Photo of David Hsu

David Hsu

Richard A. Sapp Professor

Professor of Management

Research Interests: intellectual property rights, start-up innovation, strategies for commercializing technological innovation, venture capital

Links: CV, Personal Website

Contact Information

Address: 2028 SH-DH, 3620 Locust Walk, Philadelphia, PA 19104
Email: dhsu@wharton.upenn.edu
Office: (215) 746-0125
Office Fax: (215) 898-0401

Overview

David Hsu is the Richard A. Sapp Professor and a Professor of Management (with tenure) at the Wharton School, University of Pennsylvania. He graduated from Stanford University with undergraduate majors in economics and political science. After a few years working in industry, he received his master’s degree in public policy from Harvard University, followed by his Ph.D. in management from the Massachusetts Institute of Technology.

Hsu’s research interests are in entrepreneurial innovation and management. Within that domain, he has investigated topics such as intellectual property management, start-up innovation, technology commercialization strategy, and venture capital. His research has appeared in leading journals such as Journal of Finance, Management Science, RAND Journal of Economics, and Research Policy. He serves as an associate editor of the Entrepreneurship and Innovation department of Management Science. In 2008, Hsu was awarded an Alfred P. Sloan Foundation Industry Studies Fellowship. At Wharton, he teaches two MBA electives, Entrepreneurship and Technology Strategy. At Penn, Hsu is Associate Faculty Director of the Weiss Tech House, which encourages and supports students in the creation, development, and commercialization of innovative technologies.

Research


  • M. Marx, David Hsu (Forthcoming), Strategic ‘Switchbacks’: Dynamic Commercialization Strategies for Technology Entrepreneurs.  
  • O. Bengtsson, David Hsu (2015), Ethnic Matching in the U.S. Venture Capital Market, Journal of Business Venturing, 30 (2), 338 - 354.  
  • V. Aggarwal, David Hsu (2014), Entrepreneurial Exits and Innovation, Management Science, 60 (4), 867 - 887.  
  • David Hsu, K. Lim (2014), Knowledge Brokering and Organizational Innovation: Founder Imprinting Effects, Organization Science, 25 (4), 1134 - 1153.  
  • C. Eesley, David Hsu, E. B. Roberts (2014), The Contingent Effects of Top Management Teams on Venture Performance: Aligning Founding Team Composition with Innovation Strategy and Commercialization Environment, Strategic Management Journal, 35 (12), 1798 - 1817.  
  • M. Marx, J. Gans, David Hsu (2014), Dynamic Commercialization Strategies for Disruptive Technologies: Evidence from the Speech Recognition Industry, Management Science, 60 (12), 3103 - 3123.  
  • Alessandro Marino, David Hsu (Working), Organizational Routines Development and Venture Performance.
  • Vikas A. Aggarwal, David Hsu, Andy Wu (Under Review), R&D Production Team Organization and Firm-Level Innovation.  Abstract
  • David Hsu, R. Ziedonis (2013), Resources as Dual Sources of Advantage: Implications for Valuing Entrepreneurial-Firm Patents, Strategic Management Journal, 34 (7), 761 - 781.  
  • O. Bengtsson, David Hsu (2010), How Do Venture Capital Partners Match with Startup Founders?, Management Department Working Paper  Abstract
  • David Hsu, A. Marino (2010), Organizational Routines Development and New Venture Performance, Management Department Working Paper  Abstract
  • C. Eesley, David Hsu, E. B. Roberts (2009), Bringing Entrepreneurial Ideas to Life, Management Department Working Paper  Abstract
  • V. Aggarwal, David Hsu (2009), Modes of Cooperative R&D Commercialization by Start-ups, Strategic Management Journal, 30: 835-864.    Abstract
  • David Hsu, K. Lim (2009), The Antecedents and Innovation Consequences of Organizational Knowledge Brokering Capability, Management Department Working Paper  Abstract
  • David Hsu, "Technology-Based Entrepreneurship". In Handbook of Technology and Innovation Management, Wiley, UK, edited by Scott Shane, (2008).  
  • J. Gans, David Hsu, S. Stern (2008), The Impact of Uncertain Intellectual Property Rights on the Market for Ideas: Evidence from Patent Grant Delays, Management Science, 54: 982-997.    Abstract
  • David Hsu, R. Ziedonis (2008), Patents as Quality Signals for Entrepreneurial Ventures, Academy of Management Best Paper Proceedings  
  • David Hsu (2007), Experienced Entrepreneurial Founders, Organizational Capital, and Venture Capital Funding, Research Policy, 36: 722-741.    Abstract
  • David Hsu, E. Roberts, C. Eesley (2007), Entrepreneurs from Technology-based Universities: Evidence from MIT, Research Policy, 36: 768-788.    Abstract
  • David Hsu (2006), Venture Capitalists and Cooperative Start-up Commercialization Strategy, Management Science, 52 (2), 204 - 219.  
  • David Hsu, M. Kenney (2005), Organizing Venture Capital: The Rise and Demise of American Research and Development Corporation, 1946-1973, Industrial and Corporate Change, 14: 579-616.    Abstract
  • David Hsu (2004), What Do Entrepreneurs Pay for Venture Capital Affiliation?, Journal of Finance, 59: 1805-1844.    Abstract
  • David Hsu (2004), Venture Capitalists and Cooperative Start-up Commercialization Strategy, Academy of Management Best Paper Proceedings  
  • J. Gans, David Hsu, S. Stern (2002), When Does Start-up Innovation Spur the Gale of Creative Destruction?, RAND Journal of Economics, 33: 571-586.  
  • David Hsu, T. Bernstein (1997), Managing the University Technology Licensing Process: Findings from Case Studies, Journal of the Association of University Technology Managers, 9, 1 - 33.  

In The News

Knowledge @ Wharton

Courses

Current

  • MGMT611 - Managing Established Enterprises

    The management of large, established enterprises creates a range of multi-facet challenges for the general manager. A general manager needs to understand the internal workings of a firm, how to assess and create a strategy, and how to take into account increasing, globalization. While these issues are distinct, they are very much intertwined. As a result, this course will provide you with an integrated view of these challenges and show you that effective of an established enterprise requires a combination of insights drawn from economics, sociology, psychology and political economy.

    MGMT611920 

  • MGMT612 - Management of Emerging Enterprises

    Emerging enterprises, the focus in this course, are small, new, fast-growing organizations. Their founders and managers face multifaceted challenges: how to assess the competitive position of their business model and develop a strategy; how to develop the internal organizational structure, culture, and policies for selecting and managing employees; and how to pursue global opportunities. We cover these challenges in separate modules on strategy, human and social capital, and global issues. The human and social capital module covers classic management challenges of aligning interests of the individual and the organization; managing individual psychological needs and social influences; and developing employee capabilities that provide competitive advantage. Also covered are unique challenges that yound organizations face, i.e. building an effective culture; recruiting, selecting, and retaining talent; building systematic approaches to motivating employees; coping with the stresses of rapid growth; and leveraging the benefits (and avoiding the liabilities) of the founder's powerful imprint.

    The strategy module covers fundamental issues central to the competitiveness of the enterprise. Because the strategy field is broad, MGMT 612 emphasizes topics and frameworks that are most relevant for younger firms, such as innovation, disruption, managing resource constraints, and building capabilities. However, a key insight of the module is the importance of seeing the playing field from the perspective of the competition. Thus, by the end of this section, students will have a robust grounding in strategy that will allow them to succeed, whether their career path leads to a Fortune 100 firm or a garage start up.

    The global module covers the emerging firm's decision about when (and whether) to internationalize. This decision must address which foreign markets to enter; the mode of entry; the sequence of moves to develop capabilities; what organizational form to choose; where to establish HQ; and how to adapt to the unique economic and institutional features of different markets. In all these issues, the emphasis is on how young, resource-constrained firms can position themselves profitably in globally competitive markets. For the final project, student teams provide integrated analysis across the modules for an emerging enterprise of their choice.

    MGMT612921 

  • MGMT801 - Entrepreneurship

    MGMT801 is the foundation course in the Entrepreneurial Management program. Thepurpose of this course is to explore the many dimensions of new venture creation and growth. While most of the examples in class will be drawn from new venture formation, the principles also apply to entrepreneurship in corporate settings and to non-profit entrepreneurship. We will be concerned with content and process questions as well as with formulation and implementation issues that relate to conceptualizing, developing and managing successful new ventures. The emphasis in this course is on applying and synthesizing concepts and techniques from functional areas of strategic management, finance, accounting, managerial economics, marketing, operations management, and organizational behavior in the context of new venture development. The class serves as both a stand alone class and as a preparatory course to those interested in writing and implementing a business plan (the subject of the semester-long course, MGMT 806). Course is offered in Fall/Q1, Q2 and Spring/Q3, Q4

    Format: Lectures and case discussions

    Requirements: Class participation, interim assignments, final project

    MGMT801 Simulation version. Just as in the other 801 classes, your final team project will involve developing a pitch for a new business (you can work across sections with groups doing the standard version of 801), but you will be playing the award-winning Looking Glass entrepreneurship simulation rather than doing individual reaction papers. The Looking Glass simulation is an intense and fun 3-week simulation that is played outside of class and gives you the chance to experience what running a startup company is like. The simulation takes more time during the three weeks it runs, thought total time commitments are the same across both class versions. The material covered is the same as in the standard version of MGMT 801, and follows the same schedule.

    MGMT801701 

Previous

  • MGMT611 - Managing Established Enterprises

    The management of large, established enterprises creates a range of multi-facet challenges for the general manager. A general manager needs to understand the internal workings of a firm, how to assess and create a strategy, and how to take into account increasing, globalization. While these issues are distinct, they are very much intertwined. As a result, this course will provide you with an integrated view of these challenges and show you that effective of an established enterprise requires a combination of insights drawn from economics, sociology, psychology and political economy.

  • MGMT612 - Management of Emerging Enterprises

    Emerging enterprises, the focus in this course, are small, new, fast-growing organizations. Their founders and managers face multifaceted challenges: how to assess the competitive position of their business model and develop a strategy; how to develop the internal organizational structure, culture, and policies for selecting and managing employees; and how to pursue global opportunities. We cover these challenges in separate modules on strategy, human and social capital, and global issues. The human and social capital module covers classic management challenges of aligning interests of the individual and the organization; managing individual psychological needs and social influences; and developing employee capabilities that provide competitive advantage. Also covered are unique challenges that yound organizations face, i.e. building an effective culture; recruiting, selecting, and retaining talent; building systematic approaches to motivating employees; coping with the stresses of rapid growth; and leveraging the benefits (and avoiding the liabilities) of the founder's powerful imprint.

  • MGMT801 - Entrepreneurship

    MGMT801 is the foundation course in the Entrepreneurial Management program. Thepurpose of this course is to explore the many dimensions of new venture creation and growth. While most of the examples in class will be drawn from new venture formation, the principles also apply to entrepreneurship in corporate settings and to non-profit entrepreneurship. We will be concerned with content and process questions as well as with formulation and implementation issues that relate to conceptualizing, developing and managing successful new ventures. The emphasis in this course is on applying and synthesizing concepts and techniques from functional areas of strategic management, finance, accounting, managerial economics, marketing, operations management, and organizational behavior in the context of new venture development. The class serves as both a stand alone class and as a preparatory course to those interested in writing and implementing a business plan (the subject of the semester-long course, MGMT 806). Course is offered in Fall/Q1, Q2 and Spring/Q3, Q4

  • MGMT893 - Advanced Study Project for Entrepreneurial Management

  • MGMT932 - Pro-Seminar in Management

    The purpose of this quarter course is to continue to explore key concepts and research programs in the field of micro-organizational behavior that we coveredin MGMT 951 and MGMT 961. Building on this work, we will cover a series of advanced topics in micro Organizational Behavior using a blend of classic and contemporary literature so that we can appreciate the prevailing theories and findings in various areas of micro-organizational behavior.

  • WH 212 - Advanced Study Project for Entrepreneurial Management