Asian firms are well placed to scale up the ideas of pioneering businesses. — Unsplash
SINCE World War Two, Asia’s economic success has been driven by a business model that relies heavily on networks of businesses and influential families. But this model – which concentrates power in the hands of relatively few and relies on connections over education or effort – could slow Asia’s development through the next century unless it adapts and innovates.
Short of a radical transformation to a more competitive and popular capitalism – a feature of the Western world – Asia’s scope to innovate within its existing business model depends on how one defines innovation.
