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Artificial Intelligence and Strategic Decision-Making: Evidence from Entrepreneurs and Investors

108
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December 1, 2024
Published Date

Research Abstract & Technology Focus

This paper explores how artificial intelligence (AI) may impact the strategic decision-making (SDM) process in firms. We illustrate how AI could augment existing SDM tools and provide empirical evidence from a leading accelerator program and a start-up competition that current large language models can generate and evaluate strategies at a level comparable to entrepreneurs and investors. We then examine implications for the key cognitive processes underlying SDM—search, representation, and aggregation. Our analysis suggests that AI has the potential to enhance the speed, quality, and scale of strategic analysis, while also enabling new approaches, like virtual strategy simulations. However, the ultimate impact on firm performance will depend on competitive dynamics as AI capabilities progress. We propose a framework connecting AI use in SDM to firm outcomes and discuss how AI may reshape sources of competitive advantage. We conclude by considering how AI could both support and challenge core tenets of the theory-based view of strategy. Overall, our work maps out an emerging research frontier at the intersection of AI and strategy. History: This paper has been accepted for the Strategy Science Special Issue on Theory-Based View. Funding: The authors are grateful to their collaborating organizations and to the University of Michigan, Bocconi University Junior Researchers’ Grant, and the INSEAD eLab Research Fund for financial support.
artificial intelligence strategic decision-making evidence entrepreneurs
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What is the core focus of the research titled 'Artificial Intelligence and Strategic Decision-Making: Evidence from Entrepreneurs and Investors'?

This literature focuses on: This paper explores how artificial intelligence (AI) may impact the strategic decision-making (SDM) process in firms. We illustrate how AI could augment existing SDM tools and provide empirical evidence from a leading accelerator program and a sta...

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Yes, highly correlated activity was mapped. An entry titled 'AI-driven business analytics and decision making' discusses this: The rapid advancement of Artificial Intelligence (AI) and Machine Language (ML) has revolutionized business analytics, transforming the way organiz...

Are there commercial applications of 'Artificial Intelligence and Strategic Decision-Making: Evidence from Entrepreneurs and Investors' in market news publications?

Yes, highly correlated activity was mapped. An entry titled 'How AI is helping solo founders make their first hires' discusses this: When two solopreneurs decided to make their first hires, they used artificial intelligence to make sure they were effective.

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