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Acer Group founder, honorary provost of the Ministry of Science and Technology (From IP to IPO Program) and honorary chairman of Asia Silicon Valley-Major League IoT, assisting and promoting Taiwan industry transformation.
Academy/University/OrganizationAcer Group founder
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Acer Group founder Stan Shih has always incorporated Wangdao into his entrepreneurial efforts. Wangdao is defined as the leader’s way, with principles of “value creation, balance of interests, and sustainable development” at its core. Only by way of constant innovation to create value, continuously establishing a mechanism for value co-creation and balance of interests, can the goal of sustainable development be reached.
To promote technological innovation while at the same time encouraging youth to invest in entrepreneurship, the Ministry of Science and Technology (previously known as the National Science Council) started the “IP to IPO Program” in March of 2013. This program is carried out by the Science & Technology Policy Research and Information Center. Acer Group founder Stan Shih was also invited to be its honorary provost.
To date, youthful entrepreneurs who have joined this program total 3,229, and this number is increasing. Many young people aspiring to be entrepreneurs often ask Stan, “What is the key to successful entrepreneurship?”
Keys to Successful Entrepreneurship
He answered, “Silicon Valley entrepreneurs once analyzed successful entrepreneurship and found that there are five important factors: idea, team, business model, funding and timing. They concluded that of these five, “timing” was the key factor.
With regards to “timing,” Stan’s view is that the key is how to effectively master timing. Firstly, one must be completely immersed in the situation to ensure the best timing. If you go in too early, you will not be able to sustain having wasted resources; if you go in too late however, you will miss the opportunity completely.
Stan’s observation on the development of new entrepreneurship is that “success comes slower than anticipated, but growth comes faster than expected.” It is not a linear progression, but once timing matures and meets a corresponding breakout point, it will develop rapidly.
The Road to Successful Entrepreneurship Cannot Be Duplicated
In addition, Stan doesn’t fail to remind everyone that “entrepreneurship is directed to create value for society.” Furthermore, value creation must come from innovation to be successful. As long as you find the right method, you can slowly increase it step by step, much like rolling a snowball bigger and bigger.
You cannot depend on government or investors along the road of entrepreneurship. You can only rely on yourself.
You cannot depend on external assistance along the road of entrepreneurship. You can only rely on yourself. However, by understanding the reasons behind the failures of other entrepreneurs, you can avoid repeating the same mistakes.
Innovative Entrepreneurship through Wangdao
Apart from this, Stan has always embodied the spirit of Wangdao in his entrepreneurial endeavors.
The so-called “Wangdao” is the way of the leader, of organizations big and small. “Value creation, balance of interests and sustainable development” are the three major core principles of Wangdao. The value that is created must be viewed from its hexa-aspect values to ascertain its overall value. When looking above from a Wangdao system, besides the “tangible, direct and present” visible values, we must put more emphasis on the “intangible, indirect and future” invisible values.
To cite an example, the New Year Concert presented by the One Song Orchestra that Stan initiated and co-produced has been in existence for 3 years (since 2019). He positioned himself as a “Wangdao producer” and set out with the spirit of Wangdao. By this, he hoped that everyone would co-create value and bring about a balance of interests. This meant that the audience would feel much satisfaction, that the sponsors would perceive its value, and the performers, musicians, producers, broadcasters and everyone who worked on it would experience a sense of accomplishment. In effect, all stakeholders would be touched.
Therefore, he always uses this to motivate aspiring entrepreneurs, to keep on innovating and creating value, to continue to construct a mechanism for value co-creation and balance of interests. Only then can one achieve the goal of sustainable development, leading to meaningful contribution to society and opening a new future for Taiwan.
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