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All HBS Web
(1,555)
- Faculty Publications (300)
- Article
How Venture Capitalists Make Decisions
By: Paul A. Gompers, Will Gornall, Steven Kaplan and Ilya Strebulaev
For decades now, venture capitalists have played a crucial role in the economy by financing high-growth start-ups. While the companies they’ve backed—Amazon, Apple, Facebook, Google, and more—are constantly in the headlines, very little is known about what VCs actually...
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Gompers, Paul A., Will Gornall, Steven Kaplan, and Ilya Strebulaev. "How Venture Capitalists Make Decisions." Harvard Business Review 99, no. 2 (March–April 2021).
- January 2021 (Revised May 2021)
- Case
Delta Air Lines: Navigating the COVID-19 Storm
By: Ted Berk and Ryan Flamerich
This case examines Delta Air Lines’ response as demand for its services plummeted in the face of the COVID-19 pandemic, with a focus on the company’s funding needs and capital structure. Following a series of initial actions, the company’s cash “burn” had reduced from...
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Keywords:
COVID-19;
Health Pandemics;
Financial Condition;
Capital Structure;
Crisis Management;
Risk Management;
Business and Stakeholder Relations;
Air Transportation Industry
Berk, Ted, and Ryan Flamerich. "Delta Air Lines: Navigating the COVID-19 Storm." Harvard Business School Case 221-063, January 2021. (Revised May 2021.)
- January 2021 (Revised February 2021)
- Case
Carnival Corporation: Cruising Through COVID-19
By: Stuart C. Gilson and Sarah Abbott
In March 2020, in response to the global pandemic, the cruise industry ceased operations. Carnival was the largest cruise line operator in the world, and CEO Arnold Donald and his management team worked to position the company to survive. They slashed operating...
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Keywords:
Debt Issuance;
Equity Issuances;
Convertible Debt;
Cruise Lines;
Restructuring;
Capital;
Crisis Management;
Cash Flow;
Health Pandemics;
Borrowing and Debt;
Travel Industry;
United States
Gilson, Stuart C., and Sarah Abbott. "Carnival Corporation: Cruising Through COVID-19." Harvard Business School Case 221-028, January 2021. (Revised February 2021.)
- December 2020 (Revised April 2021)
- Teaching Note
Women Entrepreneurs and Tech Ecosystems: One City, Two Realities, and Four Diverse Women
By: Rosabeth Moss Kanter and Joyce J. Kim
Four diverse women entrepreneurs launched their ventures in a thriving entrepreneurial ecosystem that was part of a shift to a creative technology-driven economy for Miami. Although Miami was rated the #1 U.S. city for startups in 2017, the region contained structural...
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Keywords:
Women;
Racism;
Black Entrepreneurs;
Entrepreneurship;
Diversity;
Gender;
Race;
Prejudice and Bias;
Innovation and Invention;
City;
Culture;
Miami
- December 2020
- Supplement
Video Interview with Felecia Hatcher
By: Rosabeth M. Kanter and Joyce J. Kim
Four diverse women entrepreneurs launched their ventures in a thriving entrepreneurial ecosystem that was part of a shift to a creative technology-driven economy for Miami. Although Miami was rated the #1 U.S. city for startups in 2017, the region contained structural...
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Keywords:
Entrepreneurial Ecosystems;
Female Entrepreneur;
Sexism;
Racism;
Entrepreneurship;
Business Startups;
Diversity;
Gender;
Race;
Prejudice and Bias;
City;
Culture;
Miami
Kanter, Rosabeth M., and Joyce J. Kim. "Video Interview with Felecia Hatcher." Harvard Business School Multimedia/Video Supplement 321-703, December 2020.
- December 2020
- Supplement
Video Interview with Maxeme Tuchman
By: Rosabeth M. Kanter and Joyce J. Kim
Four diverse women entrepreneurs launched their ventures in a thriving entrepreneurial ecosystem that was part of a shift to a creative technology-driven economy for Miami. Although Miami was rated the #1 U.S. city for startups in 2017, the region contained structural...
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Keywords:
Entrepreneurial Ecosystems;
Female Entrepreneur;
Racism;
Sexism;
Entrepreneurship;
Business Startups;
Diversity;
Gender;
Race;
Prejudice and Bias;
City;
Culture;
Miami
Kanter, Rosabeth M., and Joyce J. Kim. "Video Interview with Maxeme Tuchman." Harvard Business School Multimedia/Video Supplement 321-702, December 2020.
- December 2020
- Supplement
Video Interview with Pandwe Gibson
By: Rosabeth M. Kanter and Joyce J. Kim
Four diverse women entrepreneurs launched their ventures in a thriving entrepreneurial ecosystem that was part of a shift to a creative technology-driven economy for Miami. Although Miami was rated the #1 U.S. city for startups in 2017, the region contained structural...
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Keywords:
Female Entrepreneur;
Entrepreneurial Ecosystems;
Sexism;
Racism;
Entrepreneurship;
Business Startups;
Diversity;
Gender;
Race;
Prejudice and Bias;
City;
Culture;
Miami
Kanter, Rosabeth M., and Joyce J. Kim. "Video Interview with Pandwe Gibson." Harvard Business School Multimedia/Video Supplement 321-704, December 2020.
- December 2020
- Supplement
Video Interview with Rebecca Fishman Lipsey
By: Rosabeth M. Kanter and Joyce Kim
Four diverse women entrepreneurs launched their ventures in a thriving entrepreneurial ecosystem that was part of a shift to a creative technology-driven economy for Miami. Although Miami was rated the #1 U.S. city for startups in 2017, the region contained structural...
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Keywords:
Entrepreneurial Ecosystems;
Female Entrepreneur;
Racism;
Sexism;
Entrepreneurship;
Business Startups;
Diversity;
Gender;
Race;
Prejudice and Bias;
City;
Culture;
Miami
Kanter, Rosabeth M., and Joyce Kim. "Video Interview with Rebecca Fishman Lipsey." Harvard Business School Multimedia/Video Supplement 321-705, December 2020.
- October 2020 (Revised December 2020)
- Case
AfricInvest: A Pan-African Investment Platform
By: Victoria Ivashina and Youssef Abdel Aal
The case is set in December 2018, when Ziad Oueslati, co-managing director and co-founder of AfricInvest, a leading pan-African private equity firm headquartered in Tunisia, was reflecting on the future direction of his firm. AfricInvest started as a traditional small...
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Keywords:
Finance;
Private Equity;
Venture Capital;
Strategy;
Governance;
Financial Services Industry;
Tunisia;
Africa;
Middle East
Ivashina, Victoria, and Youssef Abdel Aal. "AfricInvest: A Pan-African Investment Platform." Harvard Business School Case 221-037, October 2020. (Revised December 2020.)
- October 2020 (Revised April 2021)
- Case
Women Entrepreneurs and Tech Ecosystems: One City, Two Realities, and Four Diverse Women
By: Rosabeth Moss Kanter and Joyce J. Kim
Four diverse women entrepreneurs launched their ventures in a thriving entrepreneurial ecosystem that was part of a shift to a creative technology-driven economy for Miami. Although Miami was rated the #1 U.S. city for startups in 2017, the region contained structural...
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Keywords:
Female Entrepreneur;
Entrepreneurial Ecosystems;
Inclusion;
Innovation & Entrepreneurship;
Racism;
Sexism;
Start-up;
Entrepreneurship;
Business Startups;
Diversity;
Gender;
Race;
Prejudice and Bias;
Innovation and Invention;
City;
Culture;
Miami
Kanter, Rosabeth Moss, and Joyce J. Kim. "Women Entrepreneurs and Tech Ecosystems: One City, Two Realities, and Four Diverse Women." Harvard Business School Case 321-083, October 2020. (Revised April 2021.)
- 2020
- Working Paper
The ESG-Innovation Disconnect: Evidence from Green Patenting
By: Lauren Cohen, Umit G. Gurun and Quoc H. Nguyen
No firm or sector of the global economy is untouched by innovation. In equilibrium, innovators will flock to (and innovation will occur where) the returns to innovative capital are the highest. In this paper, we document a strong empirical pattern in green patent...
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Keywords:
ESG (Environmental, Social, Governance) Performance;
Investment;
Decision Making;
Policy;
Energy;
Green Technology;
Technological Innovation;
Patents
Cohen, Lauren, Umit G. Gurun, and Quoc H. Nguyen. "The ESG-Innovation Disconnect: Evidence from Green Patenting." NBER Working Paper Series, No. 27990, October 2020. (Winner of the Fordham University Gabelli School of Business – PVH Corp. Global Thought Leadership Grant on Corporate Social Responsibility, 2020.)
- September 2020
- Case
The Black New Venture Competition
Black entrepreneurs encounter many unique obstacles when raising capital to start and grow a business. During their second year at Harvard Business School (HBS), MBA students Kimberly Foster and Tyler Simpson decided to do something to make a difference for...
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Keywords:
Startup;
Start-up;
Startup Financing;
Startups;
Start-ups;
African-American Protagonist;
African-american Entrepreneurs;
African-american Investors;
African-Americans;
African-American Women;
Black Leadership;
Black Inventors;
Black Entrepreneurs;
Harvard Business School;
Harvard;
Business And Society;
Early Stage Funding;
Early Stage Finance;
Technology Entrepreneurship;
Discrimination;
Technology Ventures;
Entrepreneurial Finance;
Entrepreneurial Financing;
Business Plan;
Business Startups;
Business Ventures;
Financing and Loans;
Business Growth and Maturation;
Diversity;
Gender;
Race;
Entrepreneurship;
Venture Capital;
Small Business;
Leadership;
Information Technology;
Competition;
Technology Industry
Mills, Karen, Jeffrey J. Bussgang, Martin Sinozich, and Gabriella Elanbeck. "The Black New Venture Competition." Harvard Business School Case 821-029, September 2020.
- 2023
- Working Paper
Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers
By: Ufuk Akcigit, Sina T. Ates, Josh Lerner, Richard Townsend and Yulia Zhestkova
The treatment of foreign investors is a contentious topic in U.S. entrepreneurship policy. We
model a setting where foreign corporate investments in Silicon Valley may allow U.S. entrepreneurs
to pursue technologies that they could not otherwise, but may also lead to...
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Keywords:
Innovation;
Corporate Venture Capital;
Knowledge Spillovers;
Innovation and Invention;
Foreign Direct Investment;
Venture Capital;
Entrepreneurship;
Policy;
United States
Akcigit, Ufuk, Sina T. Ates, Josh Lerner, Richard Townsend, and Yulia Zhestkova. "Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers." Harvard Business School Working Paper, No. 21-043, September 2020. (Revised September 2023. Conditionally Accepted, Journal of Monetary Economics.)
- September 2020
- Teaching Plan
Harlem Capital: Changing the Face of Entrepreneurship
By: George Serafeim
Jarrid Tingle and Henri Pierre-Jacques had spent the summer between their first and second years of their MBA program fund raising for their start-up venture capital (VC) firm, Harlem Capital Partners. Harlem Capital was founded upon the principle that addressing the...
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Keywords:
Venture Capital Firm Compensation;
Entrepreneurial Finance;
Entrepreneurial Financing;
Black Entrepreneurs;
Black Leadership;
Black Inventors;
Inclusion;
Minority-owned Businesses;
Race And Ethnicity;
Race Characteristics;
Entrepreneurship;
Venture Capital;
Diversity;
Race;
Gender;
Mission and Purpose;
Social Enterprise;
Financial Services Industry;
United States
- September 2020 (Revised November 2020)
- Case
d.light
By: Michael Chu, Krishna G. Palepu and Dilyana Karadzhova Botha
Kenyan off-grid-solar pioneer d.light can power entire homes in rural Africa but must now decide how to fund the growth of its asset-heavy business model. Ned Tozun and Sam Goldman founded d.light in 2006 to transform lives through solar solutions enabling access to...
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Keywords:
Alternative Energy;
Business Model;
Capital;
Emerging Markets;
Expansion;
Financial Strategy;
Renewable Energy;
Strategy;
Social Entrepreneurship;
Energy Industry;
Africa;
Kenya;
India
Chu, Michael, Krishna G. Palepu, and Dilyana Karadzhova Botha. "d.light." Harvard Business School Case 321-069, September 2020. (Revised November 2020.)
- August 2020 (Revised May 2021)
- Case
PayPal: The Next Chapter
By: Michael Porter, Mark Kramer and Annelena Lobb
Can a social purpose and stakeholder capitalism confer a powerful competitive advantage in the age of COVID-19? For PayPal, the answer is yes. After spinning off from eBay in a 2015 IPO, the company declared its purpose as "democratizing financial services" by ensuring...
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Keywords:
Mission and Purpose;
Finance;
Business and Stakeholder Relations;
Social Entrepreneurship;
Competitive Advantage;
Financial Services Industry
Porter, Michael, Mark Kramer, and Annelena Lobb. "PayPal: The Next Chapter." Harvard Business School Case 721-378, August 2020. (Revised May 2021.)
- July 2020
- Supplement
Instabeat—Crossing the Finish Line
By: Shikhar Ghosh, Nicole Tempest Keller and Alpana Thapar
Lebanese entrepreneur Hind Hobeika was just 21 years old when she launched her startup, Instabeat, which had developed the first real-time bio-feedback device for swimmers to monitor and improve their performance. It had been an extremely testing 10-year journey to...
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Keywords:
Start-up;
Wearables;
Entrepreneurship;
Business Startups;
Information Technology;
Information Infrastructure;
Strategy;
Operations;
Management;
United States;
Lebanon
Ghosh, Shikhar, Nicole Tempest Keller, and Alpana Thapar. "Instabeat—Crossing the Finish Line." Harvard Business School Supplement 821-012, July 2020.
- July 2020
- Case
Amanda and Kristen: Mented Cosmetics
By: Steven Rogers, Jeffrey J. Bussgang and Alterrell Mills
The co-founders (Black HBS alumnae) of an e-commerce beauty startup explore the unmet needs within the beauty industry. This case study examines the entrepreneurial opportunities that come from identifying an underserved market, specifically within the Black community...
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Keywords:
Brands and Branding;
Competition;
Customers;
Disruption;
Disruptive Innovation;
Distribution Channels;
Entrepreneurship;
Finance;
Macroeconomics;
Marketing;
Marketing Channels;
Marketing Communications;
Marketing Strategy;
Mission and Purpose;
Organizational Culture;
Product Design;
Product Development;
Product Positioning;
Sales;
Social Issues;
Social Marketing;
Business Startups;
Strategic Planning;
Strategy;
Supply Chain Management;
Venture Capital;
Beauty and Cosmetics Industry;
Advertising Industry;
Public Relations Industry;
Chemical Industry;
Manufacturing Industry;
Retail Industry;
North and Central America;
United States;
New York (city, NY);
New York (state, US)
Rogers, Steven, Jeffrey J. Bussgang, and Alterrell Mills. "Amanda and Kristen: Mented Cosmetics." Harvard Business School Case 321-002, July 2020.
- July 2020
- Article
The Persistent Effect of Initial Success: Evidence from Venture Capital
By: Ramana Nanda, Sampsa Samila and Olav Sorenson
We use investment-level data to study performance persistence in venture capital (VC). Consistent with prior studies, we find that each additional IPO among a VC firm's first ten investments predicts as much as an 8% higher IPO rate on its subsequent investments,...
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Keywords:
Performance;
Monitoring;
Selection;
Status;
Venture Capital;
Performance Consistency;
Investment
Nanda, Ramana, Sampsa Samila, and Olav Sorenson. "The Persistent Effect of Initial Success: Evidence from Venture Capital." Journal of Financial Economics 137, no. 1 (July 2020): 231–248.
- May 2020 (Revised December 2022)
- Case
Soofa: Displaying the Right Path?
By: Jeffrey J. Bussgang, Amy Klopfenstein and Amram Migdal
In November 2019, Sandra Richter, co-founder and CEO of Soofa, a network of advertising-supported digital bulletin boards, must decide between two different fundraising and expansion plans for her company. One plan entails raising $15 million in a Series A round and...
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Keywords:
Business Ventures;
Business Model;
Business Plan;
Business Startups;
Entrepreneurship;
Decision Making;
Decisions;
Ethics;
Geography;
Geopolitical Units;
Finance;
Investment;
Markets;
Market Entry and Exit;
Demand and Consumers;
Network Effects;
Media;
Society;
Urban Development;
Sustainable Cities;
Information Technology;
Information Infrastructure;
Digital Platforms;
Strategy;
Business Strategy;
Expansion;
Relationships;
Partners and Partnerships;
Capital;
Venture Capital;
Advertising Industry;
Technology Industry;
Media and Broadcasting Industry;
North and Central America;
United States;
Massachusetts;
Cambridge
Bussgang, Jeffrey J., Amy Klopfenstein, and Amram Migdal. "Soofa: Displaying the Right Path?" Harvard Business School Case 820-098, May 2020. (Revised December 2022.)