Knowledge at Wharton

Kevin Werbach a professor of legal studies and business ethics at Wharton spoke recently with David Yaun an IBM executive about the company’s Global Innovation Outlook project. According to Yaun ”traditionally companies have identified innovation with gadgets and gizmos but that thinking is being transformed.” The definition of innovation is being broadened -- it is becoming more open collaborative global and inter-disciplinary. ”The barriers to innovation and collaboration have come down dramatically ” Yaun says. This was the second in a series of interviews about themes to be featured at Supernova a conference Werbach organizes in collaboration with Wharton in San Francisco.

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Helen Greiner shares a key trait with many successful business leaders -- a passion for something. In her case it happens to be robots. That passion led Greiner -- along with Colin Angle and Rodney Brooks -- to found what would become iRobot in 1990. Over the past four years iRobot has sold more than 1.5 million robots for cleaning floors and has deployed more than 300 tactical military robots in Iraq. Greiner recently gave a presentation at Wharton sponsored by the School’s entrepreneurship and technology clubs after which she talked with Knowledge at Wharton about her company and the impact that robots have and will have on our everyday lives.

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It’s open season on the television industry’s business model. In recent years the three pillars of the industry’s profits -- advertising regional programming and syndication deals -- have come under fire from a band of technology companies including Sling Media TiVo Orb Networks and Apple Computer that are rewriting the content distribution rules. As one Wharton professor notes TV won’t necessarily be viewed via TV anymore. What are the dangers and opportunities of digital distribution? How easily can the big media companies adapt to new technologies and can they continue to attract viewers who spend more time these days on the web than with their remote controls?

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When Google announced its Gmail email service two years ago a lot of people figured the company was joking. After all Google had been known to offer up the occasional gag like saying it was starting a research center on the moon. More importantly nobody believed that consumers would tolerate Google’s plan of scanning people’s emails and then delivering advertisements to them based on the emails’ contents. Two years later Gmail has tens of millions of users. But consumers’ initial disbelief underscores the web’s knotty privacy problem according to participants at the recent 2006 Wharton Technology Conference. Consumers say they want privacy online although they often behave in ways that contradict that statement; companies insist they will protect privacy although they sometimes fail to do so. And everybody is wary of increased government regulation.

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In the debate over how to build better models to help the world’s neediest citizens supporters of for-profit social-impact organizations argue that their model is more sustainable than non-profit schemes. Non-profit and foundation executives agree that new paradigms are necessary but caution that for-profit models could ultimately put profit ahead of serving the poor. The issues surrounding this debate were further explored at the recent Wharton Social Impact Management (SIM) Conference whose theme -- ”Solutions to Social Problems Incident to our Civilization” -- borrowed a phrase used 125 years ago by school founder Joseph Wharton in his directive for business education.

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Azim Premji 60 owns more than 80% of Bangalore-based Wipro India’s third largest software exporter which had annual revenues of $1.8 billion in 2005. Forbes magazine reckons that his net worth exceeds $13 billion and it places him at No. 25 in its most recent ranking of the world’s richest people. In the first of a two-part interview with Knowledge at Wharton Premji speaks with Ravi Aron a professor of operations and information management at Wharton about Wipro’s reorganization last year following the departure of its former CEO; why the company chose to move to a new structure based on so-called verticals; how Wipro’s business operations are changing; and the challenges the company faces in building management talent.

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A talking chimp arriving in e-mail inboxes speaks in its sender’s voice through a telephone connection or recites a pre-recorded joke for the boss. Burger King’s ad campaign offers a ”subservient chicken” site where viewers can type in commands to a person in a chicken suit with red garters. JibJab is developing a new site called JokeBox where consumers and corporations can post and share funny videos or jokes online. These are among the latest viral marketing campaigns that blend advertisement and interactive entertainment across informal consumer networks. The convergence may be inevitable say Wharton faculty and others but it remains unclear whether such an approach is sustainable and measurable and whether it will actually generate new business.

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Everyone uses commodities such as wheat cocoa crude oil butter coal and electricity. But most investors know that speculating on commodities in the futures markets is only for the pros and no sensible amateur would bet his retirement or college funds on sugar silver orange juice or feeder cattle. But are commodities really that risky? Using the most comprehensive data on commodities futures returns ever assembled Wharton finance professor Gary Gorton and K. Geert Rouwenhorst finance professor at the Yale School of Management have reached a surprising conclusion -- that commodities offer the same returns as investors are accustomed to receiving with stocks. Gorton and Rouwenhorst present their findings in a paper titled ”Facts and Fantasies about Commodity Futures.”

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The recent sale of Knight Ridder the country’s second-largest newspaper chain to McClatchy follows one of the most difficult years the industry has had -- declining circulation job losses and falling stock prices. Newspapers it would seem have two big strikes against them: They are in a mature industry and they are a textbook example (stockbrokers are another) of an intermediary between sources of information and customers -- a role that is being increasingly challenged by the Internet. To remain competitive in the coming years say Wharton faculty and others daily newspapers will have to strengthen their efforts to attract younger readers make more imaginative use of the Internet and develop stories mostly local in nature that better meet the needs of time-pressed subscribers.

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Although Microsoft recently unveiled an ’ultra-mobile personal computer ’ or UMPC in a move to fill a market niche between laptops and handheld computers it remains to be seen whether this latest innovation from the software giant will be a hit or flop. While Microsoft is following a ”build-it-and-it-will-sell” strategy with the UMPC technology history is littered with innovative products that never found a market say experts at Wharton. As Wharton professor of operations and information management Eric K. Clemons puts it: ”Build-it-and-it-will-sell strategies are a mixed bag.”

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