China lures many international companies, who enter the market with enthusiasm and ambition to conquer. However, many fail miserably in trying to catch up with China’s rapidly evolving economy. Innovation is key to survival but many large companies stumble when trying to implement new ideas and apply new technologies, according to a group of industry leaders and academics sitting on a panel on Thursday.

At the Emerge by TechNode conference in Shanghai, Ben Hassing, SVP global cross border trade at Walmart, Peter Riedl, VP of BMW Group Tech Office in China, Dr. Shameen Prashantham, an associate professor at China Europe International Business School (CEIBS), and Paul Wong, vice president of innovation at Explorium discussed the values and challenges of working with Chinese startups.

Large international corporations seek entry into China’s startup ecosystem because they struggle to make inroads in the market, said Prashantham. Not only tech goliaths like Microsoft and Amazon have looked to startups for inspiration and entry into the local market, but companies in the traditional sector that strive to innovate started working with Chinese tech startups around five years ago.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.