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The Financial Secretary, Mr John C Tsang, said today (September 17) that global competition had shifted from a situation where price was the major determinant, to a world where creativity and innovation take the lead.
Officiating at the Workshop on Disruptive Innovation in the Hong Kong Science Park, Mr Tsang pointed out that the innovation required to transform an economy, or even an enterprise, required highly focused and disciplined thinking as well as meticulous implementation skills.
He noted that the Disruptive Innovation theory, the work of Professor Clayton Christensen of the Harvard Business School, applied not only to the traditional way enterprises chase after technological superiority, but also to the provision of public services such education and health care.
Essentially the theory means 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.
Mr Tsang said, "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. From there, we have continued to develop, such that today we can lay claim to be a world-class business, logistics and financial centre."
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 ageing 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."
He thanked the Chairman of the Applied Science and Technology Institute, Dr Patrick Wang, for inviting Professor Christensen to run the workshop.
The workshop's participants include members of the most senior echelons of Hong Kong's academic, commercial and industrial sectors as well as representatives from public and private organisations involved in promoting innovation and technology and operating education and public health services.
Ends/Wednesday, September 17, 2008
Issued at HKT 11:31
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