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FEATURES

Entrepreneurship

When Technology Gets Ahead of Society

Tarun Khanna | page 088

New technologies can be unsettling forindustry incumbents, regulators, and consumers, because norms and institutionsfor dealing with them don’t yet exist. Interestingly, businesspeople inemerging economies face similar challenges: The rules are unclear andinfrastructure is lacking. In this article, the author suggests that techpioneers would do well to heed a lesson he’s gleaned from his research in the developingworld: For long-term success, companies must invest in the surroundingecosystem.

The author presents examples ofentrepreneurs who have done just that in China, Bangladesh, Africa, and Chile,benefiting the public as well as their own enterprises. He then describes howan Indian health care organization is tackling institutional voids as itexpands into medical tourism in the Cayman Islands. An in-depth look at thenascent drone industry follows, with profiles of companies that are helpingcreate the conditions for the industry’s growth by amassing knowledge aboutbest practices, influencing the development of regulations, exploring new usesfor drones, developing a professional workforce, and so forth.

The argument is that when firms launchinginnovative products or services look beyond their self-interest and work tocollectively build the institutional infrastructure, they—and society as awhole—are more likely to prosper.

HBR Reprint R1804F

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FEATURES

Strategy

the 3-d printing playbook

Richard A. D’Aveni | page 098

We are entering a new era in additivemanufacturing, or “3-D printing.” It has major implications for the adoption ofthe technology and for the choices of business models available to companiesthat take the plunge, says the author. Advances in the technology’scapabilities and expansion of the available materials and the supplierecosystem have made it possible to produce a much broader range of affordablethings—from the soles of running shoes to turbine blades—and, in many cases, inmuch higher volumes.

As a result, 3-D printing is moving from alimited role (such as prototyping and making conventional machine tools) to acentral place in manufacturing for a growing number of industries.Strategically, that means additive is becoming a full-fledged competitiveweapon: It can be used to hold on to market leadership, to dethrone thedominant player, and to diversify by exploiting a printer’s capability to makeproducts for different industries. Consequently, leaders need to understandadditive’s capability and potential and the choices open to them in the nearfuture. This article presents them with a playbook and explores six possiblebusiness models that have emerged.

HBR Reprint R1804H

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FEATURES

THE HBR INTERVIEW

“Managers don’thave all the answers” JPMorgan Chase CEO Jamie Dimon, interviewed

by Adi Ignatius | page 108

Dimon has been at the helm of JPMorganChase, the biggest bank in the United States, for more than 12 years. Astraight-talking guy from Queens (albeit a billionaire with an MBA from HarvardBusiness School), he has led the bank on a steady path of growth, havingweathered both the 2008 financial crisis and the “London Whale” tradingscandal. Dimon calls that latter episode “the stupidest and most embarrassingsituation I have ever been a part of.”

In this edited conversation with HBR’seditor in chief Adi Ignatius, Dimon talks about the public’s view of WallStreet, post-recession regulations, the risk of cyberattacks, globalism,inequity, and the rebuilding of U.S. cities. JPMorgan has a plan to invest $150 million inDetroit by 2019 to help launch small businesses, retrain workers, and revivethe property market. It has announced similar investments in underserved areasof Chicago ($40 million) and Washington, DC ($10 million).

“It’s good to help society,” Dimon says. “Ourcustomers love it; our employees love it.”

HBR Reprint R1804K