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In Automated Machine Learning for Business, we teach the machine learning process using a new development in data science: automated machine learning. AutoML, when implemented properly, makes machine learning accessible to most people because it removes the need for years of experience in the most arcane aspects of data science, such as the math, statistics, and computer science skills required to become a top contender in traditional machine learning. Anyone trained in the use of AutoML can use it to test their ideas and support the quality of those ideas during presentations to management and stakeholder groups. Because the requisite investment is one semester-long undergraduate course rather than a year in a graduate program, these tools will likely become a core component of undergraduate programs, and over time, even the high school curriculum.

The innovative strength of the world's two largest economies, the United States and Japan, are based on two different forms of industrial and social organization. For the United States, venture companies play a key role in technical and economic progress, while in Japan they have only a minor role. This book argues that without vibrant new high technology companies, Japanese industry will decline inexorably. At the same time, if the favourable yet delicate environment in America is undermined, America will face collapse of its innovative and economic strength. Japan has done much to improve its environment for high technology ventures. It has some promising new high technology companies and gradually increasing numbers of entrepreneurial scientists and managers. But they continue to swim against the current. One reason is that large, established companies dominate high technology fields and pursue an autarkic innovation strategy-relying on research in-house or in affiliated companies. Another reason is that these same large companies still have preferential access to university discoveries, largely because of government policies. Thus, high technology ventures are deprived of niches in which to grow, skilled personnel, and their natural customer base. In the field of university-industry relations, steps can still be taken to improve the environment for high technology ventures-steps that would also increase the quality of university science. The American–Japanese innovation dichotomy represents a broader dichotomy between so-called liberal and coordinated market economies. The lessons from these two countries' experiences are applicable to many industrialized countries, and to developing countries shaping their innovation systems.

Business model innovation is an important source of competitive advantage and corporate renewal. An increasing number of companies have to innovate their business models, not just because of competitive forces but also because of the ongoing change from product-based to service-based business models. Yet, business model innovation is also a massive organizational change process that challenges existing processes, structures and modes of control. The specific angle, and the novel feature of this book, is to thoroughly examine the organizational dimension of business model innovation. Drawing on organizational theory and empirical observation, the contributors specifically highlight organizational design aspects of business model innovation, focusing on how reward systems, power distributions, routines and standard operating procedures, the allocation of authority, and other aspects of organizational structure and control should be designed to support the business model the firm chooses. Also discussed are how existing organizational structures, capabilities, beliefs, cultures and so on influence the firm’s ability to flexibly change to new business models.

This book synthesizes and interprets existing knowledge on technology upgrading failures as well as lessons from successes and failures in order to better understand the challenges of technology upgrading in emerging economies. The objective is to bring together in one volume diverse evidence regarding three major dimensions of technology upgrading: paths of technology upgrading, structural changes in the nature of technology upgrading, and the issues of technology transfer and technology upgrading. The knowledge of these three dimensions is being synthesized at the firm, sector, and macro levels across different countries and world macro-regions. Compared to the old and new challenges and uncertainties facing emerging economies, our understanding of the technology upgrading is sparse, unsystematic, and scattered. While our understanding of these issues from the 1980s and 1990s is relatively more systematized, the changes that took place during the globalization and proliferation of GVCs, the effects of the post-2008 events, and the effects of the current COVID-19 and geopolitical struggles on technology upgrading have not been explored and compared synthetically. Moreover, the recent growth slowdown in many emerging economies, often known as a middle-income trap, has reinforced the importance of understanding the technology upgrading challenges of catching-up economies. We believe that the time is ripe for “taking stock of the area” in order to systematize and evaluate the existing knowledge on processes of technology upgrading of emerging economies at the firm, sector, and international levels and to make further inroads in research on this issue. This volume aims to significantly contribute towards this end.

Advances in technology are critical for the transformation of a nation from a relatively low-wage to a relatively high-wage economy. Leading national economies are invariably global leaders in technology. In the last three decades, China has changed from one of the most impoverished countries on the planet to becoming the world largest economy with hundreds of millions of people being pulled out of poverty. Yet the question of China’s progress toward global technological leadership remains an open and hotly debated subject. Each chapter of this book focuses one high-tech industry exploring questions concerning technological trajectories and innovative capacities, historical evolution of the structures of industrial organization, international technology transfer, the role of the state, product-market conditions, the dynamic interaction of supply and demand, global competition, national policies, and regional industrial eco-systems. Taken together, these chapters provide the most complete picture to date of China’s technological development, with insights into the dynamics of innovative enterprise, and the roles of the state and globalization in supporting the development process.

This book provides the first in-depth analysis of how four innovative Chinese electronics enterprises — the Stone Group, the Legend Computer Group, the Founder Group, and the China Great Wall Computer Group — transformed the Chinese computer industry over the past decade. It explains how indigenous Chinese business enterprises that developed during the era of economic reform gained the high-technology capabilities and modern marketing know-how to compete domestically and internationally with powerful foreign multinationals. Through case studies based on first-hand access to company records and personnel, this book reveals how, building on technological capabilities accumulated during the central planning era, the institutional transformations of the economic reform era unleashed a unique pattern of organizational learning and innovative enterprise. This book also draws out the implications of the developmental experience of the Chinese computer electronics sector for understanding the institutional and organisational foundations for a successful transition from a centrally planned economy toward a market-oriented one.

This book examines the origins and emergence of technology-based industrial clusters — regional concentrations of related firms and organizations — in order to understand the forces that promoted economic development. Many places attempt to emulate the world's most famous industrial cluster Silicon Valley, with its rich institutional landscape of engaged and leveraged research universities, high-flying local venture capitalists, world class supporting business and legal consultants, and rich collaborative networks. While mature clusters may look similar, what really matters is the process by which clusters come into existence. But there is little understanding of such processes, and little guidance provided on the role of policies in promoting cluster emergence. The book attempts to bridge this gap in the literature by focusing on the early origins of high-technology cluster in Europe, the United States, and China, and the ensuing policy implications. The book is organized around three main themes: Creation Myths Revisited, Considering the Development Cluster Context, and Crafting Cluster and Economic Development Policy. The empirical analyses suggest that clusters that grow rapidly as compared to the less successful ones are distinguished by vigorous entrepreneurial activity and the active building of institutions aided by the forces of agglomeration economies.

Ours is the most dynamic era in human history. The benefits of four centuries of technological and organizational change are at last reaching a previously excluded global majority. This transformation will create large-scale opportunities in richer countries like the United States just as it has in poorer countries now in the ascent. This book argues that it is time to overcome the outdated narratives of fear that dominate public discourse and to grasp the powerful momentum of progress. Acknowledging the gravity of today's greatest global challenges—like climate change, water scarcity, and rapid urbanization—the book emphasizes that the choices we make today will determine the extent and reach of the coming prosperity. To make the most of this epochal transition, it states, the key is entrepreneurship. Entrepreneurs introduce new products and services, expand the range of global knowledge networks, and, most importantly, challenge established business interests, maintaining the vitality of mature capitalist economies and enhancing the viability of emerging ones. The book frames narratives of inspiring entrepreneurs within the sweep of human history. The book's deft analysis of economic trends is enlivened by stories of entrepreneurs making an outsize difference in their communities and the world—people like Karim Khoja, who led the creation of the first mobile phone company in Afghanistan; Leila Janah, who is bringing digital-age opportunity to talented people trapped in refugee camps; and Victoria Hale, whose non-profit pharmaceutical company turned an orphan drug into a cure for black fever.

Examples of the value that can be created and captured through crowdsourcing go back to at least 1714, when the UK used crowdsourcing to solve the Longitude Problem, obtaining a solution that would enable the UK to become the dominant maritime force of its time. Today, Wikipedia uses crowds to provide entries for the world’s largest and free encyclopedia. Partly fueled by the value that can be created and captured through crowdsourcing, interest in researching the phenomenon has been remarkable. For example, the Best Paper Awards in 2012 for a record-setting three journals—the Academy of Management Review, Journal of Product Innovation Management, and Academy of Management Perspectives—were about crowdsourcing. In spite of the interest in crowdsourcing—or perhaps because of it—research on the phenomenon has been conducted in different research silos within the fields of management (from strategy to finance to operations to information systems), biology, communications, computer science, economics, political science, among others. In these silos, crowdsourcing takes names such as broadcast search, innovation tournaments, crowdfunding, community innovation, distributed innovation, collective intelligence, open source, crowdpower, and even open innovation. The book aims to assemble papers from as many of these silos as possible since the ultimate potential of crowdsourcing research is likely to be attained only by bridging them. The papers provide a systematic overview of the research on crowdsourcing from different fields based on a more encompassing definition of the concept, its difference for innovation, and its value for both the private and public sectors.

Social innovation is a topic of increasing interest to policymakers, civil society, and business globally. However, there has yet to be a comprehensive account of the economic contexts of social innovation. This book aims to address this research gap. It weaves together work from economics, sociology and ethics for a novel theoretical approach: the Extended Social Grid Model (ESGM). Based upon four years of work across a range of countries, this book provides a thorough and nuanced discussion of how social innovation can address major social issues including marginalization, access to housing, clean water, and microcredit. Empirically, the book considers how social innovation has interfaced with the economy, but also the state and civil society in terms of long-term projects, programmes, and policies that have emerged and evolved within and across European states to drive more equitable, inclusive, and sustainable societies.

This book analyses the role that the diaspora play when returning as entrepreneurs to their homeland. Returnee entrepreneurs are defined as individuals who have moved away from their home country and lived as part of the diaspora, and have later returned home to live, invest, or both. With increased movements of people around the world, the role of transnational economic activity is becoming ever more significant, yet little is still understood about the motivations and contribution of those who return to their homeland to undertake entrepreneurial activity. The book examines return to post-conflict economies, with the returnees initially forced to move due to war. In doing so, it examines policy approaches to return and the intentions of returnees, and highlights the important role that emotional attachment plays in harnessing return. The book recognises the undoubted potential of diaspora entrepreneurs to benefit their homeland. Yet it also recognises the challenges in doing so. Not all diaspora entrepreneurship will be beneficial. Not all policy interventions will be effective, despite good intentions. Yet the lessons contained within this book are that by understanding the challenges and opportunities associated with diaspora return entrepreneurship, more effective strategies can be put in place.

Innovations create both opportunities and dilemmas. Innovations provide new and purportedly better opportunities, but—because of their newness—they are often more uncertain and potentially worse than existing options. There are new drugs, new energy sources, new foods, new manufacturing technologies, new toys and new pedagogical methods, new weapon systems, new home appliances, and many other discoveries and inventions. To use or not to use a new and promising but unfamiliar and hence uncertain innovation? That dilemma faces just about everybody. Furthermore, the paradigm of the innovation dilemma characterizes many situations even when a new technology is not actually involved. The dilemma arises from new attitudes, like individual responsibility for the global environment, or new social conceptions, like global allegiance and self-identity transcending all nation-states. These dilemmas have far-reaching implications for individuals, organizations, and society at large as they make decisions in the age of innovation. The uncritical belief in outcome optimization—“more is better, so most is best”—pervades decision-making in all domains, but this is often irresponsible when facing the uncertainties of innovation. There is a great need for practical conceptual tools for understanding and managing the dilemmas of innovation. This book offers a new direction for a wide audience. It discusses examples from many fields, including e-reading, online learning, bipolar disorder and pregnancy, disruptive technology in industry, stock markets, agricultural productivity and world hunger, military hardware, military intelligence, biological conservation, and more.

This volume examines how technology is transforming financial applications, and how FinTech promises a similar revolution in the retirement planning processes. Robo-advisors and mobile savings apps are a few harbingers of innovations to come. Nevertheless, these changes will bring with them new ethical and regulatory considerations, design challenges related to promoting adoption by an older population less trusting of technology, and concerns over data security and privacy. Our contributors take stock of the disruptive impact of financial technology on retirement planning, saving, investment, and decumulation; and the book also highlights issues that regulators, plan sponsors, academics, and policymakers must consider as retirement practices evolve at a rapid pace.

Why are some individuals more entrepreneurial than others? What types of institutional environments are more conducive to entrepreneurship? Does entrepreneurship contribute to the growth of a country? Answering these questions is particularly important at a time when governments all over the world are looking to entrepreneurship as a way to increase employment and the competitiveness of their countries. The chapters in this volume cover topics such as entrepreneurial motivation, gender and migration, entrepreneurial financing, urban entrepreneurship, growth-oriented entrepreneurship, economic growth, and regional entrepreneurship policies. Each chapter is based on data from the Global Entrepreneurship Monitor. The GEM project collects detailed and comparable data on representative population samples in more than 60 countries. No other existing book provides such a coherent global view of entrepreneurship and its implications. Other studies use a hodge-podge of data from different sources to study entrepreneurship. The data used to support the different parts of a given argument are not always consistent with one another or easily compared. The scientific validity of such empirical findings is limited as the various pieces of evidence do not belong to the same puzzle. Therefore, the coherence of a universal approach is lost and important aspects of the entrepreneurial process may be overlooked or undervalued. This volume, on the other hand, tests all theoretical arguments against the same empirical data, all the pieces fit into the same puzzle and a coherent and unitary picture of entrepreneurial activity, from its causes and motivations to its macroeconomic impact and implications, emerges.

The book describes what it means to say the world is complex and explores what that means for managers, policy makers and individuals. The first part of the book is about the theory and ideas and science of complexity. This is explained in a way that is thorough but not mathematical. It compares differing approaches, and also provides a historical perspective, showing how such thinking has been around since the beginning of civilisation. It emphasises the difference between a complexity worldview and the dominant mechanical worldview that underpins much of current management practice. It defines the complexity worldview as recognising the world is interconnected, shaped by history and the particularities of context. The comparison of the differing approaches to modelling complexity is unique in its depth and accessibility. The second part of the book uses this lens of complexity to explore issues in the fields of management, strategy, economics and international development. It also explores how to facilitate others to recognise the implications of adopting a complex rather than a mechanical worldview and suggests methods of research to explore systemic, path-dependent emergent aspects of situations.

With the growing influence of discursive perspectives and of research on organizational discourse, business discourse, and narrative perspectives on organizing, organizational scholars are focusing increasing attention on the constitutive role of language and communication in organizational processes. This view conceptualizes language and communication as bringing organization into being, and is therefore inherently sympathetic to a process perspective. However, our understanding of the role of language in organizational processes and organizational action is still limited, partly due to the tendency in discourse analysis to focus on language alone, without explicit linkages to organizational practices, activities, and actions. Moreover, analyses elucidating the agency and power of discourses in specific organizational contexts have been scarce. Thus, there is a paucity of knowledge of the ways in which language and communication operate in organizational activity. This fourth volume focuses on language and communication at work, and examine language and communication as an inherent part of ongoing organizational processes. The chapters explore the question of language and communication as constitutive of work; analyze how language and communication work in the context of organizing and managing; and examine the role of language and communication as part of strategic and institutional work in and around organizational phenomena. More generally, the chapters concentrate on one or several aspects of organizing by showing how communication, discourse, and narrativity are constitutive of what is taking place. These analyses focus on micro-level instances of communication or discourse, or more macro-level processes of organizing or change.

This is a book about the formation, development, and success or failure of new high technology companies, focusing on those that grew under the auspices of entrepreneurs from Massachusetts Institute of Technology (MIT) in Boston at the end of World War Two. Trained in high-technology in MIT's labs and academic departments or in the local industrial marvel that became known as the “Route 128 phenomenon”, these entrepreneurs took their technical and innate skills with them to found their own new companies. The book is based on extensive empirical research on these firms conducted over a period of twenty-five years and much previously written work on the subject, and is the culmination of such earlier work and synthesized findings. It centers on people, technology, money, and markets, and its main goal is to provide insights that may eventually contribute to fulfilling other entrepreneurs' dreams and other communities' hopes. The book chapters comprise three connected sections — treating birth, transition and growth, and success or failure.

This book presents entrepreneurship as networking as a perspective. Persistent problems around the dominant “individual-opportunity” approach in the entrepreneurship field motivated the authors to focus on the social-interactive aspects and action orientation of entrepreneurship. The work promises to address the challenge of providing a more integrated account in which the entrepreneur’s agency is combined with a greater emphasis on the social environment. The importance of social relations and the associated interactions between entrepreneurs and their environment give insight into key entrepreneurial processes. The authors address the guiding questions of what a viable network is for (nascent) entrepreneurs and how networking activities affect their entrepreneurial endeavors. Therefore, they first create a synthesis of key network mechanisms and networking dynamics. This allows them (a) to shed new light on the origins of opportunities and improve understanding of how entrepreneurs access resources and subsequently mobilize and deploy them, and (b) to explain how entrepreneurs build legitimacy, facilitating them to act on perceived new combinations and thereby exploit their potential. Thus, this book highlights how networking is a central constitutive force in entrepreneurship. Previous work showed how networks can or will lead to entrepreneurial action as a facilitator. Going one step further, the authors posit that networking is entrepreneurial action, and entrepreneurial action is networking, thereby opening an entirely new research agenda.

This book examines the initial commercial uses of genetic engineering. Genetic engineering is one of the most modern, controversial and dynamic of the science-based technologies. It is not an object, but a set of techniques or way of doing things. The development of these technologies from the 1970s onwards illustrates the changing relationships between universities and firms, and between basic science and research oriented towards commercial uses. The main focus of the book is on two firms — DS Genentech in the United States and Kabi in Sweden — and their activities and ‘knowledge-seeking’ behaviour in the development of human growth hormone and how those ran in parallel with university science. This book was awarded the Schumpeter Society book prize in 1996. This paperback edition includes a new introduction in which the author reflects upon the most recent developments in biotechnology. The book will interest those who wish to understand the complexities of innovation processes in the ‘knowledge society’, for example, management and organisation researchers, economists, policy advisors, and managers and strategists responsible for turning knowledge into product and profit.