Mack Institute for Innovation Management

New White Paper from the Mack Institute!

From gaming to healthcare, metaverse technology is catching on in a variety of industries. We spoke to experts from industry and academia for this best-practices overview of immersive technology.

Doing Business in the Metaverse: Leveraging Innovations in Immersive Technology Doing Business in the Metaverse: Leveraging Innovations in Immersive Technology by Shankar Parameshwaran Business use cases within the metaverse are rapidly expanding. The $200 billion global gaming industry empowers its enthusiasts to save the world by egg-bombing enemies or create their own island...

“We’re not going to get the toothpaste back into the tube. This technology is out there. It’s only going to grow.” Christian Terwiesch and Ethan Mollick on what makes Chat GPT different.

ChatGPT Passed an MBA Exam. What’s Next? Wharton professors Christian Terwiesch and Ethan Mollick weigh in on ChatGPT and why the controversial software has limitless potential to improve education, business, and a range of industries.…Read More

seniors with an idea for a nonprofit or for-profit venture for social good - apply for the President's Engagement or Innovation Prize by February 3!

President's Engagement Prizes | Penn CURF Apply at President's Engagement Prize application form

Announcing Collective Impact Virtual Salon, a new initiative of Lori Rosenkopf and Dan Levinthal that brings together top management scholars to discuss how their work can be made more impactful for students, business practitioners and policy-makers.

Announcing Collective Impact, A "Virtual Salon" For Management Scholars The Mack Institute is pleased to announce the launch of Collective Impact Virtual Salon, an initiative of Wharton Management Professors Lori Rosenkopf and Dan Levinthal. Collective Impact is a knowledge-sharing and blogging initiative inspired by a series of faculty discussion groups convened by Ros...

Mack co-director Christian Terwiesch gave ChatGPT the final exam from a Wharton MBA class—and it got a B. Learn more about the experiment in this new white paper

Would Chat GPT3 Get a Wharton MBA? New White Paper By Christian Terwiesch GPT3, the artificial intelligence chatbot from OpenAPI, went viral soon after its launch, drawing attention to and raising questions about the future of generative AI. But is it smart enough to pass a final exam in a typical Wharton MBA course? Mack Institute Co-Director Christian Terwiesch publishe...

"The most valuable collaboration takes place among students...It’s not uncommon to see a team that has Wharton students, engineers, people from the Weitzman School of Design, and even a liberal arts major.

Executive Director Valery Yakubovich spoke to Penn Today about 10+ years of the competition.

The Y-Prize: Elevating collaboration and innovation in competition | Penn Today Y-Prize is a competition that sees Penn students working together across schools and disciplines, and directly applying what they’ve learned in classes and real life.

Congratulations to our four finalists! The four teams selected will move forward to the second phase of our competition, where they will pitch their business ideas for real Penn technologies.

Y-Prize 2022-23 Finalists Announced Congratulations to the four student teams chosen as finalists for this year’s Y-Prize competition: AtrioFlow, Bubble, Equimeter, and VoluVision! The Y-Prize competition challenges students to build their entrepreneurial skills by creating business plans for technologies invented at Penn Engineerin...

"Remember: Your company is a data company." Check out Mack Senior Fellow Scott Snyder in Knowledge at Wharton.

How Strong Is Your Data Balance Sheet? Wharton's Scott Snyder presents a simple framework to unlock the full potential of your company's data assets.…Read More

“Bring in regulatory clarity. But also bring in the user experience designers and usability engineers.” Tips from Wharton's Kartik Hosanagar and "The NFT Professor" Myriam Brouard on how to bring Web3 to the masses

Why Web3 Won’t Go Mainstream — Yet Usability is holding back a new era of the internet where an understanding of cryptocurrency is vital. Wharton's Kartik Hosanagar and Myriam Brouard from the University of Ottawa offer a few solutions.…Read More

Hey students - interested in participating in this year's Y-Prize and want to learn more about the technology on offer? Join us tonight at 6:30 in Huntsman G55 to hear from the inventors and ask your questions!

Y-Prize Tech Briefing Want to participate in the Y-Prize competition but need more information on the technologies? Come to the tech briefing! Take a deeper dive into the technologies with the inventors or their post docs/students! Bring your questions. Food will be provided!

Still time to register for the Y-Prize Kickoff and Info session! Learn about how you can win $10k for your business ideas and mingle with fellow budding entreupreneurs!

2022 Y-Prize: Kick-Off RSVP Please click the link to complete this form.

Last year's Y-Prize winners used a Penn patented technology to develop better treatment for bone fractures. Interested in getting involved with this year's competition? Check out yprize.upenn.edu for more info and to register for the kickoff event.

https://mackinstitute.wharton.upenn.edu/2022/ossum-technologies-wins-2022-y-prize

Ossum Technologies Wins 2022 Y-Prize Congratulations to Ossum Technologies, winners of this year's $10,000 Y-Prize competition! The team of undergrads proposed a commercial application for Penn's steerable needle technology that would improve the safety of cerclage wire use in orthopedic fracture fixation.…Read More

Livestream commerce has already transformed online shopping in China - and U.S.-based realtors are eyeing the technologies, too. Read this interview with Wharton’s Tom Robertson on the future of digital sales.

Why Livestream Commerce Is on the Rise Wharton’s Tom Robertson explains livestream commerce, one of the hottest trends in digital sales. There are great benefits to using the medium, but only if retailers can get it right.…Read More

Penn Engineers have created some of today’s most amazing new technologies. This competition offers the chance to envision how these technologies might shape our lives tomorrow. Learn more and register for the Kickoff on October 3!

https://yprize.upenn.edu/

We're pleased to announce the topic of our Fall '22 Conference: Leveraging the Metaverse for Innovation. Read more here:

Mack Institute To Explore Metaverse at Fall Industry Conference The “Metaverse revolution” envisioned by tech scions like Mark Zuckerberg may not be here yet, but major players across industries are getting ready for it. Citi Analysts called the Metaverse market a “trillion dollar opportunity” and heavy-hitting firms from Ford to Gucci have made headline...

“CIP is such a win-win for students and our corporate partners,” said Joe Nebistinsky, Associate Director for Engagement at the Mack Institute. “Students get the opportunity to put what they’re learning into action and firms get access to the top minds at Wharton and across the university.”

Fall '22 Collaborative Innovation Program Kicks Off Each semester, the Mack Institute’s Collaborative Innovation Program (CIP) brings Wharton and Penn students into some of the world’s top companies to solve organizational challenges. This Fall semester, 27 students from Wharton’s Full-Time and Executive MBA Programs, plus Penn Engineering, are...

"There’s just one problem: few consumers know what the metaverse is. According to Forrester’s global survey of 24,712 adults, just 23% of U.S. adults are familiar with the metaverse. In Germany, that drops to just 14%."

Wharton's Americus Reed weighs in on the biggest challenges facing metaverse technologies.

Apple and Meta need to win over the enterprise if the metaverse is going to succeed If companies are going to get consumers interested in the metaverse, they're going to need to win over the enterprise first.

“The whole technology of dental plaque control has not been disrupted for centuries,” say Dr. Hyun Michel Koo, Founding Director of Penn's Center for Innovation & Precision Dentistry. "We want to have something that is user-friendly, plug and play.”

Learn more about his new initiative with Penn Engineering here.

https://www.webmd.com/oral-health/news/20220823/tiny-robots-brush-floss-teeth

Tiny Robots Could Someday Brush, Floss Your Teeth for You University of Pennsylvania researchers say new technology could be the biggest change to happen to oral care in hundreds of years.

LISTEN: Mack's John Paul MacDuffie on WHYYNews discussing how the Inflation Reduction Act will impact electric vehicle adoption and manufacturing.

https://whyy.org/episodes/the-regional-roundup-august-15-2022/

The Regional Roundup: August 15, 2022 - WHYY The latest on electric vehicles in the Inflation Reduction Act; dispelling myths about organ donation; and keeping your garden healthy and beautiful in extreme temperatures.

"While we conventionally think of a vision as being in pursuit of a specific type of solution, Musk seems to take a different approach: he pursues a specific type of problem. Specifically, he seems drawn to problems that involve navigating scale and overcoming complexity."
- Mack Senior Fellow Andy Wu on our most unconventional mogul

https://hbr.org/2022/07/does-elon-musk-have-a-strategy

Does Elon Musk Have a Strategy? Does Elon Musk have a strategy? Or is he just out there winging it? Looking at Musk’s many companies, common themes stand out across three areas: what fits into his vision for problems to solve, how he designs an organization as a solution to those problems, and why he can so effectively mobilize ...

Leveraging health data should be caring — not creepy. Learn how insurers are using AI to provide targeted medical advice, with input from Wharton's .

https://www.wsj.com/articles/health-insurers-have-the-data-will-patients-listen-11657013401

Health Insurers Have the Data. Will Patients Listen? Using advanced analytics and AI, health insurers are building targeted medical advice for customers. Now comes the hard part: Getting them to respond. ‘There’s an art to that data communication,’ one doctor says

"Research shows that the more problematic or frustrating the situation, the more creative front-line workers become, with clear benefits for the patient experience."

Read more from Yuna Lee and Wharton's Ingrid Nembhard in this op-ed.

https://www.healthaffairs.org/do/10.1377/forefront.20220617.857677

COVID-19 Inspired Creativity In Health Care: Lessons For Management And Policy | Health Affairs Forefront While COVID-19 brought much devastation, it also showed the power of creativity and creative potential of the health care industry to address serious problems. That lesson is something that should not be lost.

Our Collaborative Innovation Program brings Wharton and Penn into top companies to solve real-life organizational challenges. Check out this interview with a recent group, which helped an Indian conglomerate develop a ready-to-drink alcobev product.

https://mackinstitute.wharton.upenn.edu/2022/collaborative-innovation-program-experience-alcobev/

Our Collaborative Innovation Program Experience: Developing A New AlcoBev Product This past spring semester, Vishoka Balasubramanian WG’23, Shounak Mishra WG’22, Andres Ramirez WG’23, and Jordan Woodard WG’22 participated in the Mack Institute’s Collaborative Innovation Program (MGMT 892), a project-based course that brings Wharton students into real companies to help t...

Scenario planning helps decision makers predict how actions taken today will impact the future. Listen to Paul Schoemaker on how and why firms should use this strategic planning framework.

https://youtu.be/etUJ0Ex2k2s

Paul Schoemaker on Scenario Planning | Mack Institute For Innovation Management Former Mack research director Paul Schoemaker on how to use scenario planning to make better decisions and navigate tough situations.Learn more about the Mac...

WATCH: Former Mack research director and decision science expert Paul Schoemaker on how successful companies cultivate "vigilance."

https://youtu.be/8lWMFk_sCx8

Paul Schoemaker on Corporate Vigilance | Mack Institute For Innovation Management Former Mack research director Paul Schoemaker on the concept of corporate vigilance and how it helps firms compete and thrive during tough times.Learn more a...

"This is exactly the kind of problem that AI is very useful for. Because basically what you can do is try and predict who is most likely to test positive for COVID, test those people preferentially, because then you'll maximized the number of COVID cases that you catch at the borders." -Wharton's Hamsa Bastani on Greece's artificial intelligence experiment

https://www.wbur.org/onpoint/2022/06/17/smarter-health-how-greece-used-ai-to-reopen-its-borders-and-curb-covid

Smarter health: How Greece used AI to reopen its borders and curb COVID Summer 2020. The worldwide COVID death toll had hit half a million. The Greek government had a decision to make. How could the nation open up to tourists while also keeping COVID under control in Greece?

"Across the board, the evolution of AI capabilities (and the data collection required to run them) will have a tremendous impact across Leisure & Hospitality." Insights on travel, dining and nightlife from students in our CIP program.

https://mackinstitute.wharton.upenn.edu/2022/cip-leisure-hospitality/

Insights From CIP: The Future of Leisure & Hospitality Each semester, the Mack Institute’s Collaborative Innovation Program (CIP) brings Wharton and Penn students into some of the world’s top companies to solve organizational challenges. This past semester (Spring 2022), students consulted on a diverse lineup of live business challenges in industrie...

Why are some companies able to anticipate potential pitfalls, while others get taken by surprise? Mack Senior Fellow Paul Schoemaker on how vigilant leaders interpret "weak signals" to predict the future.

https://www.inc.com/paul-schoemaker/what-you-dont-know-can-kill-your-company.html

What You Don't Know Could Kill Your Company We can't predict the future, but companies that are better at anticipating it outperform their competitors by a wide margin. Is your corporate culture capable of surfacing the signals?

"74% of IT and procurement decision-makers still use non-digital supply chain methods...88% say visibility into their supply chain is more important than two years ago." New blog from the students in our Collaborative Innovation Program.

https://mackinstitute.wharton.upenn.edu/2022/cip-digital-supply-chain/

Insights From CIP: Creating A Digital Supply Chain Sales Playbook Each semester, the Mack Institute’s Collaborative Innovation Program (CIP) brings Wharton and Penn students into some of the world’s top companies to solve organizational challenges. This past semester (Spring 2022), students consulted on a diverse lineup of live business challenges in industrie...

“In my research, we found that firms that invest in robotics and artificial intelligence are far more productive than the firms that do not.” Wharton's Lynn Wu on Hyundai's big EV push.

https://knowledge.wharton.upenn.edu/article/can-electric-vehicles-revitalize-american-manufacturing/

Can Electric Vehicles Revitalize American Manufacturing? Hyundai's investment in high-tech production facilities in the U.S. could fuel innovation and employment growth, says Wharton's Lynn Wu.…Read More