The Business Models Investors Prefer – The Magazine - MIT Sloan Management Review

Peter Weill heb ik een aantal jaren geleden ontmoet in Amerika, net voordat hij zijn boek  "Place to Space" publiceerde. Jaren later, tijdens een sessie in Seattle, in een interne Microsoft conferentie sprak  Peter Weill over zijn visie op en onderzoek naar  "IT-architectuur en de relatie met de business".
Die avond hebben we nog lang gesproken over het belang van IT-architectuur. Microsoft heeft als Patron van MIT toegang tot ondermeer zijn onderzoek. Ik heb met name de materialen van Peter Weill en zijn collega's  met interesse gelezen en verwerkt in mijn gespekken met klanten en partners van Microsoft. Recent verscheen een artikel in de MIT Sloan Management Review met de titel: The Business Models Investors Prefer.

Why are investors so bullish on companies like Apple and Disney? Is it financial metrics, great management, industry prowess, good investor relations or good timing? Probably all of these. But something else may be at work, too. In research we conducted at the MIT Sloan School of Management, we found that the stock market consistently values certain types of business models more highly than others. Specifically, we found that in recent years, investors have favored business models focusing on licensing intellectual property (such as Walt Disney’s business model) and a certain kind of highly innovative manufacturing (such as Apple’s).

We developed a framework that includes 14 types of business models. (Surprisingly, we found there is no universally accepted definition of the important concept of a business model.) Then, using data from Compustat, we classified all the more than 10,000 companies that are publicly traded on U.S. exchanges within the framework by identifying the percentage of each company’s revenue generated through each of the 14 business models; we used a combination of manual classification and a custom-developed rule-based software program. By classifying companies’ revenue into these 14 business models, a new picture emerged of not only individual companies, but businesses more generally. The individual classifications were then aggregated to construct an index for each business model. Those indices then allowed us to compare total stock market returns — as measured by changes in stock price plus dividends — for different business models in the U.S. markets over a 12-year period, from 1997 through 2009. The results provide insight into investor treatment of various business models. In particular, the findings underscore the importance of innovation and intellectual property in the U.S. economy.