About

Raffi Amit is the Marie and Joseph Melone Professor and a Professor of Management at the Wharton School. He founded and leads the Wharton Global Family Alliance (WGFA), an academic-family business partnership aimed at enhancing the marketplace advantage and social wealth creation of enterprising families through thought leadership, knowledge transfer, and the sharing of ideas and best practices among influential global families. Dr. Amit has served as the Academic Director of Wharton Entrepreneurship from 1999 to 2015, overseeing all entrepreneurial programs at Wharton. His award-winning research focuses on family firms, particularly on ownership, management, governance, and finance of family businesses, as well as family wealth management and family offices. His biannual survey of family offices has provided a comprehensive decision-making guide for over a decade. His scholarly work also includes studies on innovative business models, venture capital investments, entrepreneurship, and corporate strategy, with over 80,000 citations in academic literature. Dr. Amit advises substantial families worldwide on issues such as ownership structures, governance, succession, valuation, wealth management, and family constitutions, integrating behavioral and emotional aspects with economic and financial considerations to promote family harmony and long-term prosperity. He has held various management and Board of Directors positions, including serving as Chair of Creo Products Inc. and helping to form the Korean Global IT Fund. Currently, he serves on the Board of a global family-controlled firm in the financial services sector. Dr. Amit holds B.A. and M.A. degrees in Economics and earned his Ph.D. in Managerial Economics and Decision Sciences from Northwestern University’s Kellogg Graduate School of Management.

Research topics

• Economics
• Business
• Finance
• Political Science
• Computer Science
• Knowledge management
• Marketing
• Market economy
• Accounting
• Microeconomics

Selected publications

• Organizing for AI-Enabled Business Model Innovation

  Academy of Management Proceedings · 2025-07-01

  article

  The proposed panel will center on the strategic implications of embedding generative AI tools into the design and implementation of disruptive and novel business models. The intention is to foster a dialogue among leading strategy and entrepreneurship scholars on the opportunities and challenges associated with the introduction of AI tools into the design process of novel business models in both corporate and startup settings. Panelists will also address the organizational implementation issues associated with the introduction of AI-enabled business model innovations and discuss implications for firms’ competitive advantage.

  PublisherDOI

• Business Models and Lean Startup

  Journal of Management · 2024-03-16 · 27 citations

  articleSenior author

  We explore the intersection between the lean startup methodology and research on business models. We note that both perspectives are anchored on a systematic approach to needs discovery and highlight the importance of value creation (vs. value appropriation). However, while the lean startup is centered on creating value for customers through discovery of product-market fit, research on business models concerns value creation for all stakeholders through establishing product-market-business model fit. We also discuss how the lean startup method informs research on business models and vice versa. We observe that the promise of applying lean startup to business models lies in probing the viability of new business models with an efficient and effective process. We find that business model research, in turn, can contribute to the lean startup methodology by (a) suggesting extensions to the method that derive from the holistic, system-level nature of the business model construct and (b) highlighting a range of specific experimental subprocesses, refinements, and tools that could be applied to refine the customer needs discovery process.

  PublisherDOI

• Digital platform compatibility strategies in platform co-opetition

  Journal of Business Research · 2024-01-23 · 18 citations

  article
  PublisherDOI

• Tightness-Looseness in Management Research

  Academy of Management Proceedings · 2024-07-09

  articleSenior author

  This symposium brings together a collection of four papers that extend the application of the tightness-looseness construct into the domain of management. These papers traverse a variety of topics, from unethical behavior, employee burnout, career motivation, to the creation of new business ventures. Each study contributes to a burgeoning body of literature that identifies tightness-looseness as a significant variable in understanding and navigating the complexities of management practices across diverse cultural landscapes. Upper Class Network Increases Unethical Behavior By Enhancing Norm Looseness Perception Author: Jiyin Cao; Chinese U. of Hong Kong Why are Some Nations More Entrepreneurial than Others? Unraveling the Link Between Cultural Tightnes Author: Valentina Assenova; The Wharton School, U. of Pennsylvania Author: Raphael H. Amit; U. of Pennsylvania Are Employees More Burnt Out in Tight vs. Loose Organizations? Author: Xi Zou; Nanyang Business School Author: Shota Kawasaki; Nanyang Business School, Nanyang Technological U., Singapore The Influence of Cultural Tightness on Workplace Motivation and Advice Author: Zaijia Liu; Fudan U.

  PublisherDOI

• Hedge fund activism in family firms

  Strategic Management Journal · 2024-02-11 · 7 citations

  articleOpen access

  Abstract Research Summary This article examines the antecedents and outcomes of hedge fund activism in family versus nonfamily firms. We find that activist hedge funds are less likely to initiate campaigns against family firms than nonfamily firms, but the cumulative abnormal returns to announcements of campaigns against family firms exceed those of nonfamily firms. The presence of one or more family members on a firm's board of directors appears to be a key impediment to hedge fund activism in family firms. Additionally, activist hedge funds are more likely to use hostile tactics and demand more substantive changes in their campaigns against family firms than nonfamily firms. Together, these findings contribute to the agency theory‐based literatures on hedge fund activism, family firms, boards of directors, and corporate governance. Managerial Summary Activist hedge funds are a significant force in corporate governance, driving the companies they target to change their strategies, structures, and leadership. Family firms are prevalent and economically important, accounting for a third to a half of companies worldwide. This article compares hedge fund activism in family versus nonfamily firms. Activist hedge funds are about 41% less likely to initiate campaigns against family than nonfamily firms, but the average returns to successful activist hedge fund campaigns against family firms are about 2% higher than in nonfamily firms. These effects are especially pronounced when family members serve on a company's board of directors. Furthermore, activist hedge funds are more likely to use hostile tactics and demand more substantive changes in campaigns against family than nonfamily firms.

  PublisherOA PDFDOI

• Poised for growth: Exploring the relationship between accelerator program design and startup performance

  Strategic Management Journal · 2024-01-25 · 36 citations

  articleOpen accessSenior author

  Abstract Research Summary Accelerator programs provide valuable market feedback and education to participants that may improve startup performance. However, it is unclear whether the average effect of accelerator participation on startup performance post acceleration is positive, and if so, how this effect varies with accelerator program design. We analyze data from 8580 startups that made it past the initial selection stage at 408 accelerators in 176 countries between 2013 and 2019. We compare accelerated and non‐accelerated startups and find a positive average effect of accelerator participation on startup performance post acceleration. Moreover, we find that this effect varies substantially with program design, and depends on venture stage, industry, and founder expertise. Our findings highlight the impact of program design on the benefits that startups derive from accelerator participation. Managerial Summary The purpose of this study is to determine whether participation in startup accelerator programs generally leads to improved startup performance post acceleration and how the benefits of participation might vary with the design of these programs. We analyze data from 8580 startups that applied to and passed the initial selection phase at 408 accelerators in 176 countries over multiple cohorts between 2013 and 2019. Our results indicate that on average, startups that participate in accelerators perform better than those that are also selected but not accelerated. Furthermore, we find that the benefits that startups gain from being accelerated vary with the design of the program. Our findings highlight the importance of accelerator program design in influencing the extent of improvement in startup performance post acceleration.

  PublisherOA PDFDOI

• Why are some nations more entrepreneurial than others? Investigating the link between cultural tightness–looseness and rates of new firm formation

  Strategic Entrepreneurship Journal · 2024-10-29 · 5 citations

  articleOpen accessSenior author

  Abstract Research Summary We evaluate the role of cultural tightness–looseness as an explanation for cross‐cultural variation in new firm formation rates. Modeling cultural tightness–looseness as an antecedent for individual entrepreneurial dispositions and informal institutions, we examine its impact on the number of new limited‐liability companies registered per 1000 people and the rate of new entrepreneurs in the working‐age population. Our findings show that cultural tightness–looseness explains 56% of the variation in new firm formation rates in a sample of 156 nations, and 71% of the variation in the rate of new entrepreneurs in the 50 US states, with greater cultural looseness corresponding to higher rates of entrepreneurship, on average. This effect is robust to various model specifications, measures, and controls for other cultural dimensions. Managerial Summary Our study examines how cultural tightness–looseness impacts new firm formation rates across nations and US states. We find that cultural looseness, characterized by flexible social norms, significantly influences entrepreneurial activity. Specifically, it explains 56% of the variation in new firm formation rates across 156 nations and 71% of the variation in new entrepreneur rates in the 50 US states. Nations and states with looser cultures tend to have higher rates of entrepreneurship. These findings are robust across different model specifications, measures, and control variables. Managers and policymakers should consider the strength and enforcement of social norms as factors in fostering new firm formation.

  PublisherOA PDFDOI

• Business Model Innovation Capability: A Game Changer for Sustaining a Firm’s Edge

  2024-01-01 · 4 citations

  book-chapterOpen access

  Abstract Developing business model innovation capability is a game changer which allows companies to stay at the top of their game in a rapidly changing world. To maintain their firm’s competitive edge, managers must continuously evaluate the extent to which there is a fit between their company’s business model, market needs, and the external environment. In this chapter, we are proposing a three-phase, interrelated, and mutually reinforcing process framework for building a business model innovation capability. When carried out repeatedly and mindfully over multiple business model innovation initiatives, the process enables managers to build their firm’s business model innovation capability. Our chapter highlights the strategic role of design as a cornerstone for building a firm-level capability, not just as a practical tool for innovation. It also provides practitioners with an actionable framework for business model innovation.

  PublisherOA PDFDOI

• Who Benefits from Which Intermediary Organizations: Accelerators, Coworking Spaces, and Makerspaces

  Academy of Management Proceedings · 2023-07-24

  article

  A large extant literature has historically established the importance of various intermediaries in promoting entrepreneurship, such as government agencies, science parks, and various university and public educational programs. Recently, scholars have paid close attention to a prominent type of entrepreneurial intermediary organizations—accelerators—that have catered to high-growth startups, as a range of high-profile entrepreneurial successes have emerged from their programs, e.g., Dropbox, AirBnB, Stripe, Postmates, DoorDash, etc. At the same time, other types of burgeoning intermediary organizations that are not specifically designed for entrepreneurs have also cultivated notable cases of well-known startups. On one hand, coworking spaces—subscription-based workspaces in which individuals and teams from different companies work in a shared, communal space—have sparked the successes of Instagram, Uber, Spotify, etc. On the other hand, makerspaces—physical spaces that provide fabrication tools and materials for making things—have allowed ventures like Square, PebbleTec, and URB-E to produce their initial prototypes for achieving later commercialization. Consequently, scholars, practitioners, and policy makers all endeavor to understand whether these successes from the various intermediary organizations can be replicated broadly and how. This symposium aims to spark conversations between scholars studying different types of intermediary organizations that can facilitate entrepreneurship. The four papers altogether allow for the possibility of exploring the question of who benefits from which intermediary organizations by integrating perspectives from accelerators, coworking spaces, and makerspaces. The Effects of Accelerator Program Designs, Geography, and Cohort Characteristics on Startup Growth Author: Valentina Assenova; The Wharton School, U. of Pennsylvania Author: Raphael H. Amit; U. of Pennsylvania Do Accelerators also Benefit Entrepreneurs’ Future Careers? Author: Susan L. Cohen; U. of Georgia Author: Benjamin L. Hallen; U. of Washington, Seattle Author: Sandy Yu; U. of Minnesota Working Alone, Together: Minority Entrepreneurs in Coworking Spaces Author: Travis Howell; Arizona State U. Makerspaces, Venture Social Focus, and Resource Acquisition Author: Jiayi Bao; UNC-Chapel Hill Author: Joonho Oh; U. of North Carolina, Chapel Hill Author: Bowen Lou; U. of Connecticut

  PublisherDOI

• Why are Some Nations More Entrepreneurial than Others? Investigating the Link Between Cultural Tightness-Looseness and Rates of New Firm Formation

  SSRN Electronic Journal · 2022-01-01

  articleOpen accessSenior author
  PublisherDOI

Frequent coauthors

• Belén Villalonga

  53 shared

• Luigi Zingales

  University of Chicago

  36 shared

• Lynn S. Paine

  36 shared

• Gary Dushnitsky

  London Business School

  36 shared

• Leonard Lauder

  Dana-Farber/Harvard Cancer Center

  36 shared

• Mary Spence

  Children's Hospital Colorado

  36 shared

• David Scharfstein

  36 shared

• Daniel Wolfenzon

  36 shared

Awards & honors

• Marie and Joseph Melone Professor