In the beginning, Dr. Walter Fung (Teaching Fellow, Dept. of Computing, PolyU & Former Vice Chairman, CityU EngD Society) gave an opening speech and introduced our guest speaker Dr. Augustine Chow.
Before the seminar, Dr. Augustine Chow introduced he loved life long study and achieved 4 doctor degree and 5 master degree in his 40 years study journey. He built many companies in which were high failure rate at beginning but high success rate at the end. He told us don’t underestimate yourself.
Then he asked us what is Hard trend and Soft trend. Please participants asked soft trend but they don’t know Hard trend. Dr. Chow said to think in simple way. We all will die that is the Hard trend. Then he introduced his old book named “非創業不可”.
Dr. Chow briefed the characteristics of Network Economy that would be exponential growth and infinite expansion, flat hierarchy in network enterprises, and consumer-driven, as well as, microenterprises flourish. He also told us “to set up venture is a life-long challenge!” He pointed out 3 prerequisites for entrepreneurs as follows:
1. Intuitive foresight
2. Recognizing soft trends & hard trends
3. Understand Future, and design your future enterprise
After that Dr. Chow introduced his new book named “非創新不可” in which stated 5 emerging trends of societal needs as follows:
1. Social media will prevail as communication platforms
2. Smart use of environmental / energy resources
3. Smart public services
4. Personalized consumerism and healthcare
5. Smart home services
His new book recorded five elements of value innovation included Wind (風), Fire (火), Thunder (雷), Lightning (電) and Rain (雨).
Wind implied Trend such as Market Trend (consumers), Technology Changes and Rapid Speed (MTR).
Fire implied Idea and the spelling of FIRE mean Fire, Ideas, Release of passion and Energy.
Thunder implied Impact on Market Reputation, included Internal Leadership and External Strategic Alliance.
Lightning implied Speed, Efficiency and Decisive
Rain meant Resources / Asset included Human/Capital, Technology/IP/Trademark and Logistics.
Therefore, you need to ask yourself do you have all 5? What is missing and How to link the 5? Finally, Dr. Chow shared 5 Critical Factors of a Successful Business Model.
1. Easily understandable in concept
2. Simple in operation
3. Scalable in effects
4. High threshold
5. Low risks
Before end of seminar, he shared some tips for marketing strategies included “Target market well positioned”, “Significant market size and rapidly scalable” and “Blue sky strategy – Value innovation by way of innovative technology”.
Lastly, Dr. Chow concluded that Have GUTS to be Entrepreneur and Take the First Step. He said Happy 88 indicating he would work up to 88 years old.
Augustine asked student to find business partners, “Smart” and “Trust” which one would be more important? The answer was “Trust”. He quoted a Chinese statement “有才無德，其才難用。” (Talent without integrity, it was difficult to use.).
At the end, Dr. Walter Fung and Representative of Computing Dept. presented a souvenir to Dr. Augustine Chow.
We took a group photo with students and EngD Cohorts.
I got Augustine’s signuature on his new book which I brought in last month. Moreover, I was appreciated Dr. Walter Fung who gave me Augustine’s previous book.
Department of Computing, PolyU - http://www.comp.polyu.edu.hk/en/home/index.php
CityU EngD Society - http://www.engd.org/home.aspx