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What should we do to encourage innovation and entrepreneurship? [Copy link] 中文

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Post time 2018-9-7 09:17:11 |Display all floors
Young people seek employment opportunities at a job fair in Chongqing that attracted companies from the technology, internet and finance sectors, among others. [Photo by Zhou Yi/China News Service]

(China Daily) China will upgrade its mass entrepreneurship and innovation campaign to strengthen employment, promote technological innovation and stimulate industrial growth, attendees at the State Council's executive meeting presided over by Premier Li Keqiang decided on Thursday.


Further steps will be taken to create a more enabling environment for entrepreneurship and innovation initiatives.


Efforts will be made in further streamlining administration and delegation of authority, making it easier to start new businesses. They also will help advance reforms to simplify the deregistration of defunct enterprises and formulate detailed policy incentives to encourage scientific researchers to start their own businesses. Also included will be improvement of policy support and services for migrant workers returning to their hometowns or ex-servicemen who wish to engage in entrepreneurial activities.


"The underlying objective of upgrading mass entrepreneurship and innovation is to make the Chinese economy more innovation-driven and promote higher-quality development through boosting employment, particularly employment for college graduates," Li stressed.


Since 2015, the government has introduced a host of incentives to push entrepreneurship and innovation to a higher level and wider scope.


With an improved environment and diversified entities for innovation and entrepreneurship, a large number of outstanding entrepreneurial teams have come to the fore, and a group of innovation-driven companies have grown quickly. The first half of 2018 saw an average of 18,100 new businesses registered daily.


It was decided on Thursday that financial support for entrepreneurship and innovation will be enhanced. Innovative enterprises with good prospects but that are not yet profitable will be encouraged to become listed on a stock exchange and apply for financing. Pilot programs will grant longterm use rights or ownership to researchers for their job-related scientific or technological achievements and provide compensation to cover loan risks in the commercial application of the achievements.


Li emphasized that in intensifying the mass entrepreneurship and innovation effort, it is important not only to secure the growth momentum of new business models that have emerged but also to expand the campaign to wider fields.


"The role of market forces should be given better play to speed up the development of the industrial use of the internet, and foster synergy with the development of smart manufacturing and e-commerce," Li said. "We should promote 'internet plus public services' to deliver more quality resources to the people."


The meeting also called for efforts to innovate in creditworthiness oversight and urge companies operating on sharing economy platforms to fulfill their responsibilities for ensuring safety and product quality.




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Post time 2018-9-7 18:33:20 |Display all floors
It was decided on Thursday that financial support for entrepreneurship and innovation will be enhanced. Innovative enterprises with good prospects but that are not yet profitable will be encouraged to become listed on a stock exchange and apply for financing. Pilot programs will grant longterm use rights or ownership to researchers for their job-related scientific or technological achievements and provide compensation to cover loan risks in the commercial application of the achievements.

Good point!

Helping high-prospect startups (HPS) when they need financial support is the key.

Having a discerning eye for the REAL HPS (like the fabled Mr. Bo Le with his legendary acuity judging which young studs are likely to mature into tough horses) is the key to gaining a decisive edge over competitors in the realm of high-tech innovation.

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Post time 2018-9-7 18:45:41 |Display all floors
In the race to achieve high-tech supremacy, never forget that the foreign talent pool should be given commensurate consideration in sharing the cake of financial support, depending solely on the contributing feasibility of their ideas.

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Post time 2018-9-7 20:11:50 |Display all floors
In TENCENT, we already have one of the most innovative and world beating company in the world, but for some crazy and illogical reasons, the mainland authorities keep wanting to destroy the firm.

Whilst the Americans drink and proudly celebrating their trillion dollar tech companies in Apple and Amazon, our mainland idiots are doing their best to downsizing Tencent to a minnow specie with a rule a day.
Crazy yeah!

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Post time 2018-9-8 04:25:33 |Display all floors
Winston_Pang Post time: 2018-9-7 20:11
In TENCENT, we already have one of the most innovative and world beating company in the world, but f ...

Assuming that your observation is valid -- that our 'crazy' government is actually trying to "downsize  Tencent to a minnow space with a rule a day" -- I would like to ask you what do you think the government gets out of that policy?  

In other words, what is it trying to do, in your opinion?

The Chinese government doesn't usually shoot its own foot, and no crazy real-estate salesman is at its helms -- the kind like the just-published NYTimes article authored by an anonymous high-official tipster has publicly denounced.

So how would it benefit the Chinese nation for its government to do so -- assuming again that your complaint is legit and there is such an ongoing policy aiming to 'downsize Tencent.

We all need to realize that China is now the upcoming trendsetter in the high tech world.

When we talked about trendsetters it used to be just Google, Alphabet, Facebook, Apple, Microsoft and Twitter (GAFAMT).  Now Baidu, Alibaba, Tencent and Xiaomi are pretty much caught up with all those American companies.  

Because of China's burgeoning tech-conscious middle class coming on the heels of the reinvigorated economy of its large population base, upcoming New Tech Giants are likely to originate and prosper better in China instead of the U.S.

Many consumer-internet start-up businesses have been priced out of the Silicon Valley -- a corridor from San Jose to San Francisco -- real-estate market due to its high land valuation .  In fact, there is now a net residential exodus out of the San Francisco Bay Area.

Added to this is the phenomenon that companies such as Facebook are paying good salaries to its prized employees (median salary at Facebook is $240K) startups simply cannot compete with tech giants at this point in time.  The high-tech sector is now beginning to be geographically dispersed throughout the United States instead of concentrating only in the sliver of land called the Silicon Valley.

That's why China has a distinctive advantage in this regard due to the maneuverability of it real-estate market, and that's probably also why the Chinese government doesn't want to have the Silicon Exodus phenomenon repeated in China.

That's just my own two-cents.  Now it is your turn to buttress your ideas with cold facts and data.

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Post time 2018-9-8 06:03:00 |Display all floors
Financial support for a period of time with a % from the finished product back to investors
Round Up is good for developing the mind

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Post time 2018-9-8 13:17:09 |Display all floors
A lot of the innovations elsewhere started from bottom up, not the top down approach.

Bezos was working as a fintech analyst in a small investment firm when he noticed the monthly accelerative growth rate of internet adoption; that single fact made him decide to forego a good offer for promotion in his job position to instead resign and ask his relatives for some seed money to start Amazon. He next discovered that book publishers produced electronic catalogues of their books. So he used those e-catalogues in his portal and start torders online which he fulfilled by packing the books in his garage. There was a period of time when the enterprise almost turned turtle; it was the dotcom collapse era but he persisted. Now Amazon is a trillion-dollar entity but that's also because it has gone beyond order-anything-online to include the highly lucrative and strategic amazon-aws cloud computing, and the e-grocery adjunct based on the aborted Webvan model.

If Amazon be an example, it's about (1) a single person determined to succeed because (2) he noticed something ahead of everyone else, and (3) is willing to bet a change of his direction by wanting to be the first to do something big, (4) at expense of foregoing what he already had, (5) to try his hand at back-to-basics but in a different-way activity, (6) meanwhile constantly getting paranoid and edgy about being outcompeted, or becoming irrelevant. Ahead of the herd by relentlessly being ahead of the herd.

You see a lot of that in jd.com, tencent, alibaba, baidu and the others. But they had all started IN China and WITH China and FOR China, and then, as now, try to export their model to apply in other markets and countries which define the respective segments of the global web market.

My message is China is big enough for a number of initiatives to straight away nurture non-China web innovations. Pick an overseas market. Segmentize it down to a particular consumer grouping. Ask the most important question. Namely, what is wrong in the supply process, consumer service demand unfulfilled, organizational limitation, now? Then find a business-model enhanced with the right technology that will overcome that wrong in the simplest, fastest and cheapest way. When the innovative solution is good and useful, it is self-selling by itself, and symbiotic and synergistic with others. Sort of like a facebook thrown into the harvard community and gets app-ed like wildfire until investors notice and want to stake their money in the inc. for the adspend eyeball hit growth record besides the big-data user profiles. One recalls microsoft paid an Indian guy usd400 million for hotmail dot com because it was one of the first free emails; just for his user base.

So put the feelers out to find out those hot demand buttons; some need or service unfulfilled. Otherwise the guys being nurtured in innovation incubators today may be good but will they know exactly what to target ahead of others?

Define your innovation objectives and targets carefully.

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