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Future Leaders Mentorship Session with A/Prof. Neo
As an Associate Professor at NUS Business & Harvard Kennedy, Neo Kok Beng is recognised to be an industry expert in innovation, technology and entrepreneurship. Neo specialises in the development of innovation-driven, technology-based and high-growth businesses. He has founded several global technology startups in the areas of medical device, 3D printing and information security and also sits on numerous innovation advisory panels such as National Research Foundation, SPRING Singapore, Inland Revenue Authority of Singapore and Design-Health Barcelona.
A/Prof. Neo spoke at the Future Leaders Mentorship Session on September 23rd 2015 and discussed topics such as innovation, personal success, start-ups and the importance of work-life balance. The following are his opinions on these topics:
Question: How do you define innovation and how can you cultivate innovation in a business?
A/Professor Neo: First, you need to understand the difference between being innovative and being inventive. To be inventive means coming up with new “things,” however, these “things” may not add any value to society. Innovation is coming up with products which add value for the end user. Innovation is not about crazy ideas. There is a process to it – start with the problem. Spend time to understand this problem and then churn out ideas which can be a solution for the problem. Then ask yourself, is this solution innovative or good enough to satisfy a need in the market?
Let me give you an example from one of my students. This student, who was based in Boston, realized that many bikers would ride their bikes at night when it’s dark. Often, it’s hard for the person behind the biker to predict which way they will turn. So, there is a need for the biker to indicate whether they will turn left or right. The student then brainstormed ideas for a solution to this problem. The end result was a helmet with LED lights which would indicate to the car/ person behind the biker which direction the biker would take.
Students sometimes say that they are not very innovative. I tell them, “You are very innovative, just find a problem to solve. It’s important to take action on the solution. We can all stay on top of the value chain by innovating and upgrading ourselves to have a higher skill-set.”
Question: How do you define success?
A/Professor Neo: Everyone has a different definition for success. To many people, they may measure success against the amount of money they make. Just as in Maslow’s hierarchy of needs, I believe success has to do with self-actualization. There are multiple pathways to gain success in different professions. As long as you are happy and you live well, you are successful. By focusing on your interest, where you are heading and know that you’ve tried your best, you are successful too. Critical success factors are having a great global idea, having a passion, believing in your idea and believing that you can make it happen. Your passion and belief will lead you to success.
Question: Is Singapore a good place to do a start-up?
A/Professor Neo: The environment in Singapore is suitable for a start-up; Singapore is a trusted brand. The government provides infrastructure and various channels of support in terms of funding. If you are thinking about creating a start-up, I would recommend attending an event at Block 71. The atmosphere is entrepreneurial, with everyone helping each other.
[Find out more by clicking here.]
Before creating a start-up, it is good to understand your market and look beyond Singapore. We tend to constrain ourselves geographically but we must open-up and think with a global mindset. There will be many challenges; hence, your invention or product has to meet the needs of a global market.
Question: Is work-life balance possible in today’s society?
A/Professor Neo: It is all about the mind-set, you need to know what is important and what can be addressed later. For example, answering emails after working hours can be avoided if it is not very urgent. If it is urgent, someone will call you. Set priorities and manage them properly. Manage your time and be committed and focused on more important things.
To learn more about innovation, register for our upcoming event where A/Prof. Neo, former NASA scientist Dr. Bidushi and Singapore’s top female technopreneur Qing Ru will be sharing practical tips on:
