"Being first is not always great," said Professor George J. Abe of UCLA Anderson School of Management. Prof Abe was speaking at "Entrepreneurship, Innovation, and Disruptive Technologies", a talk-cum-networking session for alumni of NUS Business School and UCLA. Prof Abe cited the example of how Creative Labs took market first with their invention of a portable music device, which then gave Apple a chance to enter the market later but with a user-oriented response. The portable music device invented by Creative was cited as an example of a disruptive technology. The over-subscribed event organized by NUS Business School and UCLA Association of Singapore, coordinated through GANO, was held on 27 February 2008 at the NUSS Suntec City Guild House with a cocktail reception prior to Prof Abe's talk. President of NUSBSA Mr Peter Tay (BBA Hons 1975, MBA 1987) welcomed Prof Abe and the audience in his opening address, delighting that Prof Abe's presence has helped "solidify the footprint of Anderson together with NUS". Apart from illustrating the difference between an invention and a business opportunity and challenging mindsets of entrepreneurs and investors in their view of disruptive technologies, Prof Abe also spoke at length about the culture and environment for successful entrepreneurship, drawing a comparison between California and Singapore. California's Secret The Lecturer and Faculty Director of the Applied Management Research (AMR) Program at the UCLA Anderson School of Management described California as a place unlike any other parts of the United States. It is also due to this cultural uniqueness of California that has turned it into a successful breeding space for businesses. "In California, failure is ok," Prof Abe revealed California's secret to the bewilderment of the audience. "90% of Venture Capitalists' investments don't work out. 67% of spin-offs fail. Founders are replaced. Entrepreneurs learn from their failure... It's a culture thing!" In addition, he also observed that two-thirds of science and technological entrepreneurs there come from small companies. "You need lots of small companies to spawn entrepreneurs. Why? Because these people from small companies have to do more things than their counterparts in big companies, meaning they are more exposed, they learn more, and have a more holistic view of the business," explained the Professor from UCLA, whose first job was with Universal Studios in the 80's. In answering the question of Singapore wanting more entrepreneurs, Prof Abe provided two model solutions. The first was an "Asian Model" - based on creating businesses at lower cost. The other option was a "Californian Model" - based not on cost, but on disruptive innovations. Though he left the audience to decide for themselves which model is most suited to Singapore, he remarked that the government played a big role in entrepreneurship, especially in the area of pubic research and development. "It's increasingly difficult for private companies to finance research, even big companies like IBM are staying away from research," observed the engaging Professor whose expertise included entrepreneurship, business plan development and field study program advisories. "Though public sector has a big role to play in incubation and product design, it's still a culture thing. How would people react if 90% of projects funded by the Economic Development Board fails?" Prof Abe cheekily posed the rhetorical question. Those present were appreciative of the insightful sharing by Prof Abe. Remarked Mr Shivdat Tripathy (MBA 2008), "Prof Abe's sharing is most insightful." Added Mr Yeo Gim Sng (MBA, 1999), a lecturer at a local junior college, "Prof Abe's talk has given me a new perspective of things, especially on disruptive technologies." "I'm honored with the turnout," beamed Prof Abe after the event. "Great group of people who asked great questions. I can see there is a lot of interest in entrepreneurship. An excellent session indeed!" Where NUSS Suntec City Guild House When 27 February 2008, 6.30pm View E-Flyer View Photo Gallery View Video Back to e-Newsletter