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#433282 The 4 Waves of AI: Who Will Own the ...
Recently, I picked up Kai-Fu Lee’s newest book, AI Superpowers.
Kai-Fu Lee is one of the most plugged-in AI investors on the planet, managing over $2 billion between six funds and over 300 portfolio companies in the US and China.
Drawing from his pioneering work in AI, executive leadership at Microsoft, Apple, and Google (where he served as founding president of Google China), and his founding of VC fund Sinovation Ventures, Lee shares invaluable insights about:
The four factors driving today’s AI ecosystems;
China’s extraordinary inroads in AI implementation;
Where autonomous systems are headed;
How we’ll need to adapt.
With a foothold in both Beijing and Silicon Valley, Lee looks at the power balance between Chinese and US tech behemoths—each turbocharging new applications of deep learning and sweeping up global markets in the process.
In this post, I’ll be discussing Lee’s “Four Waves of AI,” an excellent framework for discussing where AI is today and where it’s going. I’ll also be featuring some of the hottest Chinese tech companies leading the charge, worth watching right now.
I’m super excited that this Tuesday, I’ve scored the opportunity to sit down with Kai-Fu Lee to discuss his book in detail via a webinar.
With Sino-US competition heating up, who will own the future of technology?
Let’s dive in.
The First Wave: Internet AI
In this first stage of AI deployment, we’re dealing primarily with recommendation engines—algorithmic systems that learn from masses of user data to curate online content personalized to each one of us.
Think Amazon’s spot-on product recommendations, or that “Up Next” YouTube video you just have to watch before getting back to work, or Facebook ads that seem to know what you’ll buy before you do.
Powered by the data flowing through our networks, internet AI leverages the fact that users automatically label data as we browse. Clicking versus not clicking; lingering on a web page longer than we did on another; hovering over a Facebook video to see what happens at the end.
These cascades of labeled data build a detailed picture of our personalities, habits, demands, and desires: the perfect recipe for more tailored content to keep us on a given platform.
Currently, Lee estimates that Chinese and American companies stand head-to-head when it comes to deployment of internet AI. But given China’s data advantage, he predicts that Chinese tech giants will have a slight lead (60-40) over their US counterparts in the next five years.
While you’ve most definitely heard of Alibaba and Baidu, you’ve probably never stumbled upon Toutiao.
Starting out as a copycat of America’s wildly popular Buzzfeed, Toutiao reached a valuation of $20 billion by 2017, dwarfing Buzzfeed’s valuation by more than a factor of 10. But with almost 120 million daily active users, Toutiao doesn’t just stop at creating viral content.
Equipped with natural-language processing and computer vision, Toutiao’s AI engines survey a vast network of different sites and contributors, rewriting headlines to optimize for user engagement, and processing each user’s online behavior—clicks, comments, engagement time—to curate individualized news feeds for millions of consumers.
And as users grow more engaged with Toutiao’s content, the company’s algorithms get better and better at recommending content, optimizing headlines, and delivering a truly personalized feed.
It’s this kind of positive feedback loop that fuels today’s AI giants surfing the wave of internet AI.
The Second Wave: Business AI
While internet AI takes advantage of the fact that netizens are constantly labeling data via clicks and other engagement metrics, business AI jumps on the data that traditional companies have already labeled in the past.
Think banks issuing loans and recording repayment rates; hospitals archiving diagnoses, imaging data, and subsequent health outcomes; or courts noting conviction history, recidivism, and flight.
While we humans make predictions based on obvious root causes (strong features), AI algorithms can process thousands of weakly correlated variables (weak features) that may have much more to do with a given outcome than the usual suspects.
By scouting out hidden correlations that escape our linear cause-and-effect logic, business AI leverages labeled data to train algorithms that outperform even the most veteran of experts.
Apply these data-trained AI engines to banking, insurance, and legal sentencing, and you get minimized default rates, optimized premiums, and plummeting recidivism rates.
While Lee confidently places America in the lead (90-10) for business AI, China’s substantial lag in structured industry data could actually work in its favor going forward.
In industries where Chinese startups can leapfrog over legacy systems, China has a major advantage.
Take Chinese app Smart Finance, for instance.
While Americans embraced credit and debit cards in the 1970s, China was still in the throes of its Cultural Revolution, largely missing the bus on this technology.
Fast forward to 2017, and China’s mobile payment spending outnumbered that of Americans’ by a ratio of 50 to 1. Without the competition of deeply entrenched credit cards, mobile payments were an obvious upgrade to China’s cash-heavy economy, embraced by 70 percent of China’s 753 million smartphone users by the end of 2017.
But by leapfrogging over credit cards and into mobile payments, China largely left behind the notion of credit.
And here’s where Smart Finance comes in.
An AI-powered app for microfinance, Smart Finance depends almost exclusively on its algorithms to make millions of microloans. For each potential borrower, the app simply requests access to a portion of the user’s phone data.
On the basis of variables as subtle as your typing speed and battery percentage, Smart Finance can predict with astounding accuracy your likelihood of repaying a $300 loan.
Such deployments of business AI and internet AI are already revolutionizing our industries and individual lifestyles. But still on the horizon lie two even more monumental waves— perception AI and autonomous AI.
The Third Wave: Perception AI
In this wave, AI gets an upgrade with eyes, ears, and myriad other senses, merging the digital world with our physical environments.
As sensors and smart devices proliferate through our homes and cities, we are on the verge of entering a trillion-sensor economy.
Companies like China’s Xiaomi are putting out millions of IoT-connected devices, and teams of researchers have already begun prototyping smart dust—solar cell- and sensor-geared particulates that can store and communicate troves of data anywhere, anytime.
As Kai-Fu explains, perception AI “will bring the convenience and abundance of the online world into our offline reality.” Sensor-enabled hardware devices will turn everything from hospitals to cars to schools into online-merge-offline (OMO) environments.
Imagine walking into a grocery store, scanning your face to pull up your most common purchases, and then picking up a virtual assistant (VA) shopping cart. Having pre-loaded your data, the cart adjusts your usual grocery list with voice input, reminds you to get your spouse’s favorite wine for an upcoming anniversary, and guides you through a personalized store route.
While we haven’t yet leveraged the full potential of perception AI, China and the US are already making incredible strides. Given China’s hardware advantage, Lee predicts China currently has a 60-40 edge over its American tech counterparts.
Now the go-to city for startups building robots, drones, wearable technology, and IoT infrastructure, Shenzhen has turned into a powerhouse for intelligent hardware, as I discussed last week. Turbocharging output of sensors and electronic parts via thousands of factories, Shenzhen’s skilled engineers can prototype and iterate new products at unprecedented scale and speed.
With the added fuel of Chinese government support and a relaxed Chinese attitude toward data privacy, China’s lead may even reach 80-20 in the next five years.
Jumping on this wave are companies like Xiaomi, which aims to turn bathrooms, kitchens, and living rooms into smart OMO environments. Having invested in 220 companies and incubated 29 startups that produce its products, Xiaomi surpassed 85 million intelligent home devices by the end of 2017, making it the world’s largest network of these connected products.
One KFC restaurant in China has even teamed up with Alipay (Alibaba’s mobile payments platform) to pioneer a ‘pay-with-your-face’ feature. Forget cash, cards, and cell phones, and let OMO do the work.
The Fourth Wave: Autonomous AI
But the most monumental—and unpredictable—wave is the fourth and final: autonomous AI.
Integrating all previous waves, autonomous AI gives machines the ability to sense and respond to the world around them, enabling AI to move and act productively.
While today’s machines can outperform us on repetitive tasks in structured and even unstructured environments (think Boston Dynamics’ humanoid Atlas or oncoming autonomous vehicles), machines with the power to see, hear, touch and optimize data will be a whole new ballgame.
Think: swarms of drones that can selectively spray and harvest entire farms with computer vision and remarkable dexterity, heat-resistant drones that can put out forest fires 100X more efficiently, or Level 5 autonomous vehicles that navigate smart roads and traffic systems all on their own.
While autonomous AI will first involve robots that create direct economic value—automating tasks on a one-to-one replacement basis—these intelligent machines will ultimately revamp entire industries from the ground up.
Kai-Fu Lee currently puts America in a commanding lead of 90-10 in autonomous AI, especially when it comes to self-driving vehicles. But Chinese government efforts are quickly ramping up the competition.
Already in China’s Zhejiang province, highway regulators and government officials have plans to build China’s first intelligent superhighway, outfitted with sensors, road-embedded solar panels and wireless communication between cars, roads and drivers.
Aimed at increasing transit efficiency by up to 30 percent while minimizing fatalities, the project may one day allow autonomous electric vehicles to continuously charge as they drive.
A similar government-fueled project involves Beijing’s new neighbor Xiong’an. Projected to take in over $580 billion in infrastructure spending over the next 20 years, Xiong’an New Area could one day become the world’s first city built around autonomous vehicles.
Baidu is already working with Xiong’an’s local government to build out this AI city with an environmental focus. Possibilities include sensor-geared cement, computer vision-enabled traffic lights, intersections with facial recognition, and parking lots-turned parks.
Lastly, Lee predicts China will almost certainly lead the charge in autonomous drones. Already, Shenzhen is home to premier drone maker DJI—a company I’ll be visiting with 24 top executives later this month as part of my annual China Platinum Trip.
Named “the best company I have ever encountered” by Chris Anderson, DJI owns an estimated 50 percent of the North American drone market, supercharged by Shenzhen’s extraordinary maker movement.
While the long-term Sino-US competitive balance in fourth wave AI remains to be seen, one thing is certain: in a matter of decades, we will witness the rise of AI-embedded cityscapes and autonomous machines that can interact with the real world and help solve today’s most pressing grand challenges.
Join Me
Webinar with Dr. Kai-Fu Lee: Dr. Kai-Fu Lee — one of the world’s most respected experts on AI — and I will discuss his latest book AI Superpowers: China, Silicon Valley, and the New World Order. Artificial Intelligence is reshaping the world as we know it. With U.S.-Sino competition heating up, who will own the future of technology? Register here for the free webinar on September 4th, 2018 from 11:00am–12:30pm PST.
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#433278 Outdated Evolution: Updating Our ...
What happens when evolution shapes an animal for tribes of 150 primitive individuals living in a chaotic jungle, and then suddenly that animal finds itself living with millions of others in an engineered metropolis, their pockets all bulging with devices of godlike power?
The result, it seems, is a modern era of tension where archaic forms of governance struggle to keep up with the technological advances of their citizenry, where governmental policies act like constraining bottlenecks rather than spearheads of progress.
Simply put, our governments have failed to adapt to disruptive technologies. And if we are to regain our stability moving forward into a future of even greater disruption, it’s imperative that we understand the issues that got us into this situation and what kind of solutions we can engineer to overcome our governmental weaknesses.
Hierarchy vs. Technological Decentralization
Many of the greatest issues our governments face today come from humanity’s biologically-hardwired desire for centralized hierarchies. This innate proclivity towards building and navigating systems of status and rank were evolutionary gifts handed down to us by our ape ancestors, where each member of a community had a mental map of their social hierarchy. Their nervous systems behaved differently depending on their rank in this hierarchy, influencing their interactions in a way that ensured only the most competent ape would rise to the top to gain access to the best food and mates.
As humanity emerged and discovered the power of language, we continued this practice by ensuring that those at the top of the hierarchies, those with the greatest education and access to information, were the dominant decision-makers for our communities.
However, this kind of structured chain of power is only necessary if we’re operating in conditions of scarcity. But resources, including information, are no longer scarce.
It’s estimated that more than two-thirds of adults in the world now own a smartphone, giving the average citizen the same access to the world’s information as the leaders of our governments. And with global poverty falling from 35.5 percent to 10.9 percent over the last 25 years, our younger generations are growing up seeing automation and abundance as a likely default, where innovations like solar energy, lab-grown meat, and 3D printing are expected to become commonplace.
It’s awareness of this paradigm shift that has empowered the recent rise of decentralization. As information and access to resources become ubiquitous, there is noticeably less need for our inefficient and bureaucratic hierarchies.
For example, if blockchain can prove its feasibility for large-scale systems, it can be used to update and upgrade numerous applications to a decentralized model, including currency and voting. Such innovations would lower the risk of failing banks collapsing the economy like they did in 2008, as well as prevent corrupt politicians from using gerrymandering and long queues at polling stations to deter voter participation.
Of course, technology isn’t a magic wand that should be implemented carelessly. Facebook’s “move fast and break things” approach might have very possibly broken American democracy in 2016, as social media played on some of the worst tendencies humanity can operate on during an election: fear and hostility.
But if decentralized technology, like blockchain’s public ledgers, can continue to spread a sense of security and transparency throughout society, perhaps we can begin to quiet that paranoia and hyper-vigilance our brains evolved to cope with living as apes in dangerous jungles. By decentralizing our power structures, we take away the channels our outdated biological behaviors might use to enact social dominance and manipulation.
The peace of mind this creates helps to reestablish trust in our communities and in our governments. And with trust in the government increased, it’s likely we’ll see our next issue corrected.
From Business and Law to Science and Technology
A study found that 59 percent of US presidents, 68 percent of vice presidents, and 78 percent of secretaries of state were lawyers by education and occupation. That’s more than one out of every two people in the most powerful positions in the American government restricted to a field dedicated to convincing other people (judges) their perspective is true, even if they lack evidence.
And so the scientific method became less important than semantics to our leaders.
Similarly, of the 535 individuals in the American congress, only 24 hold a PhD, only 2 of which are in a STEM field. And so far, it’s not getting better: Trump is the first president since WWII not to name a science advisor.
But if we can use technologies like blockchain to increase transparency, efficiency, and trust in the government, then the upcoming generations who understand decentralization, abundance, and exponential technologies might feel inspired enough to run for government positions. This helps solve that common problem where the smartest and most altruistic people tend to avoid government positions because they don’t want to play the semantic and deceitful game of politics.
By changing this narrative, our governments can begin to fill with techno-progressive individuals who actually understand the technologies that are rapidly reshaping our reality. And this influence of expertise is going to be crucial as our governments are forced to restructure and create new policies to accommodate the incoming disruption.
Clearing Regulations to Begin Safe Experimentation
As exponential technologies become more ubiquitous, we’re likely going to see young kids and garage tinkerers creating powerful AIs and altering genetics thanks to tools like CRISPR and free virtual reality tutorials.
This easy accessibility to such powerful technology means unexpected and rapid progress can occur almost overnight, quickly overwhelming our government’s regulatory systems.
Uber and Airbnb are two of the best examples of our government’s inability to keep up with such technology, both companies achieving market dominance before regulators were even able to consider how to handle them. And when a government has decided against them, they often still continue to operate because people simply choose to keep using the apps.
Luckily, this kind of disruption hasn’t yet posed a major existential threat. But this will change when we see companies begin developing cyborg body parts, brain-computer interfaces, nanobot health injectors, and at-home genetic engineering kits.
For this reason, it’s crucial that we have experts who understand how to update our regulations to be as flexible as is necessary to ensure we don’t create black market conditions like we’ve done with drugs. It’s better to have safe and monitored experimentation, rather than forcing individuals into seedy communities using unsafe products.
Survival of the Most Adaptable
If we hope to be an animal that survives our changing environment, we have to adapt. We cannot cling to the behaviors and systems formed thousands of years ago. We must instead acknowledge that we now exist in an ecosystem of disruptive technology, and we must evolve and update our governments if they’re going to be capable of navigating these transformative impacts.
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#432884 This Week’s Awesome Stories From ...
ROBOTICS
Boston Dynamics’ SpotMini Robot Dog Goes on Sale in 2019
Stephen Shankland | CNET
“The company has 10 SpotMini prototypes now and will work with manufacturing partners to build 100 this year, said company co-founder and President Marc Raibert at a TechCrunch robotics conference Friday. ‘That’s a prelude to getting into a higher rate of production’ in anticipation of sales next year, he said. Who’ll buy it? Probably not you.”
Also from Boston Dynamics’ this week:
SPACE
Made In Space Wins NASA Contract for Next-Gen ‘Vulcan’ Manufacturing System
Mike Wall | Space.com
“’The Vulcan hybrid manufacturing system allows for flexible augmentation and creation of metallic components on demand with high precision,’ Mike Snyder, Made In Space chief engineer and principal investigator, said in a statement. …When Vulcan is ready to go, Made In Space aims to demonstrate the technology on the ISS, showing Vulcan’s potential usefulness for a variety of exploration missions.”
ARTIFICIAL INTELLIGENCE
Duplex Shows Google Failing at Ethical and Creative AI Design
Natasha Lomas | TechCrunch
“But while the home crowd cheered enthusiastically at how capable Google had seemingly made its prototype robot caller—with Pichai going on to sketch a grand vision of the AI saving people and businesses time—the episode is worryingly suggestive of a company that views ethics as an after-the-fact consideration. One it does not allow to trouble the trajectory of its engineering ingenuity.”
DESIGN
What Artists Can Tech Us About Making Technology More Human
Elizabeth Stinson| Wired
“For the last year, Park, along with the artist Sougwen Chung and dancers Jason Oremus and Garrett Coleman of the dance collective Hammerstep, have been working out of Bell Labs as part of a residency called Experiments in Art and Technology. The year-long residency, a collaboration between Bell Labs and the New Museum’s incubator, New Inc, culminated in ‘Only Human,’ a recently-opened exhibition at Mana where the artists’ pieces will be on display through the end of May.”
GOVERNANCE
The White House Says a New AI Task Force Will Protect Workers and Keep America First
Will Knight | MIT Technology Review
“The meeting and the select committee signal that the administration takes the impact of artificial intellgence seriously. This has not always been apparent. In his campaign speeches, Trump suggested reviving industries that have already been overhauled by automation. The Treasury secretary, Steven Mnuchin, also previously said that the idea of robots and AI taking people’s jobs was ‘not even on my radar screen.’”
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#432311 Everyone Is Talking About AI—But Do ...
In 2017, artificial intelligence attracted $12 billion of VC investment. We are only beginning to discover the usefulness of AI applications. Amazon recently unveiled a brick-and-mortar grocery store that has successfully supplanted cashiers and checkout lines with computer vision, sensors, and deep learning. Between the investment, the press coverage, and the dramatic innovation, “AI” has become a hot buzzword. But does it even exist yet?
At the World Economic Forum Dr. Kai-Fu Lee, a Taiwanese venture capitalist and the founding president of Google China, remarked, “I think it’s tempting for every entrepreneur to package his or her company as an AI company, and it’s tempting for every VC to want to say ‘I’m an AI investor.’” He then observed that some of these AI bubbles could burst by the end of 2018, referring specifically to “the startups that made up a story that isn’t fulfillable, and fooled VCs into investing because they don’t know better.”
However, Dr. Lee firmly believes AI will continue to progress and will take many jobs away from workers. So, what is the difference between legitimate AI, with all of its pros and cons, and a made-up story?
If you parse through just a few stories that are allegedly about AI, you’ll quickly discover significant variation in how people define it, with a blurred line between emulated intelligence and machine learning applications.
I spoke to experts in the field of AI to try to find consensus, but the very question opens up more questions. For instance, when is it important to be accurate to a term’s original definition, and when does that commitment to accuracy amount to the splitting of hairs? It isn’t obvious, and hype is oftentimes the enemy of nuance. Additionally, there is now a vested interest in that hype—$12 billion, to be precise.
This conversation is also relevant because world-renowned thought leaders have been publicly debating the dangers posed by AI. Facebook CEO Mark Zuckerberg suggested that naysayers who attempt to “drum up these doomsday scenarios” are being negative and irresponsible. On Twitter, business magnate and OpenAI co-founder Elon Musk countered that Zuckerberg’s understanding of the subject is limited. In February, Elon Musk engaged again in a similar exchange with Harvard professor Steven Pinker. Musk tweeted that Pinker doesn’t understand the difference between functional/narrow AI and general AI.
Given the fears surrounding this technology, it’s important for the public to clearly understand the distinctions between different levels of AI so that they can realistically assess the potential threats and benefits.
As Smart As a Human?
Erik Cambria, an expert in the field of natural language processing, told me, “Nobody is doing AI today and everybody is saying that they do AI because it’s a cool and sexy buzzword. It was the same with ‘big data’ a few years ago.”
Cambria mentioned that AI, as a term, originally referenced the emulation of human intelligence. “And there is nothing today that is even barely as intelligent as the most stupid human being on Earth. So, in a strict sense, no one is doing AI yet, for the simple fact that we don’t know how the human brain works,” he said.
He added that the term “AI” is often used in reference to powerful tools for data classification. These tools are impressive, but they’re on a totally different spectrum than human cognition. Additionally, Cambria has noticed people claiming that neural networks are part of the new wave of AI. This is bizarre to him because that technology already existed fifty years ago.
However, technologists no longer need to perform the feature extraction by themselves. They also have access to greater computing power. All of these advancements are welcomed, but it is perhaps dishonest to suggest that machines have emulated the intricacies of our cognitive processes.
“Companies are just looking at tricks to create a behavior that looks like intelligence but that is not real intelligence, it’s just a mirror of intelligence. These are expert systems that are maybe very good in a specific domain, but very stupid in other domains,” he said.
This mimicry of intelligence has inspired the public imagination. Domain-specific systems have delivered value in a wide range of industries. But those benefits have not lifted the cloud of confusion.
Assisted, Augmented, or Autonomous
When it comes to matters of scientific integrity, the issue of accurate definitions isn’t a peripheral matter. In a 1974 commencement address at the California Institute of Technology, Richard Feynman famously said, “The first principle is that you must not fool yourself—and you are the easiest person to fool.” In that same speech, Feynman also said, “You should not fool the layman when you’re talking as a scientist.” He opined that scientists should bend over backwards to show how they could be wrong. “If you’re representing yourself as a scientist, then you should explain to the layman what you’re doing—and if they don’t want to support you under those circumstances, then that’s their decision.”
In the case of AI, this might mean that professional scientists have an obligation to clearly state that they are developing extremely powerful, controversial, profitable, and even dangerous tools, which do not constitute intelligence in any familiar or comprehensive sense.
The term “AI” may have become overhyped and confused, but there are already some efforts underway to provide clarity. A recent PwC report drew a distinction between “assisted intelligence,” “augmented intelligence,” and “autonomous intelligence.” Assisted intelligence is demonstrated by the GPS navigation programs prevalent in cars today. Augmented intelligence “enables people and organizations to do things they couldn’t otherwise do.” And autonomous intelligence “establishes machines that act on their own,” such as autonomous vehicles.
Roman Yampolskiy is an AI safety researcher who wrote the book “Artificial Superintelligence: A Futuristic Approach.” I asked him whether the broad and differing meanings might present difficulties for legislators attempting to regulate AI.
Yampolskiy explained, “Intelligence (artificial or natural) comes on a continuum and so do potential problems with such technology. We typically refer to AI which one day will have the full spectrum of human capabilities as artificial general intelligence (AGI) to avoid some confusion. Beyond that point it becomes superintelligence. What we have today and what is frequently used in business is narrow AI. Regulating anything is hard, technology is no exception. The problem is not with terminology but with complexity of such systems even at the current level.”
When asked if people should fear AI systems, Dr. Yampolskiy commented, “Since capability comes on a continuum, so do problems associated with each level of capability.” He mentioned that accidents are already reported with AI-enabled products, and as the technology advances further, the impact could spread beyond privacy concerns or technological unemployment. These concerns about the real-world effects of AI will likely take precedence over dictionary-minded quibbles. However, the issue is also about honesty versus deception.
Is This Buzzword All Buzzed Out?
Finally, I directed my questions towards a company that is actively marketing an “AI Virtual Assistant.” Carl Landers, the CMO at Conversica, acknowledged that there are a multitude of explanations for what AI is and isn’t.
He said, “My definition of AI is technology innovation that helps solve a business problem. I’m really not interested in talking about the theoretical ‘can we get machines to think like humans?’ It’s a nice conversation, but I’m trying to solve a practical business problem.”
I asked him if AI is a buzzword that inspires publicity and attracts clients. According to Landers, this was certainly true three years ago, but those effects have already started to wane. Many companies now claim to have AI in their products, so it’s less of a differentiator. However, there is still a specific intention behind the word. Landers hopes to convey that previously impossible things are now possible. “There’s something new here that you haven’t seen before, that you haven’t heard of before,” he said.
According to Brian Decker, founder of Encom Lab, machine learning algorithms only work to satisfy their preexisting programming, not out of an interior drive for better understanding. Therefore, he views AI as an entirely semantic argument.
Decker stated, “A marketing exec will claim a photodiode controlled porch light has AI because it ‘knows when it is dark outside,’ while a good hardware engineer will point out that not one bit in a register in the entire history of computing has ever changed unless directed to do so according to the logic of preexisting programming.”
Although it’s important for everyone to be on the same page regarding specifics and underlying meaning, AI-powered products are already powering past these debates by creating immediate value for humans. And ultimately, humans care more about value than they do about semantic distinctions. In an interview with Quartz, Kai-Fu Lee revealed that algorithmic trading systems have already given him an 8X return over his private banking investments. “I don’t trade with humans anymore,” he said.
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#432293 An Innovator’s City Guide to Shanghai
Shanghai is a city full of life. With its population of 24 million, Shanghai embraces vibrant growth, fosters rising diversity, and attracts visionaries, innovators, and adventurers. Fintech, artificial intelligence, and e-commerce are booming. Now is a great time to explore this multicultural, inspirational city as it experiences quick growth and ever greater influence.
Meet Your Guide
Qingsong (Dora) Ke
Singularity University Chapter: Shanghai Chapter
Profession: Associate Director for Asia Pacific, IE Business School and IE University; Mentor, Techstars Startup Weekend; Mentor, Startupbootcamp; China President, Her Century
Your City Guide to Shanghai, China
Top three industries in the city: Automotive, Retail, and Finance
1. Coworking Space: Mixpace
With 10 convenient locations in the Shanghai downtown area, Mixpace offers affordable prices and various office and event spaces to both foreign and local entrepreneurs and startups.
2. Makerspace: XinCheJian
The first hackerspace and a non-profit in China, Xinchejian was founded to support projects in physical computing, open source hardware, and the Internet of Things. It hosts regular events and talks to facilitate development of hackerspaces in China.
3. Local meetups/ networks: FinTech Connector
FinTech Connector is a community connecting local fintech entrepreneurs and start-ups with global professionals, thought leaders, and investors for the purpose of disrupting financial services with cutting-edge technology.
4. Best coffee shop with free WiFi: Seesaw
Clean and modern décor, convenient locations, a quiet environment, and high-quality coffee make Seesaw one of the most popular coffee shops in Shanghai.
5. The startup neighborhood: Knowledge & Innovation Community (KIC)
Located near 10 prestigious universities and over 100 scientific research institutions, KIC attempts to integrate Silicon Valley’s innovative spirit with the artistic culture of the Left Bank in Paris.
6. Well-known investor or venture capitalist: Nanpeng (Neil) Shen
Global executive partner at Sequoia Capital, founding and managing partner at Sequoia China, and founder of Ctrip.com and Home Inn, Neil Shen was named Best Venture Capitalist by Forbes China in 2010–2013 and ranked as the best Chinese investor among Global Best Investors by Forbes in 2012–2016.
7. Best way to get around: Metro
Shanghai’s 17 well-connected metro lines covering every corner of the city at affordable prices are the best way to get around.
8. Local must-have dish and where to get it: Mini Soupy Bun (steamed dumplings, xiaolongbao) at Din Tai Fung in Shanghai.
Named one of the top ten restaurants in the world by the New York Times, Din Tai Fung makes the best xiaolongbao, a delicious soup with stuffed dumplings.
9. City’s best-kept secret: Barber Shop
This underground bar gets its name from the barber shop it’s hidden behind. Visitors must discover how to unlock the door leading to Barber Shop’s sophisticated cocktails and engaging music. (No website for this underground location, but the address is 615 Yongjia Road).
10. Touristy must-do: Enjoy the nightlife and the skyline at the Bund
On the east side of the Bund are the most modern skyscrapers, including Shanghai Tower, Shanghai World Financial Centre, and Jin Mao Tower. The west side of the Bund features 26 buildings of diverse architectural styles, including Gothic, Baroque, Romanesque, and others; this area is known for its exotic buildings.
11. Local volunteering opportunity: Shanghai Volunteer
Shanghai Volunteer is a platform to connect volunteers with possible opportunities in various fields, including education, elderly care, city culture, and environment.
12. Local University with great resources: Shanghai Jiao Tong University
Established in 1896, Shanghai Jiao Tong University is the second-oldest university in China and one of the country’s most prestigious. It boasts notable alumni in government and politics, science, engineering, business, and sports, and it regularly collaborates with government and the private sector.
This article is for informational purposes only. All opinions in this post are the author’s alone and not those of Singularity University. Neither this article nor any of the listed information therein is an official endorsement by Singularity University.
Image Credits: Qinsong (Dora) Ke
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