According to Craig Rispin at last week’s ACSME webinar, we are living on the edge of a ‘fourth industrial revolution’, the topic of a book by Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, which is “fundamentally changing the way we live, work and relate to one another. It is characterised by a range of new technologies that are fusing the physical, digital and biological worlds, impacting all disciplines, economies and industries, and even challenging ideas about what it means to be human”.
We’ve all known for a long time from sci fi movies that technology (e.g. Artificial Intelligence (AI), the Internet of Things (IOT), Robotics etc.) will change our lives in ways we can’t even imagine yet, and it seems that much of this will be enabled by 5G which, by all accounts, will have been fully rolled out in China by the end of this Covid-stricken year. Craig estimates that 5G represents a $12 trillion business opportunity by 2026 and encourages everyone to work out how they can get involved. The successful businesses of the future will be small, flexible, nimble and “creative” (described as “innovation applied for commercial gain”).
If any of this is even half right, you have to agree that China is well positioned to take advantage. China is already investing in innovation, scaling up quickly and boosting creativity, without the burden of legacy systems and (dare I say it) 3 to 4 year election cycles which inevitably slows down the creative process and (worse still) prevents long term planning and visionary leadership. And, unlike some other countries, China is very open to engaging with foreign entrepreneurs who are willing to commercialise their ideas and innovations in the world’s second largest economy.
I am already planning an ACSME mission to China next year to attend the CES Asia 2021 in Shanghai and, if you’d like to be part of this, please join ACSME now. If you need any more convincing, I’m sharing the recording of last week’s ACSME webinar, see below.