Based on Jon Eckhardt's (and colleagues) University of Wisconsin-Madison interview of David Teece for the Entrepreneur & Innovation Exchange, 2018

1. CLOSING COMMENTS ON
“TRANSLATIONAL” SCIENCE: LINKING
THEORY AND PRACTICE*
Based on Jon Eckhardt’s (and colleagues) University of
Wisconsin-Madison interview of DavidTeece for the
Entrepreneur & Innovation Exchange, 2018
*C.K. Prahalad Award Presentation, SMS Paris, September 24, 2018

2. A PRACTICING BUSINESS
INTELLECTUAL
John Eckhardt:
Translational science is almost unheard of in business schools –
faculty are either researchers or business people. Few are both.
InThe Pennsylvania Gazette, the University of Pennsylvania’s
alumni magazine, you state, “Deep down really what I am is a
practicing business intellectual, and that is almost an oxymoron.”
DavidTeece:
In graduate school I was an active consultant, at least in my final
year. In my thesis was I went out and did a lot of field research; I
interviewed over 100 execs and I would say that was an incredibly
valuable experience to me…
2

3. A PRACTICING BUSINESS
INTELLECTUAL
Eckhardt:
When you were doing the consulting in grad school, what
motivated you to do that?
Teece:
Well I got a lucky lift I think. I was at Penn and Oliver Williamson
was a professor there. Oliver did give me a lead, otherwise I might
never have gotten going in the way I did.
3

4. THE SYNERGY OF PRACTICE
AND SCIENCE
Eckhardt:
In the medical schools they take it one additional step where
practicing as well as researching is part of their responsibility for
the physician-scientists.
Teece:
I do think if you’ve got important research there is an obligation to
have impact with it if in fact it can benefit society.
4

5. BUILDING RELEVANTTHEORY
Eckhardt:
Do you see these ties where you felt like you saw things that other
academics didn’t see, because instead of getting into your car
every day and driving onto campus you went to LECG or to BRG?
Teece:
Knowing what good research is and knowing some of the
fundamental ideas that have come from the academic world that
have been tried and tested helps me in business.
5

6. 6
NEWS FLASH, APRIL 21, 2018

7. BALANCING ACADEMIA
AND BUSINESS
Eckhardt:
How do you manage the practicalities of having these two
careers?
Teece:
I could have quit the university, but I’ve chosen not to. I did choose
to go down to 50% time and I’m so fortunate.
7

8. BALANCING ACADEMIA
AND BUSINESS
Eckhardt:
Do you have any particular strategies that enabled you to survive,
or earn the respect of your colleagues who are more skeptical
perhaps?
Teece:
Yes, I really haven’t cared what other people think…I’ve been able
to find purpose from building organizations that are different.
8

9. THEVALUE OF ACADEMICS
TO BUSINESS
Eckhardt:
Do you find it very difficult to change people’s minds?
Teece:
I’ve actually done a little bit of mentoring of CEOs and it’s quite
hard to jump into an organization that is fast moving and has a lot
of history and make a difference, and to be “spot on” in your
advice because you just don’t know the facts of the situation.
9

10. THEVALUE OF ACADEMICS
TO BUSINESS
Martin Ganco:
What is your view of that current research in strategy?
Teece:
I think what happened since the Gordon and Howell report in
1958…is that we’ve gone from business schools that were much
too practitioner- oriented to business schools that are discipline
focused…what is missing today is a holistic perspective.
What I like to think that I have done with dynamic capabilities,
and I’m starting to articulate it this way now, is create a workable
systems theory of management.
10

11. DYNAMIC CAPABILITIES AS A
WORKABLE SYSTEMSTHEORY1
11
Note: A dashed border indicates elements that are external to the firm.
Arrows represent major influence.VRIN =Value, Rare, Imperfectly Imitable, and Non-
Substitutable.
1“Dynamic Capabilities as (Workable) Management SystemsTheory,” Journal of Management andOrganization (2017)

12. THEVALUE OF ACADEMICS
TO BUSINESS
Ganco:
I think the incentives…promotes…compartmentalized silos.
Teece:
The only reason that I’ve been able to do what I’ve done is
because I haven’t cared a wit about the incentive system in the
university. If I cared about the incentive system my research
would have been much narrower and I would have had a very
different career.
On the research side I think you have to have a good nose for
important problems, and for fundamental problems.
12

13. THEVALUE OF ACADEMICS
TO BUSINESS
Olubukunola Akinsanmi (Bukky):
Would you say that, maybe as a Ph.D. student, I should probably
stay siloed for now?
Teece:
The irony here is that one of the reasons for people being in silos
is so that we can measure them…Once tenured, I think you have
an obligation, and the system has an obligation, to expect and
demand more and to measure you differently.
13

14. THEVALUE OF ACADEMICS
TO BUSINESS
Eckhardt:
Translational research and that’s the term they use in medicine. I
don’t really like it because it implies that someone is just
explaining something.
Teece:
If you can’t communicate in executive speak to executives you’re
not going to be a very good mentor or consultant…If you look at
entrepreneurship one of the key prediction of startup success is
people with good networks that know where to go to get the
resources they need.
What research has shown at the University of California System, is
the best researchers are also the most active consultants and
most active with startups, and they also bring money into the
university…there’s a subset of faculty that seem to be able to do
everything quite well and do so to the benefit of the campus.
14

15. LINKING SCHOLARS AND POLICY
Ganco:
I was at SMS in Houston as well and on one of the panels there
was discussion of strategy scholars in policy making.What are
your thoughts?
Teece:
The system is so screwed up right now…I think there is a huge
opportunity. Let’s take corporate governance.The strategy field
does almost zippo in the field of governance today and so
governance studies take place in law schools…Ironically, this
translational stuff is taking place with engineering, bioscience,
chemistry and not much at all with the business school.The
business schools have become sort of academic outposts.
15