Innovation and Entrepreneurship : Choice and Challenge

Innovation is a key driver of economic growth. Countries and regions have succeeded with different models of innovation, driving economic development and wealth creation. The US benefited from passionate entrepreneurs who took great risk, but succeeded in creating new technologies and industries. Taiwan and Singapore developed innovation ecosystems with support of the governments. Entrepreneurs in China also succeeded in creating large enterprises, such as Alibaba, Huawei, and Tencent, leveraging the rapid change in technologies and the transformation in the economy.

Prof. Otto Lin's book, 'Innovation and Entrepreneurship: Choice and Challenge', is a must read by every innovator and entrepreneur. It provides historical, global and societal perspectives on the process and challenges of innovation and entrepreneurship. The factors of success, practical issues, and challenges are discussed with many examples. The book serves as an important guide to innovators, entrepreneurs, government leaders, and university researchers as they consider the process of research to commercialization and in developing innovation ecosystems.

Congratulations to Professor Lin for such an outstanding, timely book. - S Jack Hu, J Reid and Polly Anderson Professor, Vice President for Research, University of Michigan

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.

Otto Lin has vast knowledge and personal experience in technological innovation gained in Taiwan, Singapore, Hong Kong and China as well as by consulting throughout the world. This valuable book gives many useful insights through practical examples of successful design and creation of centers of innovation, in most of which Lin himself participated. This book should be read and frequently consulted by people trying to build innovation and a technological economy within their own country or getting into the arena professionally.

The Industrial Technology Research Institute (ITRI) in Hsinchu, Taiwan, headed by Lin from 1988 to 94, was the prime early example of a concerted and highly effective government effort to use technological innovation for economic growth. More recently Lin has been the guiding force behind the very successful Nansha Industrial Park on the Pearl River Delta in China.

--C Judson King, University of California, Berkeley, USA

There are many books about innovation and entrepreneurship. But this one by Otto Lin, Innovation and Entrepreneurship: Choice and Challenge, is truly unique. It is based on the life-time experience, wisdom, and leadership of Otto Lin, who is a global veteran innovation thinker and practitioner. It is a book that brings together Western innovation theories and Eastern wisdom. It is also a book that blends best innovation practices of North America and East Asia together. It is full of fascinating stories and penetrating insights that makes it difficult to put it down once you start reading. It is a must-buy book for people who care about innovation and entrepreneurship. --XUE Lan, Tsinghua University, P R of China

Prof. Otto Lin brings to readers very unique perspective on innovation and entrepreneurship through his insights and wisdom. The book first introduced how industry innovation can be developed through industry/university/government collaboration with an insightful view on National Innovation System which consists of different roles of university, government, business, as well as the technology institute. It is quite unique to use the perspectives of Laozi to illustrate the power of real and virtual in the competitiveness of innovation, as well as the Confucianism in connecting self to the society for the innovation culture management . The book also used real case studies based on four different innovation hubs (Silicon valley, ITRI in Hsinchu, Taiwan, Shen Zhen, and Singapore) to illustrate how the innovation can impact the economic growth. Finally, the "Role Models" section used diversified examples to examine how different companies transformed their innovation through integrated core technologies and business value creation processes.

I must say that this is a unique book with insightful views on technology, business value, culture, as well as economical development. I think it will benefit a broad range of readers.

--Jay Lee, University of Cincinnati, USA