Biography
Dr. Ivanka Visnjic is a Professor of Innovation at Esade Business School, where she leads the Operations, Innovation, and Data Sciences Department. Her research explores the intricate relationship between business models and technology innovations, and their impact on the performance of established companies. Specifically, she focuses on service business model innovation (servitization), digital transformation and sustainability. Her aim is to make groundbreaking theoretical advances that can be translated into practical frameworks, driving significant impact in the business world.
Upon completion of her PhD, Dr. Visnjic held visiting faculty positions at the University of Cambridge, University of California, Berkeley, and London Business School. During her tenure at Cambridge, she helped found the Cambridge Service Alliance (CSA), a business-academic partnership aimed at advancing service innovation research, shaping the vision and the purpose of the alliance and leading the research stream on business models. Complementing her academic achievements, Dr. Visnjic worked at McKinsey & Co.
Her contributions to academia are marked with significant publications in several leading journals such as Organization Science, Journal of Operations Management, Harvard Business Review, MIT Sloan Management Review and California Management Review.
Dr. Visnjic’s research has garnered her numerous prestigious accolades including the Abbie Griffin High Impact Award and the Thomas P. Hustad Best Paper Award from the Journal of Product Innovation Management, as well as the Ambassador Award from the Journal of Operations Management. Dr. Visnjic's excellence in teaching has been recognized with the Poets & Quants' Top 40 Under 40 MBA Professors in 2020 and the KIC InnoEnergy Award Master School Teacher Benefit Grant twice. Her courses, spanning topics like innovation strategy, business model innovation, and R&D management, are highly regarded, and she is also actively involved in mentoring emerging scholars and practitioners, shaping the next generation of innovation leaders.
She has advised, taught and delivered keynote speeches to leading global companies, including Almirall, Atlas Copco, BAE Systems, Enel, FC Barcelona, Iberdrola, IBM, Novozymes, and Telefonica. Her practical insights into business model innovation and sustainability have made her a sought-after advisor and speaker for organizations seeking to navigate complex challenges. Dr. Visnjic has organized and presented at numerous high-profile conferences that foster collaboration and knowledge exchange among scholars and practitioners, such as the World Open Innovation Conference and the Innovation Roundtable event.
Interview with Professor Dr Visnjic
How does it feel to be shortlisted for the Panmure House Prize?
Being shortlisted for the Panmure House Prize is an immense honor and a deeply gratifying recognition of my work in innovation and business model transformation. It feels highly rewarding to see years of dedicated research and collaboration with esteemed colleagues and industry partners acknowledged in such a prestigious forum. This nomination affirms the significance and relevance of my contributions to the field of innovation.
The Panmure House Prize is a prestigious award that celebrates groundbreaking contributions to social and economic debate. Being considered among such esteemed peers and thought leaders reinforces my commitment to driving impactful research that bridges the gap between academia and industry, fostering advancements that benefit both businesses and society at large.
This nomination motivates me to continue exploring new frontiers in business model innovation, sustainability, and digital transformation, and serves as a reminder of the potential that research holds in shaping solutions that drive long-term economic and societal progress. I am deeply grateful to the selection committee for this recognition and am eager to contribute further to the field with renewed enthusiasm.
How did you find out about the Panmure House Prize and what was it that attracted you to apply?
I first learned about the Panmure House Prize through the Research Office at ESADE Business School. Upon researching further, what immediately captivated me about the Prize was its dedication to fostering long-term thinking in innovation, finance, and social and economic change, areas that are at the core of my work. This alignment mirrors my commitment to generating contributions that not only advance academic knowledge but also have a tangible, positive impact on industry practices and societal well-being.
The Prize’s emphasis on rigorous empiricism, interdisciplinary thinking, and radical innovation resonated with my work. This Prize represents an unparalleled opportunity to amplify the impact of my work on a global scale, driving forward the mission of sustainable innovation. It provides a unique opportunity to engage in significant academic and practical discussions on how long-term strategies can drive meaningful innovation and sustainability in addressing real-world challenges.
Being part of a community that values and promotes long-term, sustainable approaches to innovation is both inspiring and motivating. I am excited about the possibility of contributing to this important discourse and advancing research that can lead to substantial positive changes in business and society.
Could you give us a brief introduction to your research for people who might not be from an academic background, could you explain what is the problem you are trying to solve?
My research focuses on helping large industrial companies successfully transition to more sustainable and innovative business models. Over the past two decades, many established companies faced significant challenges adapting to major shifts in their industries, such as the rise of service-based business models, disruptive digital technologies, and increasing demands for sustainability.
The core problem I aim to address is how these legacy companies can harness the power of business model innovation and technology to enhance their long-term performance and sustainability. My work uncovers the challenges and opportunities that arise as firms shift from a traditional product-centric approach to one that is more service-oriented, digital, and environmentally sustainable. For example, in my influential article "Servitization: Disentangling the Impact of Service Business Model Innovation on Manufacturing Firm Performance", I shed light on why many manufacturers fail to achieve the expected benefits from adopting service-based models. I found that the relationship is often non-linear, with service offerings sometimes leading to profit declines before improvements. This "service paradox" occurs because companies underestimate the organizational changes required.
Another significant contribution is my research on "Value Creation and Value Capture Alignment in Business Model Innovation: A Process View on Outcome-Based Business Models." This study provides a process view on how companies can align value creation and capture in their business model innovation efforts.
By integrating servitization, digitization, and sustainability, my work aims to provide a roadmap for industrial firms to enhance their resilience and innovation. As the world faces mounting environmental challenges, it's imperative that industry plays a leading role in developing sustainable solutions. I have dedicated my ongoing and future research efforts to exploring how large firms and their ecosystems can integrate sustainability into their core business. My current projects investigate the nexus of sustainability, technology, and business model innovation. For instance, my collaboration with Enel, an Italian energy firm, demonstrated how green tech, digital tools and innovative practices can drive sustainability in the energy sector. These projects include studying how crises can catalyze green inventions, evaluating the effectiveness of startups and corporates in scaling sustainable innovations, and identifying business model transformation practices that enable corporations to pursue sustainability.
How do you conduct your research?
A key aspect of my research process is the close engagement with industry partners. For example, my seminal work on servitization was initiated through a PhD thesis sponsored by the top management of industrial manufacturer Atlas Copco. This close collaboration allowed me to gain a nuanced understanding of the challenges faced by an established company as they transform their business model. Building on this foundation, I have maintained long-term partnerships with other leading firms like Enel, working closely with their innovation teams to document their sustainable business model practices.
My research methodology combines rigorous empirical analysis coupled with this collaborative industry partnerships. I utilize a blend of qualitative and quantitative approaches to deeply understand and address the complexities of business model innovation.
I gather extensive datasets from industrial companies. For instance, my study with Atlas Copco involved analyzing detailed longitudinal data from their subsidiaries to understand the impact of servitization on performance. I conduct detailed case studies and field research to capture the nuances of organizational practices and challenges. This involves in-depth interviews with C-level managers and key stakeholders, and the use of proprietary company data.
How do you envision your work will advance long-term thinking and innovation in your field and beyond?
My research advances long-term thinking and innovation by offering comprehensive, practical solutions that help companies integrate sustainability, leverage digital technologies, and continuously innovate.
By developing insights on servitization, and value capture and value creation alignment, my work help firms transition to more resilient and innovative business models that support long-term growth and sustainability. By developing and promoting business models that integrate sustainability at their core, my research encourages companies to adopt long-term, environmentally friendly strategies. This not only enhances corporate performance but also aligns with global sustainability goals, fostering a more sustainable industrial sector.
My work on orchestrating industrial ecosystems within the circular economy offers large manufacturing companies a framework to navigate the complexities of ecosystem transformation and embrace circular economy principles.
By providing actionable frameworks and strategies, my research equips companies with the tools they need to innovate and adapt in a rapidly changing business environment. My interdisciplinary approach, which intersects strategy, operations, marketing, engineering, and environmental sciences, ensures that my work has a far-reaching impact across multiple fields.
Ultimately, my research promotes a culture of continuous improvement, resilience, and sustainability, enabling firms to navigate future challenges and seize new opportunities for innovation and growth.
What are you working on next?
I am currently working on several projects focusing on how large industrial firms and ecosystems can integrate sustainability into their core. In one of these projects, my colleagues and I are studying the effectiveness of startups, corporates, and their collaborations in scaling and commercializing sustainable inventions. Another project focuses on the digital underpinnings of the shift to sustainability in the automotive sector, aiming to understand the creation process of open data infrastructure to ensure end-to-end traceability of components and their sustainable footprint over the vast ecosystem of suppliers. The goal is to enhance environmental accountability and foster more sustainable practices within the industry.
Furthermore, in a first of its kind large-scale study, my colleagues and I are exploring how crises can stimulate scientific innovation and transformation. By analyzing how scientists and inventors have reacted to natural, epidemiological, and technological disasters over the past century, we aim to elucidate how these events can trigger scientific and technological advancements.
These projects aim to develop resilient and sustainable industrial ecosystems, ensuring long-term positive impacts on both business performance and environmental sustainability.
