Austrian Capital Theory (ACT) sounds arcane, academic and complicated. In fact, it’s the key to modern organizational design, cutting edge business structures, and the high-response business models leading entrepreneurs deploy to win in today’s business environment.
Austrian Capital Theory holds that capital assets are heterogeneous and complementary. In business language, that means an entrepreneur can assemble set of assets that are special to his or her firm and combined in such a way that the combination is unique, or at least hard to copy.
The concept of economic cost seems to confuse people. It is not the price you pay for a good, but the reason you pay it. The cost of one action is the value you could otherwise have gained, from taking another action. In other words, if you have $100 and you have the choice to […]
Yousif Almoayyed runs a concrete business based in Bahrein, part of a family conglomerate of businesses. Part of his self-directed business education was the reading and thoughtful analysis of Austrian Economics texts, and the practiced application of the principles gleaned from non-stop reading.
David Nordfors is CEO and co-founder of IIIJ and the co-chair of the i4j – Innovation For Jobs – Summit together with Vint Cerf. He was previously co-founder and Executive Director of the Center for Innovation and Communication at Stanford University. He has served on World Economic Forum Global Agenda Councils and was one of the WEF Innovation 100 in 2009. Here are some highlights from our conversation.
New entrepreneurial thinking can bring profitable differentiation to all markets.