Global competition has shifted from where price was the major determinant to a world where creativity and innovation take the lead, according to Hong Kong Financial Secretary John C. Tsang.
The innovation required to transform an economy, or even an enterprise, requires highly focused and disciplined thinking, as well as meticulous implementation skills, Mr. Tsang noted recently at the Workshop on Disruptive Innovation on September 17.
At the workshop held at Hong Kong Science Park, he noted that Disruptive Innovation Theory, the work of Harvard Business School professor Clayton Christensen, applies not only to the traditional way enterprises chase after technological superiority, but also to the provision of public services such education and healthcare.
Disruptive Innovation focuses on delivering relatively simple, convenient and low-cost innovations to customers who do not necessarily need the latest technology to, for example, make a phone call or take a photograph.
“Hong Kong, as we all know, has transformed itself in the early part of the last century from a fishing village into an economy based on light industry,” Mr. Tsang said. “From there, we have continued to develop, such that today we can lay claim to be a world-class business, logistics and financial center.”
Noting that Hong Kong now faces many challenges, Mr. Tsang said, “Some of these challenges are universal, such as rising commodities prices and energy costs, environmental pollution and competition posed by emerging economies; and some others are more local, such as an aging population compounded by a low birth rate.
“I look forward to Professor Christensen sharing his ideas on how we might use his theory to tackle these challenges.”
The Financial Secretary thanked Chairman of the Applied Science and Technology Institute Dr. Patrick Wang for inviting Professor. Christensen to run the workshop.
The workshop’s participants included senior members of Hong Kong's academic, commercial and industrial sectors, as well as representatives from public and private organizations involved in promoting innovation and technology and operating education and public health services.
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