The Medici Effect: Multidisciplinary Insights for Entrepreneurship Research

In the 15th century, the Medici family in Italy sponsored artists, philosophers, scientists and financiers from various fields (Hibbard, 1974). The most prominent role of the Medici family was to gather people together to share intellect from each discipline (Padgett and Ansell, 1993). Eventually, people in this network led the historical period of innovation known as the Renaissance. Those included Leonardo da Vinci, Michelangelo, Galileo Galilei, Raffaello Sanzio, Donatello and Sandro Botticelli. “The Medici effect” represents a practical illustration of promoting innovation through collaboration across different knowledge domains and the sharing of diverse perspectives and experiences (Johansson, 2004). The Medici effect suggests innovation flourishes when ideas and concepts from diverse disciplines, fields and cultures intersect (Johansson, 2017).