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There is a darker side to that as well. Having more money than anyone else -- and giving young companies far more money than anyone else would be willing to invest in them -- has made Son's formula look unassailable. But there are vulnerabilities that a rising market has so far obscured -- at least most of the time. To some, Son's recent investment frenzy looks eerily familiar. He lost tens of billions on a string of investments on internet companies during the dotcom bubble years.

Asked in a March interview with Nikkei if he regrets those investment decisions, Son paused before talking not about the losses, but about his failure to spend even more. Instead of going bargain-hunting in the dotcom wreckage, he challenged Nippon Telegraph and Telephone, Japan's marquee telecom group, in a race to bring broadband to the Japanese market. Those broadband operations, which required massive infrastructure investments, turned into financial sinkholes that caused SoftBank to log four straight years of losses. Ultimately, however, those investments led to lower prices, boosting the fortunes of Japanese internet companies.

Son has said that he decided to invest only five minutes into his first meeting with Executive Chairman Jack Ma Yun. His gut feeling was correct. That was the start of the Vision Fund, the largest single fund on the planet and a catalyst for the transformation of SoftBank as well as its founder. The Vision Fund is unique, given its relative lack of constraints and clear return targets, and its open-ended structure. The Vision Fund came at a fortuitous time for Son. Crucially, by using the Vision Fund, Son can also spend other people's money -- and spend it aggressively.

I aggressively engage in price competition. The Vision Fund has relatively little time pressure, which means that SoftBank does not have to worry about generating positive cash flow in the companies in which it takes a stake. The size of the fund, however, can be a curse as much as a blessing for both giver and recipient. In order to "aggregate," Son offers the highest valuation when he finds himself bidding in competitive situations.

As long as the market rises, propelled by ever larger amounts of money coming into tech, SoftBank appears invulnerable -- and Son appears to have turned himself into a sort of perpetual money-making machine. The danger, though, comes when the market stops rising. Capital can crown the wrong winner. Because few other investors believe in the values Son's investments give to young companies, they can only attract SoftBank money when they need a new round of funding -- or they must contemplate the prospect of a lower valuation. In recent months, "Son is the new IPO" has become the mantra among venture capitalists who try to convince him to buy the companies they have invested in because he will give them a higher valuation than the public market.

Consider Coupang, among the largest startups in the history of South Korea. But Coupang burns capital at an alarming rate, and has reported losses far bigger than the market has expected, according to people in the industry. If it were to raise money today it would likely be at a lower valuation. That translates into saying the company will not generate positive cash flow on its own for the conceivable future.

These are just short-term concerns for Son, who says he wants to create a group that will last for centuries. I wish for future generations to say he created an organizational body that has grown for years. Whatever the future holds, Son has always done things his own way, combining a strong sense of being an outsider with an equally strong belief in his own capabilities. In an interview with the Harvard Business Review back in , Son described "the darkness in my mind because of my nationality.

I think most Koreans who live in Japan have the same feeling. They use their Japanese last names and feel like they are hiding something. Masayoshi Son says his idea about running SoftBank was formed by watching his father attempt to run a variety of businesses. While he may have harbored doubts about his fundamental identity, Son has never had any doubt about his charm as a salesman. Taking such risks has so far worked out. But that apparent success also reflects today's benign financial conditions, with low interest rates and ample liquidity.

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These conditions may soon turn. Interest rates have started to move up in the U. If the tightening continues, Son may not look quite as successful tomorrow. Of course, he has already been there. Could it happen again? Are You Reading the Right Signals? Article Research-Technology Management. Maximizing the Returns from Research. Christensen , Christopher S. Musso and Scott D. Keywords: Research ; Profit ;. Keywords: Governing Rules, Regulations, and Reforms ;. Keywords: Disruption ; Service Industry ;. Scott D. Anthony and Clayton M. Keywords: Performance ; Price ; Brands and Branding ;.

Christensen and Michael Raynor. Keywords: Management ; Theory ;. Keywords: Problems and Challenges ; Growth and Development ;. Anthony W Ulwick, Clayton M. Christensen and Jerome H Grossman. Article Industrial and Corporate Change. Disruption, Disintegration, and the Dissipation of Differentiability. Christensen , Matt Verlinden and George Westerman. Keywords: Disruption ; Segmentation ;. Stuart L. Hart and Clayton M. Keywords: Innovation and Invention ; Global Range ;. Article Technology Review. Article Optimize. Clayton Christensen and Tara Donovan. Keywords: Customers ; Product ;.

Article hfm Healthcare Financial Management. John Kenagy and C. The Future of the Microprocessor Business. Michael J Bass and Clayton M. Christensen , Mark W. Johnson and Darrell K. John W. Kenagy and Clayton M. Christensen , Michael Raynor and Matthew Verlinden. Article Leader to Leader. Assessing Your Organization's Innovation Capabilities. Keywords: Organizations ; Innovation and Invention ;. Article Foreign Affairs. Christensen , Thomas Craig and Stuart Hart.

Keywords: Disruption ;. The Past and Future of Competitive Advantage. Keywords: Competition ;. Christensen , Richard M. Bohmer and John Kenagy. Article Business Week. Meeting the Challenge of Disruptive Change. Christensen and Michael Overdorf. Keywords: Disruption ; Change ; Problems and Challenges ;. Patterns of Disruption in Retailing.

Christensen and R. Keywords: Disruption ; Sales ;. Article Business Technology Journal. Keywords: Change ; Framework ;. Article Management Science. Strategies for Survival in Fast-Changing Industries. Christensen , F. Suarez and J. Keywords: Strategy ; Supply and Industry ;. Christensen and Elizabeth G Armstrong. Keywords: Strategy ; Learning ;. Article Chemtech. Discovering New and Emerging Markets. Keywords: Emerging Markets ;.

Article European Management Journal. Patterns in the Evolution of Product Competition. Article Strategic Management Journal. Bower and C. Article Research Policy. Keywords: Technology ; Organizations ; Value ; Networks ;. Disruptive Technologies: Catching the Wave. Keywords: Disruption ; Technology ;. Rosenbloom and C. Keywords: Technology ; Strategy ;. Article Business History Review.

Article Production and Operations Management. Keywords: Technology ; Mathematical Methods ;. Keywords: Technology ; Design ;. Article Computerworld Leadership Series. Chapter From Resource Allocation to Strategy Clark Gilbert and Clayton M. Keywords: Resource Allocation ; Mathematical Methods ;. Impact of Disruptive Technologies in Telecommunications.

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Chapter Innovation, Industry Evolution and Employment Chapter The Entrepreneurial Venture Joseph L. Bower and Clayton M. Chapter Technology Management Handbook Chapter Seeing Differently: Insights on Innovation Paul R. Carlile and Clayton M. Anthony, Erik A. Roth and Clayton M. Christensen and David Sundahl. Christensen and Henry Chesbrough. The Process of Strategy Development and Implementation. Christensen and Tara Donovan.

Markets for Technology and the Returns on Research. Christensen , Fernando F. Suarez and James M. Module Note August Clayton Christensen.

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Keywords: Theory ; Causation vs. Module Note August Revised July Integrating Around the Job to Be Done. Disruptive IPOs? Christensen and Curtis Rising. Module Note August Revised May Christensen and Mark W. Keywords: business models ; valuation ; Business Model ; Valuation ;. Module Note September Revised August Christensen and Stephen P. Simulation Willy C. Shih and Clayton Christensen. Christensen and Ho Howard Yu. Keywords: Service Industry ;.

Keywords: Technology Industry ;. Trends in the United States Steel Market, Christensen and Bret J. Clayton Christensen and Jeremy Dann. Christensen and Matthew Beecher. Christensen and Mark Szigety. Keywords: Computer Industry ;. What Is an Organization's Culture? Christensen and Kristin Shu. Identifying and Developing Capable Leaders. Christensen and Morgan McCall Jr. Christensen and Lana Newishy. Christensen and Scott Duncan Anthony. Keywords: Innovation and Management ; Entrepreneurship ;. Christensen , Howard H.

Stevenson and Jeremy Dann. Class Lecture The Opportunity and Threat of Disruptive Technologies. Christensen and Kevin M. Keywords: Food and Beverage Industry ;. Polycom, Inc. Case Christensen and Robert A Burgelman. Christensen and Sarah S. Keywords: Telecommunications Industry ;. Developing Nurse Practitioners at the College of St. Keywords: Computer Industry ; California ;. Keywords: Communications Industry ;. Keywords: Manufacturing Industry ; Ohio ;. Keywords: Medical Devices and Supplies Industry ;.

Christensen and Michael D Overdorf. Reshaping Apple Computer's Destiny Abridged. Christensen and Matt Verlinden. Keywords: Public Administration Industry ;. Processes of Strategy Definition and Implementation, The. Christensen and Jeremy Dann. Christensen and Tracy Donovan. Graduate Center of Marlboro College, The. Keywords: Higher Education ; Education Industry ;. Christensen , Richard G.

Hamermesh and Jeremy Dann. Linking Strategy and Innovation TN. Keywords: Management ;. Keywords: Outcome or Result ;. Christensen and Edward G Cape. Managing Innovation at Nypro, Inc. Christensen and Rebecca Voorheis. Keywords: Manufacturing Industry ;. Scientific Instruments Corporation TN. Cultivating Capabilities to Innovate: Booz. Clayton Christensen and Rory McDonald. Materials Technology Corporation TN. Hospital Equipment Corporation TN. Keywords: Health Industry ;.

We've Got Rhythm! Medtronic Corp. Keywords: Consulting Industry ;. Christensen and Jorg Zobel. Keywords: Food and Beverage Industry ; Europe ;. Vallourec's Venture into Metal Injection Molding. Keywords: Real Estate Industry ;. Some Thoughts on Doing Field Research. Raychem Corp. Medtronic Corporation's Cardiac Pacemaker Business. Keywords: Technology ; Management ; Computer Industry ;.

Keywords: Pharmaceutical Industry ;. Christensen and Rory McDonald. Michigan Manufacturing Corp. Keywords: Electronics Industry ;. Keywords: Auto Industry ; Manufacturing Industry ;. Keywords: Organizational Culture ; Policy ; Conferences ;. Ceramics Process Systems Corp. Steven C. Wheelwright and Clayton M. Keywords: Software ;. Quantum Corp.

Richard S. Rosenbloom and Clayton M. Other Unpublished Work Steven Spear and Clayton M. Keywords: Organizational Design ;. Interventional Radiology: Disrupting Invasive Medicine. Report Michael Raynor and C. Christensen and Steven Milunovich. Research Summary. The Strategic Management of Technology. Winner of a Edison Achievement Award for contributions to the world of innovation.

Ranked as the most influential business thinker in the world in the and Thinkers50 lists. Won the Thinkers50 Innovation Award for his application of disruptive innovation to the social issues of education and healthcare. Received the James A. Given annually, the award honors a management or healthcare book deemed most outstanding.

Received the Big Picture Award in recognition of his work in the field of disruptive innovation in public education. This was the inaugural award for creative innovation in education given by Big Picture Learning. Dyer and Hal B. Harvard Business School. HBS Home.

Business and Environment Business History Entrepreneurship. Finance Globalization Health Care. Technology and Innovation. Finance General Management Marketing. Technology and Operations Management. Page Content. Christensen Kim B. Clark Professor of Business Administration. Featured Work. But how can we ensure we're not straying from our values as humans along the way? Clayton Christensen, Harvard Business School professor and world-renowned innovation guru, examines the daily decisions that define our lives and encourages all of us to think about what is truly important.

Duncan The foremost authority on innovation and growth presents a path-breaking book every company needs to transform innovation from a game of chance to one in which they develop products and services that customers want to buy and are willing to purchase at a premium price. How do companies know how to grow? How can they create products that they are sure customers want to buy?

Can innovation be more than a game of hit and miss? Harvard Business School professor Clayton Christensen has the answer. A generation ago, Christensen revolutionized business with his groundbreaking theory of disruptive innovation. Now, he goes further, offering powerful new insights. After years of research, Christensen and his co-authors have come to one critical conclusion: our long held maxim—that understanding the customer is the crux of innovation—is wrong.

Customers don't buy products or services; they "hire" them to do a job.

Understanding customers does not drive innovation success, he argues. Understanding customer jobs does. The "Jobs-to-Be-Done" approach can be seen in some of the world's most respected companies and fast-growing startups, including Amazon, Intuit, Uber, Airbnb, and Chobani yogurt, to name just a few. But this book is not about celebrating these successes—it's about predicting new ones. The authors contend that by understanding what causes customers to "hire" a product or service, any business can improve its innovation track record, creating products that customers not only want to hire, but that they'll pay premium prices to bring into their lives.

Jobs theory offers new hope for growth to companies frustrated by their hit and miss efforts. This book carefully lays down the authors' provocative framework, providing a comprehensive explanation of the theory and why it is predictive, how to use it in the real world and, most importantly, how not to squander the insights it provides. Citation: Christensen, Clayton M. View Details. Cite View Details Related. Christensen Some people are just natural innovators, right? With no apparent effort, they discover ideas for new products, services, and entire businesses.

It may look like innovators are born, not made. Master the discovery skills that distinguish innovative entrepreneurs and executives from ordinary managers. In The Innovator's DNA, the authors identify five capabilities demonstrated by the best innovators: 1 Associating: drawing connections between questions, problems, or ideas from unrelated fields; 2 Questioning: posing queries that challenge common wisdom; 3 Observing: scrutinizing the behavior of customers, suppliers, and competitors to identify new ways of doing things; 4 Experimenting: constructing interactive experiences and provoking unorthodox responses to see what insights emerge; and 5 Networking: meeting people with different ideas and perspectives.

The authors explain how to generate ideas with these skills, collaborate with "delivery-driven" colleagues to implement ideas, and build innovation skills throughout your organization to sharpen its competitive edge. They also provide a self-assessment for rating your own innovator's DNA. Practical and provocative, this book is an essential resource for all teams seeking to strengthen their innovative prowess.

Citation: Dyer, Jeffrey H. Gregersen, and Clayton M. A groundbreaking prescription for health care reform—from a legendary leader in innovation. Our health care system is in critical condition. Each year, fewer Americans can afford it, fewer businesses can provide it, and fewer government programs can promise it for future generations. We need a cure, and we need it now.

Harvard Business School's Clayton M.

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Christensen—whose bestselling The Innovator's Dilemma revolutionized the business world—presents The Innovator's Prescription, a comprehensive analysis of the strategies that will improve health care and make it affordable. Christensen applies the principles of disruptive innovation to the broken health care system with two pioneers in the field—Dr.

Jerome Grossman and Dr. Jason Hwang. Together, they examine a range of symptoms and offer proven solutions. Winner of James A. Johnson According to recent studies in neuroscience, the way we learn doesn't always match up with the way we are taught. If we hope to stay competitive—academically, economically, and technologically—we need to rethink our understanding of intelligence, reevaluate our educational system, and reinvigorate our commitment to learning. Horn, and Curtis W. Anthony, and Erik A Roth.

Christensen, and Steven C. Innovation and the General Manager. Christensen His work is cited by the world's best known thought leaders, from Steve Jobs to Malcolm Gladwell. Christensen , Efosa Ojomo and Karen Dillon Executive Summary: With emerging-market giants such as Brazil, Russia, India, and China experiencing slowdowns, investors, entrepreneurs, and multinationals are looking elsewhere.

Can one find serious growth opportunities amid extreme poverty and a lack of infrastructure and institutions? The answer, the authors argue, is yes. The key lies in market-creating innovations: products and services that speak to unmet local needs, create local jobs, and scale up quickly. Examples include MicroEnsure, which has made insurance affordable for 56 million people in emerging economies, and Galanz, which has brought microwave ovens to millions of Chinese consumers previously considered too poor to buy such an appliance.

Palmer The concept of disruptive innovation has gained considerable currency among practitioners despite widespread misunderstanding of its core principles. Similarly, foundational research on disruption has elicited frequent citation and vibrant debate in academic circles, but subsequent empirical research has rarely engaged with its key theoretical arguments. This inconsistent reception warrants a thoughtful evaluation of research on disruptive innovation within management and strategy. This assessment reveals that our understanding of the phenomenon of disruption has changed as the theory has developed.

To reinvigorate academic interest in disruptive innovation, we propose several underexplored topics—response strategies, performance trajectories, and innovation metrics—to guide future research. Altman, and Jonathan E. Journal of Management Studies 55, no. Christensen , Efosa Ojomo and Derek van Bever With a young, urbanizing population, abundant natural resources, and a growing middle class, Africa seems to have all the ingredients necessary for huge growth. Nevertheless, a number of multinationals have recently left the continent, discouraged by widespread corruption, a lack of infrastructure and ready talent, and an underdeveloped consumer market.

Some innovators, however, have succeeded by building franchises to serve poorer consumer segments; tapping the vast opportunity represented by nonconsumption; internalizing risk to build strong, self-sufficient, low-cost enterprises; and integrating operations to avoid corruption. MNCs seek growth by pushing current products onto emerging middle-class consumers. They retain some large portion of their existing cost structure and operating style, and thus set prices that limit market penetration.

The winning strategy diverges from this approach in almost every respect. When innovators develop products that people want to pull into their lives, they create markets that serve as a foundation for sustainable growth and prosperity.

Duncan Firms have never known more about their customers, but their innovation processes remain hit-or-miss. According to Christensen and his coauthors, product developers focus too much on building customer profiles and looking for correlations in data. To create offerings that people truly want to buy, firms instead need to home in on the job the customer is trying to get done. Some jobs are little pass the time ; some are big find a more fulfilling career.

Jobs are multifaceted. And the circumstances in which customers try to do them are more critical than any buyer characteristics. Consider the experiences of condo developers targeting retirees who wanted to downsize their homes. Sales were weak until the developers realized their business was not construction but transitioning lives. Instead of adding more features to the condos, they created services assisting buyers with the move and with their decisions about what to keep and to discard.

Sales took off. Corporations seemed stuck: Despite low interest rates, they were sitting on massive piles of cash and failing to invest in new initiatives. In this article, a leading innovation expert and his HBS colleague explore the reasons for this sluggishness. The crux of the problem, they say, is that investments in different types of innovation have different effects on growth but are all evaluated using the same flawed metrics. Indeed, efficiency innovations eliminate them. But the assessment metrics that financial markets—and companies—use always show efficiency and performance-improving innovations to be better opportunities.

This is the capitalist's dilemma: Doing the right thing for long-term prosperity is the wrong thing for investors, according to the tools that guide investments. Those tools, however, are based on an unexamined assumption: that capital is scarce, and that performance should be assessed by how efficiently companies use it.

The truth is, capital is no longer scarce, and our tools need to catch up to that reality. Christensen , Michael Raynor and Rory McDonald For the past 20 years, the theory of disruptive innovation has been enormously influential in business circles and a powerful tool for predicting which industry entrants will succeed. Unfortunately, the theory has also been widely misunderstood, and the "disruptive" label has been applied too carelessly anytime a market newcomer shakes up well-established incumbents.

In this article, the architect of disruption theory, Clayton M. Christensen and his coauthors, correct some of the misinformation, describe how the thinking on the subject has evolved, and discuss the utility of the theory. They start by clarifying what classic disruption entails—a small enterprise targeting overlooked customers with a novel but modest offering and gradually moving upmarket to challenge the industry leaders.

They point out that Uber, commonly hailed as a disrupter, doesn't actually fit the mold, and they explain that if managers don't understand the nuances of disruption theory or apply its tenets correctly, they may not make the right strategic choices. Common mistakes, the authors say, include failing to view disruption as a gradual process which may lead incumbents to ignore significant threats and blindly accepting the "Disrupt or be disrupted" mantra which may lead incumbents to jeopardize their core business as they try to defend against disruptive competitors. The authors acknowledge that disruption theory has certain limitations.

But they are confident that as research continues, the theory's explanatory and predictive powers will only improve. What accounts for this trend? Disruption is coming for management consulting, the authors say, as it has recently come for law. For many years the professional services were immune to disruption, for two reasons: opacity and agility.

Clients find it very difficult to judge a firm's performance in advance, because they are usually hiring it for specialized knowledge and capability that they themselves lack. Price becomes a proxy for quality. And the top consulting or law firms have human capital as their primary assets; they aren't hamstrung by substantial resource allocation decisions, giving them remarkable flexibility. Now incumbent firms are seeing their competitive position eroded by technology, alternative staffing models, and other forces. Market research companies and database providers are enabling the democratization of data.

The vast turnover at consultancies means armies of experienced strategists are available for hire by former clients, whose increasing sophistication allows them to allocate work instead of relying on one-stop shops as they did in the past. Drawing on the theory of disruption, the authors offer three scenarios for the future of consulting. Executives can dramatically increase their odds of success, the authors argue, if they understand how to select targets, how much to pay for them, and whether and how to integrate them.

The most common reasons for making an acquisition include holding on to a premium position or cutting costs. But to realize those benefits, the acquirer needs to achieve economies of scale by absorbing the target's resources into its operations. CEOs, who are often unrealistic about the performance boost from such acquisitions, must be sure not to pay too much for them. A less-familiar reason for making an acquisition is to fundamentally change a company's growth trajectory. In those deals, the acquirer uses the target's business model as a platform for growth. Because the business models with the most transformative potential are often disruptive, they can be difficult to evaluate, and CEOs often believe that such acquisitions are overpriced.

In fact, however, those are the ones that can pay off spectacularly. Carlile Some in the Academy have questioned the usefulness of case studies in teaching sound management theory Shugan Our research and experience suggests exactly the opposite-that case studies can unite the development of theory with the teaching of it in a single enterprise we'll call course research. Conclusions such as those that Shugan and others have reached stem from misconceptions about the relationship of research, theory, case studies, and teaching.

In fact, the proper use of case studies in teaching can help faculty resolve a basic dilemma of academia: promotion is often based upon our published research, and we find that responsibilities to teach detract from the mandate to publish. When approached properly, case studies can transform teaching into research and enroll students as "course researchers," whose class participation can be exceptionally valuable in the theory-building process. Christensen, and Henning Kagermann.


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Shih Most companies aren't half as innovative as their senior executives want them to be or as their marketing claims suggest they are. What's stifling innovation? There are plenty of usual suspects, but the authors finger three financial tools as key accomplices. Discounted cash flow and net present value, as commonly used, underestimate the real returns and benefits of proceeding with an investment.

Most executives compare the cash flows from innovation against the default scenario of doing nothing, assuming - incorrectly - that the present health of the company will persist indefinitely if the investment is not made. In most situations, however, competitors' sustaining and disruptive investments over time result in deterioration of financial performance. Fixed- and sunk-cost conventional wisdom confers an unfair advantage on challengers and shackles incumbent firms that attempt to respond to an attack. Executives in established companies, bemoaning the expense of building new brands and developing new sales and distribution channels, seek instead to leverage their existing brands and structures.

Entrants, in contrast, simply create new ones. The problem for the incumbent isn't that the challenger can spend more; it's that the challenger is spared the dilemma of having to choose between full-cost and marginal-cost options. The emphasis on short-term earnings per share as the primary driver of share price, and hence shareholder value creation, acts to restrict investments in innovative long-term growth opportunities.

These are not bad tools and concepts in and of themselves, but the way they are used to evaluate investments creates a systematic bias against successful innovation. The authors recommend alternative methods that can help managers innovate with a much more astute eye for future value. Kaufman, and Willy C. Harvard Business Review 86, no. Berstell, and Denise Nitterhouse. Anthony Citation: Christensen, C. Musso, and Scott D. Anthony Citation: Christensen, Clayton M. Christensen, and Jerome H Grossman.

Johnson, and Darrell K. Bohmer, and John Kenagy. Business Technology Journal December : 2— Suarez, and J. Bower and Clark Gilbert. PulsePoint Communications, Audretsch and Steven Klepper. New York: Cambridge University Press, Sahlman, Howard H. Bhide, — Harvard Business School Press, Christensen Citation: Carlile, Paul R. Christensen Citation: Anthony, Scott D. Roth, and Clayton M. Christensen Citation: Christensen, Clayton M.