Entrepreneurship - Faculty & Research - Harvard Business School

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class="shim14 mobile-visible"></div> </div> </div> </div> <div class="inherit-bg" style="xborder:1px solid red;"> <div class="container tablet-container mobile-container vrule9" data-wcm-edit-url="/faculty/Lists/Topics/EditForm.aspx?ID=3"> <div class="row tablet-row mobile-row"> <div class="span9 tablet-span9"> <div class="research-hero sidebar"> <div class="inherit-bg"> <div class=""> <div class="carousel-container"> <ul class="carousel-panels"> <li> <div class="row desktop-visible"> <div class="span1"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=337265" class="fluid stroke4 white-border" alt=""></div> <div class="span1"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=294193" class="fluid stroke4 white-border" alt=""></div> <div class="span7 trim-container" data-wcm-edit-url="" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-right: 20px;"> <ul class="linear mu-uc"> <li class="ash">Article</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=47253" class="no-append"> <h2 class="delta">Entrepreneurship as Experimentation</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=337265&click=byline">William R. Kerr</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=294193&click=byline">Ramana Nanda</a> and Matthew Rhodes-Kropf</div> <div class="shim12"></div> <p class="trim-ellipsis">Entrepreneurship research is on the rise, but many questions about its fundamental nature still exist. We argue that entrepreneurship is about experimentation: the probabilities of success are low, extremely skewed, and unknowable until an investment is made. At a macro level, experimentation by new firms underlies the Schumpeterian notion of creative destruction. However, at a micro level, investment and continuation decisions are not always made in a competitive Darwinian contest. Instead, a few investors make decisions that are impacted by incentive, agency, and coordination problems, often before a new idea even has a chance to compete in a market. We contend that costs and constraints on the ability to experiment alter the type of organizational form surrounding innovation and influence when innovation is more likely to occur. These factors not only govern how much experimentation is undertaken in the economy, but also the trajectory of experimentation, with potentially very deep economic consequences.</p> </div> </div> </div> <div class="row-left tablet-visible mobile-visible"> <div class="span1"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=337265" class="fluid stroke4 white-border" alt=""><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=294193" class="fluid stroke4 white-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li class="ash">Article</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=47253" class="no-append"> <h2 class="beta">Entrepreneurship as Experimentation</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=337265&click=byline">William R. Kerr</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=294193&click=byline">Ramana Nanda</a> and Matthew Rhodes-Kropf</div> <div class="shim12"></div> <p>Entrepreneurship research is on the rise, but many questions about its fundamental nature still exist. We argue that entrepreneurship is about experimentation: the probabilities of success are low, extremely skewed, and unknowable until an investment is made. At a macro level, experimentation by new firms underlies the Schumpeterian notion of...</p> </div> </div> </div> </li> <li> <div class="row desktop-visible"> <div class="span2 sidebar-image"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=6452" class="fluid stroke4 white-border" alt=""></div> <div class="span7 trim-container" data-wcm-edit-url="" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-right: 20px;"> <ul class="linear mu-uc"> <li>January 2014 (Revised October 2014)</li> <li class="ash">Case</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=46185" class="no-append"> <h2 class="delta">Andreessen Horowitz</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6452&click=byline">Thomas R. Eisenmann</a> and Liz Kind</div> <div class="shim12"></div> <p class="trim-ellipsis">Andreessen Horowitz (a16z), a venture capital firm launched in 2009, has quickly broken into the VC industry's top ranks, in terms of its ability to invest in Silicon Valley's most promising startups. The case recounts the firm's history; describes its co-founders' motivations and their strategy for disrupting an industry in the midst of dramatic structural change; and asks whether a16z's success to date has been due to its novel organization structure. a16z's 22 investment professionals are supported by 43 recruiting and marketing specialists—an "operating team" that is an order of magnitude larger than that of any other VC firm. Furthermore, the operating team aims to not only assist a16z portfolio companies, but also to be broadly helpful to all parties in the Silicon Valley ecosystem, including search firms, journalists, PR agencies, and Fortune 500 executives. The bet: by providing "no-strings-attached" help to ecosystem partners, the partners might someday reciprocate by steering founders seeking funding to a16z. The case closes by asking whether a16z should seek to double its scale over the next years.</p> </div> </div> </div> <div class="row-left tablet-visible mobile-visible"> <div class="span1"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=6452" class="fluid stroke4 white-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li>January 2014 (Revised October 2014)</li> <li class="ash">Case</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=46185" class="no-append"> <h2 class="beta">Andreessen Horowitz</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6452&click=byline">Thomas R. Eisenmann</a> and Liz Kind</div> <div class="shim12"></div> <p>Andreessen Horowitz (a16z), a venture capital firm launched in 2009, has quickly broken into the VC industry's top ranks, in terms of its ability to invest in Silicon Valley's most promising startups. The case recounts the firm's history; describes its co-founders' motivations and their strategy for disrupting an industry in the midst of dramatic...</p> </div> </div> </div> </li> <li> <div class="row desktop-visible"> <div class="span2 sidebar-image"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=108987" class="fluid stroke4 white-border" alt=""></div> <div class="span7 trim-container" data-wcm-edit-url="" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-right: 20px;"> <ul class="linear mu-uc"> <li>February 2014</li> <li class="ash">Background Note</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=46528" class="no-append"> <h2 class="delta">Raising Startup Capital</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=108987&click=byline">Jeffrey Bussgang</a></div> <div class="shim12"></div> <p class="trim-ellipsis">Entrepreneurs typically focus their full energies on business-building. But raising capital is a core part of building a valuable business. Developing expertise in raising capital is more than a necessary evil, it is a competitive weapon. Master it and you will be in a better position to make your company a massive success. But how do you finance a new venture? In this note, I will try to help answer this question by addressing the following topics: Types of funding. The two major types of startup capital are equity funding and debt funding although there are a few hybrid flavors as well. Sources of funding. These include venture capital firms, angel investors, crowd-funding, and accelerators/incubators. What investors look for. Each source has a different funding process and set of criteria which you need to understand before seeking funding from that source. The mechanics of equity funding. Seeking and securing funding involves setting amounts, agreeing to terms, and defining relationships.</p> </div> </div> </div> <div class="row-left tablet-visible mobile-visible"> <div class="span1"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=108987" class="fluid stroke4 white-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li>February 2014</li> <li class="ash">Background Note</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=46528" class="no-append"> <h2 class="beta">Raising Startup Capital</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=108987&click=byline">Jeffrey Bussgang</a></div> <div class="shim12"></div> <p>Entrepreneurs typically focus their full energies on business-building. But raising capital is a core part of building a valuable business. Developing expertise in raising capital is more than a necessary evil, it is a competitive weapon. Master it and you will be in a better position to make your company a massive success. But how do you finance...</p> </div> </div> </div> </li> <li> <div class="row desktop-visible"> <div class="span1"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=337265" class="fluid stroke4 white-border" alt=""></div> <div class="span1"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=9961" class="fluid stroke4 white-border" alt=""></div> <div class="span7 trim-container" data-wcm-edit-url="" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-right: 20px;"> <ul class="linear mu-uc"> <li>January 2014</li> <li class="ash">Article</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=40781" class="no-append"> <h2 class="delta">The Consequences of Entrepreneurial Finance: Evidence from Angel Financings</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=337265&click=byline">William R. Kerr</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=9961&click=byline">Josh Lerner</a> and Antoinette Schoar</div> <div class="shim12"></div> <p class="trim-ellipsis">This paper documents that ventures that are funded by two successful angel groups experience superior outcomes to rejected ventures: they have improved survival, exits, employment, patenting, web traffic, and financing. We use strong discontinuities in angel funding behavior over small changes in their collective interest levels to implement a regression discontinuity approach. We confirm the positive effects for venture operations, with qualitative support for a higher likelihood of successful exits. On the other hand, there is no difference in access to additional financing around the discontinuity. This might suggest that financing is not a central input of angel groups.</p> </div> </div> </div> <div class="row-left tablet-visible mobile-visible"> <div class="span1"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=337265" class="fluid stroke4 white-border" alt=""><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=9961" class="fluid stroke4 white-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li>January 2014</li> <li class="ash">Article</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=40781" class="no-append"> <h2 class="beta">The Consequences of Entrepreneurial Finance: Evidence from Angel Financings</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=337265&click=byline">William R. Kerr</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=9961&click=byline">Josh Lerner</a> and Antoinette Schoar</div> <div class="shim12"></div> <p>This paper documents that ventures that are funded by two successful angel groups experience superior outcomes to rejected ventures: they have improved survival, exits, employment, patenting, web traffic, and financing. We use strong discontinuities in angel funding behavior over small changes in their collective interest levels to implement a...</p> </div> </div> </div> </li> <li> <div class="row desktop-visible"> <div class="span2 sidebar-image"><img loading="lazy" src="https://pubwww.hbs.edu/faculty/PublishingImages/magnify.svg" class="fluid stroke4 white-border inherit-bg" alt=""></div> <div class="span7 trim-container" data-wcm-edit-url="" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-right: 20px;"> <ul class="linear mu-uc"> <li>September 2014 (Revised December 2014)</li> <li class="ash">Case</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=47721" class="no-append"> <h2 class="delta">The Ullens Center for Contemporary Art</h2></a><div class="shim15"></div> <div class="nu add-underline">By: Mukti Khaire and Nancy Hua Dai</div> <div class="shim12"></div> <p class="trim-ellipsis">Since its opening in Beijing in November 2007 as the first non-profit art center in China, UCCA had been operating with the mission to "promote the continued development of the Chinese art scene, foster international exchange, and showcase the latest in art and culture to hundreds of thousands of visitors each year." For the past six years, UCCA had worked with more than 100 artists and designers to present 87 art exhibitions and 1,826 public programs to over 1.8 million visitors, including many important leaders from all over the world. Given the context of the economic and political environment in the rapidly changing Chinese art market, the founders and senior management of UCCA wondered what they could do to achieve growth and financial viability while continuing to realize their mission.</p> </div> </div> </div> <div class="row-left tablet-visible mobile-visible"> <div class="span1 sidebar-image"><img loading="lazy" src="https://pubwww.hbs.edu/faculty/PublishingImages/magnify.svg" class="fluid stroke4 white-border inherit-bg" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li>September 2014 (Revised December 2014)</li> <li class="ash">Case</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=47721" class="no-append"> <h2 class="beta">The Ullens Center for Contemporary Art</h2></a><div class="shim15"></div> <div class="nu add-underline">By: Mukti Khaire and Nancy Hua Dai</div> <div class="shim12"></div> <p>Since its opening in Beijing in November 2007 as the first non-profit art center in China, UCCA had been operating with the mission to "promote the continued development of the Chinese art scene, foster international exchange, and showcase the latest in art and culture to hundreds of thousands of visitors each year." For the past six years, UCCA...</p> </div> </div> </div> </li> <li> <div class="row desktop-visible"> <div class="span2 sidebar-image"><img loading="lazy" src="https://pubwww.hbs.edu/faculty/PublishingImages/magnify.svg" class="fluid stroke4 white-border inherit-bg" alt=""></div> <div class="span7 trim-container" data-wcm-edit-url="" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-right: 20px;"> <ul class="linear mu-uc"> <li>2014</li> <li class="ash">Discussion Paper</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=47159" class="no-append"> <h2 class="delta">The Promise of Microfinance and Women's Empowerment: What Does the Evidence Say?</h2></a><div class="shim15"></div> <div class="nu add-underline">By: Dina D. Pomeranz</div> <div class="shim12"></div> <p class="trim-ellipsis">The microfinance revolution has transformed access to financial services for low-income populations worldwide. As a result, it has become one of the most talked-about innovations in global development in recent decades. However, its expansion has not been without controversy. While many hailed it as a way to end world poverty and promote female empowerment, others condemned it as a disaster for the poor. Female empowerment has often been seen as one of the key promises of the industry. In part, this is based on the fact that more than 80% of its poorest clients, i.e., those who live on less than $1.25/day, are women. This paper discusses what we have learned so far about the potential and limits of microfinance and how insights from research and practice can help inform the industry's current products, policies and future developments.</p> </div> </div> </div> <div class="row-left tablet-visible mobile-visible"> <div class="span1 sidebar-image"><img loading="lazy" src="https://pubwww.hbs.edu/faculty/PublishingImages/magnify.svg" class="fluid stroke4 white-border inherit-bg" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li>2014</li> <li class="ash">Discussion Paper</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=47159" class="no-append"> <h2 class="beta">The Promise of Microfinance and Women's Empowerment: What Does the Evidence Say?</h2></a><div class="shim15"></div> <div class="nu add-underline">By: Dina D. Pomeranz</div> <div class="shim12"></div> <p>The microfinance revolution has transformed access to financial services for low-income populations worldwide. As a result, it has become one of the most talked-about innovations in global development in recent decades. However, its expansion has not been without controversy. While many hailed it as a way to end world poverty and promote female...</p> </div> </div> </div> </li> </ul> <div class="inherit-bg carousel-nav carousel-nav-centered"></div> </div> <div class="shim30"></div> </div> </div> </div> </div> <div class="span3 tablet-span3 vrule-offset"> <div class="mobile-hidden"> <div class="sidebar-spacing"> <div class="white"><svg xmlns="http://www.w3.org/2000/svg" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:ext="http://www.hbs.edu/" width="120" height="120" id="Layer_1" data-name="Layer 1" viewBox="0 0 100 112"> <path fill="currentColor" d="M35,0A35,35,0,0,0,4.36,51.91a44.65,44.65,0,0,0,5.73,9c5,6.21,8,13.84,9.11,22.84H50.86Q52.48,70.27,60,60.93a43.75,43.75,0,0,0,6.31-10.18A35,35,0,0,0,35,0Zm2.24,105.81H28a6.92,6.92,0,0,0,13.75,0H37.26ZM19.66,101H50.41V97H19.66v4Zm0-9.58v0.71H50.41V91.38c0-.92,0-1.82.08-2.74H19.58C19.62,89.56,19.66,90.46,19.66,91.38Z"/></svg></div> <div class="shim12"></div> <h3 class="kappa-uc">Initiatives & Projects</h3> <div class="shim14"></div> <div class="nu add-underline">The <a href="https://entrepreneurship.hbs.edu/Pages/default.aspx">Arthur Rock Center for Entrepreneurship</a> and the <a href="http://www.hbs.edu/socialenterprise/">Social Enterprise Initiative</a> encourage innovation to address the large-scale issues that beset society.</div> <div class="shim21"></div><a href="https://entrepreneurship.hbs.edu/Pages/default.aspx" class="btn-arrow-partial btn-arrow btn-right ">Entrepreneurship<span class="right"></span></a><div class="shim8"></div><a href="http://www.hbs.edu/socialenterprise/Pages/default.aspx" class="btn-arrow-partial btn-arrow btn-right ">Social Enterprise <span class="right"></span></a><div class="shim32 xteal-bg"></div> </div> </div> </div> </div> </div> </div> <div class="container mobile-container tablet-container vrule9"> <div class="cap mobile-cap tablet-cap"></div> <div class=""> <div class="row"> <div class="span9"> <div class="row tablet-row mobile-row "> <div class="span8 "> <p><span class="eta-uc boldcn">Our long tradition of research in Entrepreneurship</span> goes back to the 1930's and 1940's with the <a class="ext" href="http://hbr.org/product/creative-capital-georges-doriot-and-the-birth-of-v/an/1223-HBK-ENG?Ntt=Creative%2520Capital%2520" rel="noopener noreferrer" target="_blank">“the father of venture capitalism,”</a> General Georges Doriot, and Joseph Schumpeter’s theory of innovation as a process of <a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=24067">“creative destruction.”</a> Building on our intellectual roots, our scholars come from disciplines including economics, finance, sociology, strategy, business history, management, and social entrepreneurship. A number of our faculty come from practice as venture capitalists and start-up founders. We focus our research on the identification and pursuit of entrepreneurial opportunities; domestic and international funding of entrepreneurial endeavors; innovation, particularly technological innovation in international ventures; the environments in which entrepreneurs make decisions; and social entrepreneurship. As our research contributes new insights, we are advancing the world’s understanding of complex entrepreneurial issues and helping to increase the entrepreneurial success of our students and practitioners worldwide.</p> <div class="mobile-visible"> <div class="hr4" style="margin-bottom:33px;margin-top:30px;"></div> <h2 class="gamma-uc">Initiatives & Projects</h2> <div class="shim20"></div> <p class="add-underline">The <a href="https://entrepreneurship.hbs.edu/Pages/default.aspx">Arthur Rock Center for Entrepreneurship</a> and the <a href="http://www.hbs.edu/socialenterprise/">Social Enterprise Initiative</a> encourage innovation to address the large-scale issues that beset society.</p><a href="https://entrepreneurship.hbs.edu/Pages/default.aspx" class="btn-arrow-partial btn-arrow btn-right ">Entrepreneurship<span class="right"></span></a><div class="shim8"></div><a href="http://www.hbs.edu/socialenterprise/Pages/default.aspx" class="btn-arrow-partial btn-arrow btn-right ">Social Enterprise <span class="right"></span></a><div class="shim30"></div> </div> </div> </div> <div class="hr4" style="margin:6px 0px 34px 0px"></div> <div class="row tablet-row mobile-row "> <div class="span8 "> <div class="legacy-section-header"> <h2 class="legacy-section-header gamma-uc">Recent Publications</h2> </div> <div class="shim20"></div> <div class="fr-research-list"> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=65969" aria-label="Ather Energy: The Future of Mobility faculty & research publication detail page"> <h2 class="eta">Ather Energy: The Future of Mobility</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1175206&click=byline">Shunyuan Zhang</a>, Kannan Srinivasan and Malini Sen</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">November 2024</span> | </li> <li style="margin-right: 0px;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">Ather Energy, India’s third-largest electric scooter maker by volume, was founded in 2013. Five years later, the start-up launched its first electric scooter, Ather 450, which was powered by artificial intelligence (AI) and the Internet of Things (IoT), to navigate India’s chaotic traffic and road conditions. The start-up had a single-product focus: Ather 450, a high-performance scooter targeting millennials and EV enthusiasts. Ather analyzed user data to improve the product and enhance customer experience. The data-driven, customer-focused strategy helped Ather 450 to secure a unique position in the market and enabled the company to garner around 13% of the market share in less than five years. To sustain future growth in the presence of rising competition, co-founders Tarun Mehta and Swapnil Jain debated several strategies, including widening their single-product portfolio and targeting a different customer segment. Would pursuing a mass market strategy by launching lower-end products impact Ather’s brand equity? Amid increasing competition and market saturation, it was crucial the founders made the right decision.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Energy Policy">Energy Policy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Climate Change">Climate Change</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Alternative Energy">Alternative Energy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Corporate Entrepreneurship">Corporate Entrepreneurship</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Transportation">Transportation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Transformation">Transformation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Green Technology">Green Technology</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Technology Adoption">Technology Adoption</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Communication Strategy">Communication Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Marketing Strategy">Marketing Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Customer Focus and Relationships">Customer Focus and Relationships</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Asia">Asia</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=India">India</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation1" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Ather Energy: The Future of Mobility">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/525040-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Ather Energy: The Future of Mobility">Educators</a></div> <div class="relatedpopout-trigger"><a href="#frRelated1" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=65969" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Ather Energy: The Future of Mobility">Related</a></div> </div> <div id="frCitation1" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Zhang, Shunyuan, Kannan Srinivasan, and Malini Sen. "Ather Energy: The Future of Mobility." Harvard Business School Case 525-040, November 2024.</div> <div id="frRelated1" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66578" aria-label="Grain Management faculty & research publication detail page"> <h2 class="eta">Grain Management</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=121067&click=byline">Archie Jones</a>, Michael Norris, Alliyah Gary and Chelsea Grain-Jefferson</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">October 2024</span> | </li> <li style="margin-right: 0px;">Case | </li> <li>Faculty Research</li> </ul> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Family Business">Family Business</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Entrepreneurship">Entrepreneurship</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Private Equity">Private Equity</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Management Succession">Management Succession</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Ownership Stake">Ownership Stake</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Retirement">Retirement</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Financial Services Industry">Financial Services Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Telecommunications Industry">Telecommunications Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=United States">United States</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation2" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Grain Management">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/825085-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Grain Management">Educators</a></div> <div class="relatedpopout-trigger"><a href="#frRelated2" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66578" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Grain Management">Related</a></div> </div> <div id="frCitation2" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Jones, Archie, Michael Norris, Alliyah Gary, and Chelsea Grain-Jefferson. "Grain Management." Harvard Business School Case 825-085, October 2024.</div> <div id="frRelated2" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66512" aria-label="Allurion: Competing in the Age of GLP-1 faculty & research publication detail page"> <h2 class="eta">Allurion: Competing in the Age of GLP-1</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=940114&click=byline">Satish Tadikonda</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6497&click=byline">Rajiv Lal</a>, David Lane and Sarah Sasso</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">October 2024</span> | </li> <li style="margin-right: 0px;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">Shantanu Gaur had built Allurion into a formidable business internationally, providing obesity patients with a less invasive option long before GLP-1 drugs became the latest craze. Selling Allurion's medical device across 60+ countries, he awaited FDA approval to bring his technology to patients in the US. As time ticked by, GLP-1 drugs came like a tsunami, seemingly conquering the weight-loss market. With approval seemingly coming soon, Gaur had to decide what his strategy should be in continuing to grow Allurion, dealing with the challenges of the GLP-1 craze, and preparing for long term success.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Corporate Entrepreneurship">Corporate Entrepreneurship</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Health Care and Treatment">Health Care and Treatment</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Global Strategy">Global Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Competitive Strategy">Competitive Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Medical Devices and Supplies Industry">Medical Devices and Supplies Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Health Industry">Health Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=United States">United States</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=United Kingdom">United Kingdom</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=France">France</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=India">India</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Brazil">Brazil</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Middle East">Middle East</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation3" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Allurion: Competing in the Age of GLP-1">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/525011-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Allurion: Competing in the Age of GLP-1">Educators</a></div> <div class="relatedpopout-trigger"><a href="#frRelated3" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66512" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Allurion: Competing in the Age of GLP-1">Related</a></div> </div> <div id="frCitation3" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Tadikonda, Satish, Rajiv Lal, David Lane, and Sarah Sasso. "Allurion: Competing in the Age of GLP-1." Harvard Business School Case 525-011, October 2024.</div> <div id="frRelated3" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66402" aria-label="Ranger Energy Services: Bridging Public & Private Markets faculty & research publication detail page"> <h2 class="eta">Ranger Energy Services: Bridging Public & Private Markets</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=774396&click=byline">Joseph Pacelli</a>, Ravi Ramniklal Gondalia and James Weber</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">October 2024</span> | </li> <li style="margin-right: 0px;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">In August of 2017, CSL Capital, a private equity fund founded and operated by Charlie Leykum (HBS’04), was deciding to take one of its portfolio companies, Ranger Energy Services, public. Founded in 2014, Ranger Energy was an oilfield service company providing high-spec rig services to E&P customers. With 150% growth in top line and improving margin performance over the last two years, Ranger was still generating negative net income and hence Leykum was worried if public markets would be able to understand Ranger’s business strategy and value the business fairly. How can investors value a growth business like Ranger fairly? What are the advantages and disadvantages of taking a company public? How can investors assess whether Ranger Energy would continue to be a top performer in the high-spec rig market? Students are encouraged to decide as to whether they agree with CSL’s strategy of taking Ranger public or should they have explored other means of raising growth capital.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Entrepreneurship">Entrepreneurship</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Initial Public Offering">Initial Public Offering</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Financial Strategy">Financial Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Valuation">Valuation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Energy">Energy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Financial Services Industry">Financial Services Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Energy Industry">Energy Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=United States">United States</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation4" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Ranger Energy Services: Bridging Public & Private Markets">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/125023-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Ranger Energy Services: Bridging Public & Private Markets">Educators</a></div> <div><a href="http://hbr.org/search/125023" class="pub-extra-item black mu" aria-label="Purchase Ranger Energy Services: Bridging Public & Private Markets">Purchase</a></div> <div class="relatedpopout-trigger"><a href="#frRelated4" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66402" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Ranger Energy Services: Bridging Public & Private Markets">Related</a></div> </div> <div id="frCitation4" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Pacelli, Joseph, Ravi Ramniklal Gondalia, and James Weber. <A HREF="http://hbr.org/product/Ranger-Energy-Services--B/an/125023-PDF-ENG">"Ranger Energy Services: Bridging Public & Private Markets."</A> Harvard Business School Case 125-023, October 2024.</div> <div id="frRelated4" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=64814" aria-label="Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship faculty & research publication detail page"> <h2 class="eta">Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship</h2></a><div class="nu add-underline">By: Michael Ewens, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=294193&click=byline">Ramana Nanda</a> and <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=602452&click=byline">Christopher Stanton</a></div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">October 2024</span> | </li> <li style="margin-right: 0px;">Article | </li> <li>Journal of Finance</li> </ul> <div class="shim10"></div> <div class="add-underline">We show theoretically that a critical determinant of the attractiveness of VC-backed entrepreneurship for high-earning potential founders is the expected time to develop a startup’s initial product. This is because founder-CEOs’ cash compensation increases substantially after product development, alleviating the non-diversifiable risk that founders face at startup birth. Consistent with the model’s predictions of where the supply of entrepreneurial talent is likely to be most constrained, we find that technological shocks differentially altering the expected time to product across industries can explain changes in both the rate of entry and characteristics of individuals selecting into VC-backed entrepreneurship.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Entrepreneurship">Entrepreneurship</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Venture Capital">Venture Capital</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Executive Compensation">Executive Compensation</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation5" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship">Citation</a></div> <div style="min-width:110px;"><a href="https://onlinelibrary-wiley-com.ezp-prod1.hul.harvard.edu/doi/full/10.1111/jofi.13383" class="pub-extra-item black mu" aria-label="Find Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship at Harvard">Find at Harvard</a></div> <div style="min-width:110px;"><a href="https://www.hbs.edu/faculty/Pages/download.aspx?name=EwensNandaStanton_JFSept2023_3438ed7e-6775-49e8-b30a-a7ae6cae985b.pdf" class="pub-extra-item black mu" aria-label="Read Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship Now">Read Now</a></div> <div><a href="https://onlinelibrary.wiley.com/doi/10.1111/jofi.13383" class="pub-extra-item black mu" aria-label="Purchase Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship">Purchase</a></div> <div class="relatedpopout-trigger"><a href="#frRelated5" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=64814" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship">Related</a></div> </div> <div id="frCitation5" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Ewens, Michael, Ramana Nanda, and Christopher Stanton. <A HREF="https://www.hbs.edu/faculty/Pages/download.aspx?name=EwensNandaStanton_JFSept2023_3438ed7e-6775-49e8-b30a-a7ae6cae985b.pdf">"Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship."</A> <I>Journal of Finance</I> 79, no. 5 (October 2024): 3361–3405.</div> <div id="frRelated5" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66469" aria-label="TechEnergy Ventures: Innovating Through Corporate Venture Capital faculty & research publication detail page"> <h2 class="eta">TechEnergy Ventures: Innovating Through Corporate Venture Capital</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=998715&click=byline">Rebecca Karp</a> and Lena Duchene</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">September 2024</span> | </li> <li style="margin-right: 0px;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">This case examines TechEnergy Ventures, the corporate venture capital (CVC) arm of the Techint Group, and its role in scaling innovation within the energy sector. Founded in 2021, TechEnergy Ventures operates with a mandate to invest in disruptive technologies to support the Group’s decarbonization and diversification efforts. As the fund approaches the end of its initial five-year mandate, Alejandro Solé, the chief investment officer, is faced with a critical decision: whether to invest in a promising early-stage fusion energy startup or to focus on scaling existing investments within the fund's strategic verticals. The case raises important questions about the role of CVCs in balancing risk and opportunity, aligning with corporate goals, and positioning itself for future growth. It offers insights into how TechEnergy Ventures navigates these challenges to drive innovation and create business development opportunities for the Techint Group.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Transition">Transition</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Alternative Energy">Alternative Energy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Renewable Energy">Renewable Energy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Metals and Minerals">Metals and Minerals</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Mining">Mining</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Corporate Entrepreneurship">Corporate Entrepreneurship</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Climate Change">Climate Change</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Environmental Sustainability">Environmental Sustainability</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Corporate Finance">Corporate Finance</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Venture Capital">Venture Capital</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Financial Strategy">Financial Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Investment Portfolio">Investment Portfolio</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Growth and Development Strategy">Growth and Development Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Adaptation">Adaptation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Diversification">Diversification</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Innovation Strategy">Innovation Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Energy Industry">Energy Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Financial Services Industry">Financial Services Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Italy">Italy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Europe">Europe</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Latin America">Latin America</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Argentina">Argentina</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation6" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for TechEnergy Ventures: Innovating Through Corporate Venture Capital">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/725393-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for TechEnergy Ventures: Innovating Through Corporate Venture Capital">Educators</a></div> <div class="relatedpopout-trigger"><a href="#frRelated6" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66469" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about TechEnergy Ventures: Innovating Through Corporate Venture Capital">Related</a></div> </div> <div id="frCitation6" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Karp, Rebecca, and Lena Duchene. "TechEnergy Ventures: Innovating Through Corporate Venture Capital." Harvard Business School Case 725-393, September 2024.</div> <div id="frRelated6" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66254" aria-label="Xendit: Hiring for Growth faculty & research publication detail page"> <h2 class="eta">Xendit: Hiring for Growth</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6536&click=byline">Jeffrey F. Rayport</a>, Steve Castano, Quoc Anh Nguyen and Claire Wu</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">September 2024</span> | </li> <li style="margin-right: 0px;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">In 2019, Xendit, a growth-stage Southeast Asia (SEA) fintech venture based in Jakarta, was looking to hire a Head of Sales and Head of Product to lead its next phase of growth. Founded by Moses Lo and Tessa Wijaya, Xendit provided payment infrastructure, modeling itself as the Stripe of SEA. It was the first Indonesian company to be accepted into Y Combinator, and it had raised over $18 million in its Series A round in 2018. By 2019 it was processing $6.5 billion worth of transactions per year, growing at 10% month over month, and had recently announced plans to raise a $65-million Series B round. The company attributed much of its success to hiring smart and tenacious generalists who could adapt to new situations, learn quickly, and bring an execution mindset. But the organization was maturing, and specialists were increasingly required. Sourcing executives with the right skillset and cultural fit for Xendit was a challenge. Fintech was in its infancy in SEA, resulting in a shallow pool of industry talent. Bringing in talent from outside SEA was tricky due to the importance of regional knowledge and language proficiency. As the founders looked to hire new leaders to drive core growth while also expanding into the Philippines, they also sought talent that could help professionalize the organization. Promoting from within had the advantage of rewarding loyalty and ensuring cultural fit, while bringing in seasoned talent from outside offered deep skillsets and new approaches, provided they could fit with Xendit's culture. The founders had narrowed down their choices to two candidates for the Head of Product and Head of Sales positions. Now they needed to make a decision.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Finance">Finance</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Entrepreneurship">Entrepreneurship</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Jobs and Positions">Jobs and Positions</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Sales">Sales</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Product">Product</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Financial Services Industry">Financial Services Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Technology Industry">Technology Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Southeast Asia">Southeast Asia</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Indonesia">Indonesia</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Philippines">Philippines</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation7" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Xendit: Hiring for Growth">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/825046-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Xendit: Hiring for Growth">Educators</a></div> <div><a href="http://hbr.org/search/825046" class="pub-extra-item black mu" aria-label="Purchase Xendit: Hiring for Growth">Purchase</a></div> <div class="relatedpopout-trigger"><a href="#frRelated7" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66254" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Xendit: Hiring for Growth">Related</a></div> </div> <div id="frCitation7" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Rayport, Jeffrey F., Steve Castano, Quoc Anh Nguyen, and Claire Wu. <A HREF="http://hbr.org/product/Xendit--Hiring-for-Growth/an/825046-PDF-ENG">"Xendit: Hiring for Growth."</A> Harvard Business School Case 825-046, September 2024.</div> <div id="frRelated7" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66187" aria-label="Faena: Magic in Mid-Miami Beach faculty & research publication detail page"> <h2 class="eta">Faena: Magic in Mid-Miami Beach</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=136446&click=byline">Robin Greenwood</a>, Denise Han, Dave Habeeb and Ruth Page</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">September 2024</span> | </li> <li style="margin-right: 0px;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">The link to this multimedia case should be provided to students in advance as preparation for classroom case discussion. <br/><br/> This multimedia case follows real estate developer Alan Faena as he expanded his luxury development business from Argentina to the United States. The son of Syrian-Jewish textile manufacturers in Argentina, Faena transformed a blighted area of Buenos Aires into a vibrant arts district in the early 2000s. He brought this same vision to Miami Beach beginning in 2011, setting his sights on Miami’s “Mid Beach” an area that had fallen into disrepair with low property values. Faena created a district anchored by hotels, residences, restaurants, an art center, gardens, and a marina. However, the Miami Beach housing market was volatile, known for its booms and busts. The case concludes in 2016, when facing a market slowdown, Faena considered whether or not to push forward with his latest development in the Faena District, a planned 63-unit luxury condominium project called Faena Mar. The case asks students to consider the opportunities and risks posed by the development.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Development">Development</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Real Estate">Real Estate</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Hotels">Hotels</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Luxury">Luxury</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Urban Development">Urban Development</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Sustainable Cities">Sustainable Cities</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Design">Design</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Markets">Markets</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Transformation">Transformation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Cost vs Benefits">Cost vs Benefits</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Economic Growth">Economic Growth</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Private Sector">Private Sector</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Public Sector">Public Sector</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Economic Slowdown and Stagnation">Economic Slowdown and Stagnation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Cultural Entrepreneurship">Cultural Entrepreneurship</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Financial Strategy">Financial Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Investment Return">Investment Return</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Geographic Location">Geographic Location</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Urban Scope">Urban Scope</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Corporate Accountability">Corporate Accountability</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Collaborative Innovation and Invention">Collaborative Innovation and Invention</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Business and Community Relations">Business and Community Relations</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Business and Government Relations">Business and Government Relations</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Opportunities">Opportunities</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Culture">Culture</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Value Creation">Value Creation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Real Estate Industry">Real Estate Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Entertainment and Recreation Industry">Entertainment and Recreation Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Florida">Florida</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Miami">Miami</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Argentina">Argentina</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Buenos Aires">Buenos Aires</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation8" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Faena: Magic in Mid-Miami Beach">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/225701-MMC-ENG" class="pub-extra-item black mu" aria-label="Educators for Faena: Magic in Mid-Miami Beach">Educators</a></div> <div><a href="http://hbr.org/search/225701" class="pub-extra-item black mu" aria-label="Purchase Faena: Magic in Mid-Miami Beach">Purchase</a></div> <div class="relatedpopout-trigger"><a href="#frRelated8" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66187" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Faena: Magic in Mid-Miami Beach">Related</a></div> </div> <div id="frCitation8" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Greenwood, Robin, Denise Han, Dave Habeeb, and Ruth Page. <A HREF="https://hbsp.harvard.edu/product/225701-HTM-ENG">"Faena: Magic in Mid-Miami Beach."</A> Harvard Business School Multimedia/Video Case 225-701, September 2024.</div> <div id="frRelated8" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66445" aria-label="Open Door Legal: Universal Legal Access faculty & research publication detail page"> <h2 class="eta">Open Door Legal: Universal Legal Access</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1132519&click=byline">Brian Trelstad</a>, Taylor Greenthal and Sarah Mehta</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">September 2024</span> | </li> <li style="margin-right: 0px;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">This case is about Open Door Legal (ODL), a San Francisco-based civil legal aid nonprofit. CEO Adrian Tirtanadi founded the organization in 2012 with a mission to achieve universal access to legal representation for all city residents. By 2024, ODL had opened four offices across San Francico. An additional two would realize the nonprofit’s goal in the city. In 2023, Kevin Haah, a lawyer-turned-pastor, reached out to Tirtanadi about the possibility of expanding ODL to his home city of Los Angeles. Tirtanadi worried that scaling would absorb too much of ODL’s finite energy, time, and resources, and divert attention away from San Francisco. Was now the right time to scale? Was Haah the right partner? Would ODL’s model generalize to Los Angeles? And if so, how should Tirtanadi structure the relationship between the two offices to maximize efficiency and impact?</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Entrepreneurship">Entrepreneurship</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Law">Law</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Management">Management</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Social Enterprise">Social Enterprise</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Society">Society</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Legal Services Industry">Legal Services Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=United States">United States</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=California">California</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Los Angeles">Los Angeles</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=San Francisco">San Francisco</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation9" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Open Door Legal: Universal Legal Access">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/325006-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Open Door Legal: Universal Legal Access">Educators</a></div> <div class="relatedpopout-trigger"><a href="#frRelated9" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66445" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Open Door Legal: Universal Legal Access">Related</a></div> </div> <div id="frCitation9" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Trelstad, Brian, Taylor Greenthal, and Sarah Mehta. "Open Door Legal: Universal Legal Access." Harvard Business School Case 325-006, September 2024.</div> <div id="frRelated9" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66403" aria-label="Ten Questions for a Winning Climate-transition Business Strategy faculty & research publication detail page"> <h2 class="eta">Ten Questions for a Winning Climate-transition Business Strategy</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=15705&click=byline">George Serafeim</a></div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">September 9, 2024</span> | </li> <li style="margin-right: 0px;">Article | </li> <li>Strategy + Business (website)</li> </ul> <div class="shim10"></div> <div class="add-underline">The move to a low-carbon economy will create opportunities for innovation and growth. To make the most of them, leaders must understand the challenges they could face along the way.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Technology">Technology</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Organizational Transformations">Organizational Transformations</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Business Model Innovation">Business Model Innovation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Innovation and Invention">Innovation and Invention</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Climate Change">Climate Change</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Transformation">Transformation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Leadership">Leadership</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Business Strategy">Business Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Environmental Sustainability">Environmental Sustainability</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Change Management">Change Management</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Entrepreneurship">Entrepreneurship</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation10" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Ten Questions for a Winning Climate-transition Business Strategy">Citation</a></div> <div><a href="https://www.strategy-business.com/article/Ten-questions-for-a-winning-climate-transition-business-strategy" class="pub-extra-item black mu" aria-label="Read Ten Questions for a Winning Climate-transition Business Strategy Now">Read Now</a></div> <div class="relatedpopout-trigger"><a href="#frRelated10" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66403" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Ten Questions for a Winning Climate-transition Business Strategy">Related</a></div> </div> <div id="frCitation10" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Serafeim, George. <A HREF="https://www.strategy-business.com/article/Ten-questions-for-a-winning-climate-transition-business-strategy">"Ten Questions for a Winning Climate-transition Business Strategy."</A> <I>Strategy + Business (website)</I> (September 9, 2024).</div> <div id="frRelated10" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> </div> </div> </div> <div class="shim40"></div><a href="/faculty/research/publications/Pages/default.aspx?q=Entrepreneurship" class="btn-arrow-partial btn-arrow btn-right btn-large ">More Publications<span class="right"></span></a></div> </div> </div> <div class="tablet-rail4 mobile-rail4"></div> </div> <div class="span3 vrule-offset"> <div class="sidebar-list" data-wcm-edit-url=""> <h3 class="kappa-uc" style="margin-bottom:13px;">Faculty</h3> <div class="" data-wcm-edit-url=""><a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=337265">William R. 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