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Tsinghua PBCSF Financiers Forum: Soumitra Dutta, Dean of the Samuel Curtis Johnson Graduate School of Cornell University Interprets "Global Innovation Index"


On November 2, the delegation of Cornell University visited the PBC School of Finance, Tsinghua University (Tsinghua PBCSF). Prof. Soumitra Dutta, dean of the Samuel Curtis Johnson Graduate School of Cornell University, delivered a speech entitled "Become an Innovation Leader: Lessons from the Global Innovation Index". 


Prof. Dutta's speech focused on three topics: great reform, world rebuildingglobal innovation review.

Referring to the great reform at present, Prof. Dutta said, the human society is making progress at an unimaginable speed, now the technical reform is advancing by leapsbounds,use of the Internet makes the reform grow exponentially, which reduces barriers among countriesbuilds a real-time interactive world. Wide application of technologiesthe Internet has changed ways of addressing many problems. Also, the Internet is developing from information network to an all-round network of interpersonal relationship, entity logisticsother elements.

Regarding the rebuilding of the world, he underlined, the development of the Internet has generated big data. Particularly, many governments are opening databasesmany companies are sharing databases. The sharing has brought about innovation of business modes,made data more authentic, reliablepractice-oriented. Big data has become the hottest topic at present. For example, people can even analyze the rules of timespace of seismic activityoccurrence of diseases, thus contributing to seismic hazard controldisease prevention.


He also made suggestions on China's future development. He noted, China is in the right direction of reformhas avoided many mistakes along the way. It should aim far, keep goingbring out strengths to make up deficiencies in the future; China needs to release the creativity, perfect the educational system, increase investment in technological R & D, switch to high-value-added production activitiesmake progress in innovation; the government should build an innovative culture, open wider to foreign talentsenhance its soft strengths to form global strategic thinking. 

Prof. Dutta also shared his idea of innovationsuggestions to China. Data show corporate innovation primarily comes from outside. Traditional companies' standard structures cannot meet the need of unstructured realistic lifeis changing constantly. China is also attempting to changethe Chinese government has been encouraging innovation. The establishment of Tianjin Binhai New Area is exactly a good example for governmental support for innovation, but there is still a long way to go.

The visit of the delegation of Cornell University is a concrete step to further implement the cooperation between the two sides.

Founded in 1865, Cornell University is youngestlargest among the eight members of Ivy League. It ranks among the top 10 to 15 US universities. Soumitra Dutta became the dean of the Samuel Curtis Johnson Graduate School of Cornell University in July 2012. He is an authority on the impact of new technology on the business world, especially social mediasocial networking,on strategies for driving growthinnovation by embracing the digital economy.


>Tsinghua National Institute of Financial Research