Paul Romer says creating corporate environment for innovative firms matters; “The first step to fulfill the creative economy is to create the right condition for innovative firms that can immediately replace Samsung Electronics when it is faltering

April 10, 2014 Leave a comment

Paul Romer says creating corporate environment for innovative firms matters

Park Bong-gwon

2014.03.27 17:46:27

“The first step to fulfill the creative economy is to create the right condition for innovative firms that can immediately replace Samsung Electronics when it is faltering.”
The comment was made by Paul Romer, professor of Economics at New York University’s Stern School of Business. Professor is also a pioneer of the New Growth Theory and candidate for this year’s Nobel prize in economics. 
During an interview with the Maeil Business Newspaper at his office Wednesday, Professor Paul Romer noted, “Korea, which is on the threshold of advanced nation status, has already gone beyond imitating others to keep its competitiveness. Now that the nation has emerged as a global leader, it should seek what`s more innovative and creative.”
Mr Romer said, “the creative economy is not the matter of telling right from wrong, but about inevitable policy direction that we should pursue.”
He said, “throughout the history, no companies maintained the leading position for good albeit their innovative capabilities and technological edge. The thing is to establish creative ecosystem so that more innovative firms take up the position of less innovative ones.”
Samsung and Apple would not dominate the world forever and be losing out to more innovative firms after years, his logic goes.

 

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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