Exploration of the juncture between hype and performance attracts prize from prestigious management summit
While today’s business media hype focuses on technologies like artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT) and blockchain, what we’re really witnessing, says London Business School’s Professor Michael G. Jacobides, is the final act of a step change in how our economies can be organised.
It is this, Dr Jacobides’ fresh perspective on the significant changes being wrought within today’s business and industrial landscape by, among other things, the digital revolution, that attracted the attention of the organisers of the Vienna Strategy Summit (Wiener Strategieforum), and the judging panel for this year’s ‘Theory-to-Practice’ Award.
The Summit was established by the Vienna Strategy HUB, itself a spin-off of the Vienna University of Economics and Business (WU Vienna). The key objectives of this annual event is to connect theory and practice in the field of strategic management and to provide a platform for ‘know-how exchange’.
Dr Jacobides’ exploration into the development of strategy in changing environments, in particular the emergence of new business models and industry architecture, as well as the important role of ecosystems, impressed this year’s award panel.
Speaking about his research, which ranges from investigations into ecosystems, industry architectures, value migration and new business models, Dr Jacobides said: “Today’s market, business and employment mutability, produced in large measure by the introduction of new technologies and attendant changes in people and institutions, is self-evident. What is less well-understood by these rapid reconfigurations is how we can navigate in this shifting environment. From finding new ways to describe the competitive environment, to identifying how value moves around in business ecosystems and platforms, to articulating the organizational change agenda for today’s incumbents or aspiring challengers, there is a rich agenda for those of us studying organizations, sectors and technology.”
The Theory-to-Practice Strategy Award honours every year an eminent scholar whose important contributions have provided business practitioners with profound new insights in the fields of strategy and innovation, and comes with a symbolic €5,000 prize. By establishing this award, the Wiener Strategieforum wants to close the gap between theory and practice in strategic management and encourage the transfer of conceptual ideas to the business community.
The judging panel for the Theory to Practice Award includes Werner Hoffmann, the Academic Director of the master's study programme Strategy, Innovation and Management Control, and Thomas Maidorfer, who teaches the International Strategic Management and Cross-Functional-Management at Vienna University of Economics and Business (WU Vienna).
Michael G. Jacobides holds the Sir Donald Gordon Chair of Entrepreneurship & Innovation at the London Business School, where he is Associate Professor of Strategy. He is a visiting scholar at the New York Fed, working on changing banks’ business models, and the Academic Lead in the World Economic Forum’s Digital Ecosystems Project. He has held visiting appointments at Wharton, Harvard Business School, Cambridge, Imperial, NYU- Stern, Bocconi, U. of Paris and Singapore Management University, and has received both teaching and research awards. He bridges academic engagement, such as being an editor of Industrial & Corporate Change, a top field journal, and practice, such as frequent media appearances and keynotes to global events.