Taipei--Taiwanese venture capitalist Lee Kai-fu (?? ?) told new university graduates on Sunday that Taiwan should attach greater importance to the service industry because it is Taiwan's core competence and cannot be superseded by artificial intelligence (AI).
The founder of Sinovation Ventures, an early-stage venture capital (VC) firm in Beijing that invests in start-ups in Taiwan, China and the U.S. in specific technology focus areas, was speaking to students at National Taiwan University's graduation ceremony.
Lee said that while the most important area for future Sinovation Ventures investments will be AI, the company's three most successful investments in Taiwan are all in the service sector -- blue-collar services, quick hair cuts and bakeries.
Each of the three services could be developed into a business worth US$1 billion in the next three years, according to Lee.
In a pyramid job-level structure, 80 percent-90 percent of jobs will be in the service sector, Lee said, adding that transactions in the industry rely mainly on personal connections, so that workers in the sector certainly cannot be replaced by AI.
The big difference between human beings and AI lies in humans' uniqueness in loving and being loved, Lee said, adding that even though Google's AlphaGo AI Go player beat the world's best human Go player, it cannot feel the exhilaration of victory.
Taiwan therefore should use its soft power displayed in the service, cultural and creative industries and volunteers to sharpen its competitive edge, according to Lee.
He also called for greater importance to be attached to the service industry and for more jobs in the sector to be created.
Source: Focus Taiwan News Channel