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Two billion people in developing economies have limited or no access to formal financial services, creating cause for substantial research interest in financial inclusion as a complex multidimensional phenomenon. Digital finance technologies, including blockchain, have empowered a type of crescive entrepreneurship that seeks opportunities in relation to financially excluded individuals. This article hypothesizes that nonmonetary causal factors and informal financial practices play a major role in habits of the financially excluded, which would favor blockchain's disintermediation features over the incumbent approach. After applying fuzzy-set Qualitative Comparative Analysis (fsQCA) to determine the conditions related to financial practice and motivations that explain the absence of a formal bank account, I prescribe five sensitivities that blockchain entrepreneurs need to consider when targeting this segment. The value of this article's approach extends well beyond traditional unisystemic views for financial inclusion, as blockchain-based entrepreneurial opportunities emerge to reveal alternative forms of disintermediated financial services, which we exemplify in startups modeling informal practices. Blockchain entrepreneurship can generate semi-formal financial services that bring financial aspirations closer to people. My perspective is relevant to blockchain entrepreneurs who aim to understand the practices of the unbanked as source information for the development of innovative solutions.

There is undoubtedly hype around drones and their applications for private and professional users. Based on a brief overview of the development of the drone industry in recent years, this article examines the co-evolution of drone technology and the entrepreneurial activity linked to it. Our results highlight the industry emergence described as concept validation, including product as well as market growth with different phases of technological meaning change. We argue that further steps are needed to develop drones from nice toys to professional tools-from photography and filming applications to inspection services and large cargo logistics. For innovation managers and entrepreneurs, we describe what triggers the emergence of a technology and attracts the needed actors to unleash its transformative potential. Our research is based on industry reports, news, and market studies as well as interviews with four industry actors.

Once each decade, California Management Review (CMR) publishes a special issue that features research by faculty at the Haas School of Business at University of California, Berkeley. Our 40th anniversary issue, published 20 years ago, highlighted research on Knowledge Management. CMR's 50th anniversary issue featured cutting-edge research on Innovation. In our 60th anniversary issue, we present new research that focuses on Leadership.

One of the clearest lessons to emerge from decades of research on personnel selection is that the traditional face-to-face job interview is terrible for predicting future job performance. The sad truth is that no selection tool is perfect, and future performance cannot be predicted precisely, but the traditional interview is particularly bad. Fortunately, it is easy to improve the predictive validity of the job interview by structuring it around hard-to-fake tests of key skills and abilities that actually predict future performance. There are also other tools as accurate as a structured interview and substantially less expensive to administer.

In an era of fast-paced technological change, innovation has become a business imperative. But it is not easy to make experimentation and risk-taking an integral part of an organization's business practice. This article describes a model for motivating innovation based on probability theory and experimental evidence. This research indicates that corporate leaders should create a culture that tolerates early failure and rewards long-term performance, and employees from the CEO down must be given incentives to innovate. These lessons are broadly applicable in fields beyond business, such as scientific research and the academic world.

This article examines the extent to which current leaders from each of the three sectors (public, private, and nonprofit) have had meaningful cross-sector experience either through full-time employment or through service on boards/commissions or other forms of affiliation. Almost half of all leaders profiled had at least one multisector affiliation and about 15% had four or more. It also explores the costs and benefits of such experiences to them and their organization. Almost every leader interviewed described a logical, but serendipitous path that created a unique, unforeseeable, and often very rewarding set of opportunities and experiences. Their profiles also suggest the emergence of a new career path in which leaders garner developmentally rich, career-accelerating experiences, often in parallel, by virtue of part-time cross-sector affiliations in addition to traditional employment.

Culture is assumed to play a pivotal role in organizational success and failure. In contrast to prevailing top-down perspectives, this article proposes an approach to studying culture that accounts for myriad organizational subcultures, how individuals fit into those subcultures, and the causes and consequences of shifts in culture and cultural fit. The language through which people communicate with colleagues offers a powerful lens for studying cultural dynamics and its relationship to individual, group, and organizational success. This article describes a burgeoning stream of research that uses language as a window into culture and discusses its implications for managerial practice.

The reasons for women's relatively slow ascension in the workplace have been a matter of considerable debate. This article explores why so much remains misunderstood about the challenges women face and why negative stereotypes-specifically, the view that women are innately poor advocates for themselves-persist. In fact, women possess unique advantages as negotiators, including greater cooperativeness and stronger ethics. But often those strengths are overlooked or severely undervalued. This article presents practical strategies for managers and negotiators of both genders to close the performance gaps and calls for changing the narrative on what it means to be a successful negotiator.

People often believe that they do more than their fair share of work. This tendency plays out across daily life, from married couples to workplace collaborations. While the inclination to "over-claim" credit is pervasive and has potentially serious consequences, little is known about the factors that make it more or less likely to occur. This article considers two predictors-group size and the role of indirect participants, such as supervisors, teachers, coaches, and office assistants-on the phenomenon known as over-claiming. It offers practical steps for individuals, managers, and organizations to take to moderate the damaging effects of over-claiming.

Innovation is a perennial management challenge. That's why, for decades, MIT Sloan Management Review has been publishing new research and insights about innovation, from business school researchers as well as from leading business executives and consultants. For this article, the authors tapped into that knowledge base. They combed through the MIT SMR archives, looking for older articles with innovation insights that today's MIT SMR readers might have missed but that still remain timely and have wide relevance. The authors winnowed their list to 12 essential innovation articles from the MIT SMR archives. They distilled key concepts from those archival articles into 12 brief innovation insights contained in this article. The insights cover a range of innovation-related topics -from managing innovative employees to innovating in different ways -and draw on work by researchers from a number of universities, including Cambridge Judge Business School, Harvard Business School, London Business School, and the MIT Sloan School of Management.

Plummeting data acquisition costs have been a big part of the surge in business analytics. We have much richer samples of data to use for insight. But more data doesn't inherently remove sampling bias; in fact, it may make it worse.

What distinguishes companies that have built advanced digital capabilities? The ability to collaborate. Research finds that a focus on collaboration -both with and without technology, both within organizations and with external partners and stakeholders -is central to how digitally advanced companies create business value and establish competitive advantage over less advanced rivals.

But focusing on results alone is not enough. Demographic, cultural, and technological changes have led to a workforce that demands a set of operating principles characterized by core values such as transparency, trust, inclusion, and real-time collaboration to help guide behaviors and decision-making in companies. Finally, studies have shown that millennials are deeply motivated by corporate social responsibility and a compelling sense of purpose. Together, these forces make the case that companies that fail to aspire to align purpose, performance, and principles will also fail to attract the best talent. Furthermore, to achieve the kind of transformations that today's fast-moving economy often requires of businesses, executives need engaged, committed employees who have opportunities to contribute their knowledge. Purpose and principles can help engage employees in support of high performance. The authors acknowledge that while it is easy for executives to say they aspire to build companies that are simultaneously purpose-driven, performance-focused, and principles-led, it is a difficult accomplishment to achieve. There are often inherent tensions and conflicting goals associated with trying to achieve all three aims. How can executives align purpose, performance, and principles so that they can lead their organizations through major changes? The authors'research and experience suggest the task requires not only a set of leadership skills that they describe but also five mindsets that encompass the embedded tensions that face leaders of large, complex organizations. Executives must learn to reconcile these tensions by mastering a series of five conflicting yet complementary dualities: urgency and patience; collective and individual accountability; coaching and driving performance; student and teacher; and humility and boldness.

In the 2017 Digital Business Report, MIT SMR and Deloitte find that digitally maturing companies are achieving success by increasing collaboration, scaling innovation, and revamping their approach to talent.

Disruption from artificial intelligence (AI) is here, but many company leaders aren't sure what to expect from AI or how it fits into their business model. Yet with change coming at breakneck speed, the time to identify your company's AI strategy is now. MIT Sloan Management Review has partnered with The Boston Consulting Group to provide baseline information on the strategies used by companies leading in AI, the prospects for its growth, and the steps executives need to take to develop a strategy for their business.

Corporate executives need to move beyond only managing their own companies and become active influencers within broader systems.

In recent years, "design thinking"has become popular in many industries as established companies have tried to apply designers'problem-solving techniques to corporate innovation processes. Key elements of the design thinking methodology include fast iterations; early and frequent interaction with customers; agile process design with less hierarchy; and a learning-by-doing approach that involves building prototypes and creating mock-ups of any kind as early as possible in the process. Over the past seven years, the authors have helped more than 20 companies pursue more than 50 design thinking initiatives and have found that such initiatives rarely proceed according to the textbook model. Innovation, they note, is an inherently messy process that conflicts in many ways with established companies'processes, structures, and corporate cultures. For example, they note, many established companies punish failure, which discourages the risk-taking design thinking requires. What's more, the design thinking methodology calls for egalitarian, self-organized teams, but this isn't how most large companies work. In fact, the design thinking teams the authors studied tended to have clear process and project owners, usually senior managers who often supervised 12 to 15 design thinking projects at a time. The authors argue that companies need to take five steps to take full advantage of the potential of design thinking. They recommend that companies (1) encourage top managers to champion design thinking initiatives, (2) balance intuitive and analytical thinking on design thinking teams, (3) set ground rules that give design thinking teams the autonomy they need to function well, (4) integrate design thinking into the company's product development processes, and (5) focus on learning rather than on profits as metrics for design thinking projects.

Much as relationships in social networks have been analyzed to understand and influence how ideas flow among people, researchers wondered whether it might be possible to use the structure of product recommendation networks online to understand or influence how demand flows among products. The short answer is yes, and the implications for marketers are important.

Chinese companies are increasingly investing in companies overseas. But to reach advantageous agreements with Chinese direct investors, Western managers need to prepare themselves for differences in negotiating style.

At most companies, innovation is a top managerial priority. Many managers look at successful innovators such as Apple Inc. and Google Inc. with envy, wishing that their companies could be half as innovative. To boost and benchmark innovation, managers often use quantitative performance indicators. Some measure innovation as results or outcomes, such as sales from new products; others measure innovation as a process, using metrics such as the number of innovation projects; some rely on input metrics; and still others focus on the innovation portfolio by looking at factors such as the percentage of investments in breakthrough projects versus line extensions. The key managerial challenge, the authors argue, does not lie in identifying metrics; there is no shortage to choose from. Rather, they say, it is understanding the problem that measurement should solve for the company and, based on that insight, designing and implementing a useful innovation measurement framework that is appropriate to the organization's needs. To do this, managers need to understand the innovation challenges the company faces, how innovation is currently measured, and the extent to which current measurement practices help or hinder efforts to achieve innovation goals. Only then will they be able to steer clear of common innovation measurement mistakes, such as placing too much value on data at the expense of meaning, or getting bogged down with too many measures that provide contradictory advice and incentivize employees to do the wrong things. The article contains a step-by-step framework that allows managers to identify whether their current innovation measurement practices need to change and, if so, how to go about measuring innovation more effectively. The framework is also aimed at companies that do not currently measure innovation but would like to start.