Harvard Business Review Press author Richard Schmalensee is an economics thought leader. He served as the dean of the MIT Sloan School of Management for nine years and as a Member of the President’s Council of Economic Advisers. We spoke to Richard about his recent book, Matchmakers: The New Economics of Multisided Platforms.
Imagine that you are a researcher (some of you reading this probably are) and you are tasked with finding the next best biopharmaceutical development. There are millions of dollars resting on your research, not to mention humans who will ultimately benefit from your product. Your company is about to embark on an arduous, long and multi-year course to develop a new medicine, and it all starts with your research within the “discovery process.”
The Internet, radio and television, advances in space and aeronautics ― the engineering achievements of the last century signal how fast this discipline moves (think about just the accomplishments since the 1960s). A recent report published by the National Academy of Engineering, “14 Grand Challenges for Engineering in the 21st Century,” shows that modern-day engineering covers all aspects of life ― from global health to environmental concerns to cyberspace.