Industry Insights: ICBC Standard - The Transformation to Digital Business
The second instalment of this year's Industry Insight programme was a talk on digital business from Mr Huihong Cai, the CTO of ICBC Standard.
![ICBC](https://henley.imgix.net/v3/commonImages/ICBC.jpg?auto=compress%2Cformat&crop=focalpoint&fit=crop&fp-x=0.5&fp-y=0.5&h=540&q=80&w=720)
![](http://www.icmacentre.ac.uk/wp-content/uploads/2018/10/10th-October-1-300x200.jpg)
This talk was a continuation of the themes Mr Cai introduced in his talk last March. Some of my key take-aways included:
- Digital is creating a winner-takes-all effect, because digital businesses can grow much quicker than physical ones and create "super platforms" for consumers that are channels for doing business rather than brands
- Therefore the Silicon Valley VC model of backing lots of business knowing that 99% will fail but that the winner will win big makes sense
- Lower barriers to entry in China (such as fewer regulations) mean that the market is more competitive and as a consequence stronger digital business models are emerging at a faster rate than in Europe and the US
Mr Cai's final point was that the business leaders of today may not have the knowledge to create these new business models - that may have to come from young people who are more familiar with digital tools.
![](http://www.icmacentre.ac.uk/wp-content/uploads/2018/10/10th-October-11-300x200.jpg)
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