Joel Neoh, the Award Winning Entrepreneur & the GROUPON Head of Asia Pacific wrote a note on his reflected Lessons! “Top 24 Entrepreneurial Lessons that he has learned in 2014”!
#1: It’s not important where you come from, but where you’re going.
#2: Not who you are, but what you do that defines you.
#3: People will always say “you can’t”. You just smile and say “watch me”.
#4: People that Joel Neoh most enjoy working with: dream big + get shit done + know how to have fun.
#5: Instead of limiting our challenges, challenge our limits.
#6: The most dangerous poison against further success is the prolonged feeling of achievement. The antidote is to reflect and think, every night, what can be done better tomorrow.
#7: Simplified summary on investing. There are only 4 things that really count when making an investment: 1) A business you understand 2) Favorable long term economics 3) Able and trustworthy management 4) Sensible valuation That’s investment, everything else is speculation.
#8: Be a genius. Talent hits a target no one else can hit, genius hits a target no one else can see.
#9: 10 habits of the most successful people in the world: Set goals, focus, value time, spend less, work hard, continue learning, group with like-minded, persistent, calculated risk, generosity.
#10: Success is achieved from striving for perfection. Happiness is achieved from embracing the imperfections.
#11: Do the hardest things first. Eat a live frog first thing in the morning and nothing worse will happen to you the rest of the day.
#12: When writing the story of your life, don’t let anyone else hold the pen.
#13: We may not achieve everything we dream, but we will not achieve anything unless we dream.
#14: No one looks back on their life and remember the nights they got plenty of sleep. #workhard #partyhard
#15: Success comes from having the heart to dream big and the fortitude to see it through.
#16: Two kinds of company cultures in this world: cultures where what you do matters, and cultures where all that matters is who you are. Accept only the former, the latter sucks.
#17: WHAT is right is always more important than WHO is right. Outcome not ego.
#18: It’s not where you take things from – it’s where you take them to. Nothing is original. Steal from anywhere that resonates with inspiration or fuels your imagination. Select only things to steal that speak directly to your soul. If you do this, your work (and theft) will be authentic. Authenticity is invaluable; originality is non-existent.
#19: Management is doing things right, while Leadership is doing the right things. Doing the right things is more important than doing things right.
#20: Ambition fires up the strong and threatens the weak. We need to be more ambitious.
#21: Two types of people at work: 1) Can do. 2) Can’t do. Unless your profession needs you to be (2), no reason why you shouldn’t be (1).
#22: Rule #1: Have the courage to dream, and the guts to do it. Rule #2: If all else fails go back to Rule #1.
#23: The most valuable commodity in the world is information; the most valuable tool in the world is communication; the most valuable mental trait in the world is positivity.
#24: Focus on your customers. Serve your employees. Learn from your competitors.
The general consensus amongst society is that being born disabled is an affliction often associated with unhappiness, failure, dependency on others and helplessness. These young entrepreneurs have proven otherwise, inspiring lives through adversities.
People often look at those with disabilities and think to themselves, what misery they must be in. But is that always true? Are those who are afflicted with physical disabilities really less capable than the rest of so-called “normal” society?
Measuring society’s attitude and opinion toward the disabled is no easy task as these opinions are based upon social norms, attitudes, as well as a complex mix of misconceptions and stereotypes.
A survey done by the UK government in 2009 shows that 38% of people who were surveyed see the disabled as less productive than non-disabled people while 35% of people felt that the disabled took more from the economy than they contributed.
Such opinions are largely derived from the belief that the disabled require extensive care and looking after. While there is some truth to this, disabled who need round the clock care are neither the exception nor the rule.
Fast Cars & Celebrated Automotive Trading Entrepreneur
Melvin Tong was one of the many 17 year old candidates about to take the SPM (Sijil Pelajaran Malaysia) examinations when he started experiencing a sharp pain originating from the back of his knee.
“It started off with minor pain, like a sprain, and I guess you don’t really worry about it,” said Melvin, “By the time I actually went for my checkup in the hospital, I could already see a small lump the size of a peanut.”
It was later confirmed that Melvin had Fibrosarcoma.
Fibrosarcoma is a cancerous tumor that originates from connective tissue found at the ends of the bones of the arms or legs.
In the course of the next five weeks, 3 biopsies and several opinions from different oncologists later, the tumor grew to the size of a tennis ball and the decision to amputate was made.
By the time he was confronted with the decision, Melvin had grown weary of bouncing from doctor to doctor, the countless referrals and undergoing test after test. He willingly went under the knife in hopes that it would conclude the endless biopsies and regular visits to oncologists.
Melvin, 29 this year, has from then on devoted his life to his love of cars as well as his love of people, taking part in many philanthropic activities in his time including raising awareness for victims of child abuse. In 2010, he entered the Malaysian book of records as the first amputee to climb Mount Kinabalu.
He now owns Extreme Supercars, a thriving business importing, refurbishing, renting and selling luxury vehicles.
“My car business started back when I was 13 years old, shortly after I got my first computer, I made a website for the Need For Speed game,” said Melvin.
It was then that Melvin knew that he would never be able to work for anyone other than himself and made the decision to go into the luxury car business. Melvin says that it had never occurred to him to look for a job.
It was only a few years after college when he was introduced into the car industry, beginning his business selling smaller cars such as the Volkswagen Polo for small commission, comparing himself to a low-pay salesperson.
His business began by brokering the sale of foreign cars to local people, Melvin says that he began the business with no capital, slowly working his way up, building his business into what it is today.
“My disability didn’t stop me from taking my SPM or going to college, everyone knew who I was, but somehow, none of them became really close to me.”
He spoke of the barrier that existed between him and everyone else and said that sometimes it is easier for people to simply alienate someone like him.
The World Health Organization estimated that 10% of any population is disabled in some way. Translating this into Malaysian context, the number would come to 2.7million disabled people currently living in Malaysia.
In 2009, according to the social welfare department, the total number of disabled in Malaysia was 258, 918 with an average annual increase of 20,000 a year. These are only the ones who are registered.
Of that number, those who are capable of work amount to over 200,000, discounting those with cerebral palsy and those listed in the survey as “others”. A staggering amount of manpower.
Unfortunately, governments have not been able to take full advantage this and the disabled, along with their families, are often persecuted or looked upon as a burden to society.
A prime example of the contribution from disabled people is Zharif Affendi.
National Youth Icon and Beacon of Hope for Youths
Zharif is the proud owner of the Zharif initiative, a Malaysian creative communications company that specializes in corporate social relations consultancy. The company branches out into many fields including public relations and even having his own independent record label.
He also works for MTEM (Majlis Tindakan Ekonomi Malaysia), an NGO which facilitates and assists in the empowerment of the Malaysian economy.
Zharif was born without arms, and when asked what the exactly the ailment was that caused his birth without upper limbs, he nonchalantly replied that he didn’t know.
“There’s probably a name for it but I never looked it up, I never bothered to know what the reason was.”
Zharif had never required any form of special care, attending run of the mill government schools growing up.
In fact, when he was young, his mother registered him in a primary school that had rejected his application because the headmaster felt that they did not possess the facilities to accommodate a person of his condition.
The day before registration, 6 year old Zharif waited outside the headmaster’s office, asked to meet with him, and when he did, he asked the headmaster’s name, he spelled it, writing on his notebook with only his feet.
Today, he holds a law degree, bachelors of Arts degree and a bachelor of psychology degree. Even being an avid sportsman, listing his hobbies as skateboarding, football, ultra thrill running, scuba diving and taking part in swimathons.
These are only two prime examples of what a disabled person can contribute to Malaysian society. Melvin Tong, owner of one of the most renowned luxury car distributors in Malaysia, and Zharif Affendi, who works toward the growth of Malaysian economy in MTEM.
They are the model of what the disabled community in Malaysia has the potential to be. Sadly most are underestimated and aren’t given the opportunity to contribute.
But things have been changing recently with newly introduced government policies.
The government hopes that providing vocational and academic training to the disabled will sufficiently encourage them to find jobs. Congruent to this, the government has allocated 1% of all public sector jobs to those who are disabled.
And in 2008, the Department Of Social Welfare gives an incentive to the disabled who earn a monthly income of less than RM1200, as well as grants that do not exceed RM2, 700 to aid the disabled in the launching of their own businesses.
Alas, some of these policies are poorly implemented or not properly enforced by government authorities and are altogether ignored or unbeknownst by most.
In the year 2000, it was estimated that the disabled contribute USD1.68 billion to the Malaysian Gross Domestic Import (GDP), while studies conducted to estimate the total global annual loss of excluding the disabled from the economy to be somewhere between USD1.37 to USD1.94trillion.
According to these statistics, it is not the lack of ability that holds back the capabilities of the disabled, but a vicious cycle of poverty, charity and excessive amounts of sympathy that result in their continued reliance on society.
The equalization of opportunities for the disabled to be on par with those who aren’t is crucial to the Malaysian economy and the overall quality of life of persons with disabilities.
Those who are disabled are not necessarily impeded, but it is the inaction of irresponsible parties that truly deprives them from the achievement of their true potential.
Gen-Y College Students Speak Out on Inspiration
1. Melinna Loone
2. Nazreen Zainurin
3. Pang Yat Haw
4. Daniel Ibanez Lau
5. Justin Wong Zhe Xuan
6. Vigneshan Kumar
Thoughts from Student Interviewers: We are extremely grateful that we’re able to complete and execute this project on time and up to the standards of our lecturer and also our employer. The hardest part of this project is probably the video part, it was difficult to brainstorm any creative ideas to be put into our video as a documentary video is meant to be serious and if anything that goes against that vibe or would disrupt that atmosphere will need to be thrown out of the window.
It was an inspiring experience to listen to both such amazingly positive stories. Before this, we’ve always had this sympathetic or pitiful feeling towards physically disabled community but after this project, we’ve realized that they are even more positive about life than some of us are. Their determination and spirit to thrive in life has indeed made us reflect on ourselves.
### Article Ends ###
Credit Note: INTI College Subang students from the School of Mass Communication undertook a project by Founder Method to interview successful yet challenged individuals in Malaysia, who have had a lasting impact in society through their business and work. This was a collective effort done by the students, coupled with industry mentors from INTI College Subang and from Founder Method in the implementation of this project.
Dino Media Publishing consist of a network of news portals and social media channels, serving 3 million people monthly with news about entertainment, lifestyle, humor, viral news, and all things trendy. NextUpAsia.com chats with one of the founding members of one of the fastest growing startups in Asia about the Art of Building a company to serve millions of content hungry consumers online.
Getting to know about The Strategies behind the Success of the Startup
Marketing is King! How did you publicize your business? How did you get people to notice you and not your competitors?
We focus on building genuine relationships with our audience. We started out actively engaging our audience on Facebook. We make sure we build a great community of people who enjoy consuming entertainment, lifestyle, and viral content. That is probably why till date, we have quite a loyal following despite being very new in the digital publishing space.
They say, Talents is what make or break the business. For yourself, how did you get your talents and what did you do to make them remain working for you?
Specifically for Coffeeticks & Tantannews, we practise a very lean approach. Most of our writers are freelance writers which we recruited them through referrals and social media. Our team is not big so everyone is like family. The management team always keep the content team accoountable with the daily performance of the sites and motivate them to reach the ultimate vision. We want to make a difference and that is exciting for our team.
If you could name 3 Main Criteria that have made You and Your Business successful, what are those 3 Main Criteria?
b) Rapid Problem Solving
Businesses need to Innovate in order to stay Competitive in the marketplace – How have you innovated your company to be competitive until today?
We are constantly innovating our publishing sites. We rely heavily on measurable data. We track how visitors landed on our site, which speicific time has the most traffic, and so on. For example, we also measure how certain web elements on the site drive more clicks. We have also great emphasis on good user experience and pleasant user interface design.
Global economic uncertainties Kill Businesses – In your mind, how did you weather this challenge for your business?
That’s part of the every entrepreneurial pursuit we would say. For us mindset is important, we prefer to see the glass half-full rather than half-empty when it comes to uncertainties because in the process of finding more clarity, we could potentially discover strategies and tactics that no one has ever thought of. We would call that innovation.
### End of Part 3 ###
About Dino Media:
Dino Media Publishing consist of a network of news portals and social media channels, serving 3 million people monthly with news about entertainment, lifestyle, humor, viral news, and all things trendy.
About the Founders:
We are a group of young and capable team who are hustling to entertain the world with stories and news we find engaging. We strive to never stop innovating the way you read news and we hope we could ultimately build a news portal that would channel you with personalized news that really matter.
Stars are brilliant at shining a light on what they love. They are excellent advocates once they find their cause, and they will campaign tirelessly for what they believe in. I’ve had the good fortune to connect with each of the extraordinary individuals below, each who are Star profiles. Thanks to each of you for shining your light…
Here’s my Top 12 Recommended Stars to connect with. A few weeks ago I gave my Top 12 recommended Supporters (http://bit.ly/bWDvRd ) and the support for them was magnificent (of course!). These 12 Stars are equally accomplished and spread around the world. They are all on Facebook so you can connect with them today (if they have not reached their 5,000 friend limit…)
1. Mark Victor Hansen – Orange County: Co-author of the Chicken Soup series, and the One Minute Millionaire, Mark has helped thousands to understand and master the book publishing game. I’m on the Advisory Board of his Mark Victor Hansen Foundation, which promotes literacy as a path out of poverty. http://bit.ly/asgBot
2. Mari Smith – San Diego: Mari is the go-to-girl for Social Media. FastCompany.com called her “The Pied Piper of the Online World”. She’s President of the International Social Media Association and a fellow Scot (OK I’m only half-Scot). http://bit.ly/doSCQm
3. Penny Power – Farnham: Co-founder of Ecademy, has made the power of trusted connections her mission. Her book and blog: “Know Me, Like Me, Follow Me” is about putting people first. Ecademy pioneered Web 2.0 business networking long before Facebook came along. http://bit.ly/cJDcxt
4. Thomas Power – Farnham: How could I include Penny without Thomas? While Penny has built a brand around the heart in networking, Thomas has built his around the cutting edge in networking – follow him for the latest news. Thomas got me onto Twitter when I still had no idea what it was. http://bit.ly/an7Sxg
5. Janet Attwood – Fairfield: Co-author of the Passion Test, and is a great example of how a Star can build attraction and flow around one central idea. From the Passion Test, Janet has Passion Test Facilitators, products, events, and a global following. http://bit.ly/diYBlx
6. Topher Morrison – San Diego: Today Topher is travelling to Sydney from USA for the Wealth Dynamics Workshop. Topher is the Professional Speaker of Professional Speakers, training others in speaking skills. He is now the Lead Speaker for Wealth Dynamics, for which I am eternally grateful. http://bit.ly/aNOORm
7. Mike Handcock – Auckland: Mike has just come back from a round-the-world tour launching his film, The Dreamcatchers. Mike is a speaker who has built his brand “Rock Your Life” to bring his passion for music into life design. “Rock Your World” extends the brand to making a difference globally. http://bit.ly/9KiT7Z
8. Michael Q Todd – Tokyo: Michael has built his Star profile around both the green movement and social media. Based in Tokyo, he has a unique place to watch the world from. Follow his great tweets and facebook notes on issues from conservation to conversation. http://bit.ly/aLeEqA
9. Therese De Wolf – Perth: One of raw food’s greatest advocates, Therese is the founder of Sunbread and has attracted thousands of followers to her Youtube Channel, “Raw Down Under”. A great example of how personifying your passion leads to global attraction wherever you are. http://bit.ly/9s3C2R
10. Frances Cheung – Hong Kong: Frances has a mission to grow women leadership in China. She has built a brand around inspiring entrepreneurs to turn their passion into cash flow, and together with her husband, Alan, has set up an Entrepreneur Centre in Hong Kong. http://bit.ly/dy4ClG
11. Martin Jimmink – New Zealand: XL Nation Chairman & business coach, Martin chooses his clients – only high earning entrepreneurs willing to commit to at least three years. Creating a niche has given him a full client list. He now has his ticket on Virgin Galactic as the first intergalactic coach… http://bit.ly/dg3l4v
12. John Abbott – Gold Coast: John stepped up to run XL Australia from Perth several years ago. He has built a name as the go-to-person for dynamic entrepreneurs in Australia. Richard Branson dropped by in March… John and his wife Roz are now moving to the Gold Coast to join our OneLife team – Shining a light in our Lighthouse! http://bit.ly/aootLP
If you know any of the people on this list, please share your stories and testimonials of them below. If you don’t, do connect with them! Each has a heart of gold and a flow of inspiration and connections that grows in the sharing.
Got any questions about the winning & losing formulas of Stars? Have a look athttp://bit.ly/b0vaWy or post them as a comment…
GRADUAN® ASPIRE CAREER & POSTGRADUATE FAIR IS BACK!
DATE: 17 and 18 May 2014 VENUE: KUALA LUMPUR CONVENTION CENTRE MALAYSIA (Hall 5&6)
CAREER AND NETWORKING FAIR
Malaysia’s premiere career and networking fair with more than 100 of Malaysia’s leading organisations (Maybank, Celcom Axiata, Shell, Petronas, and many more!) and institutions who have signed up to engage with graduates and talents at GRADUAN® ASPIRE.
Aside from learning more about the organisations you’re interested in, you can drop your CV at the booths or meet up with HR personnel to express your interests and impress them at the same time! Those interested in pursuing their post-graduate studies will find a wealth of information via the many university booths at the fair.
GRADUAN® APPRENTICE: “WHAT’S NEXT?” CHALLENGE
GRADUAN® APPRENTICE CHALLENGE involves teams in a final elimination round where they have to deliver a rousing pitch to CEO judges on how they can take their business forward.
It will take a lot to impress the CEO judges, who will be grilling the teams on their ideas.
Winners will be handpicked by each CEO for their opportunity to be mentored and to gain valuable industry insight. Take part now! More details at graduan.com/aspire
Rue-Hann Lim, the Co-Founder of www.healthworks.my. She is on a mission to inspire fellow Malaysians to make better choices for their health and wellness.
Getting to know about The Start-Up
1. Tell us more about Your Company – What have you built? What is your product or service to your customers? What is your track-record so far? HealthWorks.my is Malaysia’s online health hub. Our mission is to build the largest health community in Malaysia and inspire Malaysians to make better choices for their health, fitness & happiness. It will serve as Malaysia’s one-stop-health-hub for education, shopping and community. Driven by the purpose of providing localised health information and making healthy living easier for people, our approach is multi-fold: 1) Education through expert advice and interesting localised health content 2) eCommerce with health-related products & services 3) a thriving community of health enthusiasts. Ending our first month, we’re quite amazed that during the first 10 days after the launch of our website, we had over 10,000 unique visitors. This shows that Malaysians are indeed interested to know more about health.
2. Why did you decide to go into this business? Is it because it is a lucrative market? Is it a Blue Ocean which your talents and expertise through your business can provide? We couldn’t find a user friendly interesting health site that serves multiple purposes in Malaysia. For urban young people like us especially – we tend to neglect the importance of health when we’re busy with work and social life (not forgetting lying on our bed scrolling on social media networks). We’re busy people who want to know “what to do now”, “how to do it”, “where to get it”. On the other hand, we have great local healthcare professionals that are yearning to reach out to people too. With this gap not being filled, I see a need to provide an online one-stop health hub for younger Malaysians where they can find practical, enjoyable health information, purchase health-related products/services and get into action, and find suitable community to embrace this active healthy living lifestyle together! It’s that one place which empowers you to take action and live healthy.
4. Where do you see your business growing into, for the next 5 to 10 years? There are many opportunities in the area of Health. In the short term I see HealthWorks.my to become the first place Malaysians go whenever they want to find health information, buy health-related products, or connect to other health communities or services. In the longer term, I am looking forward to work with hospitals, clinics, beauty parlors, gyms, health insurance companies and various healthcare providers to streamline a person’s healthcare experience in Malaysia. It will be awesome if one day we can build a Health Village in Malaysia!
5. What is your vision for the industry that you are in? Do you see a trend coming up that your business can capitalize? There are two trends on the rise in Malaysia. One is the trend of going mobile (even baby boomers are on mobiles now!) Second is the increased consumer awareness for preventive healthcare which leads to the rise of self-directed consumers. Gone are the days where consumers wait for the doctor to give them answers. Now, we have more people using the internet to get health information to help them make a decision throughout their health journey. They consult the internet before and after visiting a healthcare professional. What they got from the internet, helps facilitate their discussion with healthcare professionals. I see an opportunity for us here in Malaysia to tap on technology and help the community to get what they are looking for. In simpler words, facilitate their journey of living a healthy active lifestyle.
Rue-Hann Lim, the Co-Founder of www.healthworks.my. She is on a mission to inspire fellow Malaysians to make better choices for their health and wellness.
Getting to know about The Start-Up
1. Tell us more about yourself – Who are you, what do you do, what are your qualifications (If any) and what have
made you into the successful entrepreneur that you are today?
I’m Rue and I love purposeful ideas, helping people to be better in life and also all things fun! I’m running a health start-up called HealthWorks.my. Our mission is to build the largest health community in Malaysia and inspire Malaysians to make better choices for their health, fitness & happiness. It will serve as Malaysia’s one-stop-health-hub for education, shopping and community.
I graduated with a first class honors in Nutrition & Community Health degree. Worked at a health-communication company and took on projects from global brands. I then spent 3 years kick-starting Groupon Malaysia’s Operations team and was part of the leadership team.
As we are fairly new, I wouldn’t consider myself as a successful entrepreneur, yet. What made me the person I am today are the experiences and hardships that God took me through.
2. Why did you get started on this path towards building your own business?
I wanted to build something purposeful that can help Malaysians. I’ve learnt a lot about people & process management during my experience in Groupon MY. So I want to take these learnings to a different level of playing field. I also want to build a company that has great culture, and provide awesome work experience for its people. Together we can make a positive difference greater!
3. Was there any inspiration or anyone who inspired you to pursue your dream to become an entrepreneur today?
Many people inspired me in different ways. From big names like Richard Branson, Gurbaksh Chahal, to someone closer to home – my leader Joel Neohand Chen Chow. But these people are the ones that inspired me most: my mother, my pastor, the hairdresser I visit, the family that runs a western restaurant at my neighbourhood, and the tailor who alters my dresses. They have such perseverance to run a mission or a business for decades, and focused on their service quality for the community around them. So I decided to take this step, get out of my comfort zone and start something that can benefit others!
4. In your experience, what are the 3 Winning Traits that Entrepreneurs should possess when they start their business?
I’d like to see this as the Entrepreneurial spirit – which you can find in people who might not have their own businesses but are doing epic stuff in their company too! In the past 4 years, I’ve learned that these 3 traits are vital:
1) Be purpose driven. Knowing why you are doing something drives you forward, even when all else fails. It helps you communicate clearly to stakeholders, leaders, team members, clients, even friends!
2) Be a teachable explorer.Be curious. Ask questions. Imagine stuff. Talk to people. Read a lot. Explore. Dream. Discover.
3) Have grit. Having the grit to persevere on is vital because there are too many temptations asking you to give up – like that Korean drama chase.
Businesses that outsource research and development (R&D) overseas are more likely to innovate than those who outsource at home, says new research.
Professor Michael Mol, of Warwick Business School, and Associate Professor Olivier Bertrand, of SKEMA Business School in France, analysed a large database of 6,015 French businesses over a five-year period and found that the use of home R&D suppliers can have a largely negative effect on product and process innovation.
“Firms that go through the trouble of finding highly qualified foreign suppliers see a bigger pay-off than if they had outsourced at home,” said Professor Mol. “This is a very interesting finding, because typically we only associate outsourcing abroad with efforts to bring down costs, not to increase innovation.
“Home outsourcing occurs when firms lack innovative capabilities and is either trying to save costs or their own internal Research & Development department is lacking. By contrast, those that choose to outsource abroad do so to tap specialist sources of knowledge that complement and strengthen their own internal R&D.
“An interesting example of this is IBM’s strategy to build research labs in places like Switzerland, Japan, Israel, UK, China and India from which R&D is outsourced to various research institutes.”
Research and Development is a core part of many businesses, and companies are increasingly looking to external sources to increase innovation.
According to the 2012 Global Innovation 1000 the top three industries that spend the most on R&D are Computing and Electronics, Health (including pharmaceuticals) and Automotive.
Professor Mol’s study shows that a key factor in the decision-making process of outsourcing R&D is cognitive distance, which refers to the distance in knowledge and understanding between the business that outsources and its supplier. Suppliers in the home country are less attractive for innovation purposes because their knowledge is often too similar.
The research shows that while outsourcing at home is a sound option to fill short-term gaps, outsourcing abroad can be hugely beneficial if a company is looking to innovate.
“When firms are looking for capabilities which are relatively mundane, they can often find them in a wide variety of locations around the world,” said Professor Mol.
“If these capabilities can be outsourced at home, it generally makes little sense to source them from abroad given the costs involved. By contrast, R&D tapped from international markets provides firms with more opportunities and choices, and hence a greater potential for complementarities with the internal R&D function.”
And he explains that it is important for managers and business owners to have a clear understanding of the advantages of outsource Research and Development abroad.
“Understanding the differences between outsourcing at home and abroad and the implications for innovation performance is important,” said Professor Mol. “From a managerial perspective, it is important to understand how outsource Research and Development is able to contributes to innovation outcomes, and when offshore outsourcing is a viable strategy.
“outsource Research and Development, especially abroad, is a small yet rapidly growing phenomenon, academics and practitioners should continue to invest in understanding its implications.”
The paper ‘The antecedents and innovation effects of domestic and offshore outsource Research and Development: The contingent impact of cognitive distance and absorptive capacity’ was published in Strategic Management Journal, the world’s top strategy journal.
Warwick Business School, located in central England, is the largest department of the University of Warwick and the UK’s fastest rising business school according the Financial Times. WBS is triple accredited by the leading global business education associations and was the first in the UK to attain this accreditation. Offering the full portfolio of business education courses, from undergraduate through to MBAs, and with a strong Doctoral Programme, WBS is the complete business school. Students at WBS currently number around 6,500, and come from 125 countries. Just under half of faculty are non-UK, or have worked abroad. WBS Dean, Professor Mark P Taylor, is among the most highly-cited scholars in the world and was previously Managing Director at BlackRock, the world’s largest asset manager.
Professor Michael Mol was previously Senior Lecturer in Strategic Management, Henley Business School; Research Fellow, London Business School; Assistant Professor in Strategic and International Management, Nijmegen School of Management. Visiting Researcher MLab, London Business School. He is also advisor to private companies and public sector bodies. He is also speaker at business conferences across Europe. He is familiar with a wide range of theories and research techniques. He was winner of Academy of Management Review Best Article Award (2008). Professor Mol’s research interest lies in the strategic management of larger firms, especially management innovation, open innovation and outsourcing/offshoring strategies. He focuses on how these phenomena occur and influence performance outcomes. His current research projects include analysis of key historical management innovations; conceptualisation of the outsourcing process; large scale analysis of effect of knowledge sourcing and knowledge protection on product innovation; offshoring of knowledge intensive business services.