Ping Fu - Inspiring Entrepreneurship
When small pieces of foam insulation broke free from the Discovery space shuttle’s external fuel tank during its launch, National Aeronautics and Space Administration (NASA) experts immediately decided to carry out detailed assessment studies of the possible damage to the protective tiles of the space shuttle. The tile damage seemed minimal, but with the
Columbia disaster preying on their minds, NASA did not want to take any chances.
The optical scanned images of the shuttle’s underside were sent to
Houston where software, designed by a company called Raindrop Geomagic (Geomagic), was used to create three-dimensional (3D) models of the damaged tiles. An analysis of these models revealed that the damage was not significant enough for repair This technology, also known as Digital Shape Sampling and Processing (DSSP), was believed to be the next killer application with great potential for the future (Refer to Exhibit I for a note on DSSP). The software introduced by Geomagic was revolutionary in nature when compared to existing technologies and had a wide range of potential applications.
Nevertheless, the company had to face many problems during the initial years. At one point, Ping herself faced the risk of personal bankruptcy, having invested all her personal savings in the company. However, she took up the challenge of managing this start-up and led the company to become a worldwide leader in DSSP technology.
Ping’s success and professional achievements as an entrepreneur won her several awards. These included Ernst & Young Entrepreneur of the Year, “Fast 50” executive by
FAST Company magazine, ‘Entrebizneur of the Year’ by Business Leader magazine, and ‘Business Woman of the Year’ by Triangle Business Journal. In December 2005,
Ping was named by the Inc. magazine as ‘Entrepreneur of the Year’. John Brant of the Inc. magazine wrote, “Over the past decade, Geomagic has defined and dominated the high-tech field of Digital Shape Sampling and Processing. In the past five years, Geomagic’s revenue has grown by 2,105%, to around $30 million. Under
Ping’s leadership, Geomagic won several awards.
Ping proved to be a successful manager, entrepreneur, respected business leader, and frequent keynote speaker at international conferences. At the personal level, she had a successful family life and donated generously to community service activities.
Questions:
- Appreciate the sources of inspiration for an entrepreneur.
- Understand the challenges faced by entrepreneurs with regard to venture capital funding, business development and people management.
