He may have the last laugh after all as Xiaomi has overtaken the two former mobile phone empires. Make a feature request, and you stand a chance of watching it come true by the following week. The business model has garnered imitators among other tech companies, like Lenovo and Qihoo that have produced their own Xiaomi-like low-priced phones. As environmental awareness grows, more companies have innovated on alternatives to carbon fuels. Since , China has outstripped the US and European countries in the production of solar panels.
As of , it has shipped solar powers that produces over 11GW of energy. Dissatisfied despite having a lucrative career in investment banking, he decided to leave New York and return to serve his home country. Having worked as chief operating officer COO of Suzlon Energy, he started his own energy company after realising the potential of wind energy as the fastest growing source of energy in the nation.
ReNew started researching and building wind farms with high performance wind turbines across six Indian states. These had a renewable energy capacity of 1GW, and eventually launched the company to unicorn status. With wind and also solar energy under its belt, ReNew may soon venture into biomass and hydro energy as well. Ride-sharing companies have revolutionised public transportation.
Grab, for example, has become a major force in Southeast Asia. It launched GrabCar, which enables users to hire rides from licensed partners, rather than taxis. Customers responded favourably as it was an effective way to combat peak-hour shortages of public transportation.
The ride-hailing app now operates in cities across eight countries in Southeast. In Indonesia, Go-Jek made hailing bikes an efficient way to beat the extreme traffic congestion. Its edge against international competitors include the ability to seamlessly pay online or via cash, a competitive pricing model, and a messaging app to aid communication between passengers and drivers with language translation features. In addition, like Uber, Grab is also exploring artificial intelligence AI and driving cars. Sophia was designed to resemble and interact with humans. Although the technology is far from taking over the human race as Elon Musk predicts, AI has been making strides in various industries.
This will lead to higher quality and more widespread adoption of AI with the ability to recognise human speech, process visual data, and make recommendations of products and services. The importance of AI for analysing Big Data is not lost to the tech giants. In addition, we should also expect some jobs to be replaced by AI, like driving. Investment in self-driving cars is often attributed to Tesla, Uber and Google, but Asian tech giants, like Baidu, Grab, Samsung, and Nissan have already jumped on the bandwagon. In Singapore, we see one of the first practical application of autonomous vehicles on the streets.
NuTonomy, partnering with Grab, has worked with the local authorities to test out these cars on Singaporean roads. This is only one of the initiatives by Singapore to make the island nation the next AI hub in Asia. In China, industry leaders like Yitu Technologies have developed a facial recognition system that improves security. Having a database of 1.
Such AI will become a staple for surveillance cameras and automated teller machines of the future. Jomo, K. Financial liberalization, crises, and Malaysian policy responses.
Finance & Development, June - Point of View: Asia: A Perspective on the Subprime Crisis
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Crisis and Innovation in Asian Technology
The Theory of the Growth of the Firm. Oxford: Oxford University Press. Ranis, G. Miracles that don't cease. According to the World Bank, China and India will be the only big countries with significant growth in Despite falling export demand, the World Bank in June estimated that China would achieve growth of 6. In the last years, Confucianism has dominated the mentality in China and many other Asian countries. Most Chinese people believe that world is a harmonious entity, that different phenomena link together, and change is an inexorable reality of life.
This mentality has made Chinese thinking positive and flexible, providing an appetite for change and opportunity. Recent research shows that many leading Asian companies are investing heavily in innovation, and are building up their innovation capability and capacity very rapidly. These companies are in transition from imitator to innovator. Samsung and Huawei are two excellent examples of successful Asian innovators. Research also demonstrates that Asian innovators provide much higher returns to shareholders than their counterparts in America and Europe. As a result of the global financial crisis, many western companies have reduced their investment in Asia.
They have made heavy budget cuts and are focusing on short term results in the hope that they can maintain their core competences and capacities and be able to move forward again when growth returns.
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