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Michael G. Jacobides

London Business School --- Sir Donald Gordon Professor of Entrepreneurship & Innovation --- Professor of Strategy

Evolution ltd --- Lead Advisor

Boston Consulting Group --- Academic Advisor

Research --- Publications

Applied Research

Michael G. Jacobides, 2026. "AI’s innocence lost: How capital will force us to get real about value”, Sifted, January 29

Herminia Ibarra, Michael G. Jacobides, 2025. "5 Critical Skills Leaders Need in the Age of AI”, HBR, October 7

M.G. Jacobides, 2025. "Why Gen AI May Be Missing The Real Target: Your Firm’s Value Proposition”, Forbes, September 10

M.G. Jacobides, 2025. "AI and the Great Reordering of Professional Services”, Management Today, August 5

François Candelon, Michael G. Jacobides, Meenal Pore, Leonid Zhukov, 2025. "Goldilocks and the AI Revolution: Why mid-sized companies may be ‘just right’ for GenAI adoption”, Fortune, January 10

François Candelon, Michael G. Jacobides, and Katie Round, 2024. "Power doesn’t always mean profit: What builders of digital ecosystems can learn from the metaverse ”, Fortune, August 30

François Candelon, Michael G. Jacobides, Urs Rahne, and Katie Round, 2024. "From revolution to real-world value: How companies can benefit from Web3 in 2024”, Fortune, January 5

Michael G. Jacobides, 2023. "GenAI Will Change The World. But There Are Still Things It Can’t Do”, Forbes, September 29

Michael G. Jacobides, 2023. "How Business Ecosystems Can Drive Sustainable Tourism”, Forbes, May 30

François Candelon, Michael G. Jacobides, Lisa Krayer, Winson Chen, 2023. "Companies need to be socially responsible in the metaverse too”, Fortune, May 5

M.G. Jacobides, 2023. "Ecosystems for the rest of us”, Strategy+Business, March 29

M.G. Jacobides, 2023. "Making sense of what's happening in tech”, LBS Think, January 19

François Candelon, Michael G. Jacobides, Maxime Courtaux, Gabriel Nahas
, 2022. "Four Visions of the Metaverse”, BCG, October 14

M.G. Jacobides, Rene Langen, Nikita Pusnakovs, Yuri Romanenkov, 2022. "From partnerships to experience ecosystems: Three strategies companies can use to improve their customer experience and shape their brand perception”, Think, London Business School, September 30

M.G. Jacobides, 2022. "Adjusting Your Strategy in a Tight Market”, Harvard Business Review (online), June 30.

M.G. Jacobides, 2021. "Why regulation of tech platforms is the new game changer for strategy”, Strategy+Business, November.

N Cetorelli, M. G. Jacobides, S. Stern, 2021, “Going with the Flow: Changes in Banks’ Business Model and Performance Implications,” Federal Reserve Bank of New York Liberty Street Economics, September 1

Michael G. Jacobides, Martin Bruncko, Kriss Cerpins, Rene Langen, Elena Sedova, 2021.“How to Compete When Industries Digitize and Collide: An Ecosystem development framework”, Evolution Ltd, July.

M.G. Jacobides, F. Candelon, S Brusoni and M. Gombeaud. 2021. “China's business 'Ecosystems' are helping it win the global A.I. race", Fortune, July 17.

Michael G. Jacobides, Sergio Levi, Jeroen Tas, 2021. “Digital Platforms and Ecosystems in Healthcare: Promises and pitfalls”, Evolution Ltd, May.

Michael G. Jacobides, Martin Bruncko, Rene Langen, 2020. “Regulating Big Tech in Europe: Why, so what, and how understanding their business models and ecosystems can make a difference”, Evolution Ltd, December.

M.G. Jacobides and M. Reeves. 2020. “Adapt
Your Business to the New Reality", Harvard
Business Review, September/October.

M.G. Jacobides, 2020, “Good leaders canovercome institutional inertia in a crisis”, Harvard Business Review, Digital Edition, May 18.

M.G. Jacobides, 2019, “The delicate balance ofmaking an ecosystem strategy work”, Harvard Business Review, Digital Edition, November 19.

M.G. Jacobides, 2019. “In the ecosystem economy, what’s your strategy?”, Harvard Business Review, September/October. Reprinted on Harvard Business Review 10 must-reads on Platforms, HBR Press, October 2020.

M. Reeves H. Lothan, J. Legrand, M.G. Jacobides. 2019. “How Business Ecosystems Rise- and often Fail”, Digital Issue, Sloan Management Review. July 30.

J. Fuller, M.G. Jacobides and M. Reeves. 2019. “Myths and Realities of Ecosystems”, Digital Issue, Sloan Management Review. February 25.

M.G. Jacobides, 2014, “From Black Swans to Grey Rhinos: Four ways Academics can help Managers”, McKinsey Quarterly, 50th Anniversary Edition, No 3, pp. 57-60.

M.G. Jacobides, M. Drexler and J. Rico, 2014, “Rethinking the future of financial services: A structural and evolutionary perspective on regulation,” Journal of Financial Perspectives, Vol 2, No 1, pp. 47-72

M.G. Jacobides and J.P. MacDuffie, 2013, “How to Drive Value your Way”, Harvard Business Review, Vol 91,No.7: 92-100.

M.G. Jacobides, 2010, “Strategy Tools for a Shifting Landscape”, Harvard Business Review, Vol. 88, No. 1, January–February, pp. 76–85. Reprinted in the Chinese, Italian, Brazilian, Spanish HBR collection and syndicated material. Also included in Reinvention, the HBR Spotlight Article Collection, Product 12712.

Academic Research

M. G. Jacobides, 2025. “Results Over Rhetoric: A Hands-On Ecosystem Guide for the AI Era”, Evolution Ltd | Generalitat de Catalunya, December

M. G. Jacobides, M. Dalbert Ma, 2025. “How Disruptive Will Generative AI Be? A Micro-Level Analysis of Evidence and Expectations”, Evolution Ltd, August 7

M. G. Jacobides, Prof. Annabelle Gawer, Nikolaus Lang, David Zuluaga Martínez, 2025. “The Political Economy and Geopolitics of AI Regulation”, Evolution Ltd | BCG Henderson Institute, June

M. G. Jacobides, M. Dalbert Ma, Yuri Romanenkov, Justinas Sukys, 2025. “What’s Your GenAI Playbook? Evolution, Revolution, and Extinction.”, Evolution Ltd, April 4

M. G. Jacobides, M. Dalbert Ma, 2025. “How Multi-Business Firms Realize Physical and Digital Synergies Through Traditional vs Ecosystem-Like Governance Modes: A configurational approach”, Evolution Ltd, February 24

M. G. Jacobides, Yuri Romanenkov, Justinas Sukys, 2024. “A Vehicle Is More Than Its Engine: Why Complements Are the Key to Reaping Value From (Generative) AI”, Evolution Ltd | Strategy&, November 27

M. G. Jacobides, Dr. Johannes Schneider, Justinas Sukys, Folker Trepte, 2024. “The E-Mobility Ecosystem: Who will win the race for the customer?”, Evolution Ltd | Strategy&, November 24

M. G. Jacobides, Yuri Romanenkov, Justinas Sukys, 2024. “How to Reap Value from (Generative) AI: Bypass the Hype, Focus on the Complements”, Evolution Ltd, November 24

M. G. Jacobides, Yuri Romanenkov, Justinas Sukys, 2024. “Assessing the expected impact of generative AI on the UK competitive landscape”, IoD | LBS | Evolution ltd, May 24

M. G. Jacobides, Carmelo Cennamo, Annabelle Gawer, 2024. “Externalities and complementarities in platforms and ecosystems: From structural solutions to endogenous failures”, Science Direct, January

M. G. Jacobides, 2024. “How Will AI Impact your Business? From Productivity to Strategic Transformation”, Evolution Ltd, January 17

Michael G. Jacobides, M. Dalbert Ma, Konstantinos Trantopoulos, Vasilis Vassalos, 2024. “The Business Value of Gamification”, Sage Journals, January 10

Michael G. Jacobides, Francois Candelon, Lisa Krayer, Katie Round &Winson Chen, 2023. “Building synthetic worlds: lessons from the excessive infatuation and oversold disillusionment with the metaverse”, Taylor & Francis Online, November 8

M. G. Jacobides, John Paul MacDuffie, Jennifer Tae, 2023. “Revisiting Disruption: Lessons from Automobile Transformation and Mobility Innovation”, Evolution Ltd, July 29

M. G. Jacobides, Carmelo Cennamo, Annabelle Gawer, 2023. “Externalities and Complementarities in Platforms and Ecosystems: From Structural Solutions to Endogenous Failures”, Evolution Ltd, July

Stefano Brusoni , Joachim Henkel , Michael G Jacobides , Samina Karim , Alan MacCormack , Phanish Puranam , Melissa Schilling, 2023. “The power of modularity today: 20 years of “Design Rules”, Industrial and Corporate Change, January 6

M. G. Jacobides, Dalbert Ma, Konstantinos Trantopoulos, Vassilis Vassalos, 2023. “Gamification: How to Climb the Ladders and Avoid the Snakes”, Evolution Ltd, January 4

M. G. Jacobides, 2022. “A Playbook for Winning the Ecosystem Game”, Evolution Ltd, December 20

M. G. Jacobides, Rene Langen, Nikita Pusnakovs, Yuri Romanenkov, 2022. “Enhancing Brands and Shaping Customer Experiences: From partnerships to experience ecosystems”, Evolution Ltd, May 8

Nina Teng, M. G. Jacobides, 2022. “The Shape-Shifting Dynamics of a Digital Platform Entrant: How Grab Navigated and Changed the Industry Architecture of Mobility in Southeast Asia.”, Evolution Ltd, February 7

N. Cetorelli, M.G. Jacobides, S. Stern, 2021. “Mapping a sector's scope transformation and the value of following the evolving core”, Strategic Management Journal 42 (12): 2294-2347.

M.G. Jacobides, S. Brusoni, F. Candelon, 2021. “The Evolutionary Dynamics of the Artificial Intelligence Ecosystem”, Strategy Science, November 6 (4): 412-435.

M.G. Jacobides, I. Lianos, 2021. "Regulating platforms and ecosystems: an introduction”, Industrial and Corporate Change, October 30 (5): 1131-1142.

M.G. Jacobides, I. Lianos, 2021. “Ecosystems and Competition Law in Theory and Practice”, Industrial and Corporate Change, October 30 (5): 1199-1229.

M.G. Jacobides, N. Lang, K. von Szczepanski,2020, “When the default just won’t do: Resilienceas the new competitive necessity“, Management& Organization Review, October

M.G. Jacobides, C. Cennamo and A. Gawer, 2018, “Towards a theory of Business Ecosystems”, Strategic Management Journal, Vol 39, No 8, pp. 2255-2276.

M.G. Jacobides J.P. MacDuffie and C.W Tae, 2016, “Agency, Structure, and OEM Dominance: Change and Stability in the Automotive Sector”, Strategic Management Journal, Vol 37, No. 9, pp. 1942-1967.

M.G. Jacobides and C.J.W Tae, 2015. “Kingpins, bottlenecks and value dynamics along a sector”, Organization Science, Vol 26, No 3, pp. 889-907.

M.G. Jacobides, 2015, “What drove the financial crisis? Structuring our historical understanding of a predictable evolutionary disaster”, Business History, Vol 57, No 5, pp. 716-735.

M.G. Jacobides and A. Kudina, 2013, “How Industry Architectures Shape Success when Expanding in Emerging Economies”, Global Strategy Journal, Vol 3, No. 2, pp. 150-170.

M.G. Jacobides, S.G. Winter and S.M. Kassberger, 2012, “The Dynamics of Profit, Wealth, and Competitive Advantage”, Strategic Management Journal, Vol 33, No. 12, pp. 1384–1410.

M.G. Jacobides and S.G. Winter, 2012, “Capabilities: Structure, Agency and Evolution”, Organization Science, Vol 23, No. 5, pp. 1365-1381.

S. Brusoni, M.G. Jacobides and A. Prencipe, 2009, “Strategic Dynamics of Industry Architectures and the Challenge of Knowledge Integration”, European Management Review, Vol 6, pp. 209–216.

M.G Jacobides, 2008, “How Capability Differences, Transaction Costs, and Learning Curves Interact to Shape Vertical Scope”, Organization Science, Vol. 19, pp. 306–326.

M.G. Jacobides, 2008, “Playing Football in a Soccer Field: Value Chain and Structure, Institutional Modularity, and Success in Foreign Expansion” Managerial and Decision Economics, Special Issue on Strategy (M. Peteraf & C. Maritan, eds.), Vol. 29, pp. 257–276.

M.G Jacobides, 2007, “The Inherent Limits of Organizational Structure and the Unfulfilled Role of Hierarchy: Lessons from a Near War”, Organization Science, Vol. 18, pp. 455–477.

M.G. Jacobides and S.G. Winter, 2007, “Entrepreneurship and Firm Boundaries: The Theory of A Firm”, Journal of Management Studies, Special Issue on Entrepreneurship and the Entrepreneurship of the Firm (J.B. Barney & S. Alvarez, eds.), Vol. 44, pp. 1213–1241.

M.G. Jacobides, T. Knudsen and M. Augier, 2006. “Benefiting from Innovation: Value Creation, Value Appropriation and the Role of Industry Architectures”, Research Policy, Vol. 35, pp. 1200–21.

M.G. Jacobides and S. Billinger, 2006. “Designing the Boundaries of the Firm: From ‘Make, Buy or Ally’ to the Dynamic Benefits of Vertical Architecture”, Organization Science, Vol. 17, No. 2 March/April: pp. 249–261.

M.G. Jacobides, 2006. “The Architecture and Design of Organizational Capabilities”, Industrial and Corporate Change, Vol. 15, No. 1, February: pp.151–171.

M.G. Jacobides and L.M. Hitt, 2005. “Losing Sight of the Forest for the Trees? Productive Capabilities and Gains from Trade as Drivers of Vertical Scope”, Strategic Management Journal, Vol. 26, No.13, pp. 1209–1227.

E. Cacciatori and M.G. Jacobides, 2005. “The Dynamic Limits of Specialization: Vertical Integration Reconsidered”, Organization Studies, Vol. 26, No.12, December: pp. 1851–1883.

M.G. Jacobides, 2005. “Industry Change through Vertical Dis-integration: How and Why Markets Emerged in Mortgage Banking”, Academy of Management Journal, Vol. 48, No. 3, June: pp. 465–498.

M.G. Jacobides and S.G. Winter, 2005. “The Co-evolution of Capability and Transaction Costs: Explaining the Institutional Structure of Production”, Strategic Management Journal, Vol. 26, No.5, May: pp. 395–413.

M.G. Jacobides and D.C. Croson, 2001. “Information Policy: Shaping the Value of Agency Relationships”, Academy of Management Review, Vol. 26, No. 2, April: pp. 202–223.

Other Publications

Michael G. Jacobides, 2023. “Αρθρο του Μ. Γ. Ιακωβίδη στην «Κ»: Στρατηγική αυτοχειρία για το περιβάλλον”, Kathimerini, March 23

Michael G. Jacobides, 2022. “Η βαρουφάκειος Αγγλία”, Kathimerini, October 2

Jo Ann Barefoot, Morten Bech, Gisela Bergmann - Princess of Liechtenstein, Victor Bergmann, Masaki Bessho, Ravi Bhalla, Diana Biggs, Gary Gorton, Chris Hamilton, Kenneth H. Kang, Elisabeth Krecké, Stani Kulechov, Prince Michael of Liechtenstein, R. Jesse McWaters, Jacob A. Mendel, Dirk Niepelt, Thomas Puschmann, Steven Schwarcz, Julian Teicke, Manuela Veloso, Heike Walterscheid, Antony Welfare, Pindar Wong, 2022. “Financial System 2030. Vaduz Financial Roundtable Discussion”, Vaduz Financial Roundtable, 8th Edition, September 23-24

Michael G Jacobides, Rene Langen, Nikita Pusnakovs, Yuri Romanenkov, 2022. “Enhancing Brands and Shaping Customer Experiences: From Partnerships to experience ecosystems”, Evolution Ltd, May 8.

Michael G Jacobides, 2021. “What Drives and Defines Digital Platform Power? A framework, with an illustration of App dynamics in the Apple Ecosystem”, Evolution Ltd, April 19.

M.G. Jacobides, 2020. “Harnessing the rising power of ecosystems: How to win in a post-COVID-19 world”, Chapter 12 in Ecosystems, Inc. Thinkers50, Editors

M.G. Jacobides, 2020. Goodbye business as usual, Think!

M.G. Jacobides, A. Sundararajan A. and M. Van Alstyne, 2019, Platforms and Ecosystems: Enabling the Digital Economy, World Economic Forum White Paper, March

M.G. Jacobides, 2018, “Opportunities in the future of Transport”, Business Strategy Review

M.G. Jacobides, 2018, “Greek Administration and the “Tragic Trident”: The Organizational Foundations of the Greek Malaise”, Greek Economy: Beyond the Crisis, C. Meghir, C Pissarides, D. Vayanos, N. Vettas, MIT Press (forthcoming- September), and in Greek (translated book, October 2018), University of Crete.

M.G. Jacobides and M. Umana, 2017, “What you pay and what you get: The evolution of fund terms, fundraising, and returns in Private Equity” Adveq Research Series report, LBS Institute of Private Equity, London: June.

World Economic Forum (M.G. Jacobides, M. Drexler and J.R. Saaverda), 2015. “The Future of Alternative Investments”, a series of three reports, WEF Publications, Geneva/New York: October.

1. Alternative Investments 2020: An
Introduction to Alternative Investments, 23rd
July 2015

2. Alternative Investments 2020: Regulatory
Reform and Alternative Investments, 2nd
November 2015

3. Alternative Investments 2020: The Future of
Capital for Entrepreneurs and SMEs, 18th
August 2015

M.G. Jacobides and J.R. Saaverda, 2015, “The Shifting Business Model of Private Equity: Evolution, Revolution, and Trench Warfare”, Adveq Research Series report, Coller Institute of Private Equity, London: October.

M.G. Jacobides, 2015, “Industry Architecture”, Palgrave Encyclopedia of Strategic Management, M. Augier & D.J. Teece (ed), DOI 10.1057/9781137294678.0799

M.G. Jacobides, 2014. “Before prescribing themedicine, we need to better diagnose themalady”, Europe’s World, Autumn, pp. 88-89.

M.G. Jacobides, M. Drexler and J. Rico, 2014, “Regulation Reframed,” Business Strategy Review, Vol 25, No. 2, pp. 21–25.

M.G. Jacobides, 2013, “Rethinking Financial Architecture”, How to Run a Bank, The Banker Editions, pp. 50-51.

M.G. Jacobides, 2013, “Time to tackle EU governance”, How to Run a Bank, The Banker Editions, pp. 32-34.

M.G. Jacobides, 2013, “What Next for the Eurozone?” Business Agenda, January, pp. 14-17.

C.W. Tae and M.G. Jacobides, 2012, “How Value Migrates Within an Industry Architecture: Kingpins, Bottlenecks and Evolutionary Dynamics”, Best Papers Proceedings of the 2012 Academy of Management Meetings.

M.G. Jacobides, 2012, “The Real Issue with Greece”, Business Strategy Review, Vol 23, No 2, pp. 64-67.

M.G. Jacobides, R Portes and D Vayanos , 2011, “Greece: The Way Forward” EU Vox, November (Longer version available as White Paper, London Business School, October).

M.G. Jacobides, 2011. Strategy Bottlenecks: How TME Players can Shape and Win Control of their Industry Architecture, Insights, vol 9 no 1, pp. 84-91.

M.G. Jacobides, 2011, “The Future of Finance: Issues in re-shaping the Sector’s Landscape”, AIM Research Briefing.

M.G. Jacobides, 2010, “The Play’s the Thing”, Business Strategy Review, Vol. 21, Issue 2, pp.58–63.

M.G. Jacobides, 2010, “Playscript your Strategy”, Strategy Magazine, June, pp. 14–16.

M.G. Jacobides and S.G. Winter, 2010. “Survival of the Reckless: Feedback, Foresight and the Evolutionary Roots of the Financial Crisis”, appeared in the American Economics Association Meetings Electronic Proceedings, January.

M.G. Jacobides, 2009, “Don’t Let this Crisis go to Waste”, Business Strategy Review, Vol. 20, No. 3, pp. 71–75.

M.G. Jacobides, 2009, “New ways of thinking about Business”, Financial Times Mastering Management Series, February 23, and online supplement. Reprinted in Managing in a Downturn: Leading Business thinkers on how to grow when markets don't (as Chapter 22), FT-Pearson: London, 2009.

M.G Jacobides, 2008, “Industry Change through Vertical Disintegration: How and Why Markets Emerged in Mortgage Banking”, reprint of AMJ in Organizational Learning and Knowledge Management, Edward Elgar Publishing, April.

M.G. Jacobides, T. Knudsen and M. Augier, 2006. “Who Does What and Who Takes What: Benefiting from Innovation”, AIM Management Briefing, December.

M.G. Jacobides, 2002. “Mortgage Banking Unbundling”, Housing Finance International July: pp. 3–13.

M.G. Jacobides, 2001. “Technology with aVengeance: The New Economics of Mortgaging”, Mortgage Banking, October: pp. 118–130.

M.G. Jacobides, 2001. “Case-Study in Capabilities-Based Restructuring: Mortgage Banking” The Banker, October: p. 12.

M.G. Jacobides, 2001. “Mortgage Banking Unbundling: Structure, Automation and Profit”, Mortgage Banking, pp. 28–40.

D.C. Croson and M.G. Jacobides, 1997. “Agency Relationships and Monitoring in Electronic Commerce”, International Journal of Electronic Commerce, Vol. 1, No. 3, Spring: pp. 65–82.

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