In a rapidly evolving landscape where entrepreneurship meets scientific innovation, a pertinent discussion has emerged: can scientists effectively lead as CEOs in business settings? This question was brought to the forefront at the recent "Embracing 2035: Technology X Business New Year Summit," hosted by the Cheung Kong Graduate School of BusinessTeng Binsheng, the Deputy Dean of Strategic Research at the school, articulated this inquiry, igniting a dialogue among experts.

Wang Tianmiao, the honorary director of the Robotics Institute at Beihang University and the president of the Zhongguancun Smart Friends Research Institute, offered a critical perspectiveHe asserted that if scientists are not willing to undertake the role of full-time CEOs, the likelihood of them succeeding in such roles diminishes significantlyThe nature of transforming cutting-edge technology into viable commercial products is laden with challenges and often extends over a span of years, requiring an adaptive approach and the ability to navigate substantial ebbs and flows

Successful entrepreneurs need a particular acuity to orchestrate both technical and commercial landscapes, making the leap from scientific discovery to enterprise management quite steep for most scientists.

Wang further elaborated on the situation in China, noting a tendency to overlook the intricacies involved in turning scientific breakthroughs into business successesHe cited examples of scientists who, despite possessing strong resource integration abilities, may not inherently hold the entrepreneurial qualities required for long-term business successThe melding of engineering resources with a keen sensitivity to market demands is pivotal, and continuous innovation is crucial for any entrepreneur aspiring to thrive in the competitive arena.

This sentiment echoed through the thoughts of Wang Zhonglin, an academician at the Chinese Academy of Sciences and the founding director of the Beijing Institute of Nanoenergy and Nanosystems

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From his vantage point as a researcher in the energy field, he articulated the demanding nature of original innovation—requiring extensive time investment and passionate curiosityHowever, he maintained that research scientists need to cultivate a 'conversion' mindset, enabling them to connect their innovations with market needsIt is imperative for young scientists to receive solid support for entrepreneurial ventures, with opportunities to interact with both enterprises and capital markets.

Wang Zhonglin categorized scientific research into four essential tiers ranging from original research to the transformation of technology into commercially viable productsHe highlighted the importance of inventors not only creating but also envisioning their innovations as driving forces in new energy production contextsFor researchers wishing to venture into entrepreneurship, shifting to a market-oriented mindset and conducting thorough market research is vital for success.

Reflecting on the past few decades, Tseng Hsien-chang, the chairman of the Hsiao Lung Foundation and a Chinese-American scientist, emphasized that the entrepreneurial environment for researchers in China has transformed dramatically

Earlier, returning Chinese scholars primarily had two paths: academia or large corporationsAt that time, there was inadequate external support to foster scientific entrepreneurship.

Today, the landscape has shifted considerably; numerous universities offer MBA programs, and hundreds of venture capital firms exist to support budding entrepreneursNevertheless, the aftermath of the COVID-19 pandemic has left the global economy in recovery, complicating the entrepreneurial climate as uncertainties loom largeMany industries in China are undergoing realignment, presenting palpable challenges for scientists stepping into business.

In response to these complexities, Tseng offered two key pieces of advice for aspiring entrepreneurs in the scientific fieldFirstly, they must adopt a realistic mindsetOver the past three decades of reform and opening up, both domestic and overseas entrepreneurial settings were relatively favorable, fostering a tendency toward optimism

However, the present environment is returning to a more standard state, where realities such as market fluctuations and other external pressures will necessitate resilience and adaptability among entrepreneursSecondly, there is a critical need for entrepreneurs to develop their internal competenciesAs financing becomes tighter in capital markets and high-tech outputs multiply, only businesses wielding core competitive advantages will attract interest and investment.

When scientific innovations transition into commercial uses, it signifies a market endorsement of their valueHowever, the ownership of these innovations often remains weak compared to the extensive R&D investments made during their creationTo further stimulate scientist-led entrepreneurship, Li Haitao, the dean of Cheung Kong Graduate School of Business, underscored the necessity for a comprehensive intellectual property protection system in China

Protecting one’s intellectual property is paramount; this requires not only robust institutional frameworks but also a commitment from entrepreneurs to invest in key personnel, ensuring they reap fair rewards for their innovations.

Moreover, from an investment standpoint, Wang Yue, the chairman of Lianjie and founder of the New Bookstore, highlighted the implications of the current capital market environment on angel investment, which may lead to early exitsHe advocated for a synergy between traditional industries and technological innovations, encouraging sustained collaborations between scientists and entrepreneursSuch partnerships are crucial, especially in addressing the challenges posed by immature technologies.

These discussions highlight a pivotal juncture in the intersection of science and businessThe landscape is clearly evolving, yet questions about the role and efficacy of scientists transitioning to entrepreneurial leadership roles remain prevalent