Old Corporate Champions Can’t Save Japan

By • on May 31, 2021

The East Asia Forum reported that we now live in a digital world, where the vanguards of innovation are often newer, entrepreneurial and knowledge-intensive companies. It is a world where giants regularly partner with others, including newcomers, in a process called ‘open innovation’. Pfizer’s COVID-19 vaccine was developed by a small German biotechnology firm founded in 2008 called BioNTech. Amazon’s Alexa and Google’s Android and Chrome are all products developed through open innovation. In Japan, 70 per cent of corporate giants still believe that they must do everything in-house.

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