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October 2024
Case

Parexel: Scaling Up and Industry Dynamics

By: Regina E. Herzlinger and Ben Creo

Through the lens of biopharmaceutical contract research organization (CRO) PAREXEL, this case traces the evolution of the firm as it reinvents itself in response to the transformation of the CRO sector from a small, secondary cluster of firms into a major player with... View Details

Keywords: Research; Innovation and Invention; Business Model; Transformation; Globalization; Information Technology; Competitive Advantage; Pharmaceutical Industry

2024
Working Paper

Patent Hunters

By: Lauren Cohen, Umit Gurun, Katie Moon and Paula Suh

Analyzing millions of patents granted by the USPTO between 1976 and 2020, we find a pattern where specific patents only rise to prominence after considerable time has passed. Amongst these late-blooming influential patents, we show that there are key players (patent... View Details

Keywords: Patents; Product Launch; Product; Innovation and Invention

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September 2024
Article

Standing on the Shoulders of Science

By: Joshua Lev Krieger, Monika Schnitzer and Martin Watzinger

Today’s innovations rely on scientific discoveries of the past, yet only some corporate R&D builds directly on scientific output. In this paper, we analyze U.S. patents to investigate how firms generate value by building on prior art “closer” to science. We show... View Details

Keywords: Patent Novelty; Value Capture; Science; Patents; Valuation; Research and Development

August 2024
Case

Novo Nordisk Foundation

By: Debora L. Spar and Julia Comeau

In 2024, Novo Nordisk A/S was one of the most profitable firms in the world, thanks largely to just two GLP-1-based drugs, Ozempic and Wegovy. Unusually, this incredibly profitable firm was controlled not by individual private shareholders, but by a non-profit... View Details

Keywords: Pharmaceutical Companies; Diabetes; Obesity; Foundation; Non-profit Management; Pharmaceutical Industry; Denmark; Europe

July 2024
Case

Knowledge-Enabled Financial Advice: Digital Transformation at Edward Jones

By: Lauren Cohen, Richard Ryffel, Grace Headinger and Sophia Pan

Edward Jones, a wealth management advisory firm that prided itself on its interpersonal connections and face-to-face interactions, was eager to augment their services with AI capabilities. Built on 1-to-1 close-knit relationships, the firm had more than 15,000 offices... View Details

June 2024 (Revised August 2024)
Case

Climate Governance at Linde plc (A)

By: Lynn S. Paine, Suraj Srinivasan, Emilie Billaud and Vincent Dessain

In July 2023, the Linde plc board of directors' sustainability committee convened in London to review the company's environmental performance, with a focus on decarbonization and clean energy. Linde was the world's largest industrial gas supplier, with a workforce... View Details

Keywords: Climate Change; Environmental Sustainability; Green Technology; Multinational Firms and Management; Corporate Accountability; Corporate Disclosure; Corporate Governance; Governing and Advisory Boards; Compensation and Benefits; Innovation Strategy; Leading Change; Goals and Objectives; Business and Shareholder Relations; Chemical Industry; United States; Germany; Europe; North America; London

June 2024
Supplement

Climate Governance at Linde plc (B)

By: Lynn S. Paine, Suraj Srinivasan, Emilie Billaud and Vincent Dessain

In July 2023, the Linde plc board of directors' sustainability committee convened in London to review the company's environmental performance, with a focus on decarbonization and clean energy. Linde was the world's largest industrial gas supplier, with a workforce of... View Details

June 2024
Case

Building Innovation at VINCI

By: Dennis Campbell, Aluna Wang and Carlota Moniz

This case study explores how the VINCI Group, a French multinational operating in concessions, energy, and construction, bolstered awareness and adoption rates of new technologies within the organization. Through its separate innovation hub, Leonard, VINCI aimed to... View Details

2024
Working Paper

The Efficiency of Patent Litigation

By: Samuel Antill, Murat Alp Celik, Xu Tian and Toni M. Whited

How efficient is the U.S. patent litigation system? We quantify the extent to which the litigation system shapes innovation using a novel dynamic model, in which heterogeneous firms innovate and face potential patent lawsuits. We show that the impact of a litigation... View Details

Keywords: Innovation and Invention; Lawsuits and Litigation; Growth and Development; Welfare; Patents

2024
Working Paper

The Value of AI Innovations

By: Wilbur Xinyuan Chen, Terrence Tianshuo Shi and Suraj Srinivasan

We study the value of AI innovations as it diffuses across general and application sectors, using the United States Patent and Trademark Office’s (USPTO) AI patent dataset. Investors value these innovations more than others, as AI patents exhibit a 9% value premium,... View Details

Keywords: AI and Machine Learning; Valuation; Technological Innovation; Open Source Distribution; Patents; Policy; Knowledge Sharing; Technology Industry

May 2024
Article

Financial Innovation in the 21st Century: Evidence from U.S. Patents

By: Josh Lerner, Amit Seru, Nick Short and Yuan Sun

We develop a unique dataset of 24 thousand U.S. finance patents granted over the last two decades to explore the evolution and production of financial innovation. We use machine learning to identify the financial patents and extensively audit the results to ensure... View Details

Keywords: Banking; Investment Banks; Information Technology; Regulation; Patents; Innovation and Invention; Trends

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2024
Working Paper

Old Moats for New Models: Openness, Control, and Competition in Generative AI

By: Pierre Azoulay, Joshua L. Krieger and Abhishek Nagaraj

Drawing insights from the field of innovation economics, we discuss the likely competitive environment shaping generative AI advances. Central to our analysis are the concepts of appropriability—whether firms in the industry are able to control the knowledge generated... View Details

Keywords: Technological Innovation; AI and Machine Learning; Open Source Distribution; Policy

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2024
Working Paper

Dusting Off the Old Ones: Drug Licensing to Startups, Innovation Success and Efficiency

By: Mosab Hammoudeh, Joshua Lev Krieger and Jiajie Xu

This paper investigates whether moving R&D from incumbents to startups can increase innovation. Using comprehensive drug development data, we examine the outcomes of drug projects licensed from large firms to startups. We find that these projects licensed to startups... View Details

Keywords: Product Development; Innovation and Invention; Business Startups; Research and Development; Performance Efficiency; Pharmaceutical Industry

March 2024 (Revised April 2024)
Case

Coursera's Foray into GenAI

By: Suraj Srinivasan, Michael Parzen and Radhika Kak

In early 2023, Maggioncalda, CEO of US EdTech firm Coursera, launched Project Genesis to develop a strategy for incorporating GenAI capabilities into the firm's offerings, asking his teams to focus on value to the firm and cost of implementation. The team identified... View Details

Keywords: Business Model; AI and Machine Learning; Brands and Branding; Business Strategy; Competitive Advantage; Technological Innovation; Education Industry; Technology Industry; United States

March 2024
Case

Hippo: Weathering the Storm of the Home Insurance Crisis

By: Lauren Cohen, Grace Headinger and Sophia Pan

Rick McCathron, CEO of Hippo, considered how the firm’s underwriting model could account for the effects of climate change. Along with providing smart home packages, targeting risk-friendly customers, and using data-driven pricing, the Insurtech used technologically... View Details

2024
Working Paper

Appropriate Entrepreneurship? The Rise of China and the Developing World

By: Josh Lerner, Junxi Liu, Jacob Moscona and David Yang

Global innovation and entrepreneurship has traditionally been dominated by a handful of high-income countries, especially the US. This paper investigates the international consequences of the rise of a new hub for innovation, focusing on the dramatic growth of... View Details

Keywords: Entrepreneurship; Venture Capital; Emerging Markets; Economic Growth; China

February 2024
Module Note

Collaborate on the Core, Compete on the Edges

By: Frank Nagle

In the rapidly evolving environment of modern business, the digitization of economic activity and the ubiquitous integration of technology across industries are fundamentally altering how companies develop and implement strategy. The rise of digital technologies has... View Details

Keywords: Technology Adoption; Competition; Cooperation; Collaborative Innovation and Invention

February 2024
Case

Innovation Strategy at Stanley Black & Decker: Setting the Direction for Growth

By: David L. Ager and Antonio Manuel Oftelie

On July 1, 2022, Don Allan was appointed Chief Executive Officer of Stanley Black & Decker (SBD). Although Allan had been with the firm for 23 years, most recently serving as President and Chief Financial Officer, he recognized that he was stepping into his new role as... View Details

Keywords: Health Pandemics; Collaborative Innovation and Invention; Innovation Leadership; Growth Management; Business and Stakeholder Relations

January 2024
Case

Frank Cornelissen: The Great Sulfite Debate (A)

By: Tiona Zuzul and Susan Pinckney

In 2018, artisanal Italian vineyard Frank Cornelissen was one of the world’s leading natural wine vineyards. Its founder, Frank Cornelissen, faced weather related conditions that forced him to have to decide between staying true to the tenets of the natural wine... View Details

January 2024
Teaching Note

Frank Cornelissen: The Great Sulfite Debate (A) & (B)

By: Tiona Zuzul

Teaching Note for HBS Case Nos. 724-391 and 724-398. In 2018, artisanal Italian vineyard Frank Cornelissen was one of the world’s leading natural wine vineyards. Its founder, Frank Cornelissen, faced weather related conditions that forced him to have to decide between... View Details

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