Mark Greeven is Professor of Innovation and Strategy at the International Institute for Management Development (IMD) and the director of IMD China Initiative, also co-directing their “Building Digital Ecosystems” program and “Strategy for Future Readiness” program. He is ranked on the 2023 Thinkers50 list of global management thinkers.
China has filed five times more GenAI patents than the U.S. in the last decade. That is more than 38,000 patent applications in GenAI, according to the World Intellectual Property Organization. China excels in finding applications of new technologies, and this is also the case in GenAI.
· Leverage China as an Innovation Hub for GenAI: Utilize China's rapid decision-making environment and flexible customer base as a testbed for new products and initiatives that are powered by GenAI. All things considered, GenAI evolution at Alibaba is driven by an enterprise-wide transformation, a decade in the making.The recent past has been a roller-coaster ride at Alibaba. Alibaba went from untouchable in the 2010s to being challenged by competition, consumers and regulators alike in the 2020s. The time of fast growth is long gone, and Alibaba has been in search of mature management models and growth approaches while rethinking some of their diversifications.
Concurrently, Alibaba underwent major executive changes. Zhang Yong stepped down as chairman and CEO and was replaced by Wu Yongming, who outlined a refined strategy focusing on technology-driven internet platform business, AI-driven technology business, and a global commercial network.Alibaba is strengthening its core ecommerce business, while reevaluating their offline retail investments. At the same time, Alibaba maintains their investments in new technologies.
One example is the livestreaming industry in China. By a distance, the most developed in the world. Livestreaming uses a combination of existing video software technologies, computer vision and natural language process machine learning algorithms combined with an innovative business model that links ecommerce to entertainment. Case in point is the success of Alibaba's Taobao Live and global success of TikTok. New to the world? maybe not, but certainly with great innovation and impact.
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