Scholars and entrepreneurs in Britain are joining hands to find innovative ways to explore the huge Chinese market.
The Innovation Forum, held in Cambridge from Wednesday to Thursday, attracted industry, academic and government leaders to promote innovation and facilitate partnership between investors and researchers.
With a particular focus on dynamic innovation in a globalized world, business and academic leaders at the two-day conference agreed on the importance of helping Western startup technology companies to enter the Chinese market.
Simon Haworth, founder and CEO of Dynasty Biotechnology and the Sino-UK Fund, said there is an extraordinary opportunity for British technology startups to do business in China.
"Anyone looking at the market, the target of that interest in access to the market for you (entrepreneurs) is absolutely extraordinary," Haworth told the audience.
Yu Xiong, chair of Technology and Operations Management at Northumbria University, said a large proportion of British companies want to do business in China, but they need to familiarize themselves with China's recent policy initiatives to support innovation in the high-tech sector.
"The Chinese government is enacting more and more policies to help companies to grow in China, and investing billions and billions of money to support startups," he said.
He stressed that the policy support comes not only from a national level, but also from provincial and local governments as well.
Alan Barrell, entrepreneur in residence at Judge Business School of University of Cambridge, said innovation takes time, and anyone who wants to enter a foreign market needs to respect the local culture, study its history, and build trust and understanding.
More than 60 speakers and 600 delegates attended this year's Innovation Forum, which also featured a final of the 'IMAGINE IF!' competition, an accelerator program for technology startup ventures.
Up to 15 top startup companies presented their ideas to a panel of investors and specialists to compete internationally for a cash prize worth 30,000 pounds (about 39,221 U.S. dollars), as well as invaluable business partnerships and mentoring.
