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    Uncertainty and Enterprise: Amar Bhidé on risk, imagination, and innovation

    September 1, 2025 • by Stefan Michel in Podcasts • Podcast availablePodcast available

    In this edition of the I by IMD podcast, Stefan Michel and Amar Bhidé discuss risk vs uncertainty, AI’s challenges, and the role of imagination in business....

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    IMD Dean of Faculty and Research Stefan Michel sits down with Bhidé—Emeritus Professor at Tufts University, and a founding member of the Center on Capitalism and Society at Columbia.

     

    Drawing on insights from his latest book, Uncertainty and Enterprise: Venturing Beyond the Known, Bhidé unpacks the vital difference between risk and uncertainty, why this matters for entrepreneurs, and how imagination shapes decision-making in business and innovation.

    In today’s business environment, true visionaries rely on contextual judgment rather than just statistical models. And though the evolution of AI will bring many opportunities, understanding its pitfalls remains key to success. Bhidé discusses these issues and the surprising role that routines play in enabling creativity and collaboration.

    Expert

    Amar Bhidé

    Professor of Health Policy at Columbia University Medical Center

    Amar Bhidé is Professor of Health Policy at Columbia University Medical Center (Mailman School of Public Health) and Professor of Business Emeritus at Tufts University (Fletcher School of Law and Diplomacy). He has researched and taught about innovation, entrepreneurship, and finance since 1985.

    A member of the Council on Foreign Relations, and a founding editor of Capitalism and Society, Bhidé is the author of Uncertainty and Enterprise: Venturing Beyond the Known (Oxford 2025).

    Bhidé earned a DBA and MBA from Harvard Business School and a B. Tech from the Indian Institute of Technology (Bombay).

    Authors

    Stefan Michel

    Stefan Michel

    Professor of Management and Dean of Faculty and Research

    Professor Stefan Michel‘s primary research interests are AI’s impact on strategy, pricing, and customer-centricity. He has written 13 books, numerous award-winning articles and ranks among the top 40 bestselling case study authors worldwide by The Case Centre. He is currently Dean of Faculty and Research at IMD. He co-directs the Breakthrough Forum for Senior Executives and is also Program Director for two IMD programs: the 10-day Breakthrough Program for Senior Executives (BPSE), guiding leaders in defining their next breakthrough; and Strategic Thinking, an 8-week online program with 1-1 coaching, helping professionals become better strategists while working on a concrete strategic initiative for their organizations.

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