Knowledge@Wharton -- Innovation and Entrepreneurship

The 'Fancy Layaway': Creating a Market for Unique, Online and High-end Fashion

Wed, 22 May 2013 14:21:54 EST

When Aslaug Magnusdottir started going to the top runway fashion shows in Milan, Paris and New York, she often thought about the wasted opportunity that designers were missing. "Because not many women could come to these shows, they were completely shut out of buying the fashion there," said Magnusdottir. She -- and Moda Operandi -- set out to change that.

As Crowdfunding Grows, the Rewards Increase -- but So Do the Risks

Wed, 08 May 2013 15:54:10 EST

As the recent successful campaign to fund a movie based on the television show "Veronica Mars" proves, crowdfunding is now recognized as a reliable funding avenue for both start-ups and established firms. But the growth of the sector also creates more regulatory challenges and raises questions about the risks that funders take when they put their money behind a project.

Wharton's 2013 Business Plan Competition: Health Care, Kids, Fashion and More

Wed, 08 May 2013 15:54:10 EST

Finalists in this year's Wharton Business Plan Competition proposed innovations to disrupt areas including health care, used car sales, children's retail and fashion. On the day of judgment last month, eight teams described their business plan and potential market, with several thousand dollars in prize money on the line. Check out descriptions of each plan, and see if you can guess the winner.

What Eyewear Startup Warby Parker Sees That Others Don't

Wed, 08 May 2013 15:54:10 EST

Warby Parker has vision. The e-commerce startup known for its $95 retro-cool frames has attracted a steady stream of customers and top-notch investors. And just last month in New York City, the company opened its first free-standing store which, according to co-founder Neil Blumenthal, represents "uncharted territory ... the convergence of e-commerce and bricks and mortar. The idea that it's one or the other is ridiculous," he says. "E-commerce as a term will become obsolete in five or six years."

Why Innovation Is Tough to Define -- and Even Tougher to Cultivate

Tue, 30 Apr 2013 10:49:30 EST

While most people would agree that they are in favor of innovation, providing a succinct definition or example of it is a tougher question, noted participants in a panel on the topic at the Wharton Economic Summit 2013. In addition to offering their personal definitions of truly game-changing discoveries, panelists also discussed the role of the government and the U.S. education system in fostering a new generation of entrepreneurs and innovators.

Food for Thought: Why Auntie Anne's Pretzels Failed in China

Wed, 06 Mar 2013 12:51:01 EST

Growing up in Indiana and Washington, D.C., Taiwanese-born Wen-Szu Lin often felt torn between two cultures. When, as a young entrepreneur, he was presented with the opportunity to buy the Chinese franchise rights to Auntie Anne's, his unique background began to feel like an advantage: Who better than a Chinese-American to sell an American product to Chinese consumers? That advantage didn't carry the English-speaking, American-educated Lin as far as he thought it would. The China Twist: An Entrepreneur's Cautious Tales of Franchising in China is the story of his journey.

Creamy & Crunchy: Uncovering the Politics of Peanut Butter

Wed, 06 Mar 2013 12:50:50 EST

Although we may think of peanut butter as one of those comfort foods that never seems to change, it has, in fact, undergone some notable transformations since being introduced in the United States in the late 1890s. Several of those changes came thanks to improvements in technology, but far more have been due to developments in the business behind the brand. In Creamy & Crunchy, author Jon Krampner uncovers the complexities behind one of America's most basic foods.

A 'Sigh of Relief' at Davos: Confidence and Caution Shared Center Stage

Wed, 30 Jan 2013 14:51:29 EST

Wharton management professor Michael Useem, returning from his 11^th trip to the World Economic Forum in Davos, reports that confidence in the global economy is back "in the world's inner circles of business and policy." But he also suggests that the challenge ahead lies in efforts to avoid the arrogance and excesses responsible for the 2008 financial crisis. In this article for Knowledge@Wharton, Useem offers his analysis of the recently concluded Forum.

How Seemingly Irrelevant Ideas Lead to Breakthrough Innovation

Wed, 30 Jan 2013 14:51:29 EST

At Reebok, the cushioning in a best-selling basketball shoe reflects technology borrowed from intravenous fluid bags. And at IDEO, developers designed a leak-proof water bottle using the technology from a shampoo bottle top. These examples show how so-called "peripheral" knowledge -- that is, ideas from domains that are seemingly irrelevant to a given task -- can influence breakthrough innovation. But how does such information make its way into the creative process, and can managers increase the likelihood that it will? Recent Wharton research attempts to answer those questions.

From the Altar to IPO: The Highs and Lows of Married Business Partners

Wed, 30 Jan 2013 14:51:29 EST

Sustaining a business and nurturing a marriage are hard enough when they are separate tasks -- but how do couples make it work when the two are inextricably bound together? Couple-run companies have become increasingly common, particularly with jobs scarce and many Americans opting to go the entrepreneurial route. Experts and real-life husband and wife business partners talked with Knowledge@Wharton about the challenges.

Thinking Local, Going Global: Building Tech Start-ups in Africa

Wed, 16 Jan 2013 15:25:48 EST

With limited infrastructure, a challenging regulatory environment and a small pool of skilled employees, tech start-ups in Africa face a difficult road to success. But panelists at the recent Wharton Africa Forum say the companies also stand to tap into a continent ripe with opportunity -- and one where there is limited competition from powerful multinationals.

Baby's First Birthday: Lessons from a Brazilian E-commerce Start-up

Wed, 02 Jan 2013 12:42:51 EST

The e-commerce story in Brazil is one of tremendous opportunity, but with significant barriers to entry. While the country's growing middle class and its ranking as the fifth most Internet-connected country would suggest a good fit for e-commerce, consumers still harbor skepticism about making purchases online. Bureaucracy and corruption further complicate the situation. But there are rewards for entrepreneurs willing to take on these challenges. Consider baby.com.br, one of Brazil's leading baby products e-commerce companies.

Entrepreneurship in Colombia: 'Try Fast, Learn Fast, Fail Cheap'

Wed, 02 Jan 2013 12:42:05 EST

Colombia today is considered to be one of the world's great emerging economies. Its growing political stability, decrease in violence, young working population and overall positive economic trend make it a country with interesting prospects. One particularly noticeable result of this stability is significant expansion of its entrepreneurial environment. While this is good news, it also challenges the Colombian government to figure out ways that this entrepreneurial potential can be cultivated and maximized.

Silicon Wafers and Semiconductors: A New Black Gold for Abu Dhabi?

Wed, 02 Jan 2013 12:41:34 EST

The leadership of the United Arab Emirates (UAE) considers economic diversification a necessity to protect the country's economy from oil-price fluctuations and to maintain prosperity. Along those lines, a government-owned investment vehicle is trying to encourage growth and innovation in knowledge-based industries in such areas as aerospace, health care, information and communications technology, and renewable energy. One of the goals -- promoting a local semiconductor industry -- is proving to be especially challenging.

Retail Chains' Race for Russia

Wed, 02 Jan 2013 12:41:02 EST

Thanks to relative political stability and strong oil and gas prices, Russia's retail turnover more than quintupled from 2001 to 2011 and now exceeds US$600 billion annually. Data suggest that this sector is entering the steepest part of its growth curve. How will Russia's retailers face the challenges of this critical period of expansion? Will foreign retailers manage to get a slice of this growing pie?

Innovation and Regulation: Friend or Foe to the French Entrepreneur?

Wed, 02 Jan 2013 12:40:52 EST

In France, taxation and regulation have worked against entrepreneurship by raising obstacles to innovation and crowding out early-stage investment. Yet opportunity for new businesses still exists, provided the country takes steps to rediscover its entrepreneurial spirit through an examination of its rich cultural heritage. What factors have led to the failure of past efforts to spur entrepreneurship in France? And how can the country innovate by working with, instead of against, its strong central government?

Water Scarcity: A Daunting Challenge with a Hopeful Future

Wed, 02 Jan 2013 12:40:41 EST

At the very least, 2012 has been a challenging year for Spain, whose economy continues to suffer due to ongoing fallout from the financial crisis. While the country's construction industry has been at the heart of this crisis -- contributing to, and weighed down by, the bursting of the real estate bubble -- few people know that Spain's construction businesses are responsible for some of the world's most advanced water-treatment strategies and technologies.

'For the Win': How Gamification Can Transform Your Business

Wed, 05 Dec 2012 15:03:01 EST

Can work be fun? Can the insights of successful game designers be used to engage customers in a variety of industries? Wharton legal studies and business ethics professor Kevin Werbach and New York Law School professor Dan Hunter, authors of For the Win: How Game Thinking Can Revolutionize Your Business, say yes. Knowledge@Wharton spoke with Werbach and Hunter about what gamification really is, how companies are using it and what pitfalls to avoid when gamifying. (Video with transcript)

Venture Capitalist Tom Perkins: 'If There Is No Risk, You Have Already Missed the Boat'

Wed, 05 Dec 2012 15:03:01 EST

During a recent visit to Wharton's San Francisco campus, Tom Perkins, co-founder of the fabled Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers, talked about risk-taking, his mentor David Packard, the downside of corporate VC, ethically challenged Wall Street, and networking vs. "cronyism," among other topics.

An 'Uber' Problem for Cities: Balancing Innovation with Regulation

Tue, 20 Nov 2012 13:50:18 EST

Uber, a San Francisco start-up that provides private car service, has been embraced by customers who love its white-glove service and convenience. But municipalities and transportation industry officials are not so enamored, accusing the firm of breaking local laws. According to Wharton experts, the case illustrates the myriad problems that can occur when innovation runs afoul of regulation.