Week11 Business Plan

Tonight, Dr Charles Lee invited 2 guest speakers to share their life experience.

Mr. Piau Voon Wang (pic. from left) opened Adams Street Partners' Singapore office in 2006. He actively participates in all fund investment decisions at Adams Street.

What I learned from him is, Interpersonal and ppl-ppl networking is important to extract high level info. Judging ppl is a very important skill to see whether his/her character is good to make good investment for u.

Risk taking is necessary in life especially when there is nothing to lose. It might turn out to be successful in life.

Another guest speaker, Mr. Richard Chen founded Vincera Capital in 1997 and served as President in 1997 and later as Chairman & CEO since 2002.

What I learned from him is, his decision on business investment sometime based on his feelings. I bet his feelings must be damm accurate.

But the actual lesson for tonight is all business plan. Why we need a business plan?

1. Reach agreement among team members.

2. Requires to attract investors.

What must be include in the business plan?

1. Executive Summary

2. Background

3. Marketing plan

4. Development plan

5. Operations plan

6. Management

7. Financial plan

8. Risk factors

9. Appendices

Summary:

A Great Idea + A Great Team + A Great Plan = Great Business.

Week10 Technology Brokering

What is Technology Brokering?

Technology brokers pursue an innovation strategy of technology brokering that enabled them to exploit the past in creating the future.

Technology brokering involves combining existing objects, ideas and people in ways that spark technology revolutions.

3 factors that will affect success in innovation business

• Maket Oriented
• Financially Driven
• Technology Based

Week8 The Practice of Innovation - Part 2

This week Prof. Hang is going to illustrate Interpretation is essential thinking process for Innovation. Interpretation is an open-ended process and plays in the space of "ambiguity". It is ambiguity that makes the conversation worth having. Cell phone emerged in the space created by the ambiguity about whether the product was a radio or a telephone. Novelty and originality lie in the space of ambiguity.

1 classic example: A glass half-filled with water or a glass is half empty depend on how u interpret it.

1 industry example: Sony developed walkman in 1979. At that time, this product is considered "irrational" product development so the price of the walkman is Y33,000 which the japanese youth can afford. First month, nobody bought the walkman. During second month, Yuppies unexpectedly became "heavy users", then followed by teenagers. Sales suddenly expoded in 3rd month and walkman out of stock.

If any one of you observe any market uncertainty or failure in certain products, there is a chance for innovation to take place by using interpretation think process.

5th of Oct Seminar by Dr David E. Goldberg

The topic for the seminar was about the creativity imperative and the technology professional of the future by Dr David E. Goldberg. His speech is good and inspire us on how to be a creative person and become a TPOF (technology professional of the future).

What he mentioned: to be a TPOF; this are the various points to be noted:

1. Customer pull, not tech push.
2. Cannot change in current departments alone.
3. Cannot do it with tech knowledge alone.
4. Cannot do it without human-centered design understanding.
5. Cannot do it by ignoring widespread tech ignorance.
6. Cannot ignore challenge of tabula rasa.
7. Cannot stick with PPG, proposals and grants.

He also recommended a book "A whole new mind" by Daniel H. Pink which demonstrate 6 skills for WNM.