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#431543 China Is an Entrepreneurial Hotbed That ...
Last week, Eric Schmidt, chairman of Alphabet, predicted that China will rapidly overtake the US in artificial intelligence…in as little as five years.
Last month, China announced plans to open a $10 billion quantum computing research center in 2020.
Bottom line, China is aggressively investing in exponential technologies, pursuing a bold goal of becoming the global AI superpower by 2030.
Based on what I’ve observed from China’s entrepreneurial scene, I believe they have a real shot of hitting that goal.
As I described in a previous tech blog, I recently traveled to China with a group of my Abundance 360 members, where I was hosted by my friend Kai-Fu Lee, the founder, chairman, and CEO of Sinovation Ventures.
On one of our first nights, Kai-Fu invited us to a special dinner at Da Dong Roast, which specializes in Peking duck, where we shared an 18-course meal.
The meal was amazing, and Kai-Fu’s dinner conversation provided us priceless insights on Chinese entrepreneurs.
Three topics opened my eyes. Here’s the wisdom I’d like to share with you.
1. The Entrepreneurial Culture in China
Chinese entrepreneurship has exploded onto the scene and changed significantly over the past 10 years.
In my opinion, one significant way that Chinese entrepreneurs vary from their American counterparts is in work ethic. The mantra I found in the startups I visited in Beijing and Shanghai was “9-9-6”—meaning the employees only needed to work from 9 am to 9 pm, 6 days a week.
Another concept Kai-Fu shared over dinner was the almost ‘dictatorial’ leadership of the founder/CEO. In China, it’s not uncommon for the Founder/CEO to own the majority of the company, or at least 30–40 percent. It’s also the case that what the CEO says is gospel. Period, no debate. There is no minority or dissenting opinion. When the CEO says “march,” the company asks, “which way?”
When Kai-Fu started Sinovation (his $1 billion+ venture fund), there were few active angel investors. Today, China has a rich ecosystem of angel, venture capital, and government-funded innovation parks.
As venture capital in China has evolved, so too has the mindset of the entrepreneur.
Kai -Fu recalled an early investment he made in which, after an unfortunate streak, the entrepreneur came to him, almost in tears, apologizing for losing his money and promising he would earn it back for him in another way. Kai-Fu comforted the entrepreneur and said there was no such need.
Only a few years later, the situation was vastly different. An entrepreneur who was going through a similar unfortunate streak came to Kai Fu and told him he only had $2 million left of his initial $12 million investment. He informed him he saw no value in returning the money and instead was going to take the last $2 million and use it as a final push to see if the company could succeed. He then promised Kai-Fu if he failed, he would remember what Kai-Fu did for him and, as such, possibly give Sinovation an opportunity to invest in him with his next company.
2. Chinese Companies Are No Longer Just ‘Copycats’
During dinner, Kai-Fu lamented that 10 years ago, it would be fair to call Chinese companies copycats of American companies. Five years ago, the claim would be controversial. Today, however, Kai-Fu is clear that claim is entirely false.
While smart Chinese startups will still look at what American companies are doing and build on trends, today it’s becoming a wise business practice for American tech giants to analyze Chinese companies. If you look at many new features of Facebook’s Messenger, it seems to very closely mirror TenCent’s WeChat.
Interestingly, tight government controls in China have actually spurred innovation. Take TV, for example, a highly regulated industry. Because of this regulation, most entertainment in China is consumed on the internet or by phone. Game shows, reality shows, and more will be entirely centered online.
Kai-Fu told us about one of his investments in a company that helps create Chinese singing sensations. They take girls in from a young age, school them, and regardless of talent, help build their presence and brand as singers. Once ready, these singers are pushed across all the available platforms, and superstars are born. The company recognizes its role in this superstar status, though, which is why it takes a 50 percent cut of all earnings.
This company is just one example of how Chinese entrepreneurs take advantage of China’s unique position, market, and culture.
3. China’s Artificial Intelligence Play
Kai-Fu wrapped up his talk with a brief introduction into the expansive AI industry in China. I previously discussed Face++, a Sinovation investment, which is creating radically efficient facial recognition technology. Face++ is light years ahead of anyone else globally at recognition in live videos. However, Face++ is just one of the incredible advances in AI coming out of China.
Baidu, one of China’s most valuable tech companies, started out as just a search company. However, they now run one of the country’s leading self-driving car programs.
Baidu’s goal is to create a software suite atop existing hardware that will control all self-driving aspects of a vehicle but also be able to provide additional services such as HD mapping and more.
Another interesting application came from another of Sinovation’s investments, Smart Finance Group (SFG). Given most payments are mobile (through WeChat or Alipay), only ~20 percent of the population in China have a credit history. This makes it very difficult for individuals in China to acquire a loan.
SFG’s mobile application takes in user data (as much as the user allows) and, based on the information provided, uses an AI agent to create a financial profile with the power to offer an instant loan. This loan can be deposited directly into their WeChat or Alipay account and is typically approved in minutes. Unlike American loan companies, they avoid default and long-term debt by only providing a one-month loan with 10% interest. Borrow $200, and you pay back $220 by the following month.
Artificial intelligence is exploding in China, and Kai-Fu believes it will touch every single industry.
The only constant is change, and the rate of change is constantly increasing.
In the next 10 years, we’ll see tremendous changes on the geopolitical front and the global entrepreneurial scene caused by technological empowerment.
China is an entrepreneurial hotbed that cannot be ignored. I’m monitoring it closely. Are you?
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#428367 Fusion for Energy signs multi-million ...
Fusion for Energy signs multi-million deal with Airbus Safran Launchers, Nuvia Limited and Cegelec CEM to develop robotics equipment for ITER
The contract for a value of nearly 100 million EUR is considered to be the single biggest robotics deal to date in the field of fusion energy. The state of the art equipment will form part of ITER, the world’s largest experimental fusion facility and the first in history to produce 500 MW. The prestigious project brings together seven parties (China, Europe, Japan, India, the Republic of Korea, the Russian Federation and the USA) which represent 50% of the world’s population and 80% of the global GDP.
The collaboration between Fusion for Energy (F4E), the EU organisation managing Europe’s contribution to ITER, with a consortium of companies consisting of Airbus Safran Launchers (France-Germany), Nuvia Limited (UK) and Cegelec CEM (France), companies of the VINCI Group, will run for a period of seven years. The UK Atomic Energy Authority (UK), Instituto Superior Tecnico (Portugal), AVT Europe NV (Belgium) and Millennium (France) will also be part of this deal which will deliver remotely operated systems for the transportation and confinement of components located in the ITER vacuum vessel.
The contract carries also a symbolic importance marking the signature all procurement packages managed by Europe in the field of remote handling. Carlo Damiani, F4E’s Project Manager for ITER Remote Handling Systems, explained that “F4E’s stake in ITER offers an unparalleled opportunity to companies and laboratories to develop expertise and an industrial culture in fusion reactors’ maintenance.”
Cut-away image of the ITER machine showing the casks at the three levels of the ITER machine. ITER IO © (Remote1 web). Photo Credit: f4e.europa.euIllustration of lorry next to an ITER cask. F4E © (Remote 2 web). Photo Credit: f4e.europa.euAerial view of the ITER construction site, October 2016. F4E © (ITER site aerial Oct). Photo Credit: f4e.europa.eu
Why ITER requires Remote Handling?
Remote handling refers to the high-tech systems that will help us maintain and repair the ITER machine. The space where the bulky equipment will operate is limited and the exposure of some of the components to radioactivity, prohibit any manual intervention inside the vacuum vessel.
What will be delivered through this contract?
The transfer of components from the ITER vacuum vessel to the Hot Cell building, where they will be deposited for maintenance, will need to be carried out with the help of massive double-door containers known as casks. According to current estimates, 15 of these casks will need to be manufactured and in their largest configuration they will measure 8.5 m x 3.7 m x 2.6 m approaching 100 tonnes when transporting the heaviest components. These enormous “boxes”, resembling to a conventional lorry container, will be remotely operated as they move between the different levels and buildings of the machine. Apart from the transportation and confinement of components, the ITER Cask and Plug Remote Handling System will also ensure the installation of the remote handling equipment entering into the vacuum vessel to pick up the components to be removed. The technologies underpinning this system will encompass a variety of high-tech skills and comply with nuclear safety requirements. A proven manufacturing experience in similar fields and the development of bespoke systems to perform mechanical transfers will be essential.
Background information
MEMO: Fusion for Energy signs multi-million deal with Airbus Safran Launchers, Nuvia Limited and Cegelec CEM to develop robotics equipment for ITER
Multimedia
To see how the ITER Remote Handling System will operate click on clip 1 and clip 2
To see the progress of the ITER construction site click here
To take a virtual tour on the ITER construction site click here
Image captions
Cut-away image of the ITER machine showing the casks at the three levels of the ITER machine. ITER IO © (Remote1 web)
Illustration of lorry next to an ITER cask. F4E © (Remote 2 web)
Aerial view of the ITER construction site, October 2016. F4E © (ITER site aerial Oct)
The consortium of companies
The consortium combines the space expertise of Airbus Safran Launchers, adapted to this extreme environment to ensure safe conditions for the ITER teams; with Nuvia comes a wealth of nuclear experience dating back to the beginnings of the UK Nuclear industry. Nuvia has delivered solutions to some of the world’s most complex nuclear challenges; and with Cegelec CEM as a specialist in mechanical projects for French nuclear sector, which contributes over 30 years in the nuclear arena, including turnkey projects for large scientific installations, as well as the realisation of complex mechanical systems.
Fusion for Energy
Fusion for Energy (F4E) is the European Union’s organisation for Europe’s contribution to ITER.
One of the main tasks of F4E is to work together with European industry, SMEs and research organisations to develop and provide a wide range of high technology components together with engineering, maintenance and support services for the ITER project.
F4E supports fusion R&D initiatives through the Broader Approach Agreement signed with Japan and prepares for the construction of demonstration fusion reactors (DEMO).
F4E was created by a decision of the Council of the European Union as an independent legal entity and was established in April 2007 for a period of 35 years.
Its offices are in Barcelona, Spain.
http://www.fusionforenergy.europa.eu
http://www.youtube.com/user/fusionforenergy
http://twitter.com/fusionforenergy
http://www.flickr.com/photos/fusionforenergy
ITER
ITER is a first-of-a-kind global collaboration. It will be the world’s largest experimental fusion facility and is designed to demonstrate the scientific and technological feasibility of fusion power. It is expected to produce a significant amount of fusion power (500 MW) for about seven minutes. Fusion is the process which powers the sun and the stars. When light atomic nuclei fuse together form heavier ones, a large amount of energy is released. Fusion research is aimed at developing a safe, limitless and environmentally responsible energy source.
Europe will contribute almost half of the costs of its construction, while the other six parties to this joint international venture (China, Japan, India, the Republic of Korea, the Russian Federation and the USA), will contribute equally to the rest.
The site of the ITER project is in Cadarache, in the South of France.
http://www.iter.org
For Fusion for Energy media enquiries contact:
Aris Apollonatos
E-mail: aris.apollonatos@f4e.europa.eu
Tel: + 34 93 3201833 + 34 649 179 42
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