by Fons1 via FlickrFour out of ten innovative companies are coming from Asia, says IMD-professor Bill Fischer and program director about a ground-breaking program on “driving strategic innovation”. Fischer is expanding the program from Europe and North-America to Singapore, he tells.
In Business Week’s list of the “ten most innovative companies” for 2008, four come from Asia: Toyota, Sony, Samsung and Nintendo, while the Indian firms Reliance Industries and Tata are also among the magazine’s fifty most innovative firms. There is little doubt that with the vastness of their economies, the growth of a demanding middle-class, and the evolution of local champions into global competitors, more will follow soon. What is equally interesting is that recent Organisation for Economic Co-operation and Development (OECD) data shows that the corporate funding of R&D within the Chinese economy is reaching the levels found in the West, a sure sign that market-driven innovation is replacing command-push innovation in the Chinese economy. One result of all of this is that while Asian companies have traditionally, in most cases, been market leaders based on cost, clearly times are changing. China’s Haier and Huawei, have always been recognized in this regard, but there are increasingly many more appearing, including such innovative powerhouses as: ZTE, Alibaba, and Shanghai-based Focus Media.
Bill Fischer is a speaker at the China Speakers Bureau, together with other Rowan Gibson
by Fons1 via Flickrleading voices on innovation. If you are interested in having him as a speaker, do get in touch.