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In the News
Artificial Intelligence (AI) and the Innovation Ecosystem in China
On 11th August, SiTF 123JumpStart, THero and NUS SSI jointly organized a talk on understanding the innovation ecosystem in China and the business application of Artificial Intelligence (AI). The amazing lineup of speakers for the session includes
Mr. Guo Dongliang, founder of Vishuo Biomedical, Ms. Cathy Que, co- founder of YDY CG Pte Ltd and Assistant Professor Wang Wei from NUS, Department of Computer Science.
On running businesses in China, Mr. Guo shared that the Food & Nutrition, Education, Healthcare and Clean Environment are industries with high potential. Ms. Cathy Que who has vast experience in setting up branches in China and has
over 100 employees in Nanjing, shared her 3 key takeaways.
Ms. Que's 3 key takeaways on setting up a business in China:
1. Where you register your branch does matter -
i) Resources/benefits from local governments vary
ii) Industry ecosystem
2. Localisation of your business in China -
i) Cultural differences in sales & marketing, talent acquisition
ii) Industry Associations and Exhibitions
3. Talent is the biggest challenge
Moving on to the application of AI in business, Assistant Professor Wang Wei weighed in on when you should and should not adopt AI. If you find yourself in the following situations, you might want to scrap the idea of adopting AI in your business.
1. Shortage of data
2. Small tasks
3. Complex tasks that can't be handled by AI
4. Tight budget - it is costly to purchase GPU cards and hire AI engineers
On the other hand, applying AI in your business does improve the scalability of the business and makes maintenance easier.
SiTF 123JumpStart would like to thank Mr. Guo Dongliang, Ms. Cathy Que and Assistant Professor Wang Wei for their time and contribution.
On the last note, the Global Innovation T-Hero Challenge hosted by Guangzhou Government of China is calling out to all startups in the field of VR, AR, Robotics, Biomedical, EduTech, New Energy, Advanced Materials and E-commerce to join the competition.
Winners of the challenge will have access to a range of resources in Guangzhou
- Business networking
- Venture capital community
- Specific accelerator programs
For more information, please visit https://www.idmi.nus.edu.sg/thero/.