A Tribute

Stelios Kavadias

Margaret Thatcher Professor of Enterprise Studies in Innovation & Growth
Cambridge Judge Business School · Co-Director of the Entrepreneurship Centre

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The Scholar

Where strategy meets execution

Professor Stylianos "Stelios" Kavadias studies one of the hardest problems in management: how organisations — from global corporates to scrappy startups — actually turn strategy into innovation and growth. His work spans the cascading of strategy into goals, the design of innovation portfolios, transformative business models, and the organisational incentives that make new ideas survive contact with reality.

Trained as an engineer at the National Technical University of Athens and as a management scientist at INSEAD (MSc, PhD), he moves fluently between qualitative case research, lab experiments, econometrics, and mathematical modelling — always in pursuit of insights that managers can genuinely use.

“The transformative business model is not about technology alone — it is about redefining what the customer pays for, and how value is created and captured.”
— After Kavadias, Ladas & Loch, Harvard Business Review (2016)
The Research

Five questions that drive his work

I

Strategy Cascading

How high-level strategy translates into functional strategies, objectives, and goals that people can actually execute.

II

Innovation Portfolios

Choosing the "right" portfolio of new projects and products — from project selection to deliberate portfolio design.

III

Transformative Business Models

What makes a business model genuinely transformative — his six-key framework from HBR is used in boardrooms worldwide.

IV

Search & Experimentation

Effective ideation, pivoting, and experimentation processes — how organisations search for the best alternative under complexity.

V

Incentives & Design

Organisational design and incentive schemes that produce innovation outcomes rather than innovation theatre.

The Journey

From Athens to Cambridge

Margaret Thatcher Professor of Enterprise Studies in Innovation & Growth
Cambridge Judge Business School

Co-founded the School's Entrepreneurship Centre, where he serves as Academic Co-Director alongside Professor Matthew Grimes. Directs the Advanced Leadership Programme in Executive Education, working with clients from HSBC and Barclays to the Prime Minister's Office of the UAE.

Steven A. Denning Professor of Technology & Management
Georgia Tech, College of Management

Associate Professor of Operations Management; directed the Denning T&M Programme and the GE Energy Project Leadership Management Programme.

Batten Fellow
Darden School of Business, University of Virginia

Fellow at the Batten Institute of Innovation and Entrepreneurship.

PhD, MSc
INSEAD

Doctoral training in management science, following an engineering Diploma from the National Technical University of Athens.

The Editor

A steward of the field

Beyond his own research, Professor Kavadias shapes what the whole field reads. He serves as Department Editor for Management Science's Entrepreneurship & Innovation department, and as Associate Editor for Manufacturing & Service Operations Management and Production and Operations Management — having previously led POM's R&D, New Product Development and Project Management department.

Selected Writing

Ideas in print

The Transformative Business Model: How to Tell If You Have One
Harvard Business Review, 2016 — with K. Ladas & C. Loch
A New Approach to Strategic Innovation
Harvard Business Review, 2023 — with H. Si & C. Loch
Managing Innovation Portfolios: From Project Selection to Portfolio Design
Production and Operations Management, 2022 — with H. Si & C. Loch
Product Selling versus Pay-per-Use Service: A Strategic Analysis of Competing Business Models
Management Science, 2022 — with K. Ladas & C. Loch
How Do You Search for the Best Alternative? Experimental Evidence on Search Strategies to Solve Complex Problems
Management Science, 2020 — with S. C. Sommer & E. Bendoly
Is Diversity (Un)biased? Project Selection Decisions in Executive Committees
Manufacturing & Service Operations Management, 2020 — with N. Oraiopoulos
The Vocabulary

Words he taught us to use precisely

Innovation portfolio Strategy execution Business model transformation R&D search Pivoting Strategic buckets Pay-per-use Organisational culture New product development Entrepreneurship