Johnson Cornell Tech Professor of Practice Mukti Khaire’s book “Culture and Commerce: The Value of Entrepreneurship in Creative Industries” explores the relationship between art and business.
Mukti Khaire is Girish and Jaidev Reddy Professor of Practice at Cornell Tech and the Cornell SC Johnson College of Business. She received a PhD in Management in 2006 from Columbia University’s Graduate School of Business. Before that, she completed a Masters in Management from Indian Institute of Technology (IIT) - Bombay and a Master of Science in Environmental Science and a Bachelor of Science in Microbiology from the University of Pune, India. Prior to joining Cornell Tech in 2016, she was on the faculty of Harvard Business School (Entrepreneurial Management Unit; 2005-2016) and spent a year as Visiting Faculty in Brown University (Sociology; 2015-2016).
Mukti’s research focuses on entrepreneurship in the creative industries, such as art, advertising, architecture and design, fashion, film, music, publishing, and theater. In particular, she is interested in understanding how entrepreneurs create markets for new categories of cultural goods by constructing their value, while also changing consumers’ beliefs about what attributes of cultural goods are appropriate and valuable. In this vein, Mukti studied the creation of a market for modern Indian art and the rise and establishment of the high-end fashion industry in India. Her work, which has been published in leading business and management journals, has shed light on the structure and functioning of creative industries and the business and societal implications of entrepreneurship in the cultural sector. Mukti has also authored 35 teaching cases on firms in the creative industries.
Entrepreneurship in Creative Industries
Venture capitalist Arthur Rock once said, “I prefer to invest in companies that change the way we live and think.” This course is focused on strategies for creating and growing such companies: entrepreneurial leaders in the creative industries. Firms in creative industries play a role in every aspect of our lives, and influence many physical and psychological aspects of our lives, from what we eat and wear to how we entertain ourselves, but markets for cultural goods are complex and difficult to navigate. This course will examine why this is the case by shedding light on the underlying economic, social, and cultural rules and norms that govern the structure and functioning of these markets, in order to derive strategies and business models for entrepreneurial success. This course will analyze business cases of such market-pioneers in a wide range of creative industries such as art, fashion, film, food, music, publishing, and theater to explore and understand the economic, organizational, and sociological underpinnings of entrepreneurship, value(s), markets, and culture. The course may also interest students seeking to understand how firms offering radical innovations can create new markets by addressing the entire market ecosystem. The objective of the course is to help students understand how to effectively create, manage, or invest in firms that successfully compete in creative industries. Because the structure of creative industries is unique, the course takes an ecosystem-level perspective to understand how value is created in these industries. The goal is to help entrepreneurs and entrepreneurial managers formulate competitive strategies that enable radically innovative creative firms to thrive and stay culturally relevant in the long run.