China is increasingly positioning itself as a hub for innovation rather than the mass-scale copycat image it had earlier. The country needs to strive in order to avoid the middle-income trap that could await in ten years’ time. For such a culture of business innovation to prosper, China needs to take imbibe certain habits in its workings. First of all, business units must be able to scale up, irrespective of ownership patterns. The country’s talent management processes also need to be curated to be able to engage creative and skilled individuals. Such creative forces must have the freedom to experiment and even fail if needed. The profits generated need to be shared across a common pool. The information flow must be free and collaborations to flourish within work systems. The ruling class needs to pitch in their contribution by safeguarding the laws for the greater good. Finally, all decision-making on risks need be done in complete fairness and neutrality.

Source:https://knowledge.insead.edu/entrepreneurship/seven-attributes-of-the-most-innovative-cultures-5135

Uploaded Date:09 January 2018