What We Value

As a strategy and economics consulting firm, we take on some of the most pressing challenges in technology, economics, and business. To deliver our transformative ideas, we carefully nurture a culture that emphasizes smart risk-taking, genuine insight and a structured way of thinking.

Seeking the Fresh Approach

This dynamic culture pushes us to rigorously analyze data, offer unique recommendations, and exceed client expectations.  We challenge prevailing assumptions in our work with clients such as Amazon, Facebook, GE, Intel, LinkedIn, Microsoft, Nike, and Oracle. Whether driving innovation, business growth or digital transformation, we apply our past experiences to find new and unexpected ways of doing things.

Colleagues Who Inspire

Our coworkers are passionate about achieving excellence across practices areas including ecosystem strategy, innovation, R&D portfolio planning and process optimization, antitrust, and intellectual property.

Do Great Things

Our culture guides us as we strive to do great things. Everyone who joins Keystone becomes a steward of this culture, taking responsibility for who we are and what we become as a firm.


Keystone Strategy Ranks in the Top 10 on Ivy Exec's 2017 Top Consulting Firms list

With input from thousands of consultants representing over 300 global consulting firms, learn why our employees think Keystone is a great place to work and build a career.

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Keystone Strategy Supports Amazon in its Favorable Outcome of a $1.5 Billion Tax Dispute

Keystone Strategy provided economic and technical support to several testifying experts on behalf of Amazon in the recent $1.5 billion tax transfer pricing dispute with the Internal Revenue Service (IRS) which resulted in a favorable outcome for Amazon.

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Keystone Strategy: Where Women are Breaking Boundaries

Ivy Exec
At Keystone, diversity is a priority, and we've seen the results. Read more about our team members and their experience working with us.

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Consulting Magazine Rising Star of the Profession 2017

Consulting Magazine
Congratulations to Keystone’s Dr. Rohit Chatterjee named one of Consulting Magazine’s Rising Stars of the Profession for 2017.

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CIO Magazine

by Clint Boulton
CIO Magazine features Keystone Chairman and HBS Professor Marco Iansiti in a new study entitled, “The Digital Business Divide: Analyzing the operating impact of digital transformation." Read the full story and access the study, here:

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Vault.com’s 2017 Top Ranked Consulting Firms:

Keystone Strategy has been named to Vault.com‘s 2017 Top Ranked Consulting Firms in North America with two top 10 placements for both innovation and internal mobility.

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Top 10 Boutique Strategy Consulting Firms by Ivy Exec

Ivy Exec
Keystone has been ranked a Top 10 Boutique Strategy Consulting firm by IvyExec in their annual consulting firm rankings.

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Consulting Magazine Rising Star of the Profession 2016

Consulting Magazine
Congratulations to Keystone’s Sam Price who was just named one of Consulting Magazine’s Rising Stars of the Profession for 2016.

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Keystone Strategy's Digital Transformation Focus and Entrepreneurial Flair

by Susanne Schneider
IvyExce.com, August 2015

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The CFO Leadership Council News

Keystone’s own Director of Finance Julius Gloeckner is featured in the CFO Council News blog detailing why he thrives in Keystone’s entrepreneurial setting.

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One Strategy

by Steven Sinofsky and Marco Iansiti
One Strategy which analyzes how a management team tweaked and optimized the fine line between strategy and execution.


2017 NABE Transfer Pricing Challenge

Economics Team, Keystone Strategy
Keystone Strategy participated in the 2017 NABE Transfer Pricing Challenge, where our team of economists analyzed the arguments around the Apple vs EU tax case using ecosystem and network effects analysis. View our full presentation here.

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Harvard Business Review: The Truth About Blockchain

By Marco Iansiti and Karim R. Lakhani
Co-authored by Keystone Chairman and HBS Professor Marco Iansiti and HBS Professor and Keystone Expert Karim Lakhani. January-February 2017

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Harvard Business Review: What the Companies on the Right Side of the Digital Business Divide Have in Common

by Robert Bock, Karim Lakhani, and Marco Iansiti
Co-authored by Keystone Partner Robert Bock, Chairman and HBS Professor Marco Iansiti and HBS Professor and Keystone Expert Karim Lakhani. January 2017

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Revolutionizing Innovation: Users, Communities, and Open Innovation

by Dietmar Harhoff (Editor), Karim R. Lakhani (Editor)
March 2016

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Keystone Strategy's Digital Transformation Focus and Entrepreneurial Flair

by Susanne Schneider
IvyExec.com, August 2015

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The History and Future of Operations

by Marco Iansiti
Harvard Business Review, June 30, 2015

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Strategy Rules: Five Timeless Lessons from Bill Gates, Andy Grove, and Steve Jobs

by David B. Yoffie (Author), Michael A. Cusumano (Author), Keystone Expert and Professor at the MIT Sloan School of Management
April 2015

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The Impact of Targeting Technology on Advertising Markets and Media Competition

by Susan Athey and Joshua Gans
American Economic Review, May 2010; and January 11, 2009 version

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McCarthy's Desk Encyclopedia of Intellectual Property

by David J. Franklyn, J. Thomas McCarthy and Rogers Schechter
A powerful, encyclopedic tool that clarifies the complex language of this rapidly expanding field. The Third Edition of McCarthy’s Desk Encyclopedia of Intellectual Property is a multifaceted practitioner’s guide of first reference. It defines patent, trademark, and copyright terms of art and uses them in context to better explain each one and the various legal scenarios in which they may be found. The Encyclopedia also analyzes relevant cases and statutes and provides citations to more cases and IP treatises for additional research.

Dynamics of Open Source Movements

by Susan Athey and Glenn Ellison (September 2010)
This paper considers a dynamic model of the evolution of open source software projects, focusing on the evolution of quality, contributing programmers, and users who contribute customer support to other users. Programmers who have used open source software are motivated by reciprocal altruism to publish their own improvements. The evolution of the open-source project depends on the form of the altruistic benefits: in a base case the project grows to a steady-state size from any initial condition; whereas adding a need for customer support makes zero-quality a locally absorbing state. We also analyze competition by commercial firms with OSS projects. Optimal pricing policies again vary: in some cases the commercial firm will set low prices when the open-source project is small; in other cases it mostly waits until the open-source project has matured.

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HBS Working Knowledge

by Marco Iansiti
Harvard Business School Working Knowledge, March 22, 2010

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Set-Asides and Subsidies in Auctions

by Susan Athey, Dominic Coey and Jonathan Levin (October 2010)
Set-asides and subsidies are used extensively in government procurement and natural resource sales. We analyze these policies in an empirical model of Forest Service timber auctions. The model fits the data well both in-sample and out-of-sample. Our estimates suggest that restricting entry to small businesses substantially reduces efficiency and revenue, although it does increase small business participation. A bidding subsidy for small business appears to be more effective at achieving distributional goals, increasing revenue and eliminating almost all of the efficiency loss. A small business bidding subsidy also increases the average profits of both large and small firms, compared to a set-aside policy. We explain these findings by connecting to the theory of optimal auction design.

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The Evolution of Science-Based Business: Innovating How We Innovate

by Gary P. Pisano
Harvard Business School Working Papers, February 19, 2010

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Design-Driven Innovation: How to Compete by Radically Innovating the Meaning of Products

by Roberto Verganti
Harvard Business School Publishing, January 01, 2009

Which Kind of Collaboration is Right for You? The New Leaders in Innovation will be those who figure out the best way to leverage a network of outsiders

by Gary P. Pisano and Roberto Verganti
Harvard Business Review, December 2008

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Intellectual Property, Architecture, and the Management of Technological Transitions: Evidence from Microsoft Corporation

by Alan MacCormack, John Alan David, and Marco Iansiti
Journal of Product Innovation Management, 2008

Debunking Dilution Doctrine – Justifying the Anti-Free-Rider Principle in American Trademark Law

by David J. Franklyn
March, 2004

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Get to Know Us

Our team includes some of the brightest minds from around the globe who recognize that there is always more to learn. They inspire us to deepen our own expertise, pursue forward-looking solutions and be exceptional colleagues committed to the stewardship of our culture. Learn more about who we are, our work and what inspires us to Do Great Things.