Dr. Wanli Min, a leading technologist driving China’s AI revolution and a technology innovation pioneer who spearheads Industrial Intelligence, stated that the digital transformation is developing as a global trend to rejuvenate every industry and also create new value to everyone. “When we talk about technology in the UK, we are talking about the sound traditional IT infrastructure but also the somewhat slow adoption of consumer-facing new tech. This disparity lies ample opportunities ahead for digital transformation.” he noted, “The investment opportunity is mature now to adopt digital transformation in the UK and Europe at large”.
LONDON, UK / ACCESSWIRE / September 24, 2020 / Dr. Wanli Min, Founder and CEO of North Summit Capital and QuadTalent Technology, was invited to speak at the UK- China Tech Forum on September 23rd. With the theme of “The Future of Industry and Sustainable Tech,” the Forum was hosted by the China-Britain Business Council (CBBC) and techUK, in partnership with the Department for International (DIT) to explore the key trends in digital transformation and sustainable tech in both countries, as well as addressing the wider challenges and opportunities for UK-China tech collaboration.
Dr. Min stated that the digital transformation is developing as a global trend to rejuvenate every industry and also create new value to everyone. “When we talk about technology in the UK, we are talking about the sound traditional IT infrastructure but also the somewhat slow adoption of consumer-facing new tech. This disparity lies ample opportunities ahead for digital transformation.” he noted, “The investment opportunity is mature now to adopt digital transformation in the UK and Europe at large”.
In particular, Dr. Min shed light on the huge opportunities in using technology, such as artificial intelligence and big data, to digitize traditional industries, which currently have seen the minimum technology penetration. “The resources allocated to manufacturing, agriculture and retail are not as much as they should have deserved,” said Dr. Min. “This creates an opportunity window for investors per se, and also opportunities for technology practitioners.”
In that front, education and retail are two sectors where Chinese and UK companies can collaborate and create great value.
For education, the opportunity lies in part in the well-developed English education system in the UK for school-age and preschool children. China, on the other hand, has one of the world’s largest English education markets.
North Summit Capital in March has led the £4 million (approximately $4.9 million) round A funding for Lingumi, a London-based edtech platform for toddlers and preschoolers. The e-learning startup is using the investment to advance its technology and expand rapidly in the Chinese market. Notably, half of Lingumi’s revenue came from China.
“This is a perfect example to showcase the complementary relationship between UK and China,” said Dr. Min. “Once we put together the strengths, consumers and entrepreneurs from the two countries can benefit collectively.”
On the retail side, China’s rapid development in consumer tech, such as mobile payment and online shopping, is a good reference case for UK counterparts, said Dr. Min.
As the COVID-19 pandemic hit the world as a shock, the live streaming technology and businesses are booming worldwide. While many are exploring the use of online meetings to substitute in-office work, Dr. Min noted that it could be a revolution for retail sales.
Traditional retail sales are one-to-one services happening in person in brick-and-mortar stores. But the live streaming technology would enable an exceptional salesperson to face thousands of potential customers at the same time, significantly improving the working efficiency and conversion rate, added Dr. Min.
As a former scientist and Silicon Valley veteran, Dr. Min took an unconventional turn in his career when he departed the tech giant Alibaba to found North Summit Capital and QuadTalent Technology last year. With a mission to advance the technology for social good. The fund and tech start-up closely collaborate under the “tech + capital” model, where the two explore and discover value-creation potential in data and value-intensive traditional industries to create investment opportunities.
“The value creation of AI and big data is real, tangible, and is going to be far exceeding our imagination if we had certain ways to accelerate the mind-set of traditional industry side practitioners,” he said.