The Chinese Form of Innovation

[@ahmedmhamdy]

i love how this is scotts channel yet he takes a back seat and allows us to learn without super imposing his intellect

[@bananajib]

Balo Drown Same. Scott is an ubermensch. He has nothing to fear except his own self-imposed insecurity.

[@TheCUAV]

I love these 1 on 1 conversations between professors about world wide innovation. As an engineer it helps me look at world from different perspectives. Keep it up Professor G!

[@thebiowatchlist]

Sorry - what innovation? Did we watch the same video? Their innovation is to take what Google and the US market created and develop cheaper versions in a high density, low cost, manufacturing based environment.

[@judsonjuden1933]

This is great Scott! I attend Rice Jones University in Houston Texas. I just came back from a trip with the school to Beijing and Shanghai. I had an awesome experience and was blown away by the innovation and way mobile is being used. It really blew my mind. Low cost labor + Technology + Mobile Payments = Commerce Utopia! Of couse I am just watching Chinese consumers use WeChat on the train : P I felt like I was in the 80s using cash their

[@smirkingdevil]

Fantastic insight from someone who actually lived in China. Excellent interview and great job allowing the interviewee talk without interruption.

[@ReasonableRam]

Reminds me of a bald Tom Hanks.

[@randyh647]

ReasonableRam same facial and hand expressions as Tom Hanks add a little hair and remove the glasses.

[@johnhayes333]

Watch Tom Hank's Philadelphia, Spoiler its for sure Aids

[@celieboo]

Omg yes!

[@joeld3312]

exactly

[@davidlemmel9878]

John Hayes Ha!

[@comp10]

Prof. Galloway, I will like to see you on the Joe Rogan podcast one day. I think it will be an interesting conversation.

[@oloblish]

I second that.

[@CurrieFamilyHasFun]

I third it

[@carboy101]

I vote nay.

[@Ben.....]

I fourth it.

[@fredhelmecke6073]

Fifth that.

[@poetnathan26]

Consistently the most interesting interviews on youtube! Professor- your AWESOME! Thank you

[@WarMonkeyPlays]

Thank you for yet another fantastic video!

[@csscwc3101]

Very good video. It focuses on discussing the issues instead of judging from a superior point of view. Pretty fair and square in all the aspects.

[@MrRianael]

This video was fucking interesting.

[@ChunkyMonkaayyy]

Alders Well said.

[@44thfloorCollective]

Except he left out that the "Xiaomi Mix Phone" is the design that Samsung and Apple followed when creating its newest phone design. Here is an insight, the less money you have while having availability to technology will lead you to use new payment technology because you are not that worried about someone stealing your money. Thieves want more then my little money, #facts

[@princelyh.glorious4946]

Love this! Coming from Tanzania into New York and immediately feeling how much easier mobile money would be there with how ubiquitous mobile money is in East Africa.

[@masterchinese28]

I'm now in my 20th year as an expat in Shanghai. I totally agree with Prof Shirky. The changes come fast and there has been (until recent lockdowns) an overwhelming optimism. When people ask me what keeps me here, I often answer "young energy." While there is an older generation that was scarred by the Cultural Revolution, most Chinese have grown up in a world where every year is better than the last. It's no wonder they believe they can do anything.

[@johnherrington1110]

"Apple Pay, tons of sign up on retail, not a lot of consumer use". My experience has been the opposite; not many retailers take it, some actively refuse it (Wal-Mart, Walgreens, etc.), or some retailers who take it (macro) have employees who don't know they take it or how to instruct consumers in its use. I use it every chance I can, and by voting with my wallet hope to keep it alive until use hits critical mass and is more widely accepted.

[@CB6028]

These long form talks about innovation and future trends are great.

[@AndresOssa]

This video needs more hair

[@heesingsia4634]

Andrés Ossa they're in his nose

[@weizhang2834]

In Chinese saying: the less hair the smarter:)

[@AndresOssa]

Wei Zhang lol!

[@jiehan7408]

well, no doubt about it, samrt people always use their brain much, hair is gone.

[@alfredhitchcock45]

Professor X

[@ZanderChief]

His comment on optimism is spot on. So much possibility and growth. Its obvious all over this country. The American dream is the China dream now.

[@MsLadyL]

Man...you are just so on point! The Black Authority sent me here. Thanks for the insight.

[@SamiLuo]

Thanks for saying nice things about Xiaomi, I'm from one of Xiaomi's eco system companies, thanks

[@keitherickson7618]

Even though all of his hair ended up in his nose, I could listen to him talk all day.

[@keitherickson7618]

Clay is a mix of Tom Hanks and Steve Jobs

[@paulsommerhalder9049]

Darn the high resolution of the new world. Something as inocuous as nose hairs really become visible.

[@troygardner1610]

and some simon sinek actually in presentation style

[@KarmaticEvolution]

Troy Gardner it’s that pause at the end of his points.

[@gvvvv2300]

i disagree. in the us, we have the state-of-the-art chip on the credit cards which gives you 5 extra seconds to reconsider your purchases when you are paying...

[@ZubairKhan-tt8ev]

hahaha omg so true

[@BigHenFor]

Too easy to copy, and it's not exactly groundbreaking in its impact is it?

[@hairyfeets]

Haha

[@knifeyonline]

lol somebody was talking about signing for a credit card purchase the other day... I was like... I'm sorry did you time travel here from the 90's?

[@AndresOssa]

gvvvv2300 lol

[@troygardner1610]

everybody walks in with a phone: "no menus, no registers, no waiters, just cooks and runners", also less employee problems/training, no theft. took it one step further in coffee cafe of the future: no cooks no runners just a friendly social hosts helping find/wrangle seats and shudder get to know you and what you like. you could even order..without a restaurant visit. e..g you order then either have a delivery to your home, or walk by and have the drone hand it to you (like drive through..er walk/cycle through..normal life)

[@thagor8590]

I really like this video, I learned about 5 new things and perspectives. Excellent, thank you.

[@yyangcn]

With regard to Scott's question why so many of his students from China still try so hard to stay in US when there seems to be plenty of opportunity for growth within China, I think Clay at least partly addressed it pretty well. The point is that if one wants a career that's more connected on a global scale, United States is a really good destination, therefore it is a positive feedback loop that the students who want that global connectivity tend to want to study in US and thus are more likely to want to stay. Other than that US still is better place with regard to environment, benefits, welfare and just general quality of life, although that gap between US and China isn't so obvious as 20 or even 10 years ago. Nowadays there is increasing number of Chinese students who just want to get a quality education from US and goes back to China to put their feet on the ground and do something with that education. But still more than half simply want a less stressful and more comfortable lifestyle and therefore they want to stay in US.

[@meis]

the grass is always greener on the other side

[@akakakakakak3084]

Why no one says the affection of Hollywood? Many Chinese full heart believe the US life styles shown in the movies.

[@nsebast]

Yep working in China is highly stressful. The competitiveness there is high, that's why they are no. 1

[@stevenkatz9369]

I had a friend who oversaw the operation of his family's owned independent retail establishment on a boardwalk in SoCal. A would-be competitor decided to open up 2 stores on opposite ends of the boardwalk offering comparable merchandise. They did 3 things to try to evolve their business. The first thing already mentioned with slightly lower prices where sourcing was similar. The second thing was to engage in serial bankruptcy (newspapers are wonderful, aren't they) amongst the partners and inventory swapping amongst other things to avoid interference from certain third parties. The third thing was to limit costs, and tightly control expenses (partners were the employees, et al). Because of the bohemian nature of the area, the shortening of the tourist season, local government incompetence, and the infestation of rival gangs engaged in turf battles outside their respective turf, while it was active, the owner/head honcho of the other 2 shops would periodically come in and stand just inside the entrance of my friend's store, and scanning the place to see what was new and/ or different for several minutes, my friend would wait and then sneak up behind him and say: "Copy, Copy, Copy!". Now, all 3 shops are gone, the area is flooded with pot shops, ad nauseam, and is basically a poor reinvention of what it once was - sad. Innovation ... hardly.

[@coldplaya3]

This was great. Keep doing these longer form videos.

[@cu7695]

I have seen the patriotism and dedication of Chinese students firsthand. They really want to break the barriers. L2 that's was great talk. PS: Clay Shirky is secretly bald Tom Hanks !

[@HashimWarren]

Wow, Clay Shirky. Clay Shirky!

[@brutechieftain9321]

They look alike in the thumbnail.

[@maxniehaus4384]

They both look like thumbs too

[@amani_art]

R. Bruno from the thumbnail i thought he was talking to himself

[@svttc]

calling China a communist country is like calling US a christian country, it's simply not true. The cover of China is red but the content has changed since Deng's cat quote and reforms

[@jacoblau9355]

Well technically, they never said communism was to skip over capitalism or socialism.

[@hansschmidt8207]

Then why do they call themselves the CCP (Chinese Communist Party)?

[@joythought]

@@hansschmidt8207 the same reason the Nazis called themselves the National Socialist German Workers' Party: political party names have more to do with branding than what the words mean.

[@davidsonnow]

KIPP Wait, what was the cat quote?

[@PDXBeach]

What a fascinating discussion. Thanks for sharing it with us.

[@MrManifolder]

Scott, times are changing. I just finished my graduate degree in an engineering field and most of my Chinese friends went *back* to China. America better get its act together or we will suffer a brain drain of Chinese STEM talent.

[@timelessd9096]

In 2016, there were 500,000 outflows of Chinese (for studies overseas) but more than 400,000 inflows for those that completed their studies overseas. The return rates have been increasing every year.

[@thomassong5064]

You have your Indians! Don't worry!

[@The757packerfan]

Thank you for this! Not only is it entertaining and informative, but it leaves politics out - which I am so tired of hearing about right now.

[@AnneAndersonFoxiepaws]

Wow! The more I watch, the more I want to watch!

[@paulo4547]

These are amazing insights!

[@OvidiusPrime]

So envious of China's optimism.

[@tylerdurden69420]

I guess this video is so concise and balanced in its observations that all the haters and trolls got nothing else to do but laugh at these guys' baldness. It's pretty sad that while China's working diligently on gaining parity then surpassing us in all fields, all we're doing over here is being crybabies and whining about how they "terk ur jerbs!!!"

[@bobking7454]

The value of XiaoMi is now more than 100 billion instead of 45 billion.

[@josephmidyett]

love everything from you guys. thank you you guys

[@svttc]

in the 80's 90% of students from mainland China chose to stay in US; this dropped to 20% in 2016.

[@markyu5362]

a lengthy one. nice Prof Scott

[@bigsonny45]

Prof. Shirky is Scott's brotha from another mother!

[@PikuStation]

This is so interesting. Glad to hear a perspective on china because man is it interesting to hear

[@MsJnjnjn]

Very interesting to see how in many ways China is already more advanced than the USA. Please have more content about China, India and the rest of the world.

[@RajaRickin]

Great interview of Clay... Cant help it, he reminds me of a thinner version of Todd Packer, but a much more friendlier version hahah

[@alimahfooz1651]

2019 and xaiomi is now a fortune 500 company

[@DASDmiser]

The 小米 5s and Miui are fantastic (long long long time Apple user). The innovation doesn't end with the dual SIM slots. It has dual desktop capability, allowing separation of home and business apps and data, each with its own unlock password. It also allows definition of multi definition apps, set up 2 definitions of apps (one business use, one personal or different userids to some service). Features and capabilities unavailable on iOS. A pity they aren't marketed in the USA, so service is difficult. And very affordable.

[@abdalhadifitouri131]

Incredibly insightful

[@jubjub7101]

Just bought China Mobile the other day and got into Square after one of these videos...Squares been rising daily!

[@timsulzer]

Great discussion - but so many missed opportunities for a Dr. Evil reference.

[@ampinstein]

Nice to see L2inc doing so well they can hire Tom Hanks to play a professor ;)

[@loveinthelandfill1124]

ampinstein the real question is Which one is Moby?

[@almondjoy112]

Super cool to see Maynard James Keenan engaged in such cool chats.

[@antonioaguilar103]

On the chart where Chinese are quite optimistic about what goes on their country compared to other countries (14:20). I wonder if this is the effect of the censorship and media restrictions. Could be a case of: "the less you know ... the more happier you are ..."

[@chriss7196]

Not necessarily true, since Chinese are generally very informed.

[@Kittymmmmmm]

Interesting topic, please do more like this

[@HeyTylerAustin]

It's pretty strange how the US has failed to adopt NFC/contactless payments. I just recently moved from Canada to the US and none of my credit cards here have the technology, and barely any stores accept it. In Canada, it's everywhere.

[@heronlord228]

Its a matter of total cost, and willingness to pay, versus the marginal increased utility. Ultimately no transaction is as fast or cheap as cash,(when you add up all the man hours a society spends on dealing with it, not just the instance of transaction) and remember most cash transactions are untaxed in the US, so that cost difference plays a much larger role in the US vs other nations.

[@AaronNoronha]

really interesting. this along with I'm reading now 'The House that Jack Ma Built.' goods a good perspective of innovation in China contradicting that they simply copy & manufacture.

[@voyno]

Great insights. Thank you.

[@septronic2010]

Awesome video as always! Loving your videos and the concise knowledge and information it brings to me. KUTGW :)

[@on9lo]

Watched it twice, just incase if I missed something

[@lookoutcharlie]

awesome video!

[@soup_rah]

keep up the good work L2

[@kahsa1076]

nice one! really fascinating

[@searchmitch24]

great video and insight

[@tusarmandal]

I am Watching this video on a Xioami Note 3😊😊😊😊😊

[@darkfyy]

This is a great video

[@jordanjackson7171]

Fascinating

[@Bohler27]

Wow what a great video

[@davindersandhu8159]

Great videos.. I request you to post something about amazon kindle growth.. and forecasts about it..

[@BR7AVEONE]

very informativ interview

[@Lucifer-xk9de]

I'm living in shanghai, just like this guys said, I don't get any cash from bank for several weeks, because we don't need to pay any cash at all. alipay and wechat can pay everything you think. this is not a big deal.

[@andyanderson8494]

Scott, Great interview what is music at end

[@Changderson]

Sofi Tukker - Best Friend feat. NERVO, The Knocks & Alisa Ueno

[@thehauntingking9631]

I loved the video more!!!

[@JOKBO1]

song at the end?

[@KarlWaldman]

I had the same experience in Shanghai this Feb - no menu, scan QR code. I ended up ordering via the waiters phone and paying him directly. I guess he paid via his wechat. Also - at a convenience store about 20 people paid in the minute or so it took me to pay with cash /get change in the next line over.

[@starmorpheus]

Why is Cher talking to herself?

[@1ls376]

sit shoulder-shoulder, and look down=Boobs

[@yiyatsen]

At least he wears different glasses

[@majorgenerall]

“Her” ?!?

[@201950201950]

When I had my note seven I realized I could do Samsung pay but I am not paying to use Samsung pay I'm not going to pay you so I can pay for something.

[@macberry4048]

It's the icing problem from the first Ironman, you have the technology but you haven't lived with the technology and figured out what improvements are needed and you don't know the limitations of the technology

[@SkylineGate]

It would be interesting to see if the optimistic/pessimistic survey results change post-COVID-19 and Hong Kong riots.

[@eglobebiz]

Professor, your payment activities on these Chinese phone have no privacy and securities, these payment companies and gov staff know all of your purchase. U.S.A consumers want privacy and securities.

[@bethebest1866]

What about business and entrepreneurship? China or United States?

[@souliyachittarath4407]

And then there were two...

[@thatJustinUknow]

Fascinating!

[@thomasyang2644]

the only reason Chinese students in US want to stay in US is because the entrance salary is 7 times higher than in China. but growth oppotunity is bigger in China than US, that is true too.

[@bobking7454]

thomas yang so funny, the average salary for those students is about 2000USD/month in China, you think US can give them 20,000USD/month in America? Actually, 86% of overseas students are coming back to China every year. You are probably still living in 20 years ago.

[@thomasyang2644]

+Bob King first, few students can earn $2000 in China at beginning. Second, there are students can earn $14000 in US at beginning. Third, I don’t know where you learn your mathematics

[@TravisRuskus]

Really interesting about the QR codes 🤔

[@andrewbarker8617]

What´s the song at the end?

[@tthecooljose4674]

2:19 'tis the key

[@nitramluap]

Are his notes on the floor? ;)

[@dosmastrify]

Paul Martin some people do better with eye contact

[@loveinthelandfill1124]

Which one is Moby?

[@MrBobberino01]

This is why I sub. +1

[@tonyoliver2330]

When Google wallet first started on my Nexus 5 phone, I thought it was so cool just tapping to pay but then the banks stopped the clearing process and it was so confined that I just stopped using it.

[@CJJuyt23]

Clay... come on, you didnt walk into a store to buy that phone. That phone was only sold online.

[@MindandQiR1]

Imagine a blackout, no electricity, no WiFi. If you have no cash, you’re screwed. Also say goodbye to privacy, everything you do will be recorded and traceable. The Chinese are optimistic, are you sure they are sincere? If they express their pessimism, that might effect their social credit score and they sure don’t want the consequences of that!

[@giordanocerrano3417]

Why is Scott talking to Scott from the future?

[@nathanmcintosh6004]

Music credit?

[@jiffylou98]

man, you get the patent for the cloning machine yet?

[@TheFeltie]

It's the same in Denmark, cash is useless, you either pay with your phone, which is dominated by MobilePay- local banks system or a card.

[@rokyericksonroks]

In other words, the freedom and anonymity of cash is gone. The banks stand between consumer and producer, muddling the picture where price discovery should be taking place. How is this good, unless I’m a banker?

[@Aint1S]

That was 18 minutes, WTH just happened to the time!? It started and it was over way too fast!

[@iamkamsai]

isn't moby dj'ing anymore?

[@Jaantoenen]

The Chinese makes it cashless for higher flow of living, but if and when we do it the focus is gonna be on government control of your finances with "responsibility" hooks and pins.

[@Seth9809]

We should never get rid of cash, it allows us to buy things without middle men or people looking over our shoulder.

[@HenryTitor]

Wft are you talking about? Cash is the single easiest way to track people...

[@delbroox]

Agree with everything except the fact that in just 2 years as Xiaomi went down, also people's mentality changed. As for my experience all of my Chinese students wanted to go back to China and work there, but then again I'm in Europe not the Us. And finally, travelling in China and having relation with China for a while in my opinion you can see that something is seriously wrong there. Sooner or later they'll have to face that real estate market craze that they built and at that point I think they will either fail due to lack of experience or the government will find a way to save everything thightly controlling what happens even in private sector

[@akakakakakak3084]

Are you coming from parallel universe?