Medical spending in China is increasing every year, and people have started to buy medicine online, with nearly 3 million people buying medicine through mobile apps, among which the largest one is Yiyaowang–the”No.1 pharmacy.” Set up by Yu Gang and his partner, the founder of China’s first large online supermarket, Yihaodian, Yiyaowang is also a key part of a healthcare ecosystem that combines an online hospital, a drugstore and patients. Yu, an experienced businessman and a scholar, tells how he built the ecosystem, how it simplifies the medical process and gives patients access to cheaper drugs.
Before Daniel Kahneman, few if any psychologists influenced the field of economics. But the Nobel laureate reversed the assumption underpinning most economic theories: people always make rational choices. “People are rational, except they are myopic,” says Kahneman. As a result of his work, which pioneered the ideas of behavioral economics, individuals learned how to modify their less-than-perfect decisions and organizations learned to take human limitations into consideration in decision-making. In this interview, Kahneman talks about the history of his research, how he, who began as a psychologist, ended up influencing economics, and why his work generated so much impact.
“China is not known for greenness, but it is moving in that direction,” says Christian Haessler, Head of Innovation for Covestro in the Asia-Pacific region. An offshoot of the German pharmaceuticals and life sciences giant Bayer, Covestro was spun off in 2015 and today produces advanced raw materials for like the environmental friendly coatings and lightweight materials to be used in electric vehicles. In this interview with CKGSB Knowledge, Haessler explains what Covestro’s business is like in China as a behind-the-scenes firm and how it, with material technology, supports China’s sustainable development.
With a growing economy and the world’s largest population, China has for decades been a key destination for foreign companies expanding abroad, but the difficulties of doing business here have never been small. In the past few years, however, China has in some respects become an increasingly risky place to do business, in part because of the Chinese government’s efforts to modernize regulations and crack down on bad actors. In this interview, senior partner Kent Kedl at Control Risks explains how the challenge is not only for foreign companies to understand and comply with new rules, but to make compliance into a competitive advantage.
Today, we pack more computing power in our pocket than it took to get to the moon, and we can send a message to anyone in the world in less than a second. We’re overloaded with information, and as a consequence, many of us feel more anxious, more distracted and less productive. Why? “Unlike computers, we do not have limitless storage nor do we have unlimited time”, writes Julia Hobsbawm in her book Fully Connected. As a social network analyst, she says that people today are struggling with over-connectedness and are searching for meaning. People need to look more closely at what she calls “social health”.
“Innovation” is difficult, yet the word itself is so overly used that the meaning of it has become hollow. Some people consider being “innovative” as being “lucky.” Yet for Clay Christensen, a business professor at Harvard, innovation is about finding the “jobs that need to be done” in our lives. In this interview with CKGSB Knowledge, he argues that companies should not take the task as akin to gambling. Instead, companies should adopt a more focused, process-oriented approach of finding the “jobs” that customers need to do in their lives, and then create products that make those jobs easier.
In our increasingly fast-paced world, there is no room for companies to be complacent. To survive in the competitive marketplace long term, constant product innovation is a basic necessity. However, nearly three-quarters of new products either fall far short of their targets, or fail entirely. Not only that, businesses have become tolerant of this high failure rate to the point where it is treated as a given risk. But Georg Tacke, CEO of the global management and consulting firm Simon-Kucher & Partners, disagrees with this assumption and thinks the failing might be the result of a homegrown issue—from the initial design to end marketing.
Business has changed, specifically the relationship between management and employees. Once upon a time, companies offered careers—long-term, stable employment wherein the employee filled a narrowly-defined role. In past generations, it was common to spend an entire working lifetime at a single company, but now most millennials are ‘less loyal’ to employers, they go where their talents are valued. Edward E. Lawler III, Distinguished Professor of Business at the University of Southern California, expounds on the new model, which he terms “talent management”, a new paradigm focuses on the critical needs of a business, and finding the right people that can fulfill them.
Bill Bishop, co-founder of the stock market news website MarketWatch and author of Sinocism, talks about how China’s relationship with the world has changed. In this interview, he shares insights on China’s ascendance to second-largest economy in the world, as well as some of the serious economic challenges it faces today, such as an aging society and rising debt, and the current backlash against globalization. But along with that, he also discusses the many bright spots–the emerging internet economy, for example–and the hazards of getting caught up in what can be a biased and negative news cycle mentality.
The Airlander 10, part plane and part airship, is the world’s longest aircraft in operation today. Roughly the size of a football field, it has a shape different from any airship of decades past. Developed by British manufacturer Hybrid Air Vehicles, the Airlander 10 can ascend from anywhere with no need for an airport or runway and maintain a capacity of transporting a large amount of goods. According to Stephen McGlennan, CEO of HAV, over 100 million pounds has been invested in the project and it is preparing another test flight in the coming Spring, after it failed in a August test flight this year.