MIT Sloan Management Review

In industrial sectors such as consulting, advertising, filmmaking, software, architecture, engineering and construction, most individual businesses, by definition, are “project-based firms.” This article proposes the term “baronies” to describe the organizational units that direct the projects within project-based firms, and highlights the roles that barons play in three basic types of project-based firms: dominions, tight federations and loose federations.

An economy’s capacity to innovate determines its capacity to thrive. A company’s capacity to innovate determines its capacity to survive. The expected life span of a Fortune 500 corporation is only 40 to 50 years, and that life expectancy is getting shorter. Intel Corp.

Theory-focused planning helps executives pursue ventures so cutting-edge that no road maps exist. The key is learning from strategic experiments.

Companies undertake venturing for a variety of reasons. To be successful, they must be clear about their objectives and disciplined in executing the one of four business models most appropriate to achieving them.