When technological explosion and turmoil intersect, what kind of leadership is truly trustworthy? How does a top-tier consulting firm with 65 years of history define the "spirit of pioneer innovators" of this era?
When technological innovation and instability coexist, what kind of leadership is genuinely reliable? How does a premier consulting organization with 65 years of history define the "spirit of pioneer innovators" of this time?
The world has never been more complex, nor more abundant.
The world has never been so intricate, nor so rich in resources.
Fields such as AI, new energy, and biotechnology are experiencing rapid innovation, with technological breakthroughs shining like fireworks—each area promising a new future. However, the acceleration of technology and international fluctuations are intertwined, making it harder for people to determine the right direction in the information overload: the more opportunities there are, the more afraid they are of making the wrong choice; the more voices there are, the stronger their desire for guidance.
In areas like AI, new energy, and biotechnology, innovation is emerging in fierce competition, with technological breakthroughs blooming as brightly as fireworks—each direction offering a new future. Yet, the speed of technology and international changes are intertwined, making it difficult for people to find their way in the information chaos: the more opportunities there are, the greater the fear of making the wrong decision; the more voices there are, the stronger the need for guidance.
What development directions deserve attention? Which companies are trustworthy?
Which areas of development require focus? Which enterprises are reliable?
This year marks the 65th anniversary of Frost & Sullivan, which has chosen "Trust" as its annual theme. This growth consulting firm, which has helped tens of thousands of enterprises go public, transform, and evolve, always focuses on eliminating information asymmetry through in-depth research to provide the most credible assessments for the capital market.
This year marks the 65th anniversary of Frost & Sullivan, which has selected "Trust" as its annual theme. This growth consulting firm, which has assisted thousands of enterprises through IPOs, transformations, and changes, consistently aims to reduce information asymmetry through thorough research, offering the capital market the most reliable insights.
Since 2025, Forbes China and Frost & Sullivan have jointly organized the Awards of Pioneer Innovators in Industry Development, trying to answer the question: amidst noise and confusion, what kind of leadership is truly trustworthy?
Since 2025, Forbes China and Frost & Sullivan have collaborated to present the Awards of Pioneer Innovators in Industry Development, aiming to answer the question: in the midst of chaos and uncertainty, what kind of leadership is truly reliable?
Recently, the 2026 Forbes China Pioneer Innovators in Industry Development Selection Gala Banquet concluded successfully. Before the official award ceremony, we had a discussion with Dr. Neil Wang, Global Senior VP, Co-Chairman of Asia Pacific, and Chairman of China at Frost & Sullivan, to discuss the significance of "pioneering" and why trust has become the most valuable asset of this era.
Recently, the 2026 Forbes China Pioneer Innovators in Industry Development Selection Gala Banquet was successfully held. Before the official award ceremony, we spoke with Dr. Neil Wang, Global Senior VP, Co-Chairman of Asia Pacific, and Chairman of China at Frost & Sullivan, to explore the meaning of "pioneering" and why trust has become the most essential asset of this era.
01
A small lotus bud just shows its tip.
The Lotus Bud Just Showing Its Tip
On the morning of March 18, outside the ballroom of the Bvlgari Hotel Shanghai. The red carpet was already set up; security personnel in suits patrolled the area, and dozens of staff members were rushing with their run-of-show sheets, creating an atmosphere of tension yet anticipation.
On the morning of March 18, outside the ballroom of the Bvlgari Hotel Shanghai. The red carpet had been laid out; security personnel in suits were patrolling, and dozens of staff members were hurriedly handling their run-of-show sheets, producing an atmosphere of tension mixed with anticipation.
The tension comes from the fact that this important event cannot afford any mistakes. The anticipation arises because tonight, several outstanding individuals in their fields will take the stage. Frost & Sullivan will formally introduce to the world the pioneer innovators who can lead China’s future development.
The tension stems from the fact that this significant event cannot tolerate errors. The anticipation is due to the fact that tonight, several individuals who have achieved great success in their fields will take the stage. Frost & Sullivan will introduce to the world the pioneer innovators capable of leading China’s future development.
Dr. Neil Wang explained the meaning of "pioneering": "'Ling' means leading. Being the first to eat the crab requires risk-taking and being a pioneer, but it also means there are huge opportunities. We believe that every industry needs leading figures and companies that act as pioneers in niche markets and even in broader industry sectors. 'Chuang' means innovation—preferably something completely new. It could be a new business model, a new trend, or a new idea. Most importantly, it means saying 'no' to old ways and breaking free from those constraints."
Dr. Neil Wang explained the meaning of "pioneering": "‘Ling’ means leading. Being the first to eat the crab requires risk-taking and being a pioneer, but it also means there are great opportunities. We think every industry needs leaders and companies that serve as pioneers in specific areas and even in larger industries. ‘Chuang’ means innovation—preferably something completely new. It could be a new business model, a new trend, or a new idea. Most importantly, it means saying ‘no’ to old ways and breaking free from those restrictions."
The selected pioneer innovators this year are precisely such enterprises and individuals. Most of them are innovative growth-stage companies deeply involved in niche markets, and there are also new forces with core technologies. Although they haven’t yet become industry giants, they have become pioneers in their fields thanks to their forward-looking vision and innovative abilities.
The selected pioneer innovators this year are precisely such enterprises and individuals. Most of them are innovative growth-stage companies deeply involved in specialized markets, and there are also new entities with core technologies. Though they haven’t yet become industry giants, they have become pioneers in their fields due to their vision and innovative capabilities.
A nine-story tower starts with a pile of earth. Whether it’s a giant multinational company or a century-old enterprise, everything is built up little by little; only small streams can form a vast ocean. Therefore, Dr. Neil Wang believes that these growth-stage and start-up enterprises are the foundation of industrial development and even the creators of future business landscapes.
A nine-story tower begins with a pile of earth. Whether it’s a large multinational corporation or a company that has existed for a century, all are built up step by step; only gentle flows can merge into a vast ocean. Thus, Dr. Neil Wang firmly believes that these growth-stage and start-up enterprises are the basis of industrial development and, more importantly, the incubators of future business environments.
Growth based on foundations is often fragile. According to extensive research by Frost & Sullivan over the years, nearly 97% or more of start-up enterprises face high failure risks in the first two or three years. "It’s like a newborn bird that can’t withstand strong winds. In the first two years, it needs a lot of attention, support, help, and recognition from partners and customers."
Growth based on foundations is often fragile. As shown by extensive research by Frost & Sullivan over many years, almost 97% or more of start-up enterprises face high failure risks in the first two or three years. "It’s like a newborn bird that can’t withstand strong winds. In the first two years, it needs a lot of attention, support, assistance, and recognition from partners and customers."
He quoted a line of poetry: "The lotus bud just shows its tip, and already a dragonfly perches atop." Frost & Sullivan wants to be the "dragonfly," collecting nectar and pollinating for the "lotus bud."
He quoted a line of poetry: "The lotus bud just shows its tip, and already a dragonfly is perched on it." Frost & Sullivan wishes to be the "dragonfly," gathering nectar and pollinating for the "lotus bud."
Compared to 2025, the profiles of this year’s selected pioneers are more distinct. Many judges noticed that returnees from abroad, youth, and high education levels are key features of this group. "This is different from the early days of reform and opening-up, when many entrepreneurs started from the ground up. These people have a global perspective and are especially skilled in interpreting cutting-edge high technology," Dr. Neil Wang said.
Compared to 2025, the profiles of this year’s selected pioneers are more distinct. Many judges observed that returnees from abroad, youth, and high education levels are prominent traits. "This is different from the early days of reform and opening-up, when many entrepreneurs started from the ground up. These people have a global perspective and are particularly skilled in interpreting cutting-edge high technology," Dr. Neil Wang said.
But technological leadership doesn’t guarantee everything. Dr. Neil Wang added a key point: "Good technology doesn’t necessarily mean a good market or promising promotion prospects. Top-tier technology may not always bring huge market or investment benefits."
However, technological leadership does not equate to everything. Dr. Neil Wang added a crucial point: "Good technology doesn’t necessarily mean a good market or promising promotion prospects. Top-tier technology may not automatically bring substantial market or investment returns."
Beyond technology, what the capital market is really looking for is another answer.
Beyond technology, what the capital market is truly seeking lies in another answer.
02
The Essence of Entrepreneurship
The Essence of Entrepreneurship
The capital market seeks profit, but high returns often come with high risks—they are inseparable. Those who can turn technology into sustainable business value often know how to manage risks. Therefore, a true pioneer who can navigate through economic cycles must possess entrepreneurial spirit beyond mere technology.
The capital market moves in pursuit of profit, but high returns often come with high risks; the two are the outward and inward aspects of the same entity, inseparable. Those who can transform technology into sustainable commercial value typically understand how to manage risk even better. Therefore, a pioneer innovator who can truly navigate cycles must possess an entrepreneurial spirit that transcends technology itself.
Wang Xin believes: "Entrepreneurial spirit is not reflected in the ability to develop a good product, but in the capacity to integrate resources."
Dr. Neil Wang believes: "Entrepreneurial spirit is not manifested in one's ability to develop a good product, but rather in the capacity to integrate resources."
An outstanding entrepreneur must find ways to fully utilize all social resources and commercial ecosystem resources, integrating different stakeholders to form a team. This team does not refer only to the internal enterprise team, Dr. Neil Wang said: "The outside world is extraordinarily vast. If an entrepreneur can mobilize external social resources, enabling commercial partners, the ecosystem, and even government functional departments, policymakers, and regulatory agencies to support him and attach importance to his concepts, products, services, as well as his market entry strategies, marketing layouts, and globalization strategies, then the value of the enterprise will more easily be widely seen and recognized."
An outstanding entrepreneur must find ways to fully utilize all social resources and commercial ecosystem resources, integrating different stakeholders to form a team. This team does not refer only to the internal enterprise team, Dr. Neil Wang said: "The outside world is extraordinarily vast. If an entrepreneur can mobilize external social resources, enabling commercial partners, the ecosystem, and even government functional departments, policymakers, and regulatory agencies to support him and attach importance to his concepts, products, services, as well as his market entry strategies, marketing layouts, and globalization strategies, then the value of the enterprise will more easily be widely seen and recognized."
At the 2026 Forbes China Industry Development Pioneer Innovators Award Ceremony, Frost & Sullivan deliberately invited representatives from industry, academia, research, investment, and media to attend the event. For entrepreneurs, this was precisely a rare opportunity for resource integration and ecosystem linkage.
At the 2026 Forbes China Pioneer Innovators in Industry Development Selection Gala Banquet, Frost & Sullivan deliberately invited figures from industry, academia, research, investment, and media to gather at the event. For entrepreneurs, this was precisely a rare opportunity for resource integration and ecosystem linkage.
The "outside world" that Dr. Neil Wang mentioned requires a global perspective. He said: "Today's competition is competition within the global village. The international nature of competition is something we must never forget."
The "outside world" that Dr. Neil Wang spoke of requires a global perspective. He said: "Today's competition is competition within the global village. The international nature of competition is something we must never forget."
He told a true story. An entrepreneur from a listed company with a market value in the tens of billions said he wanted to go overseas. An expert asked: "Which country do you want to go to?" The entrepreneur replied: "I want to go to Africa." The expert asked again: "There are over fifty countries in Africa. Which one do you want to go to? The languages, cultures, levels of openness, and economic development vary enormously. You don't even know what you're asking, so how can you talk about answers?"
He told a true story. An entrepreneur from a listed company with a market value in the tens of billions said he wanted to go overseas. An expert asked: "Which country do you want to go to?" The entrepreneur replied: "I want to go to Africa." The expert asked again: "There are over fifty countries in Africa. Which one do you want to go to? The languages, cultures, levels of openness, and economic development vary enormously. You don't even know what you're asking, so how can you talk about answers?"
Dr. Neil Wang is well aware that entrepreneurs are not omnipotent, especially before the complex subject of globalization, no one is a born top student. But that is all right; Frost & Sullivan can provide systematic methodologies. Recently, Frost & Sullivan has reached a cooperation with a top-tier Chinese publisher and will soon launch a book titled "企业出海增长指南" (with the English title "GO GLOBAL: The Growth Coaching Book"). He believes that the momentum of globalization is unstoppable by anyone.
Dr. Neil Wang is well aware that entrepreneurs are not omnipotent, and especially before the complex subject of globalization, no one is a born top student. But that is all right; Frost & Sullivan can provide systematic methodologies. Recently, Frost & Sullivan has reached a cooperation with a top-tier Chinese publisher and will soon launch a book titled "企业出海增长指南" (with the English title "GO GLOBAL: The Growth Coaching Book"). He believes that the momentum of globalization is unstoppable by anyone.
He vividly explained: "Going overseas is like sailing. You cannot set out to sea in a small sampan; you might not get a few kilometers before a wave capsizes you. You must have nautical charts to tell you where the reefs are, and GPS to guide you. This is not groping about in the dark like a blind man touching an elephant, but rather having established approaches and mature methodologies recognized globally."
He vividly explained: "Going overseas is like sailing. You cannot set out to sea in a small sampan; you might not get a few kilometers before a wave capsizes you. You must have nautical charts to tell you where the reefs are, and GPS to guide you. This is not groping about in the dark like a blind man touching an elephant, but rather having established approaches and mature methodologies recognized globally."
He has great confidence in Frost & Sullivan, because using professionalism to empower enterprises is something Frost & Sullivan has been doing for 65 years.
He has great confidence in Frost & Sullivan, because empowering enterprises with professionalism is something Frost & Sullivan has been doing for 65 years.
03
65 Years of Nurturing Trust
65 Years of Nurturing Trust
The consulting industry experiences cycles of rise and fall, with a reshuffle of the landscape occurring every 10 to 20 years. Frost & Sullivan is one of the few professional consulting institutions globally that has remained active throughout more than half a century.
The consulting industry ebbs and flows, with its landscape reshuffled every 10 to 20 years. Frost & Sullivan is one of the few professional consulting institutions globally that has remained proactive across more than half a century.
Currently, Frost & Sullivan has nearly 50 branches worldwide, covering all developed countries, emerging economies, and major capital markets, becoming the trusted choice of countless clients. Trust is its trump card.
Currently, Frost & Sullivan has nearly 50 branches worldwide, covering all developed countries, emerging economies, and major capital markets, becoming the trusted choice of countless clients. Trust is its trump card.
"Now, massive amounts of information are a mix of fish eyes and pearls, of uneven quality. The cost of obtaining information has dropped enormously, but its quality is also cast into doubt," Dr. Neil Wang said. "Internet water armies, fake news, AI-generated forgeries, short-term behavior by unscrupulous individuals or small institutions... they have no historical lineage, no concept of long-term operation, and do not place brand and quality first. Therefore, trust is universally scarce."
"Now, massive amounts of information are a mix of fish eyes and pearls, of uneven quality. The cost of obtaining information has dropped enormously, but its quality is also cast into doubt," Dr. Neil Wang said. "Internet water armies, fake news, AI-generated forgeries, short-term behavior by unscrupulous individuals or small institutions... they have no historical lineage, no concept of long-term operation, and do not place brand and quality first. Therefore, trust is universally scarce."
The keyword chosen for Frost & Sullivan's 65th anniversary is "Trust," and Dr. Neil Wang often reminds his team to do their daily work carefully and steadily, understanding that slow and careful work yields good results, and that one cannot achieve instant success.
The keyword chosen for Frost & Sullivan's 65th anniversary is "Trust." Dr. Neil Wang frequently reminds his team to do their daily work conscientiously and steadily, with the understanding that slow and careful work yields fine results, and that one cannot pursue instant success.
He explained that Frost & Sullivan builds trust on three levels: first, by providing credible methodologies—a set of standard operating procedures accepted by the vast majority of parties, with a degree of formality aligned with global standards; second, through historical lineage—over 65 years, the company has maintained an excellent industry reputation, covering hundreds of niche industries globally, and through sustained research has formed databases and industry knowledge bases to ensure information accuracy; third, by selecting only top-tier partners. The Awards of Pioneer Innovators in Industry Development co-hosted with Forbes China were born from such standards.
He elaborated that Frost & Sullivan builds trust on three levels: first, by providing credible methodologies—a set of standard operating procedures accepted by the vast majority of parties, with a degree of formality aligned with global standards; second, through historical lineage—over 65 years, the company has maintained an excellent industry reputation, covering hundreds of niche industries globally, and through sustained research has formed databases and industry knowledge bases to ensure information accuracy; third, by selecting only top-tier partners. the Awards of Pioneer Innovators in Industry Development co-hosted with Forbes China were born from such standards.
It is precisely this persistence that has won Frost & Sullivan's reports widespread recognition from major institutions worldwide. Dr. Neil Wang said: "In the process of serving as an exclusive IPO industry advisor over the years, our research conclusions must enter prospectuses and continuously undergo multiple scrutiny by regulators, investors, and the market. Over the past decade, Frost & Sullivan has consecutively maintained its leadership in market share as the professional industry advisor for Chinese enterprises listing in Hong Kong and overseas. In 2025, Frost & Sullivan's market share as a Hong Kong IPO industry advisor reached as high as 73%. This highly concentrated market recognition is itself a mechanism of trust."
It is precisely this persistence that has won Frost & Sullivan's reports widespread recognition from major institutions worldwide. Dr. Neil Wang said: "In the process of serving as an exclusive IPO industry advisor over the years, our research conclusions must enter prospectuses and continuously undergo multiple scrutiny by regulators, investors, and the market. Over the past decade, Frost & Sullivan has consecutively maintained its leadership in market share as the professional industry advisor for Chinese enterprises listing in Hong Kong and overseas. In 2025, Frost & Sullivan's market share as a Hong Kong IPO industry advisor reached as high as 73%. This highly concentrated market recognition is itself a mechanism of trust."
Frost & Sullivan pursues long-termism, and its systematic methodology applies to tracking cutting-edge technologies. In response to the AI wave, as early as seven or eight years ago when LeadLeo科创网 was founded, Dr. Neil Wang proposed the concept of "AI+HI" (Artificial Intelligence + Human Intelligence) in advance, and he has implemented it consistently.
Frost & Sullivan adheres to long-termism, and its monitoring of cutting-edge technology follows this systematic approach. Facing the AI wave, as early as seven or eight years ago when establishing LeadLeo Science and Technology Innovation Network, Dr. Neil Wang proposed the visionary concept of “AI + HI” (Artificial Intelligence + Human Intelligence), and has consistently applied it.
“AI can process large amounts of data and, under human guidance, filter out mathematical models—something beyond human capabilities,” he explained. “It’s like weeding: how many weeds can you pull by hand? But using a weeder, efficiency increases significantly. It’s not that humans are unable, but rather we assign tasks we aren’t good at to AI, which excels at them.”
“AI can process massive amounts of data and, under human direction, screen out mathematical models—this is beyond human capability,” he explained. “It is like weeding: how many weeds can you pull by hand? But driving a weeding machine, efficiency soars. It is not that we humans are incapable, but rather we entrust tasks we are not good at to AI, which excels at them.”
He then changed his tone: “AI has its limitations. For example, when one leaf falls, the wise know that autumn is coming; when a machine sees a leaf drop, it doesn’t understand what it means. Another example: an apple falling on Newton’s head and an apple falling on an ordinary person’s head produce two completely different results.”
He then shifted his tone: “AI has its shortcomings. For example, when one leaf falls, the wise know that autumn is coming; when a machine sees a leaf drop, it doesn’t know what it means. Another example: an apple falling on Newton’s head and an apple falling on an ordinary person’s head produce two entirely different results.”
Thus, at Frost & Sullivan, AI provides efficiency and breadth, while humans provide depth and judgment. Only by combining the two can truly trustworthy conclusions be achieved.
Therefore, at Frost & Sullivan, AI provides efficiency and breadth, while humans provide depth and judgment. Only by combining the two can truly trustworthy conclusions be delivered.
His technical philosophy aligns with China’s current AI development strategy and deployment. In China, Frost & Sullivan has operated continuously for 28 years. It has consistently maintained a high degree of localization, with its mission being to serve the nation and society, promote economic development, and enhance people’s well-being. It actively responds to China’s industrial policies and strategic transformation directions, contributing to major strategic initiatives such as the Belt and Road Initiative, dual circulation, dual carbon, enterprise globalization, brand empowerment, and Digital China.
His technological philosophy resonates in frequency with China’s current AI development strategy and deployment. In China, Frost & Sullivan has operated continuously for 28 years. It has consistently adhered to a high degree of localization, with its operational mission being to serve the nation and society, promote economic development, and enhance the well-being of the people. It actively responds to China’s industrial policies and strategic transformation directions, contributing industry strength to major strategic layouts such as the Belt and Road Initiative, dual circulation, dual carbon, enterprise globalization, brand empowerment, and Digital China.
Dr. Neil Wang believes: “The space in which we can exert influence in the future is enormously vast.” Because this company, having traversed 65 years, moves with light steps and remains full of curiosity about the future—“Top 50 Technologies Shaping the World,” “China’s Next 50 Years”… Frost & Sullivan has never stopped sharing its gaze toward the future with its readers.
Dr. Neil Wang believes: “The space in which we can exert influence in the future is enormously vast.” Because this company, having traversed 65 years, moves with light steps and remains full of curiosity about the future—“Top 50 Technologies Shaping the World,” “China’s Next 50 Years”… Frost & Sullivan has never stopped sharing its gaze toward the future with its readers.
Perhaps this is the most scarce and precious meaning of “trust” in this era: it is not a slogan, but a verifiable promise accumulated through long-term, steady perseverance. It comes from the practice of mutual benefit and win-win outcomes, from concern for people’s well-being, and from faith in long-termism.
Perhaps this is the most scarce and most precious meaning of the word “trust” in this era: it is not a slogan, but a verifiable promise accumulated bit by bit through long-term, steadfast persistence. It comes from the practice of mutual benefit and win-win outcomes, from concern for the well-being of the people, and from faith in long-termism.
Whether they are pioneers or those who support them, all must ultimately return to this simple yet indestructible truth.
Whether pioneer innovators or those who support them, all must ultimately return to this simple yet indestructible truth.
This article is licensed to Forbes and reproduced with authorization.
