 Well, good morning and welcome. I'm Robert Greenhill and I'm delighted to Introduce us an extraordinary panel for an extraordinarily important issue the whole question of technology and innovation runs throughout all the different sessions of the summer Davos and we know that actually have a Smart economic future as the presentation just showed we need the right technology applied in a smart fashion That's easier said than done How do we make sure that technological innovation is adopted swiftly in its scale? How do we ensure that business models are able to absorb and Political models are able to understand the impact of of innovation in terms of how they should be organizing themselves How to deal with the unintended consequences of innovation for those people who don't have the skills of the abilities to keep up with that rate of change and How to ensure that these benefits are shared equally and that the right investments can be made at a time Fiscal tightening and in a time of frugality How do we ensure that both the private and the public sectors can continue to invest in this important innovation? these are some of the questions at this panel will be addressing with you over the next hour and Let me start with Chairman down who is the chairman of the National Development and Reform Commission of China and Chairman down of course this whole issue of innovation is critically important to to China Perhaps you could share some of your observations with us. Okay. Thank you Guang Yi the Guo Jia Chang Xin in the macro perspective National innovation scheme is about the institutional Renovation and scientific innovation and development innovation In the past 34 years China has achieved tremendous achievements with the annual growth rate of GDP at about 9.9% and the GDP per capita has increased from about 200 US dollars into 1978 to about 5400 US dollars 2011 So fundamentally speaking This is the result of sticking to the policy of reform and opening up and innovation As for science and technological innovation in the year 2006 the Chinese government Made a policy about improving the capabilities of indigenous innovation and building a country of Indigenous innovation and in this July the Chinese government also convened a national innovation Congress深化科技管 the points of depending they science and technological institutional reform and Expediting the construction of innovative country so Jia Hua This is the way some new Landscape of economies and China have speed it up. It's a reforms in Transforming the economic growth pattern. And so this has been served as a very important policy and to speed up as for the major principles of speeding up this process the first is to stick to the innovation driven and service driven The second day We need to stick to the principle of for having the enterprises as some main bodies and to have the coal energies from them for innovation and third is to stick to the government and the market orientation the fourth is to Stick to the principle of having a overall consolidation and a range and 50s about reform and cooperation Reform and opening up and cooperation. So based on the above mentioned principles We are going to mainly rely on the science and technological innovation and many many general innovation to achieve China's Sustainable development in the future. And We are going to lay emphasis on the following four aspects of work The first is to perfect the relevant laws and regulations in order to promote They overall funding for the whole society in general In terms of R&D and to Increase multi-channel multi-layer Financial input systems Secondly, we are going to perfect the Transformation of the scientific results into products and relevant policies Including strengthening the IP intellectual property Creation utilization and the management and protection While expediting the construction of the enterprise driven and the market driven And the combination of the academia with the practice and with Application and this kind of technological system. So they are going to be perfect the incentive systems of all the scientific people Including Constructing They Personal assessment system with orientation of the technical results and constructing an innovative culture Falsely, we are going to strengthen The openings and the collaboration in the field of science and technology and to implement all-round multi-layer high-level Science and technological international Co-operations to support the Chinese enterprises and companies and Institutions to go overseas to set up their R&D centers and also Encourage the international institutions universities and multinational corporations to set up their R&D centers in China and we are going to make our efforts to Promote collaboration or collaborative innovation between Chinese institutions and foreign counterparts and to share the innovation results of science and technology together Thank you very much vice-chairman tongue. It's a very comprehensive perspective on the challenges and Bill Green is as chairman of Accenture Not only is Accenture very involved in the issue of innovation, but you've personally been very involved in the questions of education innovation technological change and You've noted some of the challenges of actually making these Real opportunities for innovation move forward in practice Yeah, if I could just speak to that I you know I had the honor of participating in a study for the National Academies in the United States, which was three business guys and 20 a Nobel Prize winners. I was one of the business guys And and you realize The power our national Research institutions in our developed countries have it is unbelievable But these innovations are in my mind trapped. They're under recognized under leveraged. They have a hard time getting out They get focused in the science community and we don't translate it into the business community We talk in the certain developed countries about stimulus. We talk about shovel ready projects Now shovel ready project you get a swimming pool Right a research ready project you change how the world works and lives over 40 billion dollars in the US alone goes into our Funding of these institutions and we have the talent. We have the know-how and during the depths of the downturn The thing that didn't stop was innovation, but it's in many ways trapped in the system And so first is we have to recognize that we need to repurpose Some of the investments we make to get the outcomes we want as opposed to just outcomes We have to recognize that the innovations aren't relevant unless they scale And we have to figure out a way how to get Momentum behind these and then lastly I think you know real invention happened And it's very much like the example in China when government and the education infrastructure and Institution and ecosystem came together to tackle some of the world's toughest challenges Along the lines of basic research over multi years And I think the thing that we have to crack the code on right now is it needs to be governments and education ecosystem and Business have to all be on the same page to make sure the funding is relevant or repurposed to be relevant To make sure the outcomes are what we're trying to trying to create and to make sure it scales and make sure Innovations know no boundaries no company boundaries. No geographic boundaries So so this whole issue of the innovation trap something that's developed in an institution not actually getting out Into business or into the marketplace and not actually changing the lives of millions of people as it could and I guess it's a little bit Like of a tree falls in the forest, but nobody hears it You know if an innovation takes place in a laboratory, but nobody takes advantage of it Did it really occur in a way that's meaningful exactly right? So Rintaro Tanaki you as the deputy secretary general of the OECD You've overseen a lot of research in terms of how to actually make Innovation work and I think you were observing there's some interesting examples of countries who are trying to in these difficult times Focus in the right way to achieve these kind of important innovation breakthroughs that chairman down was just talking about Thank you. OECD an internet price-based international organization a kind of forum of public policy It's a 34 member countries Including China as an a key partner I'm the OECD launched its innovation policy innovation strategy two years ago To promote comprehensive home of government approach to our fostering innovation and economic growth Our approach to the innovation is perhaps and a bit broader R&D I Quite important element, but not the sole driver of innovation Perhaps an a complementary asset such as a software human capital and appropriate organizational structures are needed to make innovation innovation successful Indeed investments in brand equity design organizational capital business model allow companies Typically operating in high competition high cost environment to compete on other aspects than cost For example Evidence has demonstrated the introduction of organizational innovation Such as in environment new environmental management practice can result in improved environmental performance and Compliment technological innovation Along with this idea Not only I always see the member countries, but also China India Brazil as well as in some emerging and developing economies like in Malaysia Indonesia Vietnam has established national innovation strategy in The as a in the background of economic downturns and some countries has being fenced public spending on research and innovation in order to preserve long-term innovation capacity I'd like to stress two points in Establishing our innovation policy national innovation policy at this stage first is gonna say Why supply-side innovation policy such as R&D are necessary to preserve long-term innovation capacity? but also The national strategy should include demand-side innovation and diffusion policies This is quite important particularly on the crisis in response to the crisis To address demand are something uncertainties demand uncertainties are quite essential Secondly Recovery policies or innovation policy under the process of recovery We shouldn't support failing sectors. It is quite likely quite highly likely Mistaken market forces will continue to weaken them and they will eventually face similar difficulties Resources should be provided to sector with gross potential Impalry to industrial policies that facilitates resource deployment Here policies that avoiding employment losses and supporting training is really essential to avoid damage to innovation systems Such policies do not only matter from a social perspective But also from the perspective of innovation the lack of enterprise creation to observe our main private workers Also the lower quality in a matching skilled workers to adequate employment available during decision as well And also the importance of employees tacit knowledge for firms innovation process as the main arguments for employment support Very interesting the two elements that really struck me there. One is this Easy to say but so difficult to do element of investing in the future building the future Not just trying to preserve the past in terms of where one invests But the second on the balance between investing in innovation and diffusion In order to really be able to make a difference and and Susan Hockfield as the present emerita of MIT and visiting scholar at the Kennedy School And foundation board member the World Economic Forum were proud to underline You've been deeply involved in this whole issue of Not only developing technology, but actually making sure Or MIT's been well known for making sure that it actually gets commercialized and applied What do you see as the lessons in doing that? What do you see as the key challenges and doing that going forward? Yeah, so it was an incredible privilege to sit at the helm of MIT to actually witness firsthand How great economies are built out of innovation? I think I agree it ferociously with my colleagues in what you have laid out as the key elements of You know for strong and sustainable economic growth I want to raise just a couple of Perhaps cautionary notes to pick up on some of the themes that you've articulated. The first is funding research Absolutely critical, and I'm always delighted when I hear that particularly government is ring fencing and protecting the funds that have been allocated for research All of the great innovations that you know, we've enjoyed it and have been real drivers of economic growth have come from Early-stage science and technology and I understand the Let's say the passion for getting those discoveries out into the marketplace as fast as possible I'll come back to that at the end, but But one of the things that often gets overlooked when we're interested in changing Facts on the ground now or a year from now or five years from now is that? fundamental curiosity driven Science and engineering research is what leads to technological innovations, but not tomorrow 20 years from now And if we bias our funding toward Those kinds of activities that will produce marketplace ideas soon To the at the expense of funding the early-stage research All we are doing is robbing Peter to pay Paul or robbing the future in interest of the present So I just have to underscore the importance of a very broad portfolio of funding government funding for The very major part because no one knows which of those early discoveries is going to lead to You know GPS technology or a new cancer treatment. You just don't know early on so that's very important The second thing you know again, I you know, I love it when my colleagues talk about the importance of education Education is obviously key for the kind of innovation Based growth that really leads to societal transformation But education is changing What is demanded of our workers is changing more rapidly than ever before in the world and how we provide? I'm going education. I think is a very important issue the major corporations are investing Probably billions of dollars to train and retrain their employees But that just doesn't work for the small and medium enterprises, which as you all know are largely Responsible for jobs growth. I think in all of our countries and so one of the I think important Directions for education is preserving what has been the kind of traditional In-person educational models, but I feel very strongly that we are just at the tipping point of A new style of online education that I think could be incredibly valuable not just for the standard student but for the Learner who's already in the workforce who needs to develop his or her skills or bring on new skills so I think that's an important direction that Many of my colleagues in industry have seen as critical for their ability to keep up with the future on the last Thing I want to mention is connectivity and this is I think where we all feel a Bit stymied we understand that there's an innovation pipeline That Begins with curiosity driven research and then you know eventually gets to development and that development of a new Technology makes his way out of a research lab into the marketplace often to a small company that either that company grows or gets Acquired by a larger company, but the problem is it just takes a long time So how can we close the gaps? How can we accelerate that and I personally believe and this is based on you know my experience at MIT? That one way those gaps can be shortened and the pipeline process going through trap traveling through the pipeline Can be made more rapid is by a very much closer working relationship Between industry and the academy and it's what bill talked about a government academy industry partnership now many of my colleagues in the academy would just kind of be shocked and and Quite horrified by the view that industry in the academy need to work more closely together But I think at a time where the pace of change is accelerating We're going to have to figure out How to bring the needs of industry in the marketplace closer to education so that we aren't delivering People into the way into the workplace. I mean from every level of education who simply are not prepared for the challenges of today's industry If I might just follow up on Susan's points Living across the river in Boston. I have great respect for MIT and all it does particularly its advanced manufacturing program global logistics Which are really practical ways of getting things out out there and including media lab and so forth a couple things We've been working on this concept of demand driven capability development I think it goes to Susan's point business can't sit there and say we know what we like when we see it We have to go back down the pipeline We have to help shape the outcome we want and I use the word capability Development because it doesn't have anything to do with to with degrees per say it has to do with capabilities and You know we tend to get tangled up in the degree programs and advanced degree programs and all that is important But at the end of the day, it's about certain skills and capabilities for people to do the jobs of tomorrow Not the jobs of yesterday and in order to do that We have to realign the education ecosystem to be demand driven and we have to as business We have an obligation right to reach into that system and help shape So it produces the outcomes we want that then we can invest in the great raw material to take it to the next level I think the second point. I just like to follow up on Susan's point She's absolutely right about curiosity and the original research I'm sort of in the you know one-third two-thirds I think we have an opportunity in two-thirds of our research To industrialize it a little and I know those words are frightening to the research community Word industrialized because it says consistent predictable process oriented and less experimentation and it doesn't mean that But if you look at the drug development process one of the things that's happened in pharmaceuticals is We have industrialized more and more elements of it, which have allowed us to get products to market faster Maybe in a lot of different and more creative ways But I think that one of the last you know islands of rationalization and productivity improvement You know has we have to look hard and critically At our research and how we invent the future and it goes very much to Susan's point the speed of change Right is moving faster than our ability to accommodate So Robert, I just want to take Bill's point and raise it a little bit which is one of the I would say inefficiencies in the systems where there are handoffs is duplication and particularly in the world of biopharma if you have spectacular academic research labs and Biopharma research labs that essentially duplicate that that strikes me as probably not the best investment of resources And this is why a new kind of collaboration new styles of working together have to be developed I think between industry and the academy And industry and the national research lab or wherever research is taking place so that we can Simplify right obviously there's a tremendous amount of duplication that's necessary to you know get the right answer But I think that we're kind of we haven't really Thought through right how to get high efficiency again in the academy You don't want to talk about efficiency But efficiency of thought and so you get the right people with the right insights and the right experience Integrating to the process earlier on Just just two point to follow up Susan despite the crisis and Tremendous pressure on public finance fiscal consolidation Some or many or many developed countries governments maintained or even increase The budget for to support research and development in the public sector. We should recognize many of Recent or current breakthrough derived from the knowledge obtained by the research and this R&D in public sector also So we should be mindful the importance of supporting public sector activities in the area of innovation So the in seeking up of fiscal consolidation Inside the government we have to be we have to continue to appeal this importance. Also is a secondly the research institutions is getting more and more Entapunna entrepreneurship gaining entrepreneurship Spillets this is not happening in the advanced economies like in the US and France UK But also we can we observe such a strong tendency in emerging economies like Malaysia or Thailand This is not quite clearly a global trend So again to move this discussion a little further along vice-chair Jean Actually talked about a set of policies that I find Enormously admirable so they are it's funding for early research research in the development, but critically important critically important is as these technologies Move out to further development one of the things that I think we have to really think about is funding for long cycle businesses capital-intense enterprises and You know one of the things I worry about in the United States is how patient our capital You know is or how patient our capital should be for investing in Activities that have enormous marketplace potential but take a very long time in China has done. I think a really terrific job in Making the kind of long-term investments that allow capital intensive long cycle industries to really take root and flourish and blossom Mr. Chairman John, would you like to comment on any of the observation?應該說中國在這方面呢還要繼續探索 China is still exploring一個呢就是 one is 著眼長遠的基礎研究 on a basic research of the long-term合理關係 how and how to use it in a rational way with the immediate R&D from a sustainable development perspective how to use the laws of R&D and also to continue the strength and the force of the investment also the results of R&D and The application of their results must be better directed towards the market So that the enterprises can play their part at this particular point one of the problems in China is the R&D institutions in Universities比較注重於 Conducting research and development Mainly in order to be able to write papers and win scientific awards and they are Not a strong on the market driven aspect of the market idea. So at this particular point That's why we have proposed on one hand We need to encourage the R&D institutions and the universities and the enterprises To have greater cooperation to set up greater cooperation Because the enterprises are most familiar with the needs of the market and so on technology R&D We hope that they will be able to play a more active role. Thank you What I take away from from the comments is poor things first of all clearly this need of collaboration to ensure that The expertise and perspectives from the different actress can be combined more effectively Second is this issue of relevance particularly to the marketplace But I think Susan you brought up the very important third element of balance We need to balance the short-term with long-term investing We do balance the role of education to develop citizens with its role to develop people can who can be you know effective economic contributors as well, and I think that the fourth element though is this issue of renewal We need to be able to renew our systems to be able to take into account the technologies and it's striking today Well, of course will be the launch we expect of the iPhone 5 and we think of the transformation That has been taking place with tablets and with smartphones over the last 10 years on the one hand On the other hand, I remember someone saying You know if somebody had fallen asleep a hundred years ago and woke up today They would recognize nothing in terms of the automobiles the aeroplanes the iPhones the tablets He would he or she would recognize nothing except the schools That she went to the primary schools It would seem very similar to what they saw a hundred years ago And yet it's that link of the education system with the technology which will allow us to go forward So I think what you were saying Susan in terms of is there a whole new model of renewing how we actually educate one another Now the demand-driven Capability building but also these broader things through technology is probably one of the key limiters or key Enablers of how we actually use technology going forward. Let's open it up to to the floor for Questions we have a limited amount of time because we were important set of announcements make afterwards So please introduce yourself and then if you have a one-sentence statement fine And then a question no more than 45 seconds, please sir And we'll take two or three and then I'll turn back to the panel Please Hello Good morning. I'm from Xinhua. I want to ask you a question economic reference newspaper I would like to ask a question to Mr. Zhao And so yesterday we listened to the reports about China's economic outlook and most experts are optimistic about that and thinking that in the future the Chinese economy He's going to have a very large room for the policy to promote the economic recovery of Further and especially I would like to ask you one question. And so what are the relevant policies in your aspect? And I would like to also ask the other panelist and for maintaining the sustainable growth for China And how can we do that things in order to To avoid the hampering the science and technology innovation questions related to the topic of innovation If you would like to do to advice Chairman Zhang afterwards that would be another way But please keep the comments related to to the issue we're discussing today Please sir and then over here Hi Sam white from Promethean power a startup from Boston one of the things that we've noticed is the great research that comes out of scientists from universities seem to jump off the Bacon Hill that Because there's no ecosystem to support these scientists after they graduate So where they physically going to continue their scientific progress to make It into the market Please Let's take two or three then okay, definitely gonna come to that I would like to ask Mr. Tamaki and for China in China's financial Output input and it is very large and also it has a severe clear target And how do you view the Chinese government in terms of the financial support? Innovation and the second I'd like to ask Mr. John and yesterday Premier Wen mentioned that a large Investment is going to make for China's sustainable growth. I would like to ask Mr. John what This investment will be diverted to for example, whether you were going to innovation. Thank you Take one more question I have a question ask Mr. William Green I know your company have a theme which means skills to succeed So how can you evaluate and comment on the skills to succeed the relationship with? smart growth and So let's go through the first of all this this issue Susan of Not just an idea. How does it get out of out of the university and succeed? But how about the person the scientist who comes out of MIT then finds themselves in the world? What's the ecosystem to support them? Yeah, interesting question. It's a great question and We talked about valleys of death and the development of products I mean, there's valleys of death and the development of individuals and I you know I come back to what I've said before about building closer linkages earlier on Between industry and the academy, but I think one of the You know as I look at this problem of transferring people and products from the research lab into the marketplace I often think of research labs research universities as having it is being a place It just has baskets of solutions and Industry has baskets of problems and how you match the problems to the solutions is actually a very very difficult task and it only happens through conversation because it's not clear that the the solution builders Have directed those solutions toward the problems that have been articulated quite precisely by industry in terms of individuals and the Ecosystem Surrounding our research universities if you look around the world at the places that are real innovation hubs Invariably there are places with strong research universities Got a plethora of startups and some of the big companies and figuring out how to make that ecosystem actually full of Communication networks, I think is a challenge that remains we do pretty well at it in Cambridge But you know it's far from perfect and there are too many people who really struggle as they you know leave our campuses to start businesses that you know can't find the capital can't find the mentors can't find the first rungs in the ladder and at MIT we've established a number of Processes to help facilitate that but it's it's a hard issue, and I think it's something that we're continuing to work on I mean that strikes me as a great opportunity going forward on this and Retire on the on the question of China's innovation in investments and We have received a question about Chinese economy and it's an sustainability in terms of the First of all, I like to stress the Chinese economy is not a independent economy at least we can say China Korea Japan and other same countries has formed a combination of very effective economic ties and for example When China's exports close Japan's exposed to China blows the each of the economy has an a quite high correlation So in that sense the sustainability of Chinese growth is quite essential to anyone secondly We have been advocating the shift of demand demand element in Chinese economy from investment to consumption But now I stress We have to think about The change of export-led growth model to more Domestic oriented innovation oriented growth model We are now looking at at the OECD Knowledge-based capital as an a new source of growth Perhaps and the China has a great potential to accumulate Knowledge-based capital this would make an a the future base of the Chinese sustainable economy of course in Looking at the economic data. We have to look at say gross components export investment consumption, etc But they look at the substance of the each of the demand elements. We should More emphasis on knowledge-based one and in this in this sense Chinese Chinese public sector still maintains and it's soundless and Has an a room ample room to divert Physical as a expenditure for physical expenditures to more innovative capital knowledge-based Expenditures so as an important element is China actually has policy options that probably aren't available to other countries in terms It can actually it has space to allocate additional or reallocate assets To some of the innovation elements we're talking about vice-chairman zong應該說我剛才已經講到 So just now I mentioned that for the time being China's economy is also faced with the difficulty of the international market and the shrinking demand from the international market So we pay more attention to the innovation driven model. So in this July and we can beat the innovation Congress and raising a series of policies July in the late in late July We issued the 12th Xinxing產業發展規模 the innovation strategy for the different sectors including energy conservation Biology and a new generation of Manufacturing new energies and the new energy vehicles Seven spheres and they're going to be the specific policies Seven fields and in this August we also have the energy conservation policy You know, I'm all重点項目的投入 There's going to be about 3.6 trillion for the key project in terms of the new energy Secondly, I think either for the new sectors on you all the fundamental on the one hand We need the further investment from the government, but we shouldn't we shouldn't completely depend on the government I also mentioned just now that we should give moral to the enterprises in the aspect of innovation either for energy conservation or the new generation of the IT information or the biology or new energy and I think the enterprises If they think that there's going to be a good prospect of all the government and they should strengthen their investment in R&D on those areas of their interest Besides And this year yesterday, Premier Wen Jiabao mentioned that our heavy industry is developing And about the industry is satisfying the market demand Emerging industries are developing more quickly while the traditional ones are kind of left behind And the statistics I read, I read, including the energy conservation and high end equipment manufacturing and new generation of IT technologies are developing very quickly and due to the efforts of the enterprises themselves and the support from the government And also we have more diversified support mechanisms and channels including some venture capitalists and foundations of sector-based foundations to support innovation It's very interesting that with the point that you noted that Premier Wen Jiabao had made which is during difficult times, it's the innovative companies and it's the innovative industries that are actually succeeding suggests that with that and with the policies, the pace of innovation could actually accelerate It's interesting because the conversation has been looking at national policy but it also comes down very much to the individual, the individual who's involved in creating the innovation and then the individuals who are actually needing to absorb or adapt the react to the innovation And so I want to come back to the question that was asked around the ideas of skills but I also want to link it back to any thoughts you had on Susan's comments about this What does one do with these great graduates to actually make sure they can become great contributors of scientists or engineers or others? But also, how does one equip and empower other individuals to deal with these new technologies? Well, I guess so there's a couple of questions there but let me first go to Susan's answer and the question out here I think the human condition is to live in a siloed world and I think that is absolutely true in the education system I think there's people that do research that are mentored by another researcher and their aspiration is to do that and I don't think we've exposed to the talent, the possibilities that are out there because incredibly bright people can do incredibly profound things and when I look at a business person at the talent at MIT or other institutions I'm drooling, right? Let me get my hands on these people I need to be able to articulate to them their possibilities that are greater than just in the silo they're in but are profound across being able to impact industries and being able to impact people's lives and I think it goes back to Susan's very well made point about collaboration and connecting and me having an opportunity to describe opportunities that are available out there to solve the basket of problems by these people that are problem solvers I mean sometimes we make what is incredibly simple really complex but I think second to that I mean there's two things that we have to focus on one is we do need to reinvent the delivery systems of the world and the education example that you laid out is very straightforward delivery of innovation, delivery of education, delivery of healthcare delivery of public services, our delivery systems are at a breaking point and the good news to me is that the invention of the next delivery systems is not going to happen in the developed markets it's going to happen in the developing markets because the problems are so intense and yet they have a clean sheet of paper in many ways to solve them and that is incredibly energizing and once those are done we will learn how to refit how you educate 850 million people in India under the age of 17 we'll learn how to refit that to places in the United States but the second thing and just to the question in the audience you know as a company we're a human capital company we have a program called Skills to Succeed and if you believe my premise that we have innovation that's trapped and we do we could profoundly improve the productivity of agriculture in Sub-Saharan Africa right now with technologies that have been on the market 10 years so it's like really straightforward but not only do we have innovation that's trapped we have people that are trapped and they're trapped in their community college system they're trapped in their communities and countries around the world there are people that are saying put me in coach I can learn I'm a motivated learner and so we as a company feel we have an obligation and that's what our Skills to Succeed program is is to make people job ready ready to start a small business right we committed to make 250,000 people around the world that way we're ahead of schedule of course we count and Accenture we count and everything and it just says that in the meantime right well we're figuring out how to reinvent the delivery systems of the future we have the opportunity to unleash talent that is right in our hands and some of it's leveraging a little technology some of it's leveraging a little process some of it's just leveraging a little inspiration and we have the power as companies, as educators, as institutions to unleash that and buy us some runway and get us some process and some productivity and to raise the game of the people in the world and raise the water table in the tank because at the end of the day that's what we're solving for rising standards of living require productivity improvements and productivity improvements aren't just technology and innovation it's just unleashing trapped talent that I think we have in our communities all over this world I think that's a great summary of both challenges but also the opportunities we're at the end of our session because we're actually about to honour some of these individuals who have made those links between the laboratories and the world and the real world problems but before we do that let me just see if there's any last comments that any of our panellists would like to give otherwise let me on behalf of everyone here thank you for this great conversation I think one of the key points I took away to Bill was your last one which was actually emphasised by the comments of Vice Chairman Dung which is in the future not only markets and growth are going to be focused in emerging economies innovation is as well because this is where the greatest challenge are actually this is where the greatest collection of human capital is so this will be year after year surely at the Summer Davos the place that we're going to see some of the most exciting innovations designed in China, designed for the world and designed actually in all the other emerging nations that are participating as well so on behalf of the World Economic Forum please join me in thanking this great panel this panel is actually setting up an important demonstration because some of you may say well this is actually fairly theoretical in terms of actually what's going on how can actually technology help improve the world so we actually have 18 little case examples that we want to share with you these are technology pioneers the technology pioneer program has a competitive process to actually identify the most exciting companies who are applying science and technology to help address world world problems and we try to identify them at the early in some cases even pre-commercial stage so that we can actually honor what they're doing but actually the point that was made here we can help connect them more quickly and more effectively into the global ecosystem so people can understand what they're doing and the potential they have to actually help improve the state of the world past winners of the award include Google it's done pretty well since Twitter, Mozilla, Dr. Redder's Laboratory MBA, Pauli Metz and a number that you'll see today which I hope five years from now will be household names so what I'd like to do is simply introduce each of them and in one sentence try to describe what actually represents years of passion and creative engagement and I'll be doing this by alphabetical order of the organization and I'd like to start with Juan Alberto Yepez of AlienVault AlienVault provides an open source web security platform enabling the collaborative sharing of information and solutions to security threats and vulnerabilities and Xiuming of Anhui Ligu New Energy Technology which actually develops an intelligent battery management system for electric vehicles that enables improved energy efficiency battery life and safety and next Tom Brown of Azuri Technologies which affords affordable and clean pay-as-you-go solar power enabling people in poor communities who are off the grid and Ragu Balur of Enphase Energy Enphase Energy develops microinverters for solar cell systems which allow for maximum energy conversion and output I'd now like to invite Jake Lashley of Ingenuity Systems which is a knowledge database that allows complex relationships and connections that enable viruses and diseases this allows researchers to better collaborate one of the key issues and make decisions that accelerate scientific discovery and drive R&D productivity in pharmaceutical and biotechnology research and now I'd like to introduce James Dung of LanzaTech LanzaTech develops breakthrough technology using genetically modified bacteria that converts carbon monoxide into ethanol and other useful chemicals next Roger Hine of Liquid Robotics Liquid Robotics designs clean self-powered and propelled research vehicles that scan the oceans for critical oceanic and meteorological data at a fraction of traditional methods of course as I'm doing you can see up on here in examples of some of the different cool things these guys are all doing and next Kevin Mahaffey of Lookout Mobile which is a smart phone security company that provides protection for mobile devices from external threats as well as remotely controlling and retrieving data and now I'd like to introduce David Icky of MC10 MC10 has pioneered flexible and conformal electronics that can stretch, bend and twist seamlessly with the natural world and next Ryan Howard of Practice Fusion Practice Fusion provides a fully comprehensive web-based electronic health record system to physicians addressing the complex needs of today's healthcare providers Sam White of Promethean Power Systems Promethean Power Systems has developed the thermal energy storage system that eliminates the need for diesel generators for cold storage applications in developing countries and I suspect an MIT graduate I'd now like to invite Rafael Savendra of RightScale RightScale Cloud Management enables organizations to easily deploy and manage business critical applications across public, private and hybrid clouds with the company of Shopkick Shopkick is bringing new capabilities to physical world retail by using mobile phones to reward consumers for valuable actions such as interacting with products that are even simply walking into a store so combining the virtual and the physical David Noel of SunCloud SunCloud is a social sound platform that lets anyone create, record, promote and share their sounds or music on the web and in a simple, accessible and feature rich way a bit like sharing a thought John Elviso of Tobi Tobi Technology develops eye tracking and control technology offering an ever expanding array of solutions from communication aids for people suffering from paralysis to interfaces in consumer electronics Umesh Mishra of Transform Transform Semiconductor Technology vastly minimizes the amount of electricity lost in converting alternative current to direct current in electronic devices and Joachim Kun of VacuTech VacuTech's innovative approach to insulation materials reduces energy consumption and enables insulation in places and shapes that were previously impossible to do and offers Shapiro of Vidio Vidio's revolutionary video conferencing technology enables high definition multi-point video conferences on tablets, smartphones and personal computers Please join me in giving a hand to this extraordinary group and why I was so excited about us being able to blend these two together is in the last couple of days we've had a lot of conversations about Eurozone crises challenges in the world all these different problems and people can feel depressed and out of energy but when you actually see this you actually see the only thing greater than the size of the challenges is the tremendous ingenuity that people have and the energy and opportunity behind it so I thought taking the conversation we had here and providing these 18 points of light in those dark economic clouds was perhaps a way to lighten up all our day so my congratulations to them my thanks to the leaders here who in a sense create the ecosystem for these kind of people to thrive and thanks for each of you being part of this thank you very much