Knowledge@Wharton -- Innovation and Entrepreneurship

Research Roundup: The 'Flip Side' of Open Innovation, Productivity Losses from Bad Weather and Assessing the Risks of Outsourcing

Wed, 01 Feb 2012 15:41:52 EST

Open innovation is gaining in popularity, but when should companies be concerned with protecting their own knowledge? Most people expect bad weather to negatively impact business conducted outdoors, but what are its implications in industries where work is primarily done inside? How can companies use risk management techniques to better assess the potential downsides of hiring contract or temporary workers? Wharton professors Felipe Monteiro, Gerard Cachon and Peter Cappelli, respectively, examine these issues -- and what they mean for business -- in recent research articles.

Raise a Glass to the Free Market in Wine

Thu, 05 Jan 2012 20:16:03 EST

The worldwide wine business is a good case study in free trade, given that there are many producers and few restrictions on commerce. In recent years, the cost of wine has reflected this generally free global market in two ways -- one good and the other bad, as George M. Taber argues in this op-ed piece. Taber is the author of four books on wine. His latest is titled, A Toast to Bargain Wines: How innovators, iconoclasts, and winemaking revolutionaries are changing the way the world drinks.

Microcultures: Cultural Sustainable Development in France

Tue, 03 Jan 2012 12:51:40 EST

In early 2011, Louis-Jean Teitelbaum and Jean-Charles Dufeu embarked on an innovative project. Combining their interests in technology, the arts and e-commerce, they created Microcultures, an online company that provides strategic, operational and financial support to independent music artists. Teitelbaum and Dufeu are among the first entrepreneurs to promote an important and recent trend in France: the sustainable development of culture.

Uncorking China's Wine Market

Tue, 03 Jan 2012 12:49:57 EST

Although China's bustling metropolises and staid Bordeaux may seem worlds apart, the two are becoming increasingly intertwined. Indeed, China recently overtook the traditional strongholds of Germany and the United Kingdom to become Bordeaux's largest export destination. This transformation is particularly remarkable given the country's short history of mass wine consumption. Historically, beverages such as sorghum-based baijiu and beer have dominated Chinese alcohol consumption, with wine only recently gaining wide acceptance.

Research Roundup: Improving Intelligence Forecasts, Vertically Integrated Health Care, and 'Worrisome' Health Care Costs

Tue, 20 Dec 2011 16:07:09 EST

How can intelligence agencies improve accountability and forecasting accuracy? Can hospitals become more efficient through vertical integration with home health agencies and nursing homes? Do taxpayers fully understand how the expansion of health care will be financed? Wharton professors Philip Tetlock and Barbara Mellers; Guy David and Evan Rawley; and Mark Pauly, respectively, examine these issues -- and what they mean for business -- in recent research articles.

Procter & Gamble: Mastering the Art of the Innovation Tournament

Tue, 20 Dec 2011 16:06:11 EST

When Procter & Gamble embarked on a plan to power 30% of its energy needs with renewable sources by 2020 -- the first goal in a longer process -- the company decided to hold an innovation tournament. While not a new idea, innovation tournaments are hard to execute well. P&G managed the process by opening it up to a broad circle of participants, both inside and outside the company, and making sure there was "no predetermined list of options." Such an approach "drove us to a better discussion," says one P&G executive.

M. Night Shyamalan: Seeing Signs

Wed, 07 Dec 2011 15:00:31 EST

Filmmaker M. Night Shyamalan fell in love with movies as a teenager and began shooting scenes with a Super-8 film camera. His breakout film, supernatural thriller The Sixth Sense (1999), garnered six Academy Award nominations and earned more than $650 million in worldwide box office receipts. Shyamalan is currently in pre-production on One Thousand A.E., a film based on an idea by co-producer and actor Will Smith that Shyamalan will direct. After a recent Wharton Leadership Lecture, he sat down with Knowledge@Wharton to discuss trends in the movie industry, his creative process and his future plans.

Eric Ries on 'The Lean Startup'

Tue, 22 Nov 2011 10:54:11 EST

It's a reality that haunts every entrepreneur and would-be entrepreneur: Most startups fail. Eric Ries knows firsthand. He has been there. When he cofounded software company IMVU, he and his team tried a different approach by rapidly creating and releasing their product before it was perfected, only to continuously update, revise and re-release it, based in part on customer feedback. It worked. In an excerpt from his new book, The Lean Startup, Ries explains what led him to adapt lean manufacturing to develop this new method for managing a startup.

Paul J.H. Schoemaker's 'Brilliant Mistakes': Finding Opportunity in Failures

Wed, 09 Nov 2011 15:16:32 EST

Groupon's rejection of Google's bid. Subscription changes at Netflix. The New York City Schools' hiring of a former publishing executive. Do events like these, which were considered to be colossal mistakes by some, also have the opportunity to result in game-changing innovations? That is one of the questions that Paul J.H. Schoemaker, research director of Wharton's Mack Center for Technological Innovation, has been exploring throughout his career. In his new book, Brilliant Mistakes: Finding Success on the Far Side of Failure, Schoemaker identifies ways to take advantage of the opportunities that can flow from mistakes.

Want to Rent out That Spare Room? The Growing Popularity of 'Collaborative Consumption'

Thu, 25 Aug 2011 16:24:25 EST

At the core of the new trend of "collaborative consumption" is the idea that technologies like the Internet and smartphones can help consumers monetize assets that they own -- their home or car, for example -- in ways that were previously difficult or downright impossible. But as these services grow in popularity, they face challenges, not the least of which is the ability to ensure the safety and security of the assets that consumers are renting out.

Building a Mystery: The Toynbee Tiles and Jon Foy's Filmmaking Quest

Fri, 19 Aug 2011 12:23:18 EST

An unexpected twist of fate -- in this case, a misplaced prank call -- started filmmaker John Foy on the road to making a documentary about the mysterious Toynbee tiles. The tiles containing cryptic messages started showing up embedded in roadways of cities across the U.S. and South America beginning in the 1980s. Foy's new documentary, Resurrect Dead: The Mystery of the Toynbee Tiles, follows three men in their quest to uncover who was behind the tiles and why. Foy, who won a directing award at the Sundance Film Festival for the documentary, recently spoke to Knowledge@Wharton about the tiles and the economics of independent filmmaking.

Gamification: Why Playing Games Could Be the Next Big Thing for Business

Wed, 17 Aug 2011 15:34:03 EST

Gamification -- the application of online game design techniques in non-game settings -- has been quickly gaining the attention of leaders in business, education, policy and even terrorist communities. But gamification also has plenty of critics, and the debate over its future could become an epic battle in the same vein of many online game favorites. This special report includes coverage of a recent Wharton conference titled, "For the Win: Serious Gamification," in addition to interviews with conference participants who discuss the use of gamification in business, government and other arenas.

Research Roundup: The Financial 'Arms Race,' 'Nudging' Employees and Making an Easy Choice Harder

Wed, 03 Aug 2011 14:33:48 EST

How do financial firms' efforts to stockpile expertise affect trading conditions -- particularly when the market becomes more volatile? Can a simple prompt to make a plan of action help people overcome forgetfulness that might be impeding their best intentions? Are people passing up once-in-a-lifetime opportunities out of a need to complicate what should be an easy decision? Wharton professors Vincent Glode, Katherine Milkman and Rom Schrift, respectively, examined these issues -- and what they mean for business -- in recent research papers.

'Not for Free': Saul J. Berman on Creating New Revenue Models

Fri, 22 Jul 2011 13:01:10 EST

The "phenomenon of free" has hit many businesses hard, particularly media businesses, argues Saul J. Berman, Global & Americas Leader for the IBM Strategy & Change Consulting Group. In Not for Free: Revenue Strategies for a New World, Berman offers lessons from businesses that have integrated successful business model innovations, as well as from businesses that have failed to do so. Recently, Knowledge@Wharton and Jerry (Yoram) Wind sat down with Berman to discuss his thoughts on who pays for free content and why new models are essential.

Movie Producer Michael Uslan on Superheroes, Comic Books and Why Hollywood Doesn't Get It

Wed, 06 Jul 2011 14:44:24 EST

Movie producer Michael E. Uslan has loved comic books since he was a child. As a young adult, he tried to bring Batman to the big screen in a way that was true to his view of the dark, serious nature of the character. It took years to convince a studio to commit to the production, but Batman ended up as the top-grossing film of 1989 and launched a highly profitable franchise. Knowledge@Wharton met with Uslan as he was beginning production of the latest Batman film, The Dark Knight Rises. He spoke about his personal history, Hollywood's efforts on comic book adaptations and the future of the comic book industry.

'Brain Drain' or 'Brain Exchange': What Is the Cost When Immigrant Entrepreneurs Go Home?

Wed, 22 Jun 2011 15:58:47 EST

For a majority of highly skilled immigrants who want to start companies today, the promised land is no longer the United States, according to a recent report from the Kauffman Foundation. Some experts say the flow of immigrants back home to countries like India and China is a "brain drain" that robs the U.S. of new jobs and companies, and requires an immigration policy overhaul. Others see the flow as more of a "brain circulation" that benefits economies on both sides of the sea.

2011 Innovation Tournament: Finding 'A Novel Match Between a Solution and a Need'

Wed, 25 May 2011 16:03:17 EST

Soaking up oil spills with human hair, turning clunkers into hybrids and powering Tanzanian villages with rechargeable batteries are just a few of the ideas to come out of Knowledge@Wharton's second annual Innovation Tournament. Sponsored jointly by K@W and Wipro Technologies, the tournament challenged innovators from around the world to compete for a total of $40,000 in cash prizes. The top 14 entrants were invited to Philadelphia on April 27 to present their ideas to a panel of judges made up of academics and industry leaders.

Wharton's 2011 Business Plan Competition: Babies, High Fashion and Fundraising

Wed, 11 May 2011 16:38:59 EST

Since the dot.com bubble burst more than a decade ago, two popular categories in Wharton's Business Plan Competition (BPC) have been health care and retail. This year was no exception. With more than $115,000 at stake in combined cash prizes and legal and accounting services, the eight finalists of this year's BPC presented their pitches on April 27 to a panel of judges and an audience of venture capitalists, business leaders, faculty and students. Read on, and see if you can spot the winners.

Research Roundup: Fiscal Fatal Attraction, the Idiosyncrasies of Entrepreneurs and the Value of Luxury Hiding in Plain Sight

Wed, 27 Apr 2011 14:51:52 EST

Are big spenders attracted to the stingy -- and does it lead to blissful matrimony? Why are certain people more likely to take the entrepreneurial leap? How can subtle branding help retailers attract a high-end niche customer base? Wharton professors Deborah Small, Nikolai Roussanov and Jonah Berger, respectively, examined these issues -- and their broader implications -- in recent research papers.

When to Gamble -- and When to Fold? Innovation Strategies for a New Economy

Thu, 31 Mar 2011 13:35:04 EST

The difficult economy has cast a spotlight for inventive companies on the notion of innovation portfolios. At a recent conference sponsored by Wharton's Mack Center for Technological Innovation, speakers discussed how firms are re-evaluating not just how much to spend on research and development, but also how to strike a better balance between long-term, high-risk projects and more incremental efforts.