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Michael G Jacobides

Associate Professor of Strategy and Entrepreneurship; Sir Donald Gordon Associate Professor of Entrepreneurship and Innovation

BSc (Athens), MA and PhD (Wharton)

Michael holds the Sir Donald Gordon Chair of Entrepreneurship & Innovation at the London Business School, where he is Associate Professor of Strategy. He has held visiting appointments at Wharton, Harvard Business School, NYU- Stern, has visited Bocconi, U. of Paris and Singapore Management University, and teaches in Columbia for the LBS/Columbia EMBA-Global. He has served on the Global Agenda Council of the World Economic Forum on the Financial System and the Future of Investments, and is a Visiting Scholar with the New York Fed, focusing on changing business models in Financial Services. He studied in Athens, Cambridge, Stanford and Wharton, where he obtained his PhD. 

Michael’s focus is change, design and strategy: he studies industry evolution, value migration, new business models, and structural change in firms and sectors. He is also interested in organizational design and how firms cope with organizational pathologies. His research has earned him the Sloan Foundation Award for the best Industry Study, and he has raised over £1M in research funds. A Ghoshal Fellow in the Advanced Institute of Management, his research has been sponsored by the Leverhulme Trust, NATO, MBAA, the WEF and other private and public bodies. He has worked with Santander, Credit Suisse, BBVA, Goldman Sachs, Lloyds, RBS, Zurich, if, Airbus, Finmeccanica, Pirelli, Lufthansa, Vodafone, Telenor, DT, Nokia, McKinsey, PwC, KPMG, MerckSerono, Chiesi Pharmaceutica, Roche and the NHS on executive development, thought leadership and strategy. 

He has given keynotes for corporate events and for industry associations, including Accenture, McKinsey, PwC, Winterthur, the British Bankers Association, the Mortgage Senate, the Institute of Sovereign Investors, the Healthcare Forum, FIDI, ACE, RICS, and has spoken on TEDx, as well as in sessions for the WEF meetings in Brussels, Vienna, Istanbul, New York, Rome, and in Davos, where he has facilitated public and private events. On policy, he is working with the WEF, the UK parliament (on the future of Financial Services), the European Council (a task-force advising President Van Rompuy on Innovation & Entrepreneurship) and has spearheaded the initiative, which aims to help restructure the Greek public administration. His current degree teaching is on Managing Corporate Turnarounds, a popular phenomenon-driven strategy elective. 

A former VP of the European Academy of Management and officer of the Academy of Management and the Strategic Management Society, Michael has published in academic journals such as the Strategic Management Journal, Organization Science, Research Policy, Academy of Management Journal, Academy of Management Review, the Journal of Financial Perspectives and Industrial & Corporate Change where he serves as the co-Editor. He writes for the Harvard Business Review, Financial Times,, Huffington Post, Business Strategy Review, Greek dailies To Vima and Kathimerini, where he holds an OpEd column. He has been interviewed by the BBC, NPR, FT,, Reuters, Bloomberg, Radio 5, Radio France, El Pais, Dubai’s The National, the Russian State TV24, SKAI and ANT1, and appears regularly on CNN.


Agency, structure, and the dominance of OEMs: Change and stability in the automotive sector

Jacobides; M G J; MacDuffie J; Tae J

Strategic Management Journal 2015 Forthcoming

Kingpins, Bottlenecks and the Dynamics of Value Migration

Jacobides M G; Tae C J W

Organization Science 2015 Vol 26:2 p 889-907

Public administration and greece’s trident

Jacobides MG

Chapter in: C. Meghir, C. Pissarides, D. Vayanos, N. Vettas (Eds), The Greek Economy, MIT Press. Forthcoming

The Future of Alternative Investments

Jacobides MG; Drexler M; Saaverda JR

World Economic Forum. A series of three reports. WEF Publications, Geneva/New York. Forthcoming

The shifting business model of private equity: Evolution, revolution, and trench warfare

Jacobides MG; Saaverda JR

Adveq Research Series report 2015 September


Before prescribing the medicine, we need to better diagnose the malady

Jacobides M G

Europe''s World 2014 Autumn p 88-89

From black swans to grey rhinos: Four ways academics can help managers

Jacobides M

McKinsey Quarterly 2014 50th Anniversary Edition Summer

Industry architecture

Jacobides M

Augier M, Teece D J eds., Palgrave Encyclopedia of Strategic Management, Palgrave 2014

Regulation reframed

Jacobides M; Drexler M; Rico J

Business Strategy Review 2014 Vol 25:2 p 21-25

Rethinking the future of financial services: A structural and evolutionary perspective on regulation

Jacobides M; Drexler M; Rico J

Journal of Financial Perspectives 2014 Vol 2:1 p 47-72


How industry architectures shape firm success when expanding in emerging economies

Jacobides M G; Kudina A

Global Strategy Journal 2013 Vol 3:2 p 150-170

How to drive value your way

Jacobides M G; MacDuffie J P

Harvard Business Review 2013

Rethinking financial architecture

Jacobides M G

How to run a bank 2013 The banker: global financial intelligence Vol 158 p 50-51

Time to tackle EU governance

Jacobides M G

How to run a bank 2013 The banker: global financial intelligence Vol 158 p 32-34

What next for the Eurozone?

Jacobides M G

Business Agenda 2013 p 14-17


Capabilities: Structure, agency and evolution

Jacobides M G; Winter S G

Organization Science 2012 February Vol 23:5 p 1365-1381

How value migrates within an industry architecture: Kingpins, bottlenecks and evolutionary dynamics

Tae C W; Jacobides M G

Academy of Management Best Papers Proceedings 2012 p 1-6

The dynamics of wealth, profit and sustainable advantage

Jacobides M G; Winter S G; Kassberger S M

Strategic Management Journal 2012 Vol 33 p 1384-1410

The real problem with Greece

Jacobides M G

Business Strategy Review 2012 Vol 23:2 p 64-67


Greece: The way forward

Portes R; Jacobides M G; Vayanos D

Eurointelligence 10 November 2011

The future of finance: Issues in re-shaping the sector’s landscape

Jacobides M G

AIM Research Briefing Note 2011 April


Strategy tools for a shifting landscape

Jacobides M G

Harvard Business Review 2010 Vol 88:1 Jan-Feb p 76-85

Survival of the Reckless: Feedback, Foresight and the Evolutionary Roots of the Financial Crisis

Jacobides M G; Winter S G

American Economics Association Meetings Electronic Proceedings 2010 January

The play's the thing

Jacobides M G

Business Strategy Review 2010 Vol 21:2 p 58-63

Industry change through vertical disintegration: How and why markets emerged in mortgage banking

Jacobides M G

reprint of Academy of Management Journal in Organizational Learning and Knowledge Management, Edward Elgar Publishing, April 2010.

Playscript your strategy

Jacobides M G

Strategy Magazine 2010:June p 14-16


Don't let this crisis go to waste!

Jacobides M G

Business Strategy Review 2009 Vol 20:3 p 71-75

New thinking on how to do business

Jacobides M G

Financial Times 2009

Strategic dynamics in industry architectures and the challenges of knowledge integration

Brusoni S; Jacobides M G; Prencipe A

European Management Review 2009 Vol 6:4 p 209-216

Industry change through vertical disintegration: How and why markets emerged in mortgage banking

Jacobides M G

Book Chapter: In Organizational Learning and Knowledge Management, Edward Elgar Publishing, 2008

Playing football in a soccer field: value chain structures, institutional modularity and success in foreign expansion

Jacobides M G

Managerial and Decision Economics 2008 Mar/Apr Vol 29:2/3 p 257-276


Benefiting from innovation:value creation, value appropriation and the role of industry architectures

Jacobides M; Knudsen T; Augier M

Research Policy 2007 Vol 35 p 1200-1221

Entrepreneurship and firm boundaries: the theory of a firm

Jacobides M G; Winter S G

Journal of Management Studies 2007 November Vol 44:7 p 1213-1241

Organizational structure and decision-making

Jacobides M G

In Starbuck W and Hodgkinson G eds., Handbook of decision-making, Oxford University Press, 2007


Architecture and design of organizational capabilities

Jacobides M G

Industrial and Corporate Change 2006 Feb Vol 15:1 p 151-171

Designing the boundaries of the firm: from 'make, buy or ally' to the dynamic benefits of vertical architecture

Jacobides M G; Billinger S

Organization Science 2006 Vol 17:2 p 249-261

Who does what and who takes what: benefiting from innovation

Jacobides M G; Knudsen T

AIM Management Briefing, December 2006


Co-evolution of capability and transaction costs: explaining the institutional structure of production

Jacobides M G; Winter S G

Strategic Management Journal 2005 May Vol 26:5 p 395-413

Dynamic limits of specialization: vertical integration reconsidered

Jacobides M G; Cacciatori E

Organization Studies 2005 Vol 26:12 p 1851-1883

Industry change through vertical dis-integration: how and why markets emerged in mortgage banking

Jacobides M G

Academy of Management Journal 2005 Jun Vol 48:3 p 465-498

Losing sight of the forest for the trees?: productive capabilities and gains from trade as drivers of vertical scope

Jacobides M G; Hitt L M

Strategic Management Journal 2005 Vol 26:13 p 1209-1227


Institutional form and organizational evolution: lessons from the mortgage industry

Jacobides M G

in Academy of Management Proceedings (BPS Division), 2003


Mortgage banking unbundling

Jacobides M G

Housing Finance International 2002 Jul p 3-13

Information policy: shaping the value of agency relationships

Jacobides M G; Croson D C

Academy of Management Review 2001 Vol 26:2 p 202-223

Mortgage banking unbundling: structure, automation and profit

Jacobides M G

Mortgage Banking 2001 Jan p 28-40

Technology with a vengeance: the new economics of mortgaging

Jacobides M G

Mortgage Banking 2001 Oct p 118-130


Agency relationships and monitoring in electronic commerce

Jacobides M G; Croson D C

International Journal of Electronic Commerce 1997 Spring Vol 1:3 p 65-82


Information policy: shaping the value of agency relationships

Jacobides M G; Croson D C

in Proceedings of the Academy of Management Meetings, 1996

Reconsidering the dynamics of firm size, incumbency, industry structure and propensity to innovate

Jacobides M G

in Proceedings of the Academy of Management Meetings, 1996

Rethinking the impact of information technology on transaction costs and outsourcing practices

Jacobides M G

in Proceedings of the Eastern Academy of Management Meetings, p 2-6, 1996


Housing sector in the hellenic reality: an assessment of major economic aspects

Jacobides M G

TOPOS, Review of Urban and Regional Studies 1995 April Vol 9 p 3-40


Macro-economic approach to venture capital: elements of a dynamic analysis

Jacobides M G

Bulletin of the Hellenic Banks' Association 1992 Vol 2 p 181-200


Venture capital: historical overview and a functional analysis

Jacobides M G

Bulletin of the Hellenic Banks' Association 1991 Vol 3 p 141-159


Industry Architectures and Globalization

Jacobides M G; Kudina A


When Value Sticks: Why Automobile OEM still rule their Sector

Jacobides M G; MacDuffie J P; Tae C W



Designing the boundaries of the firm: from "make, buy or ally" to the dynamic benefits of vertical architecture

Jacobides M G; Billinger S

Strategic and International Management Working Paper

Why interface specification varies between organizations

Puranam P; Jacobides M G

Strategic and International Management Working Paper


How do markets emerge?: organizational unbundling and vertical disintegration in mortgage banking

Jacobides M G

Strategic and International Management Working Paper

Losing sight of the forest for the trees?: productive capabilities and gains from trade as drivers of vertical scope

Jacobides M G; Hitt L M

Strategic and International Management Working Paper


Where do markets come from?

Jacobides M G

Centre for the Networked Economy Working Paper



- Elective course, Managing Corporate Turnarounds, E250 AUT14, SPR15 and SUM15 (3 streams)




Degree program Teaching

- Managing Corporate Turnarounds, 2008–: Entirely redesigned and taught the most well-subscribed strategy elective in LBS’s portfolio (two sections in 2008, three sections in 2009, five in 2010)
- New technologies in teaching: responsible for the Virtual Teaching LBS initiative, a test-pilot for distributed learning in executive education and degree programs, 2002
- PhD Seminar: Basic Readings in Business, introductory course across PhD concentrations, redesigned and taught (2001–2004). Special Topics in Strategy, 2 sessions, 2014
- Sloan Fellows Core Strategy Course: Redesigned and taught (2003 and 2007) senior degree students
- Executive MBA – Global Strategy Course of the London Business School–Columbia Business School Program. Designed (2002) and taught (2002, 2003, 2005) the course
- MBA Core Strategy Course, 2001: Co-design and teaching

The Wharton School, 1995–2000

- Adjunct Assistant Professor of Strategy, Information, Systems & Economics, 2000. Designed and taught OPIM 666, “Information: Industry Analysis and Competitive Strategy”
- Lecturer in Management, Undergraduate Division. Designed and taught the Undergraduate Division Business Policy and Strategy Course. (Winner of the Teacher of the Year Award, Wharton Undergraduate Division, 2000)
- Teaching Support Director, Wharton Direct, Aresty Institute for Executive Education. Design and implementation of IT-based teaching support in new Distributed Learning Initiative
- Teaching Fellow, Information: Strategy, Systems and Economics Group (OPIM Dept.) Lectured and TA’d in MBA courses on Advanced Topics in Strategy and Information (with L.M. Hitt and D.C. Croson; 1998–2000.)
- Instructor and TA, Management Department, The Wharton School, U of Pennsylvania
- Recitations of MGMT 101 (Introduction to Management), 1996
- TA for Technology and Entrepreneurship (1997–98) ;Strategy Implementation class (1997–99)
- Advanced Strategy (1996–98); MBA Global Strategy class (1995–97) ;MBA Core Strategy class (1995–97)

Executive education

- Rabobank, Senior Executive Programme, 2014-. Also, coaching of incoming Rabobank CEO on the Future of Banking, 2014
- Nordea Bank, Workshop on the New Bank – Strategy Module, for Senior Executives, prorgamme design & delivery, 2012-3
- Merck-Serono, Workshop for Regional and Country CEOs of emerging and new markets on strategy and adapting to shifting landscape, 2011
- Credit Suisse, Masterclass for Managing Directors, EMEA on future of FS, 2011
- Lloyds Group, Senior Executive Program for the Wholesale Bank (joint with McKinsey), 2010
- National Health Service, CEO Program on industry transformation & turnaround, 2010
- Santander, Program on Strategy & Finance for Senior Executives, 2010-
- BBVA, Program for top 1000 Finance executives, Strategy & Financial Service Change, 2010–2012
- Garanti Bank, Program for the top 80 executives, Strategy and Financial Services, 2010
- World Economic Forum, Global Fellows Program, Strategy & Innovation, 2009
- Bertelsmann, Program for “CFO Circle” on change in business model & sector, 2008
- Abbey National, Program on strategy, industry change, and trends in banking, 2008–2010
- Nokia, Program on strategy for senior executives (operator unit), 2008
- IBM, Program for senior sales execs on industry change & profit migration, 2007–08
- KPMG-Denmark, Strategy program for top executive team & for partners, 2007–08
- KPMG-Ireland, Strategy program for Partners, 2007
- RBS, Pilot program on top 150 GBM executives, Strategy masterclass, 2007
- Lufthansa, top-200 program, strategy sessions, 2007–11
- TV2, Program for the Senior Leadership team: Strategic transformation, 2007
- IBM, Business Premier Program: Executive Facilitation, 2002–2004
- PwC, Strategic Conversations Program: Sessions on value chain evolution, 2002
- HSBC, Private and Investment Banking Senior Program: Strategy & Change, 2003–2004
- Credit Union Executives Society, Board Members Program: Strategic Innovation, 2001–2
- Also, actively engaged in the development and work with the companies; participated in discussions with some of the above firms on behalf of the School, and also for firms such as the Credit Agricole, Total, Huyndai, Institute for Turnarounds etc.

Open Enrolment Executive Programs, London Business School, 2001–
- Designed and taught a new session on “creating architectural advantage” and profit migration for LBS’s Senior Executive Program, 2008 / 2012
- Design and teaching of two days in the five-day executive course on Developing Strategy for Value Creation, LBS’s main strategy open enrolment course on Strategy, 2002–
- Design and teaching of six half-day sessions on strategy and organization in the three-week Emerging Leaders Program, LBS’ course for high-potential executives, 2001–06

Other Institutional Executive Education Work
- NYU-Stern Executive Educations Program, 2012-13
- Guest lecture on the “Strategic Breakthrough Insights” Program on Industry Architectures
- Wharton-Financial Times E-Business Program, 1999–2002
- Taught web-based, live sessions on Knowledge Management; led TA team, helped build interactive module
- Hellenic Banks' Association (Athens, Greece), 1993
- Coordinator and Instructor, seminar on venture capital for bank executives

Research Interests

Industry evolution and profit migration, business model change, strategy in changing environments, corporate turnarounds and organisational transformation, structural change and policy challenges.