The Wine Foundry’s forward thinking business model continues to make waves around the globe. In Chapter 7 of Intellectual Property Valuation and Innovation, scholar Valeria Corna explores trends in co-creation & entrepreneurialism. Valeria reveals how The Wine Foundry provides resources necessary to turn ideas into reality and generate revenue by enabling anyone to make and sell wine direct to consumers and retailers.
The chapter notes the emerging trends in the co-creation space where individuals become innovators and in-turn entrepreneurs and maintain full rights to their ideas while collecting funds. The Wine Foundry is honored to be mentioned along with other successful start-ups like Kickstarter & Threadless.
We had the pleasure to talk to Prof. Ruth Taplin, the editor of the publication, and ask her about the book and get her thoughts on the Wine Industry. Scroll to read our interview with Prof. Taplin
What is an example of how different cultures may assess valuation differently?
Prof. Taplin: An example mentioned in my edited volume IP Valuation and Innovation towards global harmonization concerns brand value of a globally consumed drink such as Coca Cola. Although more people may drink Coca Cola in South Africa or India, brand value in the USA is valued more highly because Americans pay more for it and it is a part of popular culture with it’s iconic brand name.
Have cultural obstacles come to light with crowd-funded projects?
Prof. Taplin: It depends more on the stage of economic development of the country and levels of trust and crowd funding may be organized under slightly different cultural concepts. For example, in Japan crowd funding is increasing in popularity influenced by the Japanese cultural concept of giri which means reciprocal obligation. To give money towards a socially useful idea which will also give something back to the donor fits within giri. It also fits within the Japanese concept of working as a team to achieve. Japan is also a wealthy country with much disposal income. In poorer countries, those just beginning to promote innovation, such as Cameroon in central Africa, crowd funding does not work as yet due to scarce financial resources and lack of trust in giving money to those who have no personal connection to the donor.
Can you give examples of how technological innovation has impacted how a local culture sees themselves impacting global economy?
Prof. Taplin: It depends how technologically savvy a local culture is and how many understand the innovation. In Australia, for example where I worked with both innovators and users, something like telemedicine which is widely used there because of huge distances between doctors mainly located in coastal cities and patients in the outback, the technological innovation is widely understood and used. The progression from the local culture of flying doctors and self sufficiency in the outback to telemedicine consulting has become a global phenomenon attracting pioneers in this field to Australia with innovations then utilized around the world. It has been very positive economically and socially for the local cultures who practice telemedicine.
With access to social media and disposable income how is wine culture viewed from China’s or India’s rising middle class?
Prof. Taplin: India has its own wine industry which still has teething problems such as related to quality but is becoming increasingly popular among the aspiring middle classes or rather those with growing incomes and higher education.
China has never been a wine drinking culture except for rice wine. At meals tea is usually drunk or perhaps locally made beer. However, during my visit there we were offered one glass of very poor quality wine and although a high level function there seemed little awareness of what wine to serve or how to serve it. I believe this is changing in for example wealthier parts of Shanghai.
**Prof. Ruth Taplin is Director of the Centre for Japanese and East Asian Studies, UK, which won Exporter of the Year in Partnership in Trading/Pathfinder for the UK in 2000. She received her doctorate from the London School of Economics and is the author/editor of 17 books and over 200 articles. She is Editor of the Interdisciplinary Journal of Economics and Business Law (www.ijebl.co.uk), holds a Graduate Diploma in Law and is a featured author of Routledge
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