New Book, Time of Innovation, written by Professor Youngbae Kim and Ku-Hyun Jung2016-03-09Hit:1423
Firms should keep innovating. For example, Coway expanded its original business as a water purifier company into a rental service company. Golfzone not only sells its items but also provides a network service. Amorepacific has become a global firm by streamlining its business structures by focusing only on cosmetics.
These firms share the common thread of pursuing a creative management style, which has also accelerated their profits. Although these firms have their own unique ways, however, they all provide a common lesson of being innovative. The authors are experts in both economic and technology trends, and they have provided an in-depth strategic analysis of how a firm should innovate in order to survive in a dynamic environment. The authors are Ku-Hyun Jung (former CEO of Samsung Economic Research Institute), and Professor Youngbae Kim (College of Business, KAIST).
The authors noted that “The prospects of Korean firms are not so bright” and that “It is imperative for firms to foster new businesses, and promotes new management styles that facilitate creativity and innovation.”
The book provides an innovation strategy through nine chapters, that focus on topics including marketing, CEO leadership, and a business model. The authors argue that, based on some innovative business cases like Kakao, multiple business leaders should collaborate in order to share the created value together through a platform business. To illustrate, a business leader in the bio sensor industry called “i-sense” and a global top player of cell phone chips called “Amotech” have formed an alliance with academic institutions and large conglomerates. They all collaborated and researched together and, as a result, developed an innovative technology. Like this case, the authors emphasized that “Open innovation requires a business leader to get rid of the old-fashioned management styles and boldly step into and search for a new path in order to set a new business direction”.