Extraordinary Endeavors in Turbulent Times: Asian Innovation, Inclusion, and Impact during COVID-19

ASIA BUSINESS COUNCIL HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY Executive Summary Extraordinary Endeavors in Turbulent Times 4 Lenovo ( Mainland China): Championing Educational Technologies to Enable Virtual Learning Experiences Worldwide Leveraging its resources and expertise, Lenovo, a leading technology company with operational headquarters in Beijing and Morrisville, North Carolina, and financial headquarters in Hong Kong, developed educational solutions that could “go beyond the device” during the pandemic. While its commercial solutions ranged from hybrid classrooms to cybersecurity and virtual reality, Lenovo’s philanthropic efforts included hardware donations in North America and laptop donations to students in Milan and refugees in the Netherlands. Lenovo’s Chairman and CEO Yuanqing Yang also made a personal donation to a public welfare project in Hubei province called the “Lenovo E-classroom.” Through this project, the company sent tablets and three-month data cards to students from underprivileged backgrounds so that they could have access to virtual learning. Lenovo also addressed systemic problems in education in India by developing a student-teacher matching platform. Lenovo’s business and philan- thropic endeavors illustrate how Asian businesses can have truly global impact. Lotte Group (South Korea): Embracing “Open Innovation” in E-Commerce for the Post-Corona Era For Lotte Group, the fifth largest conglomerate in South Korea, the response to the crisis was not just about braving the storms of the pandemic but also about accelerating pre-COVID-19 developments. Lotte saw its e-commerce app, Lotte On, as the key to its business transformation. Building on the idea of “open innovation,” or the practice of sourcing ideas and solutions from other organizations, Lotte On has collaborated with a number of start-ups since the app was launched in April 2020. These start-ups include start-ups invested by Lotte Accelerator, namely online convenience store start-up Nowpick, delivery start-up PLZ, and beauty marketing start-up LYCL. Lotte On also rolled out a new brand in partnership with a fashion A.I. start-up Designovel. Given that South Korea already had one of the most sophisticated technological infrastructures in the world prior to the pandemic, the challenge for Lotte is whether it can adapt, transform, and emerge as a winner in the post-coronavirus era.