Media Commentaries
on Innovation
wealth they create. About 12% of billionaires and
24% of the top 50 richest people in the world
are Jewish. Overseas Chinese billionaires also
top the richest lists in Southeast Asian countries
such as Indonesia, Thailand, Malaysia, and the
Philippines, even though they are the ethnic
minority in these countries.
Professor King said, “We are frugal but we
are very generous to our own kind, donating
good money to support our own communities.”
The culture of giving is in the blood of many
Chinese and Jewish families. “Many leading
family philanthropists from these diasporas
grant big gifts to universities in places where
they are staying in or coming from, leaving many
buildings named after these Jewish and Chinese
families. Indeed family reputation is a prestige
factor,” he said.
The Jewish diaspora, however, has some
fundamental differences driving its success.
“One of the first things Chinese say to one
another when they meet overseas is ‘Where are
you from?’. They are probing into what dialect the
counterpart speaks. When I speak Shanghainese
to people here, we become friends easily,”
Professor King said. “The overseas Chinese are
bound dialectically whereas the Jews are bound
together by their culture, tradition and religion.”
The Jews, according to Professor King, show
unity as a broader ethnic group, offering a higher
level of support as necessary.
Unlike overseas Chinese who have a strong
aspiration to return home, Jews have no notion
of “homeland”. Once settled, Jews assimilate
quickly into their host countries and gain traction.
“Jews take dominant positions in the mainstream
American society, where there is a better defined
rule of law and freedom of expression. Five of the
latest seven Secretaries of Treasury and seven
out of the 15 US Federal Reserve Chairmen have
been Jewish. 48% of US billionaires are Jewish
and 23% of Nobel Prize winners are Jews from
the US,” Professor King said.
Early Chinese migrants to the US were mostly
unskilled labor seeking economic gains whilst the
Jews were mostly political refugees and asylum
seekers, who were professionally trained and
were skilled merchants. Most Chinese migrant
families worked together to make a living, and
this kind of collectivism barred the evolution of
professional careers in the next generation. The
human capital of Jewish migrant families allowed
their members to pursue their own dreams.
“Following Bar Mitzvah or Mat Mitzvah at the
age of 13, Jews are considered accountable for
their own actions from a religious perspective,”
Professor King added. This strengthened the
individualistic orientation amongst the next
generation.
The phenomenon of global diasporas has
become a concern to many countries, especially
those in Europe. Professor King advised that
the current wave of migrants from the Middle
East could learn from the overseas Chinese and
the Jewish diasporas, striking to be self-reliant,
working hard and valuing education, thereby
creating their own future and contributing back
to their host countries.
The Jewish journey also presents critical
learnings for Chinese in terms of going beyond
the dialectical bonding to achieve a broader
community of support. They should learn from
and assimilate into the local society without
necessarily forgoing their Chinese origins.
Last but not least, families should rethink their
collective practices and allow a greater degree
of autonomy for the next generation to do what
they are best at.
Professor King’s TED talk related to his
ongoing research with Professor Winnie Peng
at the HKUST Tanoto Center for Asian Family
Business and Entrepreneurship Studies. The
ultimate goal of their research is to compare
the family businesses of overseas Chinese and
Jewish diaspora families. They expect to publish
their findings in the near future.
Professor Xu Yan, Associate Dean (EMBAProgram, Executive Education
Program, and China Strategy), recently shared his insights on innovation
with two leading media outlets.
Phoenix TV
interviewed him in July about networking development and
technology in China and Hong Kong. Professor Xu spoke on the pace of
innovation technology development, the power of internet technology to drive
the economy forward, how China could unleash its potential and how Hong
Kong could step up cross-border and business-academic collaborations.
The Mainland magazine
Time Weekly
sought Professor Xu’s views in
October on Singapore’s technological innovation and entrepreneurship
development. He noted that while the Singapore Government had invested
substantially in these areas, it has had a lacklustre performance on “output”
and even failed to incubate enough innovative enterprises. He said all
governments should change their mentality in developing innovation and
technology industry, from input-thinking to output thinking.
About the Tanoto Center for Asian Family
Business and Entrepreneurship Studies
The Tanoto Center is a leading research center
in the burgeoning field of Asian family business
and entrepreneurship studies. It aims to bridge
the knowledge gap between academics and
practitioners as well as policymakers in all of its
programs and activities. More information about
the Center at:
.
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In the Media
