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Abstract
As CEO of the Swiss Corp. for Microelectronics and Watchmaking (SMH), Nicolas G. Hayek has engineered one of the world''s most spectacular industrial comebacks - the revitalization of the Swiss watch industry. But SMH is more than a turnaround story. It is a case study of Hayek''s management philosophy and strategic thinking, both of which are strikingly at odds with prevailing wisdom about how to compete in the new economy. For example, conventional wisdom suggests that "stateless" global companies should seek low-cost production wherever they can find it. Yet SMH is committed to its Swiss home base. Ultimately, Hayek''s unconventional philosophy embraces corporate muscle and strategic imagination: "If you combine powerful technology with fantasy, you create something very distinct."
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Abstract
As CEO of the Swiss Corp. for Microelectronics and Watchmaking (SMH), Nicolas G. Hayek has engineered one of the world''s most spectacular industrial comebacks - the revitalization of the Swiss watch industry. But SMH is more than a turnaround story. It is a case study of Hayek''s management philosophy and strategic thinking, both of which are strikingly at odds with prevailing wisdom about how to compete in the new economy. For example, conventional wisdom suggests that "stateless" global companies should seek low-cost production wherever they can find it. Yet SMH is committed to its Swiss home base. Ultimately, Hayek''s unconventional philosophy embraces corporate muscle and strategic imagination: "If you combine powerful technology with fantasy, you create something very distinct."