Innovation and Entrepreneurship: Choice and Challenge

Innovation and Entrepreneurship: Choice and Challenge
ISBN-10
9813146605
ISBN-13
9789813146600
Series
Innovation and Entrepreneurship
Category
Entrepreneurship
Language
English
Published
2018
Publisher
World Scientific Publishing Company
Author
Otto Chui Chau Lin

Description

This book discusses practical issues of innovation and entrepreneurship. It first outlines the basic factors contributing to economic growth in the knowledge-based economy. Portraying wealth creation as taking scientific research results from lab to market, it identifies two interlinking components of the innovation process: turning scientific research to industrial technology and nurturing an eco-system conducive to technology business. Thus, it clarifies the position and role of four institutional players of the national innovation system: university (U), technology institute (T), government (G) and business (B). Making these players interact synergistically provides a fertile environment for innovation and entrepreneurship. The development of Silicon Valley, Hsinchu, Shenzhen and Singapore are illustrated as examples. For the technology entrepreneur, having a novel technology or unique product does not guarantee commercial success. It requires an effective business model, ability to execute business plan and entrepreneurial culture, all related to the soft power attributes of the entrepreneur team. The competitiveness of innovation and management of entrepreneurship are analyzed based on the concepts of Laozi and Confucius. Every entrepreneurship must learn to manage the challenges brought about by the changing business environment. The competitiveness and sustainability of a business is reflected by its ability to manage the change, both in bad and in good times. Every choice it makes will bring about new challenge. This is a definite, continuous and cyclic phenomenon occurring to all types of business. Some case examples of success or failure in managing challenges are given. They include: Alibaba Group, Ardentec IC testing, Cisco Systems, Delta Electronics, Eastman Kodak, Epistar HBLED, Fairchild Semiconductors, General Motors, GIANT carbon fiber bicycles, Tencent Holdings, TSMC, Volkswagen and others. This book is based on the author's practice and observation in technology and economic development especially in the Asia Pacific region during the post-1990s period. It is intended to be a reference of best practices for entrepreneurs, corporations and countries striving to make its mark in the knowledge-based economy.

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