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Will Stronger Borders Weaken Innovation? LARRY SMARR COLLABORATES • BIAS AT WORK • ELEVATE YOUR TAX FUNCTION THE Best Business The Global Innovation 1000 Books Will Stronger 2017 OF Borders Weaken Innovation? Winter 2017 $12.95 Display until February 27, 2018 www.strategy-business.com BUSINESS MEETS PASSION. PASSION MEETS PURPOSE. For more than 40 years, the Owner/President Management program has OWNER/ helped the world’s top executives and entrepreneurs take control of their enterprise, grow their skill sets, and fuel the passion that drives their business PRESIDENT endeavors. The intensive three-unit format expands your entrepreneurial mindset, business acumen, and industry insights over 24 months. You will MANAGEMENT emerge as a lifetime member of OPM’s global alumni network—equipped with the strategic vision to transform your company and your career. OWNER/PRESIDENT MANAGEMENT 09–27 SEP 2018 (UNIT 1 ONLY) LEARN MORE AT WWW.EXED.HBS.EDU/SB-OPM comment editor’s letter editor’s editor’s letter editor’s 1 Innovators within Borders We’ve been publishing the Global Innovation 1000, an annual report on corpo- rate R&D spending conducted by Strategy&, PwC’s strategy consulting busi- ness, since 2005. Every year, the innovation landscape has grown more and more open, with talent, information, and technical skill flowing across national borders. Until now. In this year’s report, “Will Stronger Borders Weaken Innovation?” (page 54), the tension between national interests (which can be characterized by suspicion of outsiders and protective of their home enterprises) and innovation (which has always been a boundary-crossing phenomenon) takes center stage. As authors Barry Jaruzelski, Volker Staack, and Robert Chwalik put it, “Companies are likely to lose efficiency, create redundancies, and take on higher costs,” espe- cially if they divide their research and development footprints into more autono- mous regional hubs. To be sure, global innovation flows have also had unintended consequenc- es, particularly for companies that have invested in emerging markets only to Illustration by Lars Leetaru have their technological knowledge co-opted, stolen, or used against them. The editor’s letter editor’s strengthening of national barriers will make innovation tougher. But it may also create breathing room for some companies to become stronger and ready to com- pete when the barriers fall again, as they inevitably will. When that happens, we’ll all need better models of open innovation to help us rebuild those global collaborative connections. One of the best innovators to em- ulate is profiled by contributing editor Lawrence M. Fisher on page 80: physicist Larry Smarr, the founder and visionary leader of California Institute for Telecom- munications and Information Technology (Calit2). Although Smarr is perhaps best known for his prescient work in personalized medicine, he is a pioneering, 2 thoughtful, collaborative synthesizer of many fields, including supercomputing, highly advanced data analytics, microorganic biology, and organizational design. Elsewhere, you’ll find one of the most engaging groups of Best Business Books essays we’ve ever published (page 98). Culling the most valuable business writ- ing of 2017 are James Surowiecki on innovation, Sally Helgesen on leadership, Duff McDonald on management, Bethany McLean on narratives, Ken Favaro on strategy, Catharine P. Taylor on marketing, and, for the first time in our pages, Economist news editor Ryan Avent on economics. Other articles cover the best ways to promote high-potential people who are held back by perceived biases (page 36), better cost management to improve mergers and acquisitions (page 8), the value of a strategically oriented tax function in your company (page 44), and the new collaborative trend in healthcare (page 29).Rotman professor Laura Doering’s research explains why entrepreneurs should pay more attention to their lowest-status constituents (page 21). Finally, on page 158, is our Thought Leader interview with economic gadfly Jeremy Rifkin. Rifkin’s view of a future of abundant energy and digitally driven quality of life has inspired many business and government leaders, notably in Germany and China. The openness of innovation will be a critical factor shaping how this future unfolds. Art Kleiner 89 issue Editor-in-Chief kleiner_art@ strategy-business.com strategy + business leading ideas 15 8 Getting Fit for Mergers and Acquisitions Deniz Caglar and Michael Connolly The disciplines that enable restructuring of established companies are also essential levers for helping deals succeed. 15 Lifelong High Performance, the Japanese–American Way Bobbie van der List A few companies in Tokyo are using U.S. management methods to resolve the trade-off between long employee tenures and global competitiveness. 21 Emerging Entrepreneurs 80 Laura W. Geller Rotman School assistant professor Laura Doering explores the intersection of economic development and human nature. 29 How Teamwork Will Transform Healthcare Brian Williams, Vaughn Kauffman, and Karen Young Payors, providers, medtech companies, and pharmaceutical firms need to get better at working with one another. 116 essays ORGANIZATIONS & PEOPLE 36 How to Keep Perceived Bias from Holding Back High-Potential Employees Sylvia Ann Hewlett, Ripa Rashid, and Laura Sherbin When talented people from diverse backgrounds fail to rise in a company, use one of these three powerful solutions. STRATEGY & LEADERSHIP 44 The Marriage of Tax and Strategy Andy Ruggles, Mark Schofield, and Michael Shehab Make a commitment to the function that knows your company best. features THE GLOBAL INNOVATION 1000 TECHNOLOGY 54 Will Stronger Borders 80 The Synthesizer Weaken Innovation? Lawrence M. Fisher Barry Jaruzelski, Volker Staack, Larry Smarr has become a vital and Robert Chwalik conductor of innovation by insisting The flow of talent, investment, and ideas that scientists and researchers at the that has boosted companies’ global R&D incubators he runs collaborate across efforts may soon be impeded by the rise the lines that separate disciplines. of economic nationalism. 60 Profiling the Global Innovation 1000 66 The 10 Most Innovative Companies ECONOMICS 98 Best Business 132 Not-So-Great Expectations Books 2017 Ryan Avent INNOVATION MARKETING 100 The Platform Competition 141 Steady Progress James Surowiecki Catharine P. Taylor STRATEGY MANAGEMENT 108 Animal Spirits 149 Mind Over Matter Ken Favaro Duff McDonald NARRATIVES 116 Crimes, Not Misdemeanors 156 Top Shelf Bethany McLean LEADERSHIP 123 Captains Courageous and Agile Sally Helgesen THE THOUGHT LEADER INTERVIEW 158 Jeremy Rifkin Art Kleiner and Juliette Powell The influential economic theorist looks ahead to a world of virtually free energy, zero marginal cost production, and widespread abundance, and to a desperate race against climate change. END PAGE: RECENT RESEARCH 176 Want More Ethical Employees? Give ’Em a Nudge Matt Palmquist A subtle suggestion from management can positively influence employee behavior, but a heavy-handed approach is likely to backfire. Cover illustration by Paul Wearing Issue 89, Winter 2017 www.strategy-business.com strategy+business Published by PwC EDITORIAL Editor-in-Chief Executive Editor Managing Editor Senior Editor International Editor Editor, Digital Art Kleiner Daniel Gross Elizabeth Johnson Laura W. Geller Jeremy Grant Melanie Rodier kleiner_art@ gross_daniel@ johnson_elizabeth@ geller_laura@ grant_ jeremy@ rodier_melanie@ strategy-business.com strategy-business.com strategy-business.com strategy-business.com strategy-business.com strategy-business.com Deputy Managing Editor Associate Editor Chief Copy Editor Information Graphics Editorial Sally Errico Michelle Gerdes Victoria Beliveau Linda Eckstein Operations Manager errico_sally@ gerdes_michelle@ info@ info@ Natasha Andre strategy-business.com strategy-business.com strategy-business.com strategy-business.com andre_natasha@ strategy-business.com Art Director Designers Contributing Editors John Klotnia Laura Eitzen Cristina Ampil Ann Graham Paul Leinwand Juliette Powell [email protected] [email protected] Edward H. Baker Sally Helgesen Cesare R. Mainardi Jeffrey Rothfeder David Clarke David K. Hurst Eric J. McNulty Michael Schrage Jennifer Thai Elizabeth Doty Jon Katzenbach Gary L. Neilson Jesse Sostrin jennifer@ Ken Favaro Theodore Kinni Rob Norton Thomas A. Stewart optodesign.com Bruce Feirstein David Lancefield James O’Toole Christopher A.H. Vollmer Lawrence M. Fisher Tim Laseter Matt Palmquist Chrisie Wendin PUBLISHING Publisher and Senior Marketing Advertising Director Business Operations Circulation Director Production Director Business Manager Manager Judith Russo Manager Beverly Chaloux Catherine Fick Gretchen Hall Charity Delich Tel: +1 212 551 6250 Bevan Ruland Circulation Publishing Experts Inc. Tel: +1 617 521 8808 Tel: +65 9359 4784 russo_judy@ Tel: +1 973 630 6924 Specialists Inc. cfick@publishing hall_gretchen@ delich_charity@ strategy-business.com ruland_bevan@ bchaloux@circulation experts.com strategy-business.com strategy-business.com strategy-business.com specialists.com PwC Chairman, Global and Asia Pacific, Global Chief Marketing PwC US Global Head Public Communications PricewaterhouseCoopers Americas Cluster Officer Marketing Leader of Strategy&, Review International Ltd. Advisory Leader William Cobourn John Sviokla PwC’s strategy Ann-Denise Grech Robert E. Moritz Miles Everson consulting business Natasha Andre Global Marketing and Joachim Rotering Head of Global Markets Europe, Middle East, Insights Leader
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