New growth engines.New growth engines.New paradigm.New paradigm.

new Korea.new Korea.

New Growth Engines’ Convention & ExpoNew Growth Engines’ Convention & ExpoTom Peters/26 May 2009Tom Peters/26 May 2009

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Palo Alto/Palo Alto/Silicon Silicon Valley/Valley/

1969-20041969-2004

Bedrock/TransformationBedrock/Transformationss

***Gold Rush (California Dream, “bet the farm,” immigrants,***Gold Rush (California Dream, “bet the farm,” immigrants, entrepreneurs, optimists, latecomer-start afresh/1850-SF)entrepreneurs, optimists, latecomer-start afresh/1850-SF)***Union Pacific Railroad (Chinese labor)***Union Pacific Railroad (Chinese labor)***WWII (return via Golden Gate Bridge—immigrant state)***WWII (return via Golden Gate Bridge—immigrant state)***Stanford (Sterling) (3 of 10 worldwide)***Stanford (Sterling) (3 of 10 worldwide)***Defense***Defense***San Francisco “flower children”***San Francisco “flower children”***Reagan, Schwarzenegger (entrepreneur, immigrant, ***Reagan, Schwarzenegger (entrepreneur, immigrant, optimist)optimist)***HP (electronic tools)***HP (electronic tools)***Semiconductors (Shockley, Fairchild Semi-conductor)***Semiconductors (Shockley, Fairchild Semi-conductor)***3000 Sand Hill Road (WORLD’s largest concentration of VCs)***3000 Sand Hill Road (WORLD’s largest concentration of VCs)***Memory chips (Intel, AMD)***Memory chips (Intel, AMD)***ICs (Intel’s 180-degree flip))***ICs (Intel’s 180-degree flip))***Computers/Big (HP, Sun)***Computers/Big (HP, Sun)***Computers/Small (Apple)***Computers/Small (Apple)***Consumer stuff (Atari)***Consumer stuff (Atari)***Biotech (Stanford, UCSF, CA, Genentech)***Biotech (Stanford, UCSF, CA, Genentech)***Software/Big (Oracle)***Software/Big (Oracle)***Software/All***Software/All***Software/Search (Netscape, Yahoo, Google)***Software/Search (Netscape, Yahoo, Google)***Green/Energy***Green/Energy

***Can giant enterprises maintain***Can giant enterprises maintain competitiveness? What are thecompetitiveness? What are the limits to scale (e.g., Is a GElimits to scale (e.g., Is a GE too big to manage, or still atoo big to manage, or still a paragon of paragon of RADICALRADICAL DECENTRALIZATIONDECENTRALIZATION?)??)?

******MIXED MODELMIXED MODEL = Productive-"winning” = Productive-"winning” economy: Giants economy: Giants and and SMEsSMEs..***Think, in particular, ***Think, in particular, “MITTELSTAND”“MITTELSTAND” (Remember: Germany is #1 exporter!)(Remember: Germany is #1 exporter!)***Critical mass in several population centers,***Critical mass in several population centers, each a little different.each a little different.***Toward an "entrepreneurial society"— ***Toward an "entrepreneurial society"— CHINACHINA (ALIBABA.COM, 32M OF 40M) and (ALIBABA.COM, 32M OF 40M) and INDIAINDIA [and USA][and USA]

"get it,' Japan doesn't. "get it,' Japan doesn't. (YUNUS:(YUNUS: entrepreneurial “flair” widespread ifentrepreneurial “flair” widespread if encouraged.) encouraged.)

““Mr. Foster and his McKinsey colleagues Mr. Foster and his McKinsey colleagues collected detailed performance data collected detailed performance data

stretching back 40 years for 1,000 U.S. stretching back 40 years for 1,000 U.S.

companies.companies. TheTheyy found that found that none of the lonnone of the longg-term -term survivors manasurvivors managged to ed to

outoutpperform the market. erform the market. Worse, the lonWorse, the longger er

comcomppanies had been in anies had been in the database, the worse the database, the worse

thetheyy did did.”.” —Financial Times—Financial Times

***Can giant enterprises maintain***Can giant enterprises maintain competitiveness? What are the limits to scalecompetitiveness? What are the limits to scale (e.g., Is a GE too big to manage, or still a(e.g., Is a GE too big to manage, or still a paragon of paragon of RADICAL DECENTRALIZATIONRADICAL DECENTRALIZATION?)??)?

******MIXED MODELMIXED MODEL = Productive-"winning” = Productive-"winning” economy: Giants economy: Giants and and SMEsSMEs..***Think, in particular, ***Think, in particular, “MITTELSTAND”“MITTELSTAND” (Remember: Germany is #1 (Remember: Germany is #1 exporter!)exporter!)

***Critical mass in several population centers,***Critical mass in several population centers, each a little different.each a little different.***Toward an "entrepreneurial society"— ***Toward an "entrepreneurial society"— CHINACHINA (ALIBABA.COM, 32M OF 40M) and (ALIBABA.COM, 32M OF 40M) and INDIAINDIA [and USA][and USA]

"get it,' Japan doesn't. "get it,' Japan doesn't. (YUNUS:(YUNUS: entrepreneurial “flair” widespread ifentrepreneurial “flair” widespread if encouraged.) encouraged.)

Germany Germany

#1#1: :

MittelstandMittelstand!!!!

***Can giant enterprises maintain***Can giant enterprises maintain competitiveness? What are the limits to scalecompetitiveness? What are the limits to scale (e.g., Is a GE too big to manage, or still a(e.g., Is a GE too big to manage, or still a paragon of paragon of RADICAL DECENTRALIZATIONRADICAL DECENTRALIZATION?)??)?******MIXED MODELMIXED MODEL = Productive-"winning” = Productive-"winning” economy: Giants economy: Giants and and SMEsSMEs..***Think, in particular, ***Think, in particular, “MITTELSTAND”“MITTELSTAND” (Remember: Germany is #1 exporter!)(Remember: Germany is #1 exporter!)

***Critical mass in several population centers,***Critical mass in several population centers, each a little different.each a little different.***Toward an "entrepreneurial society"— ***Toward an "entrepreneurial society"— CHINACHINA (ALIBABA.COM, 32M OF 40M) and (ALIBABA.COM, 32M OF 40M) and INDIAINDIA [and [and USA]USA]

"get it,' Japan doesn't. "get it,' Japan doesn't. (YUNUS:(YUNUS: entrepreneurial “flair” widespread ifentrepreneurial “flair” widespread if encouraged.) encouraged.)

***Toward a "creative society”—***Toward a "creative society”— long term "economic value-long term "economic value- added” starts at added” starts at AGE 6AGE 6 in in the classroom.the classroom.

******CULTURAL STIGMA MUST BE REMOVEDCULTURAL STIGMA MUST BE REMOVED FROM FAILURE—SMALL OR GRANDFROM FAILURE—SMALL OR GRAND. . ***Extraordinary role of ***Extraordinary role of RESEARCHRESEARCH UNIVERSITIESUNIVERSITIES; nexus of research; nexus of research universities-funds sources.universities-funds sources.***SILICON VALLEY: Big and SME; critical***SILICON VALLEY: Big and SME; critical mass; mfg and “cool”; incredible diversity;mass; mfg and “cool”; incredible diversity; venture money, legal resources; universityventure money, legal resources; university (3 of world’s Top 10); attitude; tolerance(3 of world’s Top 10); attitude; tolerance for failure.for failure.***Cornerstone of “creative society”:***Cornerstone of “creative society”: DIVERSITY!DIVERSITY! (Of every sort.) (Of every sort.)***Immigrants!***Immigrants!

““Every child is Every child is born an artist. born an artist. The trick is to The trick is to

remain an artistremain an artist.”.” —Picasso—Picasso

““Human creativity is Human creativity is the ultimate the ultimate

economic resource.”economic resource.”

“The Creative Age is “The Creative Age is a wide-open game.”a wide-open game.”

—Richard Florida, —Richard Florida, The Rise of the Creative ClassThe Rise of the Creative Class

***Toward a "creative society”—long term***Toward a "creative society”—long term "economic value-added” starts at "economic value-added” starts at AGE 6AGE 6 in in the classroom.the classroom.

******CULTURAL STIGMA MUST BECULTURAL STIGMA MUST BE REMOVED FROM FAILURE—REMOVED FROM FAILURE— SMALL OR GRANDSMALL OR GRAND..

***Extraordinary role of ***Extraordinary role of RESEARCHRESEARCH UNIVERSITIESUNIVERSITIES; nexus of research; nexus of research universities-funds sources.universities-funds sources.***SILICON VALLEY: Big and SME; critical***SILICON VALLEY: Big and SME; critical mass; mfg and “cool”; incredible diversity;mass; mfg and “cool”; incredible diversity; venture money, legal resources; universityventure money, legal resources; university (3 of world’s Top 10); att-i-tude; tolerance(3 of world’s Top 10); att-i-tude; tolerance for failure.for failure.***Cornerstone of “creative society”:***Cornerstone of “creative society”: DIVERSITY!DIVERSITY! (Of every sort.) (Of every sort.)***Immigrants!***Immigrants!

McKenna: “A lot of companies in the Valley fail.”

Noyce: ““MaMayybe notbe not enouenouggh failh fail.”.”McKenna: “What do you mean by that?”

Noyce: “Whenever you fail,“Whenever you fail, it means you’re trying it means you’re trying new things.” new things.”Source: Fast Company

““The secret of fast progress The secret of fast progress

is is inefficiencyinefficiency, fast and , fast and furious and numerous furious and numerous

failures.”failures.” —Kevin Kelly

“The Silicon Valley of today is “The Silicon Valley of today is built less atop the spires of built less atop the spires of earlier triumphs than upon earlier triumphs than upon

the rubble of earlier the rubble of earlier debacles.debacles.”” —Newsweek/Paul Saffo

““IN SILICON VALLEY …IN SILICON VALLEY …IF YOU ARE NOT STOLEN AWAY BY SOME COMPANY IF YOU ARE NOT STOLEN AWAY BY SOME COMPANY

EVERY FEW YEARS (OR MONTHS) …EVERY FEW YEARS (OR MONTHS) …YOU ARE NOT CONSIDERED A ‘HOT PROPERTY.’YOU ARE NOT CONSIDERED A ‘HOT PROPERTY.’

STABILITYSTABILITY ISIS AAMARKMARK OFOF

SHAMESHAME.”.”Source: Juan Enriquez/Source: Juan Enriquez/AsAs the Future Catches Youthe Future Catches You

***Toward a "creative society”—long term***Toward a "creative society”—long term "economic value-added” starts at "economic value-added” starts at AGE 6AGE 6 in in the classroom.the classroom.******CULTURAL STIGMA MUST BE REMOVEDCULTURAL STIGMA MUST BE REMOVED FROM FAILURE—SMALL OR GRANDFROM FAILURE—SMALL OR GRAND. .

***Extraordinary role of ***Extraordinary role of RESEARCHRESEARCH UNIVERSITIESUNIVERSITIES; nexus of research; nexus of research universities-funds sources.universities-funds sources.***SILICON VALLEY: Big and SME; critical***SILICON VALLEY: Big and SME; critical mass; mfg and “cool”; incredible diversity;mass; mfg and “cool”; incredible diversity; venture money, legal resources; universityventure money, legal resources; university (3 of world’s Top 10); attitude; tolerance(3 of world’s Top 10); attitude; tolerance for failure.for failure.

***Cornerstone of “creative society”:***Cornerstone of “creative society”: DIVERSITY!DIVERSITY! (Of every sort.) (Of every sort.)***Immigrants!***Immigrants!

***Toward a "creative society”—long term***Toward a "creative society”—long term "economic value-added” starts at "economic value-added” starts at AGE 6AGE 6 in in the classroom.the classroom.******CULTURAL STIGMA MUST BE REMOVEDCULTURAL STIGMA MUST BE REMOVED FROM FAILURE—SMALL OR GRANDFROM FAILURE—SMALL OR GRAND. . ***Extraordinary role of ***Extraordinary role of RESEARCHRESEARCH UNIVERSITIESUNIVERSITIES; nexus of research; nexus of research universities-funds sources.universities-funds sources.***SILICON VALLEY: Big and SME; critical***SILICON VALLEY: Big and SME; critical mass; mfg and “cool”; incredible diversity;mass; mfg and “cool”; incredible diversity; venture money, legal resources; universityventure money, legal resources; university (3 of world’s Top 10); att-i-tude; tolerance(3 of world’s Top 10); att-i-tude; tolerance for failure.for failure.

***Cornerstone of “creative***Cornerstone of “creative society”: society”: DIVERSITY!DIVERSITY! (Of every (Of every sort.)sort.)***Immigrants!***Immigrants!

U.S. Historical Strength:U.S. Historical Strength: Invest in Creativity Invest in Creativity

*Foster new industries*Foster new industries

*Free & open society*Free & open society

*Investment higher ed, R & D, culture*Investment higher ed, R & D, culture

*Immigrants (# 1!)*Immigrants (# 1!)Source: Richard Florida, Source: Richard Florida, The Rise of the Creative ClassThe Rise of the Creative Class

Creativity Index:Creativity Index:

The 3 T’s:The 3 T’s:TTechnologyechnology (HT Index/firms & $$$,(HT Index/firms & $$$,

Innovation Index/patent growth) Innovation Index/patent growth)

TTalentalent (% with bachelors degrees+)(% with bachelors degrees+)

TToleranceolerance (Melting Pot (Melting Pot

Index/foreigners, Bohemian Index/artists et al., Gay Index/rel. #s)Index/foreigners, Bohemian Index/artists et al., Gay Index/rel. #s)

Source: Richard Florida, Source: Richard Florida, The Rise of the Creative ClassThe Rise of the Creative Class

***RICH ***RICH VARIETYVARIETY OF FINANCING SOURCES, OF FINANCING SOURCES, from “angels” to big banks.from “angels” to big banks.***Active IP bar; ***Active IP bar; CYBER WARFARECYBER WARFARE capability. capability.

******PRODUCTIVITY (AND INNOVATION) ISPRODUCTIVITY (AND INNOVATION) IS A A 100% PROPOSITION100% PROPOSITION, from 3-person, from 3-person business to giant.business to giant.******"Best workforce" applies as much to"Best workforce" applies as much to small service companies as to bigsmall service companies as to big manufacturers.manufacturers.

***Innovation applies to ***Innovation applies to SERVICE SECTORSERVICE SECTOR as as much as manufacturing (every aspect—e.g.much as manufacturing (every aspect—e.g. design)design)

***Manufacturing companies gravitate***Manufacturing companies gravitate toward/race toward toward/race toward "SERVICES ADDED""SERVICES ADDED" as as principal revenue-growth source—the case ofprincipal revenue-growth source—the case of GE (!!), IBM, United Technologies and others.GE (!!), IBM, United Technologies and others.

***RICH ***RICH VARIETYVARIETY OF FINANCING SOURCES, OF FINANCING SOURCES, from “angels” to big banks.from “angels” to big banks.***Active IP bar; ***Active IP bar; CYBER WARFARECYBER WARFARE capability. capability.***PRODUCTIVITY (AND INNOVATION) IS A***PRODUCTIVITY (AND INNOVATION) IS A 100% PROPOSITION100% PROPOSITION, from 3-person business, from 3-person business to giant.to giant.***"Best workforce" applies as much to small***"Best workforce" applies as much to small service companies as to big manufacturers.service companies as to big manufacturers.***Innovation applies to ***Innovation applies to SERVICE SECTORSERVICE SECTOR as as much as manufacturing (every aspect—e.g.much as manufacturing (every aspect—e.g. design)design)

***Manufacturing companies gravitate***Manufacturing companies gravitate toward/race toward toward/race toward "SERVICES"SERVICES ADDED"ADDED" as principal revenue-growth as principal revenue-growth source—the case of GE (!!), IBM, HP,source—the case of GE (!!), IBM, HP, United Technologies and others.United Technologies and others.

IBIB“M”“M”:: $60B $60B

HP + HP + Style Style + + EDSEDS

““We want to be the We want to be the air traffic controllers air traffic controllers of electrons.”of electrons.”** —Bob Nardelli,—Bob Nardelli,

GE Power Systems (10% to 50%+ in about 5 years) GE Power Systems (10% to 50%+ in about 5 years)

*Immelt: Environment, Energy, *Immelt: Environment, Energy,

Healthcare–Healthcare–“Systems “Systems Integrator”Integrator”

UTC/Otis + UTC/ Carrier:UTC/Otis + UTC/ Carrier:

boxes to boxes to “integrated “integrated

building building systems”systems”

““THE GIANT STALKING BIG OIL: How THE GIANT STALKING BIG OIL: How

SchlumbergerSchlumberger Is Is

Rewriting the Rules of the Energy Rewriting the Rules of the Energy Game.”:Game.”: “IPM [Integrated Project “IPM [Integrated Project

Management] strays from Management] strays from [Schlumberger’s] traditional role as a [Schlumberger’s] traditional role as a

service provider and moves deeper into service provider and moves deeper into areas once dominated by the majors.”areas once dominated by the majors.” CEO: CEO: “just about anything an oilfield “just about anything an oilfield owner would want, from drilling to owner would want, from drilling to

production”production”

Source: Source: BusinessWeekBusinessWeek cover story, January 2008 cover story, January 2008

““UPS wants to take over UPS wants to take over the sweet spot in the the sweet spot in the endless loop of goods, endless loop of goods, information and capital information and capital

that all the packages that all the packages [it moves][it moves] representrepresent.”.” —ecompany.com —ecompany.com

(E.g., (E.g., UPS LogisticsUPS Logistics manages the logistics of 4.5M Ford vehicles, manages the logistics of 4.5M Ford vehicles, from 21 mfg. sites to 6,000 NA dealers) from 21 mfg. sites to 6,000 NA dealers)

******Only a small fraction of Only a small fraction of “manufacturing“manufacturing workers” work at manufacturing.workers” work at manufacturing.

***Innovation is a product of ***Innovation is a product of PRODUCER-USERPRODUCER-USER INTERACTIONINTERACTION (service companies as (service companies as sophisticated users—think UPS, FedEx—are sophisticated users—think UPS, FedEx—are asas important as producers); much of it local.important as producers); much of it local. (Bhidé.)(Bhidé.)***Innovation in government services—a***Innovation in government services—a significant part of economic growth.significant part of economic growth.***THE WORLD IS NOT ENTIRELY "FLAT." ***THE WORLD IS NOT ENTIRELY "FLAT." (ABB’s 125 of 300,000.) (ABB’s 125 of 300,000.) ***The "DESIGN ADVANTAGE”—an***The "DESIGN ADVANTAGE”—an essential source of value- added.essential source of value- added.***Equal innovation mandate in 100% of the ***Equal innovation mandate in 100% of the firmfirm (HR, IS, Logistics, etc.)(HR, IS, Logistics, etc.)

***Only a small fraction of “manufacturing***Only a small fraction of “manufacturing workers” work at manufacturing.workers” work at manufacturing.

***Innovation is a product of ***Innovation is a product of PRODUCER-PRODUCER- USER INTERACTIONUSER INTERACTION (service (service companies as sophisticated users—companies as sophisticated users— think UPS, FedEx—are as important asthink UPS, FedEx—are as important as producers); much of it local. (Bhidé.)producers); much of it local. (Bhidé.)

***Innovation in government services—a***Innovation in government services—a significant part of economic growth.significant part of economic growth.***THE WORLD IS NOT ENTIRELY "FLAT." ***THE WORLD IS NOT ENTIRELY "FLAT." (ABB’s 125 of 300,000.) (ABB’s 125 of 300,000.) ***The "DESIGN ADVANTAGE”—an***The "DESIGN ADVANTAGE”—an essential source of value- added.essential source of value- added.***Equal innovation mandate in 100% of the firm***Equal innovation mandate in 100% of the firm (HR, IS, Logistics, etc.)(HR, IS, Logistics, etc.)

Sustainable Innovation:Sustainable Innovation: Systemic. Very complex. The Systemic. Very complex. The

NECESSARYNECESSARY COMBINATIONCOMBINATION (very (very

dense network) of dense network) of EVERYTHINGEVERYTHING from the from the development of the Basic Science to numerous development of the Basic Science to numerous

INTERMEDIATEINTERMEDIATE Stages to Sales Recruiting Stages to Sales Recruiting and Training and Ads. Essential: Clever and numerous and Training and Ads. Essential: Clever and numerous

AGGRESSIVEAGGRESSIVE CONSUMERSCONSUMERS (“(“venturesome consumptionventuresome consumption”). Path to success or failure … ”). Path to success or failure …

UNPREDICTABLEUNPREDICTABLE.. FYI: The FYI: The

World is World is NOTNOT FLATFLAT..

Source: Amar BhidéSource: Amar Bhidé, , The Venturesome Economy: How The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected WorldInnovation Sustains Prosperity in a More Connected World

Sustainable Innovation:Sustainable Innovation: Systemic. Very complex. The Systemic. Very complex. The COMBINATIONCOMBINATION

(very dense network) of (very dense network) of EVERYTHINGEVERYTHING

from thefrom the Basic Basic ScienceScience** to Sales Recruiting and Training to Sales Recruiting and Training

and Ads. Essential: Clever and numerous and Ads. Essential: Clever and numerous PIONEER CONSUMERS PIONEER CONSUMERS (“venturesome (“venturesome

consumption”). Path to success or failure … consumption”). Path to success or failure … UNPREDICTABLEUNPREDICTABLE..

*Of *Of modest valuemodest value [& origin mostly [& origin mostly

irrelevant] unless theirrelevant] unless the ENTIRE ENTIRE INNOVATION CHAININNOVATION CHAIN is in is in

place and aggressively interacting-place and aggressively interacting-competing.competing.

Source: Amar BhidéSource: Amar Bhidé, The Venturesome Economy: How, The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected WorldInnovation Sustains Prosperity in a More Connected World

***Only a small fraction of “manufacturing***Only a small fraction of “manufacturing workers” work at manufacturing.workers” work at manufacturing.***Innovation is a product of ***Innovation is a product of PRODUCER-USERPRODUCER-USER INTERACTIONINTERACTION (service companies as (service companies as sophisticated users—think UPS, FedEx—are assophisticated users—think UPS, FedEx—are as important as producers); much of it local.important as producers); much of it local. (Bhidé.)(Bhidé.)

***Innovation in government services—a***Innovation in government services—a significant part of economic growth.significant part of economic growth.***THE WORLD IS NOT ENTIRELY "FLAT." ***THE WORLD IS NOT ENTIRELY "FLAT." (ABB’s 125 of 300,000.) (ABB’s 125 of 300,000.) ***The "DESIGN ADVANTAGE”—an***The "DESIGN ADVANTAGE”—an essential source of value- added.essential source of value- added.***Equal innovation mandate in 100% of the ***Equal innovation mandate in 100% of the firmfirm (HR, IS, Logistics, etc.)(HR, IS, Logistics, etc.)

***The essential role of the ***The essential role of the LOCAL CONSUMERLOCAL CONSUMER.. (The U.S. consumer (The U.S. consumer CANNOT BE/WILL NOT BECANNOT BE/WILL NOT BE the “engine of Asian growth”!)the “engine of Asian growth”!)***"New" marketplace demographics: Primary***"New" marketplace demographics: Primary purchasers (Europe, North America, purchasers (Europe, North America, Japan, etc.) are Women and "Boomers"+Japan, etc.) are Women and "Boomers"+ (members of the aging population).(members of the aging population).***Maintaining Korea's historic ***Maintaining Korea's historic "BIAS FOR"BIAS FOR ACTION”ACTION” (success factor #1 from (success factor #1 from In Search of Excellence).In Search of Excellence).***Commitment to ***Commitment to EXCELLENCEEXCELLENCE as national as national attribute- "brand" (think Germany-mfg, attribute- "brand" (think Germany-mfg, Italy-Italy- design). (I repeat: such a commitment design). (I repeat: such a commitment appliesapplies to to 100%100% of the work force and to of the work force and to everyevery enterprise.)enterprise.)

***The current economic “situation” does***The current economic “situation” does not change the fundamentals of thisnot change the fundamentals of this necessary strategic, tectonic shift.necessary strategic, tectonic shift. “ “DISRUPTIVE TECHNOLOGIES” AREDISRUPTIVE TECHNOLOGIES” ARE PICKINGPICKING UPUP STEAMSTEAM—FLURRIES OF—FLURRIES OF ACTIVITY, BUBBLES,ACTIVITY, BUBBLES, CONSOLIDATIONS, ETC WILL BE THECONSOLIDATIONS, ETC WILL BE THE NORM FOR THE FORSEEABLE FUTURE!.NORM FOR THE FORSEEABLE FUTURE!.******AS “CREATIVE” NEEDS GROW—AS “CREATIVE” NEEDS GROW— WIDESPREAD ENTREPRENEURSHIPWIDESPREAD ENTREPRENEURSHIP WILL BE A REQUISITE FORWILL BE A REQUISITE FOR TRANSFORMATION-SUCCESS. TRANSFORMATION-SUCCESS.