Samsung Electronics chairman Lee Kun-hee is calling for his company to forget its old business models and focus on a new wave of software innovation. As the Wall Street Journal reports, Lee used his annual new year speech to urge the company to get rid of business models and strategies from five, ten years ago and hardware-focused ways. To achieve that, he wants the companys massive research and development centers to work around the clock, non-stop. Lees speech comes just a day after Samsungs market cap dropped by over $6 billion amid analyst forecasts that company profit growth will fall to under 10 percent this financial quarter. Samsungs profits have grown spectacularly in recent years, and although the company is still outperforming its peers, investors worry that its continued expansion is being stifled by stiff competition and a lack of innovation. Samsung has been accused of following other companies into existing markets, flooding the market with alternatives, rather than producing innovative products.
Samsung chairman urges staff to innovate ‘non-stop’ and drop hardware focus
03
Jan
2014
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