Scholars have recently highlighted the promise of open innovation. In this paper, we treat open innovation—in it's different forms and manifestations—as well as internal or closed innovation, as unique governance forms with different benefits and costs. We discuss how each governance form,...

Scholars have recently highlighted the promise of open innovation. In this paper, we treat open innovation—in it's different forms and manifestations—as well as internal or closed innovation, as unique governance forms with different benefits and costs. We discuss how each governance form,...

In this paper we develop the outlines of a theory for the firm—a theory that guides a firm’s path to value creation, in response to the critique by von Hippel and von Krogh [von Hippel E, von Krogh G (2016) Identifying viable "need–solution pairs": Problem solving without problem...

For decades, the literatures on firm capabilities and organizational economics have been at odds with each other, specifically relative to explaining organizational boundaries and heterogeneity. We briefly trace the history of the relationship between the capabilities literature and...

More than 65 years ago Friedrich Hayek parenthetically remarked that while ‘man has learned to use [the market] . he is still very far from having learned to make the best use of it’ (1945: 528). The ensuing years have seen significant innovation in the structure and use of markets,...

A central role of the entrepreneur-manager is assembling a strategic bundle of complementary assets and activities, either existing or foreseen, which when combined create value for the firm. This process of creating value however requires managers to assess which activities should be handled by...

What are the origins of entrepreneurial beliefs about new opportunities and the value of resources? In this article, we outline a theory and model of the emergence of entrepreneurial beliefs and novel strategies. We first summarize extant literature by highlighting both the experiential and...

In this paper we outline an increasingly predominant, “communal,” perspective of the emerging knowledge economy and explore its emphasis on various nonmarket mechanisms of production. Although the communal perspective suggests organizational forms, governance mechanisms, and knowledge...

This paper outlines the theory-based view of strategy and markets. We argue that novel or “great” strategies come from theories. Entrepreneurs and managers originate theories and hypotheses about which activities they should engage in, which assets they might buy, and how they will create...

Strategy advice has taken a rather negative tone of late. Consultants and scholars alike seem obsessed with eradicating bias and error in human judgment and decision-making. A virtual cottage industry has emerged to advise how to accomplish this, often pushing managers to replace flawed human...