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Improvement of procedure for building up the new technological strategy for science technology based businesses in Vietnam

This paper proposes a procedure to build up the new technological strategies which would be applicable for Vietnamese S&T businesses. Here the discussions will be made about the methods of building up the new strategies and the meanings and limitations of this procedure. | Improvement of procedure for building up the new technological strategy 64 IMPROVEMENT OF PROCEDURE FOR BUILDING UP THE NEW TECHNOLOGICAL STRATEGY FOR SCIENCE-TECHNOLOGY BASED BUSINESSES IN VIETNAM Dr. Bui Tien Dzung Science and Technology Management Training Institute, MOST Abstract: Competitive advantage of science-technology based businesses (S&T businesses) is the use of new technologies. In their pro-active position, S&T businesses need to have a proper way for building up their S&T strategies. This paper proposes a procedure to build up the new technological strategies which would be applicable for Vietnamese S&T businesses. Here the discussions will be made about the methods of building up the new strategies and the meanings and limitations of this procedure. This is also a way to identify requirements towards contents of building the technological strategies for S&T businesses through visions and mindset of strategy makers. The objective of this research is to provide S&T businesses with an approach to build up new technological strategies in their activities to produce competitive product in domestic and overseas markets. Keywords: S&T business; Technological strategy. Code: 13081401 1. Introduction In 1911, in the first edition of his book entitled “Economic Development Doctrine”, Joseph Alois Schumpeter had introduced the notion “Innovation” and considered it as driving force for economic development [5]. He applied the historical practice of technological renovations to inteprete the development cycles of capitalist economy. Every development cycle coincides with a high move of discoveries and inventions of that time. In addition, there were also short-term and midle-term economic development cycles which were linked closely to a series of important discoveries and inventions . In 1942, Peter Drucker, famous Austrian economist, said, from the vision of business management, the two important activities of a business are marketing, and renovation of .