On October 1, 1891, as Senator Leland Stanford cut the ribbon at the ceremony gifting 8,000-acres of his Palo Alto, California, stock farm to a new, 559-student university bearing his name and seeking to produce "useful" in addition to "cultured" graduates, the majority of onlookers were orange groves and wildflowers. There was, as Gertrude Stein would remark of nearby Bay Area city, Oakland, nearly 50 years later, almost "no there, there." That is, it was a place with little social depth, identity, or culture. But over time, the region became synonymous with a culture of entrepreneurialism and developed into the most significant innovation hotspot in the world. What factors, if any, made what was to become known as "Silicon Valley" unique? Will Silicon Valley remain a vibrant community of technological innovation and economic growth, or will it decline like other previously thriving U.S. regions?

Describes T.P. Lee, the founder and CEO of Jinwoong, a 19-year-old entrepreneurial company in Korea that has grown to become the world's largest manufacturer of camping tents. Labeled by Fortune as one of the most promising entrepreneurs in Asia in 1993, Lee faces some serious management challenges by October 1998. Largely due to the Korean financial crisis of 1997-98, Lee must rethink the financing and expansion plans for his firm. To deal with these challenges, he could seek outside funding from two different groups of private equity investors or from a corporate restructuring fund set up by the Korean government. All of these decisions reflect Jinwoong's long-term strategy and Lee's assessment of the different offers.