Theorizing future phenomena: Metaverse, wearables, and humanoids

Abstract Research Summary We propose that entrepreneurship and strategy research can develop theory about phenomena of the future rather than only explain those of the past. Research has potential for practical relevance when researchers make claims towards applications to decisions practitioners have yet to make. Theory grounded in a world that may differ from the observed world can be built through a process of extrapolation from technological trends, a practice utilized by entrepreneurs and science fiction authors alike. Assuming advances in artificial intelligence, we apply this process to three emerging phenomena: governing scarcity in metaverse virtual worlds, redesigning organizations around pervasive monitoring via wearable devices, and allocating the intellectual property rights of humanoid robots. We argue that embracing theory that speaks to the future can enhance the practical and educational relevance of management research. Managerial Summary Assuming artificial intelligence continues to improve, we highlight three impending phenomena poised to transform conventional approaches to entrepreneurship and strategy. First, in metaverse virtual worlds, managers must manage resources governed by artificial scarcity. Second, with wearable devices allowing continuous monitoring, managers must consider alternative structures for vertical hierarchy and horizontal collaboration. Third, deployment of humanoid robots will complicate intellectual property rights and asset ownership. We propose that scholarship towards developing theoretical frameworks addressing these and other phenomena of the future will be relevant to both managers and students.