News and Awards

  • Keystone Chairman and HBS Professor Marco Iansiti expands on why digital leaders post higher gross margins, profits, and revenue per employee than digital laggards in a new study entitled, “The Digital Business Divide: Analyzing the operating impact of digital transformation,” featured recently on
    Read the full story and access the study, here: cio-image
  •’s 2017 Top Ranked Consulting Firms: Keystone Strategy has been named to‘s 2017 Top Ranked Consulting Firms in North America with two top 10 placements for both innovation and internal mobility. Read more about Keystone Strategy here: vault-top-ranked
  • The CFO Leadership Council News:  Keystone’s own Director of Finance Julius Gloeckner is featured in the CFO Council News blog detailing why he thrives in Keystone’s entrepreneurial setting.  Read more about Julius Gloeckner and Keystone CFO Council Logo
  • Top 10 Boutique Strategy Consulting firm by IvyExec: Keystone has been ranked a Top 10 Boutique Strategy Consulting firm by IvyExec in their annual consulting firm rankings. Read more about Keystone  ivyexec_logo
  • Consulting Magazine Rising Star: Congratulations to Keystone’s Sam Price who was just named one of Consulting Magazine’s Rising Stars of the Profession for 2016. To read more about Sam and her work at Keystone, go to Consulting MagazineConsulting Mag Rising Star
  • Professor Iansiti releases One Strategy which analyzes how a management team tweaked and optimized the fine line between strategy and executionone-strategy
  • Professor Pisano wins the 2010 McKinsey Award for “Restoring American Competitiveness”

Keystone experts are thought leaders in their fields and are prolific writers on their findings. The experts create leading analytical frameworks for evaluating ecosystem strategy, innovation processes, IP evaluation, antitrust analysis and more. The research of our experts provides Keystone with unique access to large, cross-sectional studies of industry players. Please contact us to learn more about our experts' research.


Harvard Business Review: What the Companies on the Right Side of the Digital Business Divide Have in Common

Research using data from more than 300 companies listed on U.S. exchanges indicates that digitally transformed organizations (“digital leaders”) performed much better than organizations that lagged behind (“digital laggards”).  Co-authored by Keystone Partner Robert Bock, Chairman and HBS Professor Marco Iansiti and HBS Professor and Keystone Expert Karim Lakhani. Link to the article.

Revolutionizing Innovation: Users, Communities, and Open Innovation

by Dietmar Harhoff (Editor), Karim R. Lakhani (Editor)

Revolutionizing Innovation: Users, Communities, and Open Innovation Book Cover 2016

Link to Book on Amazon

Keystone Strategy’s Digital Transformation Focus and Entrepreneurial Flair

by Susanne Schneider, August 2015

Link to Article

The History and Future of Operations

by Marco Iansiti
Harvard Business Review, June 30 2015
Link to Article

Strategy Rules: Five Timeless Lessons from Bill Gates, Andy Grove, and Steve Jobs

by David B. Yoffie (Author), Michael A. Cusumano (Author), Keystone expert and Professor at the MIT Sloan School of Management

Strategy Rules Book Cover 2015

Link to Book Review in The Economist.

Digital Ubiquity: How Connections, Sensors, and Data Are Revolutionizing Business

by Marco Iansiti and Karim R. Lakhani
Harvard Business Review, November 2014
Link to Article

Best IT Certifications for 2014 and Beyond (series)

By Ed Tittel
Tom’s IT Pro, September 26, 2014

Link To Article

Leading-Edge UTM: What C-Level Execs Need to Know

By Earl Follis and Ed Tittel
, May 13, 2014

Link To Article

Increasing Storage Space on Boot/System SSDs for Mobile Devices

By Ed Tittel and Kim Lindros, Jun 18, 2014

Link To Article

Ranking Certifications (2014 Edition)

by Ed Tittel
Pearson Certification, May 12, 2014

Link to Article

SAM in the ITIL Lifecycle Vs. SAM in the ISO Model

By Ed Tittel
Tom’s IT Pro, July 3, 2013

Link To Article

Definitive Illustrated Guide To ITIL

By Ed Tittel and Earl Follis
Tom’s IT Pro, July 29, 2013

Link To Article

Making the Business Case for Leveraging Data Center Interconnect for Business Continuity

by Ed Tittel
Juniper Networks, 2013

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Building an Enterprise IPv6 Test Lab

by Jeff Carrell and Ed Tittel, Oct 31, 2011

Link To Article

Guide to TCP/IP, 4th Edition

by Jeffrey L. Carrell, Laura Chappell, Ed Tittel, James Pyles

Guide to TCP/IP, Fourth Edition introduces students to the concepts, terminology, protocols, and services that the Transmission Control Protocol/Internet Protocol (TCP/IP) suite uses to make the Internet work. This text stimulates hands-on skills development by not only describing TCP/IP capabilities, but also by encouraging students to interact with protocols. It provides the troubleshooting knowledge and tools that network administrators and analysts need to keep their systems running smoothly. Guide to TCP/IP, Fourth Edition covers topics ranging from traffic analysis and characterization, to error detection, security analysis and more. Both IPv4 and IPv6 are covered in detail.


Beginning HTML5 and CSS3 For Dummies

by Ed Tittel and Chris Minnick
September 3, 2013

HTML and CSS are essential tools for creating dynamic websites and help make your websites even more effective and unique. This friendly-but-straightforward guide gets you started with the basics of the latest versions of HTML and CSS: HTML5 and CSS3. Introducing you to the syntax and structure of the languages, this helpful guide shows you how to create and view a web page, explains ideal usage of HTML5 and CSS3, walks you through the CSS3 rules and style sheets, addresses common mistakes and explains how to fix them, and explores interesting HTML5 tools.


Search Neutrality and Search Bias – An Empirical Perspective on the Impact of Architecture and Labeling

by David A. Hyman and David J. Franklyn
May 8, 2013
Link to Article

Stanford Economist Musters Big Data to Shape Web Future

By Aki Ito
June 26, 2013

Link to Article

Trademarks as Keywords – Much Ado About Something?

by David J. Franklyn and David A. Hyman
April 12, 2013
Link to Article

Consumer Protection in Online Discount Voucher Sales

by Benjamin Edelman and Paul Kominers
June 14, 2011
Link to Article

Mccarthy’s Desk Encyclopedia Of Intellectual Property

by David J. Franklyn, J. Thomas McCarthy and Roger Schechter
3rd Ed, 2005

A powerful, encyclopedic tool that clarifies the complex language of this rapidly expanding field.
The Third Edition of McCarthy’s Desk Encyclopedia of Intellectual Property is a multifaceted practitioner’s guide of first reference. It defines patent, trademark, and copyright terms of art and uses them in context to better explain each one and the various legal scenarios in which they may be found. The Encyclopedia also analyzes relevant cases and statutes and provides citations to more cases and IP treatises for additional research.

Debunking Dilution Doctrine – Justifying the Anti-Free-Rider Principle in American Trademark Law

by David J. Franklyn
March, 2004
Link to Article

Unlawful Advertisements Very Familiar to Google

by Benjamin Edelman
Huffington Post, May 19, 2011
Link to Article

Why Leaders Don’t Learn from Success

by Gary P. Pisano and Francesca Gino
Harvard Business Review, April 2011
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Remedies for Search Bias

by Benjamin Edelman
February 22, 2011
Link to Article

In Accusing Microsoft, Google Doth Protest Too Much

by Benjamin Edelman
HBR Blogs, February 2011
Link to Article

Measuring Bias in “Organic” Web Search

by Benjamin Edelman and Benjamin Lockwood
January 2011
Link to Article

Hard-Coding Bias in Google “Algorithmic” Search Results

by Benjamin Edelman
November 15, 2010
Link to Article

Set-Asides and Subsidies in Auctions

by Susan Athey, Dominic Coey and Jonathan Levin
October 2010
Set-asides and subsidies are used extensively in government procurement and natural resource sales. We analyze these policies in an empirical model of Forest Service timber auctions. The model fits the data well both in-sample and out-of-sample. Our estimates suggest that restricting entry to small businesses substantially reduces efficiency and revenue, although it does increase small business participation. A bidding subsidy for small business appears to be more effective at achieving distributional goals, increasing revenue and eliminating almost all of the efficiency loss. A small business bidding subsidy also increases the average profits of both large and small firms, compared to a set-aside policy. We explain these findings by connecting to the theory of optimal auction design.
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Dynamics of Open Source Movements

by Susan Athey and Glenn Ellison
September 2010
This paper considers a dynamic model of the evolution of open source software projects,focusing on the evolution of quality, contributing programmers, and users who contributecustomer support to other users. Programmers who have used open source software aremotivated by reciprocal altruism to publish their own improvements. The evolution ofthe open-source project depends on the form of the altruistic benefits: in a base case theproject grows to a steady-state size from any initial condition; whereas adding a need forcustomer support makes zero-quality a locally absorbing state. We also analyze competitionby commercial firms with OSS projects. Optimal pricing policies again vary: in some casesthe commercial firm will set low prices when the open-source project is small; in other casesit mostly waits until the open-source project has matured.
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Plugging Privacy Leaks

by Hiawatha Bray
Boston Globe, July 10, 2010
Link to Article

The Impact of Targeting Technology on Advertising Markets and Media Competition

by Susan Athey and Joshua Gans
American Economic Review, May 2010; and January 11, 2009 version
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Optimal Auction Design and Equilibrium Selection in Sponsored Search Auctions

by Benjamin Edelman and Michael Schwarz
American Economic Review, 100 no2, May 2010
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HBS Working Knowledge

by Marco Iansiti
Harvard Business School Working Knowledge, March 22, 2010
Link to Story

Microsoft Exec Writes “One Strategy” For Your Success

by Steven Sinofsky and Marco Iansiti
CNBC Guest Blog, March 19, 2010
Link to Story

The Evolution of Science-Based Business: Innovating How We Innovate

by Gary P. Pisano
Harvard Business School Working Papers, February 19, 2010
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The Determinants of Individual Performance and Collective Value in Private-Collective Software Innovation

by Ned Gulley and Karim Lakhani
Harvard Business School Working Papers, February 2010
We investigate if the actions by individuals in creating effective new innovations are aligned with the reuse of those innovations by others in a private-collective software development context. This relationship is studied in the setting of eleven “wiki-like” programming contests, where contest submissions are open for reuse by others, each involving more than one hundred contributors and several thousand attempts to generate, over a one-week period, the “best” software solution to a difficult programming challenge. We discuss the implications of these findings in light of the literature on private-collective innovation with an emphasis on the importance of considering both individual and community perspectives as they relate to knowledge creation, reuse and recombination for innovation.
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Measuring the Perpetrator and Funders of Typosquatting

by Tyler Moore and Benjamin Edelman
Proceedings of the Fourteenth International Conference on Financial Cryptography and Data Security, January 2010
We describe a method for identifying “typosquatting”, the intentional registration of misspellings of popular website addresses. Using regression analysis, we find that websites in categories with higher pay-per-click ad prices face more typosquatting registrations, indicating that ad platforms such as Google AdWords exacerbate typosquatting. However, our investigations also confirm the feasibility of significantly reducing typosquatting. We find that typosquatting is highly concentrated: Of typo domains showing Google ads, 63% use one of five advertising IDs, and some large name servers host typosquatting domains as much as four times as often as the web as a whole.
Link to Article

One Strategy: Organization, Planning, and Decision Making

by Steven Sinofsky and Marco Iansiti
Wiley Press, 2009

One Strategy analyzes how a management team tweaked and optimized the fine line between strategy and execution in developing the next generation of a major product, detailed in a series of internal blogs by Microsoft Windows Division President Steven Sinofsky and merged with insightful context from technology and operations strategy expert Marco Iansiti. Along the way, One Strategy examines the concepts, capabilities, processes, and behaviors to align around one strategy and deliver impact – thus developing Strategic Integrity. All about developing and executing great, innovative strategies, One Strategy reveals how you can build the right organizational capabilities and base of understanding, generate insightful strategies, develop detailed plans, and lead your corporate strategies to completion.

Varied Experience, Team Familiarity, and Learning: The Mediating Role of Psychological Safety

by Bradley R. Staats, Francesca Gina, and Gary P. Pisano
Harvard Business School Working Papers, September 16, 2009
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A Structural Model of Sponsored Search Advertising Auctions

by Susan Athey and Denis Nekipelov
September 2009
This paper develops a new model where online advertiser bids apply to many user queries, while the quality scores and the set of competing advertisements may vary from query to query. In contrast to existing models that ignore uncertainty, which produce multiplicity of equilibria, we provide sufficient conditions for existence and uniqueness of equilibria. In addition, we propose a homotopy-based method for computing equilibria given advertiser valuations and the distribution of uncertainty. We then propose a structural econometric model. Finally, we apply the model to historical data for several keywords.
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How to Manage Outside Innovation

by Karim Lakhani
MIT Sloan Management Review 50, no. 4, Summer 2009

Restoring American Competitiveness

by Gary P. Pisano and Willy C. Shih
Harvard Business Review, July-August 2009
Link to Story

Skewed Bidding in Pay Per Action Auctions for Online Advertising

by Nikhil Agarwal, Susan Athey and David Yang
American Economic Review, May 2009
Link to Article

Which Kind of Collaboration is Right for You? The New Leaders in Innovation will be those who figure out the best way to leverage a network of outsiders

by Gary P. Pisano and Roberto Verganti
Harvard Business Review, December 2008
Link to Story

Design-Driven Innovation: How to Compete by Radically Innovating the Meaning of Products

by Roberto Verganti
Harvard Business School Publishing, January 01, 2009

Until now, the literature on innovation has focused either on radical innovation pushed by technology or incremental innovation pulled by the market. In this book, Roberto Verganti introduces a radical shift in perspective that introduces a bold new way of competing – it’s about having a vision, and taking that vision to the customers. Design-driven innovations do not come from the market; they create new markets. They don’t push new technologies; they push new meanings. With detailed examples from leading European and American companies, Verganti outlines that for truly breakthrough products and services, we must look beyond customers and users to those experts (“interpreters”) who deeply understand and shape the markets they work in.

Intellectual Property, Architecture, and the Management of Technological Transitions: Evidence from Microsoft Corporation

by Alan MacCormack, John Alan David, and Marco Iansiti
Journal of Product Innovation Management

Getting Clear About Communities in Open Innovation

by Joel West and Karim Lakhani
Industry & Innovation 15, no. 2, April 2008

Position Auctions with Consumer Search

by Susan Athey and Glenn Ellison
May 2008
This paper examines a model in which advertisers bid for “sponsored-link” positions on a search engine. The value advertisers derive from each position is endogenized as coming from sales to a population of consumers who make rational inferences about firm qualities and search optimally. Consumer search strategies, equilibrium bidding, and the welfare benefits of position auctions are analyzed. Implications for reserve prices and a number of other auction design questions are discussed.
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How to Capture Value from Innovation: Shaping Intellectual Property and Industry Architecture

by Gary P. Pisano, Teece, David J.
California Management Review, Fall 2007

Market Definition and Concentration: One Size Doesn’t Fit All

by Mark Glick
Antitrust Bulletin, Summer 2007

The Principles of Distributed Innovation

by Karim Lakhani and Jill A. Panetta
Innovations: Technology, Governance, Globalization 2, no. 3, Summer 2007

Getting Unusual Suspects to Solve R&D Puzzles

by Karim Lakhani and Lars Bo Jeppesen
Harvard Business Review, 85, no. 5, May 2007

Internet Advertising and the Generalized Second-Price Auction: Selling Billions of Dollars Worth of Keywords

by Benjamin Edelman, Michael Ostrovsky, and Michael Schwarz
American Economic Review, v.97(1), March 2007
Link to Article

Strategic Bidder Behavior in Sponsored Search Auction

by Benjamin Edelman and Michael Ostrovsky
Decision Support Systems, v.43(1), February 2007
Link to Article

Innovating Through Design

by Roberto Verganti
Harvard Business Review, December 2006

Enterprise IT Capabilities and Business Performance

by Marco Iansiti

Better information technology makes a quantifiable, positive difference in business performance. The core finding of this multi-country research study from Keystone Strategy, Inc., sponsored by Microsoft Corporation and conducted under the direction of Professor Marco Iansiti of the Harvard Business School.
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Organization Design and Effectiveness over the Innovation Life Cycle

by Westerman, George, F. Warren McFarlan, and Marco Iansiti
Organization Science, March-April 2006

Science Business: The Promise, the Reality, and the Future of Biotech

by Gary P. Pisano
Harvard Business School Press, 2006

In Science Business, Professor Pisano analyzes why the biotechnology industry failed to perform up to expectations despite all its promises. Professor Pisano’s unique critique of the industry reveals the underlying causes of biotech’s problems and offers an overall analysis on how the industry works. According to Pisano, the biotech industry’s faces three unique business challenges: 1) the financing of high risk R&D investments in uncertain and long time horizons, 2) rapid learning to keep pace with advances in drug science knowledge, and 3) integration of capabilities across a broad spectrum of scientific and technological knowledge bases. He prescribes an approach to fixing the industry which includes new business models, modified organizational structures, and financing arrangements that place greater emphasis on integration and long-term learning over shorter-term “monetization” of intellectual property.

Exploring the Structure of Complex Software Designs: An Empirical Study of Open Source and Proprietary Code

by Alan MacCormack, John Rusnak and Carliss Y Baldwin
Management Science, October 2005
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IT Drives Growth

by Marco Iansiti
Keystone Strategy research shows a high correlation between IT capability and profitable business growth. Firms that build high capability IT systems grow faster than firms that do not, and do so while increasing both revenue and profit.
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Perspectives on Free and Open Source Software

by Karim Lakhani co-editor
The MIT Press, June 2005

Has the creation of software that can be freely used, modified, and redistributed transformed industry and society, as some predicted, or is this transformation still a work in progress? Perspectives on Free and Open Source Software brings together leading analysts and researchers to address this question, examining specific aspects of F/OSS in a way that is both scientifically rigorous and highly relevant to real-life managerial and technical concerns.The book analyzes a number of key topics: the motivation behind F/OSS—why highly skilled software developers devote large amounts of time to the creation of “free” products and services; the objective, empirically grounded evaluation of software—necessary to counter what one chapter author calls the “steamroller” of F/OSS hype; the software engineering processes and tools used in specific projects, including Apache, GNOME, and Mozilla; the economic and business models that reflect the changing relationships between users and firms, technical communities and firms, and between competitors; and legal, cultural, and social issues, including one contribution that suggests parallels between “open code” and “open society” and another that points to the need for understanding the movement’s social causes and consequences.

The Keystone Advantage: What the New Dynamics of Business Ecosystems Mean for Strategy, Innovation, and Sustainability

by Marco Iansiti and Roy Levien
Harvard Business School Press, 2004

In biological ecosystems, “keystone” species maintain the healthy functioning of the entire system because their own survival depends on it. In the Keystone Advantage, Marco Iansiti and Roy Levien argue that business ecosystems work in much the same way–one company’s success depends on the success of its partners. Based on more than 10 years of research and practical experience within industries from retail to automotive to software, The Keystone Advantage outlines a framework that goes beyond maximizing internal competencies to leveraging the collective competencies of one’s entire network for competitive advantage.

Strategy As Ecology

by Marco Iansiti and Roy Levien
Harvard Business Review, March 01, 2004

Ecosystem Strategy: Keystones and Dominators

by Marco Iansiti
Due to an increasingly distributed industry structure, the focus of competition is shifting away from the management of internal resources, to the management and influence of assets that are outside the direct ownership and control of the firm. In this paper, we introduce a framework for studying and understanding the management of innovation and operations in business ecosystems.
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The Incumbent’s Advantage

by Marco Iansiti, F. Warren. McFarlan, and George Westerman
Sloan Management Review, 2003

Managing the Sources of Uncertainty: Matching Process and Context in Software Development

by Alan MacCormack and Roberto Verganti
Journal of Product Innovation Management May 2003

Intellectual Property Damages: Guidelines and Analysis

by Mark Glick, Lara Reymann, and Richard Hoffman

Intellectual Property Damages presents the basics of intellectual property, the litigation process, the essential “rules” in postulating damages theories, the economic principles that are the foundation for much of IP damages, and the skills necessary to correctly calculate damages in IP cases. Intellectual Property Damages contains case summaries, useful forms for discovery, examples of effective expert opinions and testimony, and detailed calculations under various theories of damages. It also incorporates graphs illustrating economic principles, equations that might be used to support (or detract from) a damages theory, and examples of legal documents that commonly appear in IP litigation. Glick’s knowledge is built upon experience with law, economics, accounting, and (to a more limited extent) finance in the context of IP damages theories.

The Winner’s Curse, Reserve Prices, and Endogenous Entry: Empirical Insights from eBay Auctions

by Patrick Bajari and Ali Hortaçsu
RAND Journal of Economics, 2003, 34(2), pp. 329-55.
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Economic Insights from Internet Auctions

Patrick Bajari and Ali Hortaçsu
Journal of Economic Literature, 2004, 42(2), pp. 457-86.
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Testing Models of Consumer Search Using Data on Web Browsing and Purchasing Behavior

Babur De Los Santos, Ali Hortaçsu and Matthijs R. Wildenbeest
American Economic Review, 2012, 102(6), pp. 2955-80.
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E-Commerce and the Market Structure of Retail Industries

Maris Goldmanis, Ali Hortaçsu, Chad Syverson and Önsel Emre
The Economic Journal, 2010, 120(545), pp. 651-82.
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Building Web Commerce Sites

by Charlie Scott, Paul Wolfe, Mike Erwin and Ed Tittel
December, 1996

Incorporate electronic commerce into your WWW environment. Readers learn the essentials of Web commerce, electronic commerce tools, and developing a Web commerce solution. The CD includes a wealth of valuable software, including APIs and demos for servers on Macintosh, UNIX, and Windows NT.