Entrepreneurs making decisions under uncertainty are encouraged to evaluate their initial ideas through hypothesis testing, but entrepreneurial approaches vary in their emphasis on ex-ante theory development prior to collecting evidence. In this paper, we examine whether and how entrepreneurs...

The spectacular growth of the software industry in some non-G7 economies has aroused both interest and concern. This paper addresses two sets of inter-related issues. First, we explore the determinants of these successful stories. We then touch upon the broader question of what lessons, if any,...

We study the production of knowledge when many researchers or inventors are involved, in a setting where tensions can arise between individual public and private contributions. We first show that without some kind of coordination, production of the public knowledge good (science or research...

To truly create new value, you need a theory. A theory helps you to see what others can’t. Through contrarian or unique beliefs, a firm creates the underlying raw material for its theory of value. But unless you identify the specific obstacles to your contrarian beliefs, they are no more than...

Product innovation entails both technological and design innovation, yet our knowledge of determinants of innovation outcomes is limited to technological innovations. This is a significant limitation because design innovation represents an increasingly large share of total innovation activity by...

Lean startup and the idea of a business model have become popular in the context of startup experimentation, innovation and strategy. In this paper we discuss and critique the assumptions behind lean startup, specifically how the approach conceives of hypothesis development and startup...