JERICHO PRINCIPLE, THE - HOW COMPANIES USE STRATEGIC COLLABORATION TO FIND NEW SOURCES OF VALUE

"In the spirit of Christensen and with the urgency of Foster and Kaplan, Welborn and Kasten have dissected one of the critical challenges facing business leadership in times of great uncertainty: the collaborative imperative. Applying Ronald Coase’s seminal work on transaction costs to an economic environment increasingly characterized by Robert Metcalfe’s theory of the value of networks, they conclude: ‘in times where uncertainty is the rule rather than the exception, we must find ways to drive down the transaction cost of innovation.’ This creates a collaborative imperative that is both ‘inexorably necessary and inherently risky.’ Realizing the opportunity and managing the attendant risk of collaboration is the vital subject that comprises the body of this book. This is neither theoretician’s tome nor overwritten journalistic screed; The Jericho Principle is a serious analytical contribution for the practitioner ‘about implementing strategy, not creating it.’" Robert E. Kiernan III, Chief Executive Officer, Resolution Capital Management.