David J. Teece is the Thomas W. Tusher Professor at the Institute for Business Innovation at the University of California, Berkeley’s Haas School of Business. He also is the faculty director of the school’s Tusher Initiative for the Management of Intellectual Capital. He has authored over thirty books and 200 scholarly papers. He is co-editor of the “Palgrave Encyclopedia of Strategic Management” and “Industrial and Corporate Change,” an Oxford University Press journal. Dr. Teece has received eight honorary doctorates and has been recognized by Royal Honors.
In 2020, Dr. Teece was rated no. 1 worldwide in management by London-based Clarivate; in 2021, he was given “Clarivate Laureate” status in economics (for innovation, entrepreneurship, and competition) based on the citations he has received in the scientific literature. In the same year, he was saluted as a “Distinguished Management Thinker” by Thinkers50. Google Scholar indicates that he has been cited over 170,000 times.
Dr. Teece is identified (with two of his grad students) as the originator of the dynamic capabilities perspective in strategic management. He also is known for the “Teece model,” a framework he developed to assist companies with their technology commercialization strategies and business models. He has a companion framework on dynamic capabilities, which is advanced as a better way to shape competition (antitrust) policy around issues of market power and M&A activity.
In 2010, Dr. Teece cofounded Berkeley Research Group, a research and expert services firm with expertise in domains ranging from intellectual property to competition policy to healthcare analysis. In 2020, he cofounded Pilatus Capital, a venture capital firm with a technology focus.
Dr. Teece has a Ph.D. in economics from the University of Pennsylvania and has held teaching and research positions at Stanford University and Oxford University.
Certain innovations—known as enabling technologies—provide the foundation for progress across a range of industries. Enabling technologies include mobile wireless, the laser, CT scanners, the microprocessor, artificial intelligence, and freight containerization. Such technologies drive wealth creation throughout the economy. However, the difficulties associated with monetizing this type of IP, which I explore in this article, mean that private enterprise tends to underinvest in new enabling technologies. Public policy needs to be more supportive, and firms need to be willing to support more blue-sky projects. As a nation, we are harvesting the fruits of old enabling technologies without investing sufficiently in new ones. We are eating our seed corn.
As judges, former judges and government officials, legal academics and economists who are experts in antitrust and intellectual property law, we write to express our support for your recent announcement that the Antitrust Division of the Department of Justice will adopt an evidence-based approach in applying antitrust law equally to both innovators who develop and implementers who use technological standards in the innovation industries. We disagree with the letter recently submitted to you on January 24, 2018 by other parties who expressed their misgivings with your announcement of your plan to return to this sound antitrust policy.