really count small handful sites unpaid maniacs performing informal editorial function. They passionate about wireless they passionate about piracy they sharing with friends. it's there personal media world. editors have most ones have title "editor" their business cards they even have business card. Orthman: recognize power media now. People tend read less rely summaries reports that disseminated media. result this, media slants particular report have tremendous bearing initiative that being undertaken. There been past negative slant media towards Multimedia Super Corridor. When encourages innovation, trying encourage spirit enterprise. certainly unbecoming media have such negative slant. "It's more than infrastructure, stupid." course know that. Multimedia Super Corridor purely infrastructure whole package. adequate research undertaken would know that total package infrastructure plus financial non-financial incentives. whole place create this chemistry. have media reporting which slanted, then people perceive that reporting might true. result this negative reporting, have damage control that have undertake, have divert resources manage this damage control.
One: Asia's Role Economy: Innovative Does Asia Need
think take heed. you're trying foster ideas, innovate spirits, trying allow Asian countries participate knowledge economy, Economy, then tolerate certain fuzziness notice media finds difficult tolerate fuzziness. Saffo: agree with comments. think confusing editing with reporting think editorial, Paul said, probably going most powerful group media. look recent historical example Hong Kong, there debate Silicon Harbor project about year actually killed editorial boards. Editors United States could pick next President United States. media very powerful more pervasive start delivering information people real time. opinion-makers editorial boards going drivers society. Audience described Silicon Valley product number variables, including public expenditure. Charitably, only that misleading. talking about community that received perhaps $100 billion education investment over last years another billion research contracts those institutions commercialization these projects. argue that what Multimedia Super Corridor trying badly directed, incompetent, foolishly targeted, qualitatively different. make case that Silicon Valley marvelous creation free market that would have happened with without government disingenuous. addition which, years from driving through Multimedia Super Corridor will greeted with ugliest urban slums world, which will find Silicon Valley. That choice. Chen: Silicon Valley today thing, going stay being thing. Inside Silicon Valley, real drivers actually sometimes concerned about where future going. biggest topics working Given barrier entry software industry, does Silicon Valley stay relevant over long time? just lucky that interest rate there longest expansion economy United States elsewhere different parts world. Silicon Valley invested lot. would agree with you, suggesting that Silicon Valley going evergreen, forever. When colleagues meet, talk about working harder keep ourselves relevant also.
One: Asia's Role Economy: Innovative Does Asia Need
Saffo: Your comment about government funding course right. Silicon Valley benefited enormously from different kinds government spending. precursor Internet funded government agency. argue that some very smart money spent years United States Pentagon resulted huge national competitive advantage. government thought doing thing Silicon Valley turned into something very different. There something deeply subversive about Silicon Valley disrespect authority that's what fuels place. don't that elsewhere. Government money comes it's properly re-purposed. There's this healthy disrespect authority willingness reinvent that secret Silicon Valley. Silicon Valley reinvents itself about every two-and-a-half years. what five years will recognize itself two-and-a-half years from now. That's difference. Audience whole premise discussion seems imply that innovation requires some sort critical mass. when travel around, particularly country like India, there's much resentment. Indians voice resentment Americans recruiting Indians from institutes technology, brain drain this sort thing. yet, whole point Internet replace physical reality with virtual reality. Does physical, critical mass stay essential? Will Asians continue research institutes Silicon Valley? Will issue compete intellectual capital becomes more more issue? will this defused over time technology itself? Saffo: Physical location matters more than ever, just matters different ways. have said that Silicon Valley ugly place live. Traffic hideous imagine, still people keep coming Silicon Valley packed tightly they bump into each other supermarkets restaurants. it's that exchange that does think other regions cyberspace help some these happen. example like what Indian folks moan about. Indian entrepreneur comes United States, course they come back. Indian engineer introduced American engineer Silicon Valley third engineer Sun. They were introduced electronically, entire conversation went along. They wrote business plan they first United States $20,000 teeth funding before they even face face, they have offices Cyber-port Silicon Valley.
One: Asia's Role Economy: Innovative Does Asia Need
Orthman: very sure whether discussion implies that need critical mass order ensure climate innovations. looks entire process innovation, propelled from it's research been undertaken from lab. other processes innovation something that propelled marketplace. That sees demand something want survive have innovate. Then understand dynamics innovation. That's what happens Silicon Valley. that this center where should model innovation spirit, however, innovation happening over world. Republic Ireland, world's second largest exporter computer software, does have Silicon Valley. It's modeled different mode anchored strongly institutions highlanders, supported government million Irishmen United States providing strong lead chain. same thing happens with Indians Koreans Chinese. They have whole process what required clients marketplace. This kind dynamic that taking place. And, same time, recognize that there single company somewhere, maybe within Multimedia Super Corridor, that might come with killer product that transform particular industry. cannot that need critical mass drive innovation. It's very complex combination elements. Chen: impression that need critical mass really make these ideas into reality, don't need them create ideas. Innovation itself created handful people. When Yahoo! started expand around world, that expansion needed critical mass. Saffo: ecology critical mass need are, depending what want lawyers know write contracts that make sense bankers comfortable with receivable finance software etc. Esther's comment from previous panel that Russian companies like come United States their funding because issue trust. need some sort local ecology nurture innovators things can't happen. also desperately, desperately, desperately, desperately need diversity entrepreneurial models. I've been really upset that World Trade Forum discuss Third Way. good United States everybody elsewhere says that Silicon Valley perfect model. That absolute disaster. time other regions come with radical ideas
One: Asia's Role Economy: Innovative Does Asia Need
radical ways innovate. Audience (Counsel General Finland Hong Kong): would first like make small comment previous discussion government role government intervention. very much agree with Canadian neighbor that there other ways doing this place Canada other Scandinavia. Sweden probably highest taxation rates world. They have been able this create leading technology some areas. Innovation needed and, reinvention wheel needed? don't think wheel already been invented. take Hong Kong example, don't Hong Kong leader innovative technology, rather user. Cyber-Port Multimedia Super Corridor trying five years even five months, same what Silicon Valley been doing years, which think would misappropriation resources. What Hong Kong should steal everything that been done Silicon Valley Scandinavia, provide high value-added, high-tech service center Southeast Asia. Chen: actually think Hong Kong could become high-tech center. agree with Paul, ought have your doing things, whether it's Multimedia Super Corridor what. Hong Kong chance become leader must create niche. Take Finish story like Nokia. that correct Nokia papermill company years ago? Their first product actually toilet paper! Today Nokia fourth largest telecommunications-equipment company world produces world's telecommunication equipment. every four cell phones sold around world Nokia. They satellite transmission systems. They enormous amount research software next-generation technology. People Hong Kong first manufacturing sector, then service sector, then entertainment sector. Whatever that question become knowledge sector. Well, there model Nokia. Stein: Does Hong Kong need leader order leader innovation with Hong Kong leader economy applications? instance, Fung pioneered machine 1980s. Saffo: Every region attempted become hermetically sealed spot that
One: Asia's Role Economy: Innovative Does Asia Need
pieces locally. This actually mistake. Nobody anything locally. most pressing government issue Silicon Valley loosen Visa program because struggling enough foreign talent hunches that Hong Kong have some some like. this efficiently. ecology there large amount waste waste essential success. because waste failure failure creates opportunity. crazy example, World Wide take Silicon Valley? invented British researcher living Swiss-French border trying make life better Particle Physicists. Silicon Valley? Well, just about same time, interactive television, where Hollywood poured tens tens millions dollars into Silicon Valley, proving disaster. half-billion dollars yielded financial crater enough without field glasses. whole bunch software programmers were thrown into unemployment. exactly that moment, arrived. Hong Kong should monoculture. should have R&D, should have thing that will make ignite probably overlooked little detail about culture Hong Kong, which paid attention that will make Hong Kong unique spot this world. Stein: favorite story HK's tourism development about escalator that built connect Central Mid-Levels designed alleviate traffic congestion. Well, believe common agreement that turned that done absolutely nothing alleviating traffic congestion. Rather, turned district with wonderful restaurants bars become major tourist attraction. fact, Tourist Association much thank other Government department that plowed money into that escalator. Audience would like Saffo have been talking Asia should steal ideas from elsewhere, perhaps, there should third way. agree that should actually modify ideas instead copying directly from whatever part world? It's just enough take idea without modification. Saffo: going presume that understand what missing Asia. know that Silicon Valley, steal everyone else's ideas happily. steal, repurpose reinvent
One: Asia's Role Economy: Innovative Does Asia Need
them own. have three emergent dialects capitalism planet today: Entrepreneur Capitalism, which focuses individualism which symbolized Silicon Valley; Cultural Capitalism such European community; there this Asian Confusion Capitalism that emphasizes community slightly different way. sure whether disrespect going work Asia. kind respect probably where advantage don't know what Audience from Video Com, India largest electronics home appliance company. India will very surprised hear that only million people have access Internet. That because high hardware cost high import duties which prevent technology from filtering into grass root level. This where Video looking applications providing Internet through boxes supplying them households they onto information superhighway. When talk about future Asia talk about education, venture capitalism, it's very focused Bangalore Mumbai. India bigger than that there more potential India. think part bring down greater number people filter technology grass-root level. from there will focus coming innovations ideas from people have access today. Chen: have left people with impression that Silicon Valley done everything right. That only part discussion, what here? that's core asset Asia. What does that mean "more people square inch?" about individual dynamic which delivers real time. communications individual drives collide together. wireless space terms business-to-business business-to-consumers, opinion, going leading direction Asian communities. Stein: think that's time have unfortunately. know that's still questions there. want thank panelists very interesting discussion also audience well. Thanks very much. <end>

Asia's Role Economy: Innovative Does Asia Need Moderator: Peter S

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