Business and Science

Pisano, G. P. (2010). The evolution of science-based business: innovating how we innovate. Retrieved February 19, 2010 from: http://www.hbs.edu/research/pdf/10-062.pdf

This is a working paper published on Harvard’s Working Knowledge website and explores the changing relationship between science and business. The author states that, in recent decades, in-house laboratories have declined in many areas of the business world. However, some sectors like biotech, nanotech, and energy, have their existence based on scientific research and innovation and are competing with universities that are looking for monetary returns on their research activities. This paper references work done by Alfred D. Chandler, Jr., who concluded that technological advances create potential for economical growth, but the growth cannot be realized without complementary innovation in the organization and in management. The subjects in this paper are important for managers to understand because both scientific and business innovations are important and need to be integrated. Scientists need to understand business and business leaders need to understand the importance of science.