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Abstract
The concept of punctuated equilibrium was a radical idea first proposed by Stephen Jay Gould and Niles Eldredge in 1972. Today it is widely recognized as a useful model for examining evolutionary change and has emerged as a prominent theoretical framework for explaining major changes in business and economic activity.
Keywords: China, Entrepreneurship, Punctuated, Equilibrium, Innovation.
Introduction
The purpose of this study is to discuss how Punctuated Equilibrium Theory (PET) applies to business, economics, and entrepreneurship in China in the context of innovation. With the need for change and innovation accelerating within all countries, it is increasingly important for China to adopt an innovative busmess strategy that integrates a new management model into their overall strategic planning process. Moreover, the research demonstrated how new technologies and new markets are created and directed by new busmess models that develop in an entrepreneurial region.
Methodology
This paper employs a research methodology that applies punctuated equilibrium theory to business and economic growth in the United States from 1980 to the present with business and economic growth in China during the same period. A significant portion of this research is based on conversations with more than 350 key influences in Shanghai, Beijing, Hong Kong, Singapore and Washington, D.C. over a period of 26 years beginning in 1988 and most recently in the summer of 2016. A significant effort has also been made to examine traditional data and documents from a variety of sources when and where they were available.
The emphasis of the research was to find the latest trends in globalization strategies with a particular emphasis on cultural change as it relates to innovation. It is important to note that many of the professionals and experts in China wish to have their comments kept confidential.
The methodology for this study where it involves interviews can be described as a focus on the policy view of key stakeholders and influencers. In general, the interviews were conducted with professionals from such organizations as the Economist Group in Hong Kong, Shanghai, and London, the old Bear Stems Investment firm, Goldman Sachs, Chase Investment Bank, U.S. Chamber of Commerce, and Boston Consulting Group in at least two locations, Microsoft and a host of other public and private professionals. The interview...