Ian MacMillan - Faculty Research in Knowledge@Wharton

Discovery-driven Growth: The Only Plan Is to Learn as You Go

Wed, 29 Apr 2009 14:19:24 EST

For companies planning to launch new initiatives during uncertain times, it's important "to know from the start that the plan is wrong," according to Ian MacMillan, Wharton professor of innovation and entrepreneurship. Assumptions are what get most companies into trouble, MacMillan and co-author Rita Gunther McGrath, a professor at Columbia Business School, argue in their new book, Discovery-Driven Growth: A Breakthrough Process to Reduce Risk and Seize Opportunity. In an interview with Knowledge@Wharton, McGrath and MacMillan describe how firms can make the most of new opportunities, even during the current downturn.

A World Transformed: What Are the Top 30 Innovations of the Last 30 Years?

Wed, 18 Feb 2009 17:51:20 EST

Is it possible to determine which 30 innovations have changed life most dramatically during the past 30 years? That is the question that Nightly Business Report, the Emmy Award-winning PBS business program, and Knowledge@Wharton set out to answer to celebrate NBR's 30^th anniversary this year. The list includes innovations from the world of technology, health care, energy and even finance. Can you guess which one is No. 1?

Africa's 'Cocoon' Phase: Can Private Investors and Entrepreneurs Transform the Continent?

Wed, 03 Sep 2008 17:03:03 EST

In the past, business in Africa behaved like a "caterpillar" -- uninteresting, slow moving and easy to step on, says Eric Kacou, managing director of OTF Group, a U.S.-based consulting firm focused on emerging economies. Today, the continent is poised for a metamorphosis that requires a "new mindset" relying less on natural resources and more on innovation and private sector growth. At the Wharton Global Alumni Forum in Cape Town, South Africa, Kacou was among the speakers on two panels exploring the potential for new business models and "smart" capital to change Africa's economy.

Two Companies, Two Different Blueprints for Reducing Global Warming

Wed, 09 Jul 2008 17:41:19 EST

Companies spend too much time worrying about the burdens brought by global warming -- the possibility of carbon taxes and greater regulation of emissions -- and ignoring the potential commercial upside, according to participants in a recent Wharton conference titled, "Winners and Losers in Green Technologies," sponsored by the William and Phyllis Mack Center for Technological Innovation. To showcase a proactive approach to the issue, two companies -- DuPont and NetJets -- shared their tales of "going green."

Creating a Sustainable Business among South Africa's Poor 'One Bite at a Time'

Wed, 12 Jul 2006 17:28:21 EST

When she worked on Wall Street launching IPOs, Alicia Polak helped generate new wealth. Now she is working to build wealth in the dirt-poor black township of Khayelitsha, 30 minutes down a dusty road from Cape Town, South Africa. Two years ago, Polak founded The Khayelitsha Cookie Co., which now employs 11 women from the sprawling shantytown to bake high-end cookies and brownies that are distributed to top hotels, restaurants and coffeehouses throughout South Africa. Working in conjunction with the Societal Wealth Generation program in Wharton's Sol C. Snider Entrepreneurial Research Center, which explores ways to apply entrepreneurial business models to social problems such as healthcare, education and unemployment, Polak says her ultimate goal is to change the lives of the women she employs, "using this company as the vehicle."

Podcast: Ian MacMillan on the $60 Billion Question

Wed, 28 Jun 2006 15:16:09 EST

Earlier this week, Warren Buffett made a $31 billion gift to the Bill and Melinda Gates Foundation to help find cures for the world's 20 worst diseases and to improve the educational opportunities for all Americans. Buffett's contribution -- in the form of 10 million shares of Berkshire Hathaway stock to be transferred in increments over a number of years -- will more than double the size of the existing Foundation, which is already the world's largest. But questions have immediately arisen as to how $60 billion can be effectively managed, what impact the donation will have on other donors, and whether the Foundation has come up with the best approach to solving systemic health problems in developing countries. Ian C. MacMillan, Wharton professor of innovation and entrepreneurship and director of the Sol C. Snider Entrepreneurial Research Center, talked with Knowledge@Wharton editorial director Robbie Shell and senior editor Steve Guglielmi about this gift. MacMillan's areas of interests include societal wealth creation, technology strategy, and managerial and entrepreneurial approaches to knowledge management.

Experimental Entrepreneurship: Removing the 'Tin Cup Dependencies'

Wed, 08 Feb 2006 16:31:18 EST

Although it has one of the most dynamic economies in Africa, Botswana also has one of the world's highest known rates of HIV-AIDS infection. In response, the Botswana government, along with the Medical School of the University of Pennsylvania and Wharton's Sol C. Snider Entrepreneurial Research Center, is helping develop a more efficient system to manage and monitor HIV/AIDS therapy. According to Ian C. MacMillan, director of the Snider Center, and James D. Thompson, associate director of Wharton Entrepreneurial Programs, the Botswana project illustrates a new concept called "Societal Wealth Creation via Experimental Entrepreneurship." By working to develop societal wealth enterprises in places like Africa, MacMillan and Thompson hope to sidestep two obstacles that often plague business development around social problems -- low profitability and lack of seed funding.

Farewell, Peter Drucker: A Tribute to an Intellectual Giant

Wed, 30 Nov 2005 15:55:06 EST

Decades ago, Peter F. Drucker single-handedly began the exploration of what he called "the dark continent of management." That exploration, which gave birth to the field of management, came to an end on November 11 when Drucker passed away at age 95. Wharton professors point out that Drucker's most important contributions are grounded in his writings on management and marketing. Despite his death, his legacy and impact as a role model will last.

Marketbusters: A Call to Arms for Upper-level Managers Looking to Increase Market Share

Wed, 15 Jun 2005 15:46:04 EST

Coinstar, the Bellevue, Wash.-based company that puts change-counting machines in groceries and discount stores, figured out a "marketbusting" move, according to Ian MacMillan and Rita Gunther McGrath, authors of a new book called "Marketbusters: 40 Strategic Moves that Drive Exceptional Business Growth." Coinstar took something that had been an annoyance for both banks and consumers -- counting and handling spare change -- and turned it into a profitable business. MacMillan and McGrath's goal in writing their book was to help managers identify similar high-impact opportunities within their own industries. Each company doesn't need 40 marketbusters, the authors add. Just one could be enough.

Does Success in Tech Ventures Follow from Better R&D? Think Again

Wed, 14 Jul 2004 15:04:47 EST

Technology-based businesses often assume that if they want to steal a march over their competitors, they need to excel in R&D. That may be true, but it's not enough, say Ian C. Macmillan, director of Wharton's Sol C. Snider Entrepreneurial Research Center, and Rita Gunther McGrath, a colleague from Columbia University. The key, they say in a new paper, is to empower technology managers to adopt a business-oriented approach that connects technology creation to the target market.

In Search of Serendipity: Bridging the Gap That Separates Technologies and New Markets

Wed, 02 Jul 2003 00:00:00 EST

It took 37 years before Kevlar � a bullet-proof, fire-resistant material first used for tires � was applied to making home shelters strong enough to resist tornadoes. It took decades before advances in reinforced fiberglass technology used for the Apollo space project were applied to tennis rackets. In retrospect, these crossover applications of technology may seem inevitable � but they are not, suggest two Wharton researchers and a third colleague who have developed a patented process to help companies analyze databases of information about technologies and suggest new markets where they might be commercialized.

Social Entrepreneurs: Playing the Role of Change Agents in Society

Mon, 19 May 2003 00:00:00 EST

Social entrepreneurship means many things to many people, but at the very least, it seems to imply generating business opportunities that give individuals the means to be both creative and productive, thereby raising the quality of life for society as a whole. Knowledge@Wharton present comments from several readers who sent us their views of this imprecise but promising phenomenon.

What Happens to the Inner Circle of the Ousted CEO?

Wed, 19 Jun 2002 00:00:00 EST

When Dennis Kozlowski resigned on June 3 as chief executive of Tyco International � shortly before he would have been removed by the board � it raised questions about the future of top executives around him. Assuming they supported, or at least knew about, the strategies of their former boss, should they be ousted as well, or would the loss of institutional knowledge and expertise be too disruptive to the company? Wharton faculty offer their opinions.

Lessons from Softbank�s Hard Knocks

Wed, 10 Apr 2002 00:00:00 EST

The misfortunes of Tokyo-based Softbank and its CEO Masayoshi Son mirror those of the whole venture capital industry, which threw money into money-losing startups when the tech sector sparkled with glamour. Since the mid-1990s, Softbank invested in some 600 tech firms. But the decline of Softbank is not just an object lesson in bubble investing. It may also offer pointers to the way out.

The New Business Reality

Wed, 30 Jan 2002 00:00:00 EST

ideas about what effect those events would have on business and the economy. It was clear, however, that even before the attacks, major changes were underway that would alter the business landscape. To help understand these changes, Wharton�s Aresty Institute of Executive Education held a three-day symposium in December called Wharton on the New Business Reality: Scenarios and Strategies for the Future. Knowledge@Wharton covered the symposium.

Starting a Business Today: Less Competition But Also Less Cash

Wed, 20 Jun 2001 00:00:00 EST

With new headlines every week confirming the poor health of the U.S. economy, one might wonder who in their right mind would pick the present time to launch a new company. Actually, say some Wharton faculty, the outlook isn�t all that bad if you choose the right business in the right market. Or, as one professor says: "Asking whether or not it�s a good time to start a business is like asking how big is a fish��

What Makes a Good Entrepreneurial Leader? Ask Middle Managers

Wed, 25 Apr 2001 00:00:00 EST

Entrepreneurs, as most people know, are risk-takers who thrive on uncertainty and change, always on the lookout for their next startup. But according to new research from Wharton management professor Ian C. MacMillan and co-author Vipin Gupta, entrepreneurs aren�t the only ones who should be able to operate in unpredictable, high-risk environments. Drawing on an extensive worldwide survey of middle managers, the two authors outline the qualities that define �entrepreneurial leaders.�

Uncertainty, Technological Turbulence, Competition--What�s a Manager to Do? Thrive on It

Wed, 30 Aug 2000 13:28:09 EST

It�s become an all-too-familiar theme of business articles and books: How dramatic increases in competitiveness, innovation, deregulation, globalization and information intensity have created perpetual uncertainty in everyday managerial life. The solution? Stop acting by the old rules and start thinking with the discipline of habitual entrepreneurs, says Wharton management professor Ian MacMillan. MacMillan and co-author Rita McGrath of Columbia University show how this is done in their new book, The Entrepreneurial Mindset: Strategies for Continuously Creating Opportunity in an Age of Uncertainty

Selling Appliances to the World

Fri, 23 Jul 1999 16:36:36 EST

Although globalization has been widely discussed in industries ranging from finance to automobiles, the quest for integrated worldwide operations has neither been orderly nor easy. Even in the appliance industry�one of the earliest groups to consolidate in search of global brands and distribution�companies are finding regional, local and international factors that can derail the most well-conceived strategies. Local adaptation by larger corporations can slow globalization. Small companies may be unable to enter as many international markets as larger rivals, but they often achieve better financial results, say Ian MacMillan of Wharton and Paola Dubini of the SDA-Bocconi in Milan, Italy.

Resource Diversion Strategies in Multiple Markets

Mon, 24 May 1999 16:57:37 EST

Like military superpowers, modern firms have developed sophisticated methods of testing one another's defenses without risking all-out war. In a recent paper, Rita Gunther McGrath of Columbia University with Wharton's Ian MacMillan and Ming-Jer Chen explore how companies strive to enlarge their spheres of influence.