Korea has exercised the fast follower strategy in the electronics industries such as TFT-LCDs and mobile phones, there was one field in which they made the world’s first product, MP3 Player. The Korean often lament their high royalty payments to the U.S. companies for their products in semiconductors and mobile phones. The MP3 player case is unique in that Korea had a patent and made the world’s first product, yet they blew a golden opportunity in establishing them as innovators big time. Furthermore, the MP3 player represents how Korean SMEs can compete against chaebols by taking an early lead in the new growth market with compelling products of fresh ideas…
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