Go Global World had the pleasure to support and participate in Nanjing Tech Week 2021 in China.
The conference stimulated collaboration between international universities. In fact, the conference was aimed to strengthen the relationship between Russia & China academia and business, though the barriers exist in culture, politics, and economics, the parties are very optimistic about collaboration and local business, as well as academia, demonstrated many opportunities and invited each other.
Danil Kislinskiy, the founder of Go Global World had the pleasure to participate in the final closing panel talk where they addressed the key global challenges on the way to innovation and entrepreneurship growth.
China, Russia, and all countries around the world who understand see entrepreneurship and innovation as the driver of their growth need to accept that failure is a normal thing. Universities, investors, and entrepreneurs themselves need to understand that taking decisions with 50% of information is not a bad thing in fact they can find many wrong answers that will open the right one.
One member of the panel insisted that investors need to accept founders' failure more than anyone else.
Another member of the panel supported Danil's statement and added:
Tolerance to failure is an important part of innovation that Russia and China need to develop to grow their innovation and entrepreneurship capabilities.
Paul Burrows, Vice President, Overseas Cooperation at JITRI - Jiangsu Industrial Technology Research Institute
The conference was closed with the statement that universities need to have their own venture funds to support entrepreneurship at the idea stage.
At Go Global World we believe that funding should remain private to stimulate hunger for innovation. Universities have platy of opportunities to stimulate innovation through their academic resources and a vast network of corporations.
Startups look for funding. But investors won't give any funding without traction. For some startups with complex tech and expensive certification procedures, this might be the road to an end. Therefore, universities may focus on building a pool of pilot projects through their network of corporations and grow that network for their student entrepreneurs to get the first traction and hypotheses validation.