Fostering Global Innovation in a Developing Economy: Lessons from India

BATTEN BRIEFING

IMPROVING THE WORLD THROUGH ENTREPRENEURSHIP AND INNOVATION

global innovators roundtable series

Fostering Global Innovation in a Developing Economy: Lessons from India

By Gosia Glinska Associate Director of Research Batten Institute glinskam@darden.virginia.edu

W

ith a population of 1.3 billion people, India can claim an abundance of the world’s most important natural resource—the human mind and its

capacity to innovate. Given this inherent advantage, what would it take

to catapult India toward global economic leadership as an innovation powerhouse?

To address this question and to examine India’s human-capital potential, Darden’s

Rajkumar Venkatesan, Ronald Trzcinski Professor of Business Administration, led a

“I see start-ups, technology and innovation as exciting and effective instruments for India's transformation and for creating jobs for our youth.” 1 Narendra Modi Prime Minister of India, 2015

dialogue in Mumbai recently among the country’s leading government officials, business executives, serial entrepreneurs, venture capitalists, and angel investors. During

this Global Innovators Roundtable, an ongoing series of international discussions hosted

by Darden’s Batten Institute for Entrepreneurship and Innovation, Prof. Venkatesan

drew out a number of lessons about the present state and future prospects for innovation in the Indian economy.

This Batten Briefing summarizes those lessons and key takeaways.

1

Speech by Prime Minister Shri Narendra Modi at a startup event on 27 September 2015, in San Jose, California. http://

pib.nic.in/newsite/PrintRelease.aspx?relid=128232began-faces-its-biggest-test.

LOOKING INWARD:

SOLVING INDIA’S PROBLEMS FIRST TODAY INDIA DOES NOT HAVE A STRONG REPUTATION for breakthrough innova-

“In India, we look at solving pressing problems first.

Innovation around water, for example, is driven by an acute need.”

Paula Mariwala Partner at Seedfund and co-founder of Stanford Angels

tions that disrupt industries globally. Most breakthrough technologies are imported to the subcontinent, and many successful Indian startups are fast-followers of their

western counterparts. FlipKart, Ola, OYA Rooms, and Gaana are examples of companies that emulated Amazon, Uber, Airbnb, and Spotify, respectively, fine-tuning their models to serve local markets.

However, it’s important to recognize that as an emerging economy, India faces and addresses a narrower set of domestic challenges and unfilled needs at home, such

as access to safe drinking water, education, employment, energy, connectivity, and financial inclusion.

TATA SWACH

“Innovation in India, most of the time, solves India’s specific problems.”

A low-cost water purifier Access to clean water is an ongoing problem in India. To address that, Tata Chemicals, part of India’s largest conglomerate, the Tata Group, introduced the Swach, an affordable, eco-friendly water purifier for poor rural households. The innovative idea was born in the early 2000s, in one of the group’s labs, when researchers discovered that rice-husk ash could be used to purify water.2 Tata Chemicals then developed a gravity-based cartridge that combined rice husk ash—which is one of the most abundant waste products in India—with nanotechnology.

Priced at $20, the Swach is one of the most popular purifiers in India. It even meets internationally accepted water purification standards. Tata Consulting Services has contributed the purifier to a number of disaster relief efforts, including the 2010 earthquake in Chile.3

2

Akshay Mittal (MBA ’11) Serial entrepreneur and angel investor at First Coffee Ventures

“Innovation in India, most of the time, solves India’s specific problems,” said Akshay Mittal (MBA ’11), a serial entrepreneur and angel investor at First Coffee Ventures, an early-stage investment firm in Mumbai. “In India, we look at solving pressing

problems first. Innovation around water, for example, is driven by an acute need,”

said Paula Mariwala, partner at Seedfund, an early-stage VC fund, and co-founder of Stanford Angels.

A lot of demand-driven innovation in India focuses on finding ways to make quality products and services affordable to a huge segment of low-income population. As Prashant Panday, Managing Director and CEO, Entertainment Network India,

put it, “Most innovation in India is around the price-value equation. We should be proud of that.”

The story of Reliance Jio provides a well-known example of price-value innovation.

In 2017, the company disrupted India’s telecom sector with JioPhone, a web-enabled mobile phone that comes with free voice and text and a flood of cheap data. The

handset, available for about $23 and refundable after three years, is effectively free.4

Crabtree, James. 2012. “Technology Gives India’s Farmers

Access to Expertise.” The Financial Times.

3

2

Ibid.

4

Purnell, Newley. 2017. “India to Get Phone for the Masses.” The Wall Street Journal (Asia Edition).

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More than 65 percent of roughly billion mobile subscribers in India have basic

phones that allow only calls and text.5 The innovative JioPhone was aimed at those who were caught in between these no-frills feature phones and fancier, but more

expensive smartphones. Reliance’s affordable crossover phone allowed millions of

less affluent users to get online for the first time, ending “digital exclusion in India,”

FAST COMPANY’S TOP 10 MOST INNOVATIVE COMPANIES

By Category: India 1

For putting Indians on the fast track with cheap internet

to quote Mukesh Ambani, the chairman of Reliance Industries.6

In addition to making handsets affordable, Reliance managed to drive down the

2

than 15 months, Reliance signed up more than 150 million new subscribers.7

3 4

The number two spot on the list went to PayTM, for creating a “marketplace off of

5

6

corruption. As a result, many Indians turned to mobile payment apps, and PayTM

7

Drawing inspiration from one of its major backers, Alibaba, PayTM recently applied

8

and wealth management, bringing financial services to millions of underserved Indi-

9

merchants.9 Far from resting on his laurels, Sharma has his sights on the developed

10

60.” The Economic Times.

6

Purnell, Newley. 2017.

7

“The World’s 50 Most Innovative Companies.” 2018. Fast Company. (223): 48.

8

Ibid.

9

“The World’s 50 Most Innovative Companies.” 2018.

10

Raghuvanshi, Gaurav. 2017. “India's Top Payment App Has Eyes on U.S. Market.” The WSJ Online.

SILLY MONKS ENTERTAINMENT For creating digital content

ans in the process. In 2017, PayTM had 90 million active users, including 6 million

Sengupta, Devina and Gulveen Aulakh. 2018. “Coming Soon: 4G Smartphones at Rs 500, on a Monthly Plan of Rs

JUBILANT FOODWORKS For cooking up mayo burgers at Dunkin’ Donuts

the Chinese giant’s innovative business model that combines mobile payment solu-

5

NARAYANA HEALTH For avoiding surgeries with nuclear medicine

quickly became India’s leading digital wallet.

markets, including the U.S.10

SAMSUNG INDIA For rolling out the world’s largest curved OLED monitor

merchants to use his app. The company got a boost in 2016, when India’s govern-

tions with e-commerce. It also expanded into mobile banking, insurance, lending,

SDGZ For pairing talented students with intractable problems

its mobile payments.”8 Founded in 2010 by Vijay Shekhar Sharma as a digital pay-

ment invalidated 86% of currency in circulation to crack down on tax evasion and

EM3 AGRISERVICES For helping farmers rent equipment short term

“putting Indians on the fast track with cheap Internet.”

traditionally cash-centric business culture, it took Sharma years to convince reluctant

INMOBI For upgrading its video ads

In 2018, Fast Company named Reliance Jio India’s most innovative company for

ments app, PayTM is India’s biggest mobile payment ecosystem. Because of India’s

PAYTM For erecting a marketplace off of its mobile payments

price of data from as much as $60 per gigabyte to less than $1. To attract customers, the company offered free data for the first six months. The giveaway paid off. In less

RELIANCE JIO

OYO For using tech to standardize a national hotel experience

Fast Company has been releasing its annual list of the World’s Most Innovative Companies since 2007. The magazine’s editors identify and rank firms across industries and sizes, looking for those that are at the forefront in terms of financial performance and impact on the broader culture.

Source: Fast Company. March/April 2018.

Fostering Global Innovation in a Developing Economy: Lessons from India

3

SOLVING PROBLEMS IN OTHER DEVELOPING ECONOMIES AS A CONSEQUENCE OF INDIA’S GENERAL INWARD FOCUS around innovation, many Indian entrepreneurs seek to commercialize their innovations and technologies in other developing economies, especially in high social-impact sectors such

as healthcare, agriculture and energy. “Innovation from India doesn’t have to travel west,” said Rajan Mehra (MBA ’93), managing director at Nirvana Venture Advi-

sors, a VC fund focused on the Internet space. “It flows to Africa—Nigeria, Tanzania, and Kenya.”

“Innovation from India doesn’t have to travel west. It flows to Africa—Nigeria, Tanzania, and Kenya.”

Rajan Mehra (MBA ’93) Managing Director, Nirvana Venture Advisors

A case in point is Husk Power Systems, co-founded by Manoj Sinha (MBA ’09).

In 2007 Sinha and his friend were exploring ways to provide clean and affordable

electricity to remote villages in Bihar, an Indian state where they had grown up. They ended up converting biomass waste, such as rice husks, which are abundant in Bihar, into electricity. In 2008, Sinha launched Husk Power Systems (HPS) to provide

renewable and affordable electricity to the rural populations, not just in India, but around the world.

In 2015 the company pioneered a hybrid system that generates on-demand power

throughout the year by synchronizing solar and biomass gasification power plants.

Today, HPS designs, builds, owns and operates a low-cost hybrid power plant and distribution network in India and Africa.

4

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INDIA’S PROMISE:

FROM REGIONAL INNOVATOR TO GLOBAL LEADER CAN A PROVEN TALENT FOR SOLVING PROBLEMS in the developing world

transform India into a truly global innovation leader? At the Global Innovators

Roundtable in Mumbai, Darden’s Venkatesan was bullish. “The next wave of growth

in India,” he said, “will come from breakthrough ideas that will solve not only India’s problems, but also the developed world’s problems.”

Sreeshap Srinivasa, Associate Vice President at Biocon, India’s leading biotech

company, echoed Venkatesan’s observation. “If Biocon wanted to become a global

company, like Genentech, and if we only addressed Indian regional issues, we would not get there,” he said. “It’s great that we address local problems, but to go to the next level, we have to tackle global problems.”

“The next wave of growth in India will come from breakthrough ideas that will solve not only India’s problems, but also the developed world’s problems.”

Rajkumar Venkatesan

Developing innovative solutions to global problems, however, especially in capitalintensive industries like biotech, requires funding and other scarce resources. As

Ronald Trzcinski Professor of Business Administration, UVA Darden School of Business

Darden’s Prof. Venkatesan put it, “Opportunities in India exist in the human capital, in a variety and diversity of ideas. But to see some dividends, it’s necessary to make

investments in higher education, in basic research, and other parts of the ecosystem.”

“There is business model innovation, like Uber,” said Arihant Patni, co-founder and Managing Director at Hive Technologies, a platform that incubates and invests in data analytic startups in India. “And India did great there. Then you have more of a core technology innovation, like in life sciences, which needs an ecosystem, and

India falls behind. For example, a company that is recreating liver cells for testing drugs—if it doesn’t get capital, it dies very quickly.”

“There is business-model innovation, like Uber, and India did great there. Then you have more of a core technology innovation, like in life sciences, which needs an ecosystem, and India falls behind.”

Arihant Patni Co-founder and Managing Director at Hive Technologies

Fostering Global Innovation in a Developing Economy: Lessons from India

5

INDIA’S INNOVATION CHALLENGE TODAY: DEVELOPING AN ECOSYSTEM LEADERS IN INNOVATION: Global Innovation Index Rankings Every year, the Global Innovation Index, compiled by Cornell University, INSEAD, and the World Intellectual Property Organization, ranks the innovation performance of the economies around the world. Each country is scored according to 81 indicators, such as political environment, education, infrastructure, and market and business sophistication.11 According to the 2017 report, which ranked 127 countries, India came in at 60.

COUNTRIES LIKE SWITZERLAND, the U.S., Israel, Finland, and Germany boast

powerful ecosystems that support innovation and entrepreneurship. Even though each of these ecosystems is unique, they share common building blocks, such as

high-quality scientific research institutions, a sophisticated private sector, access to

capital, university-industry collaboration, strong protections for intellectual property, the availability of scientists and engineers, and government support.

In successful innovation ecosystems different players also interact, collaborate, and

learn from one another. As those relationships deepen, the strength of the ecosystem

increases. Therefore, enabling connections between established corporations and academia as well as building communities of entrepreneurs, mentors, and funders, who can feed off of each other's talent, creativity, and support, is essential.

Seedfund's Mariwala emphasized the importance of connecting various ecosystem participants in India. She said, “To commercialize an idea from a lab, to come to a

point where it can have a large impact in India, we don’t look at ideas in such a way,

Global 1 Switzerland 2 Sweden

because we don’t talk to each other. Scientists don’t know what the business prob3 Netherlands 4 USA 5 UK

lems are.”

India has vibrant innovation hot spots like Bangalore, which has shed its reputa-

tion as an outsourcing center and now hums with innovative startups. However, the country’s overall innovation ecosystem is still nascent, requiring substantial invest-

Regional

ments in human capital, intellectual property protection, and government efficiency.

South East Asia, East Asia, and Oceania 1 Singapore 2 Republic of Korea 3 Japan

Central and Southern Asia 1 India 2 Iran 3 Kazakhstan

11

Dutta, Soumitra, et al. 2017. “The Global Innovation

Index 2017: Innovation Feeding the World.” Cornell University, INSEAD, and WIPO.

6

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Innovation Ecosystem Building Blocks • Innovation strategy • Venture-friendly legislation, e.g. bankruptcy, property rights • Tolerance of risk and failure • Wealth creation • Visible success • Celebration of entrepreneurs • Ambition and drive

Government

Culture

• Tax incentives • Research institutes • R&D funding • Early adopters • First reviews • Distribution channels • Entrepreneurs’ networks • Large corporations

Demand

INNOVATION

Supports

• Telecommunications • Transportation and logistics • Legal • Accounting • Advisors

Human Capital

Funding

• Micro-loans • Angel investors • Venture capital

• Educational institutions • Entrepreneurship education • Corporate R&D • Skilled and unskilled labor • Serial entrepreneurs

• Public capital markets • Access to credit

Sources: Adapted from William K. Aulet (2008), Brad Feld (2012), and Daniel Isenberg (2011)

Fostering Global Innovation in a Developing Economy: Lessons from India

7

INVESTING IN HUMAN CAPITAL SINCE HUMAN CAPITAL IS THE BACKBONE of a healthy innovation ecosystem,

it’s critical to invest in its development. According to a study by the Ewing Marion

Kauffman Foundation, there is a correlation between higher levels of education and entrepreneurial activity.12 But education is a significant challenge for India, both

in terms of its consistent quality and degree of inclusiveness. Said Rahul Khanna,

managing partner at Trifecta Capital, “There is India One, about 100 million people, an English-educated elite. And there is India Two or Bharat, the real India, where most of us don’t go or live.”

“In India, I was trained to score high on tests. That changed in the U.S. The grade was not the most important thing—and that was great. I didn’t have any risk appetite in India. That changed in the U.S., too. All I needed was a bed and three meals.”

Manoj Sinha (MBA ’09) Co-founder and CEO, Husk Power Systems

Many call for an overhaul of an entire education system. Members of the Global

Innovators Roundtable in Mumbai bemoaned that schools in India don’t encourage students to question things and think out of the box. Many stressed the importance of fostering a culture of innovation and risk-taking early and teaching students a new mindset that would empower them to be creative and innovative.

Apparently many Indian students learn that mindset when they come to the U.S.

to study. “In India, I was trained to score high on tests,” said Husk Power Systems’ founder Sinha. “That changed in the U.S. The grade was not the most important

thing—and that was great. I didn’t have any risk appetite in India. That changed in the U.S., too. All I needed was a bed and three meals.”

12

Motoyama, Yasuyuki and Jordan Bell-Masterson. 2014. “Beyond Metropolitan Startup Rates: Regional Factors As-

sociated with Startup Growth.” Ewing Marion Kauffman Foundation Report.

8

BATTEN BRIEFING: GLOBAL INNOVATORS ROUNDTABLE SERIES

STRENGTHENING IP PROTECTION OUR ROUNDTABLE PARTICIPANTS also noted that improving India’s intellectual

property (IP) system is critical to fueling innovation and economic growth. Without

U.S. CHAMBER INTERNATIONAL IP INDEX

having strong IP laws and enforcement mechanisms, it’s hard to invest in com-

mercializing and bringing innovative ideas to market. Countries like the U.S., the

U.K., Japan, and the European Union, which are generally known for having strong IP protections, stand to reap the greatest economic benefits. They are able to attract

Top Scoring Economies

32.6

world-class R&D and foreign investments, and their home-grown industries are

32.4

31.9

31.9

31.9

more robust.13

Despite some positive developments, India remains a challenging environment for

IP-intensive industries. There is significant uncertainty around software patents and copyrights. According to a report compiled by the U.S. Chamber of Commerce’s Global Intellectual Property Center (GIPC), which grades countries on patents,

trademarks, copyright, trade secrets, enforcement, and international treaties, India

is close to the bottom. In 2017, it ranked 43rd out of 45 economies, ahead of only Pakistan and Venezuela.14

In 2016, the Indian government issued the long-awaited National Intellectual Prop-

SWEDEN

9.3

9.4

EGYPT

holders is weak; and India’s participation in international IP treaties is inadequate.15

JAPAN

opposition proceedings are lengthy; the enforcement environment for copyright

ALGERIA

patentability requirements don’t comply with international standards; the pre-grant

GERMANY

in its IP framework; it has a limited framework for IP protection in life sciences; its

UNITED STATES

backs outweighed its strengths: the policy fails to address fundamental weaknesses

UNITED KINGDOM

erty Rights Policy. Unfortunately, according to the GIPC, the policy’s many draw-

“Businesses in India worry about having their IP stolen,” said First Coffee Ventures’

Mittal. “Hoping that the government will strengthen the institutions is not going to

tory landscape. “The barriers that we create for somebody not to steal our innovations will be much different than the government laws that exist in the developed

13

6.9 VENEZUELA

countries,” Mittal said.

Lowest Scoring Economies

Pugatch, Meir, et al. 2017. “The Roots of Innovation: U.S. Chamber International IP Index.” Global Intellectual

8.4

8.8

INDIA

in to create the kind of IP regulations that are best suited to India’s unique regula-

PAKISTAN

be the best way forward.” According to Akshay Mittal, the private sector has to step

Source: Global Innovation Policy Center

Property Center.

14

Ibid.

15

Ibid.

Fostering Global Innovation in a Developing Economy: Lessons from India

9

WORKING WITH THE GOVERNMENT “It’s difficult to address the ecosystem issue, because of all the moving parts. The government needs to help the people who want to address those issues.

The private sector does business in spite of the government. We should not be asked to innovative in isolation.”

FROM FINLAND TO CHINA, GOVERNMENTS around the world try to ignite venture creation and growth by helping build the environments that nurture and sustain

their innovators and entrepreneurs. The government of India has such aspirations,

too, as various initiatives such as Startup India, Make in India, and Atal Innovation Mission can attest.16 However, as some attendees at the Global Innovators Round-

table in Mumbai noted, India could do more.

“It’s difficult to address the ecosystem issue, because of all the moving parts,” said

Seedfund’s Paula Mariwala. “The government needs to help the people who want to

address those issues. The private sector does business in spite of the government. We

Paula Mariwala Partner at Seedfund, co-founder of Stanford Angels

should not be asked to innovative in isolation.”

Government can certainly help catalyze the creation of an entrepreneurial ecosystem by simplifying regulations and through tax benefits and other incentives. It can also hinder it with stifling bureaucracy and protectionism. “How can you create Elon Musks in India if our government uses such protectionist approaches like ban-

INVESTMENT IN R&D

ning or discouraging driverless cars,” said Arihant Patni, co-founder and Managing

To understand a country’s commitment to innovation, it is helpful to look at R&D spending as a percentage of the nation’s gross domestic product (GDP).

In 2015, India spent 0.8% of its GDP on R&D.

startups in India.

As some noted, it is important to understand when the government is best involved and when and where it should step back. The consensus at the Mumbai roundtable

was that the government should: simplify the regulatory framework and ensure more regulatory certainty; introduce tax incentives for startups; improve access to capital; and increase R&D spending.

Top Ten R&D Spenders country

Director at Hive Technologies, a platform that incubates and invests in data analytic

%

of gdp

Republic of Korea 4.3% Israel 4.3% Japan 3.4% Finland 3.2% Austria 3.1%

Government investment in R&D, and especially in costly basic research, is what

fuels a country’s innovation engine. As Nirvana’s Mehra pointed out, China’s in-

novation engine, specifically in clean-tech, has benefited from having the Chinese

government as the lead investor in funding basic research in that field. “It’s all about the ecosystem,” said Mehra. “And the Chinese government invests in its ecosystem—education, capital, policies—to support innovation.”

Sweden 3.1% Denmark 3% Switzerland

3%

Germany 2.9% United States

2.8%

Source: UNESCO Institute for Statistics (UIS), 2015

10

16

The Global Entrepreneurship Summit India 2017 Website. https://www.ges2017.org/govt-of-india-support-for-

entrepreneurs/

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FINAL OBSERVATIONS INDIAN TRANSPLANTS TO THE U.S. thrive as entrepreneurs and innovators. A

study of engineering and technology companies in the U.S. between 2006 and 2012 revealed that 33% of all startups launched by immigrants had Indian founders,

which adds up to more than any other ethnic minority combined.17 There has also

been a proliferation of Indian-founded unicorns—startups valued at more than $1 billion—in the U.S. Out of 87 unicorns that were not publicly traded on the U.S.

stock market as of January 2016, 14 boasted Indian founders.18 Some even call this

INDIAN FOUNDED U.S. UNICORNS Ranked by current valuation Source: Crunchbase (data retrived on 14 July 2017)

company

valuation

$7.5B

phenomenon the golden age of Indian entrepreneurship in Silicon Valley.

indian founder

Rajat Suri Co-Founder

Rishi Shah Co-Founder and CEO

Given this deep pool of talent and ideas, India could surely lead the world in in-

$5.5B

Co-Founder and President

novation. However, for that to happen, India requires a dedicated commitment to establishing an interconnected web of stakeholders who collaborate explicitly or implicitly to create something greater than what they can do alone.

Shradha Agarwal

$4.5B

Laks Srini

$3.4B

Apoorva Mehta

Co-Founder and CTO

Co-Founder and CEO

$2.83B

KR Sridhar

$1.8B

Nick Ganju

$1.5B

Dhiraj Rajaram

Founder and CEO

Co-Founder

Founder & CEO

Bipul Sinha Co-Founder & CEO

Arvind Nithrakashyap

$1.3B

Co-Founder & CTO

Soham Mazumdar Co-Founder

Arvind Jain Co-Founder

$1.3B

Baiju Praflkumar Bhatt

$1.2B

Vivek Garipalli

Co-Founder & CEO

Co-Founder & CEO

Nirav Tolia Co-Founder & CEO

$1.1B

Prakash Janakiraman Co-Founder & VP Engineering

17

Wadhwa, Vivek et al. 2012. “Then and Now: America’s New Immigrant Entrepreneurs, Part VII.” Ewing Marion

$1.1B

Jay Chaudhry

$1.1B

Ash Ashutosh

Kauffman Foundation.

18

Anderson, Stuart. 2016. “Immigrants and Billion-Dollar Startups.” NFA Policy Brief. National Foundation of Ameri-

$1.03B

Founder & CEO

Founder & CEO

Dhiraj Mukherjee Co-Founder

can Policy.

Fostering Global Innovation in a Developing Economy: Lessons from India

11

THE GLOBAL INNOVATORS ROUNDTABLE

For the past seven years, executives from some of the world’s largest and most innovative companies have been getting together to talk about innovation in an interactive and candid environment. They are participants in the Global Innovators’ Roundtable, an initiative of Darden’s Batten Institute for Entrepreneurship and Innovation. Led

by Darden’s top-ranked faculty, they explore the latest research on corporate innovation, share best practices, and discuss common challenges.

The thirteenth roundtable, hosted by the Batten Institute on 7 November 2017 in Mumbai, India, brought together top government officials, business executives, serial entrepreneurs, venture capitalists, and angel investors based in India. This Batten Briefing expands on the themes that emerged during the discussions facilitated by Darden’s Rajkumar Venkatesan, Ronald Trzcinski Professor of Business Administration.

PARTICIPATING COMPANIES Biocon Research, Ltd.

Novartis India, Ltd.

Blume Ventures

Roche Diagnostics India

EMMAY Entertainment and Motion Pictures, LLP

Seedfund Advisors

Entertainment Network India, Ltd. (ENIL)

Square Finance | First Coffee Ventures Tata Communications

Hey DeeDee Hive Technologies

Tata Institute of Social Sciences (TISS)

Husk Power Systems

Titan Company, Ltd.

Invest India

Trifecta Capital

Nirvana Venture Advisors

DARDEN FACULTY LEADER Rajkumar Venkatesan Ronald Trzcinski Professor of Business Administration

copyright information BATTEN BRIEFINGS, February 2018. Published by the Batten Institute at the Darden School of Business, 100 Darden Boulevard, Charlottesville, VA 22903. email: batten@darden.virginia.edu www.batteninstitute.org ©2018 The Darden School Foundation.

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