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      • Faculty Publications  (37,943)
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      • December 2024
      • Technical Note

      Ethical Analysis: Complicity

      By: Nien-hê Hsieh and Matthew Souba
      This note introduces students to the concept of complicity and outlines key questions to determine whether a party is complicit in the wrong or harm caused by another. The note uses examples from the well-known case of Theranos. View Details
      Keywords: Ethics
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      Hsieh, Nien-hê, and Matthew Souba. "Ethical Analysis: Complicity." Harvard Business School Technical Note 325-076, December 2024.
      • December 2024
      • Case

      Tencent Games

      By: Rebecca Karp, Billy Chan and Nancy Hua Dai
      For years, Tencent Games, a division of China’s largest internet company, had taken the lion’s share of revenue in the global gaming market with blockbuster titles such as “League of Legends” and “PUBG: Battlegrounds.” These games defined the game genres that they... View Details
      Keywords: Decisions; Games, Gaming, and Gambling; Collaborative Innovation and Invention; Innovation and Management; Innovation Strategy; Growth and Development Strategy; Product Development; Organizational Culture; Business Strategy; Investment; Competitive Strategy; Video Game Industry; Europe; China
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      Karp, Rebecca, Billy Chan, and Nancy Hua Dai. "Tencent Games." Harvard Business School Case 725-411, December 2024.
      • 2025
      • Working Paper

      Too Much, Too Soon? Early Funding, Technological Unconventionality, and Innovation Capabilities

      By: Harsh Ketkar and Maria Roche
      The availability of financial resources significantly shapes firm innovation outcomes, especially for early-stage, innovation-focused technology firms. However, prior research has provided conflicting findings about this relationship: On the one hand, resource... View Details
      Keywords: Startups; Technology Strategy; Novelty; Unconventionality; Resource Constraints; Early Stage Firms; Business Startups; Technological Innovation; Entrepreneurial Finance
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      Ketkar, Harsh, and Maria Roche. "Too Much, Too Soon? Early Funding, Technological Unconventionality, and Innovation Capabilities." Harvard Business School Working Paper, No. 25-032, December 2024. (Revised February 2025.)
      • December 2024
      • Case

      Trust and Family at Fuwei (A): A Confucian Approach to Organizational Design

      By: Letian Zhang, Wenjie Ma and Jiaqi Jin
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      Zhang, Letian, Wenjie Ma, and Jiaqi Jin. "Trust and Family at Fuwei (A): A Confucian Approach to Organizational Design." Harvard Business School Case 425-014, December 2024.
      • December 2024
      • Supplement

      Trust and Family at Fuwei (B): Ethan Yang's Perspective

      By: Letian Zhang, Wenjie Ma and Jiaqi Jin
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      Zhang, Letian, Wenjie Ma, and Jiaqi Jin. "Trust and Family at Fuwei (B): Ethan Yang's Perspective." Harvard Business School Supplement 425-033, December 2024.
      • December 2024
      • Supplement

      Trust and Family at Fuwei (C): Bringing Back Ethan Yang

      By: Letian Zhang, Wenjie Ma and Jiaqi Jin
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      Zhang, Letian, Wenjie Ma, and Jiaqi Jin. "Trust and Family at Fuwei (C): Bringing Back Ethan Yang." Harvard Business School Supplement 425-034, December 2024.
      • December 2024
      • Supplement

      Vanguard Retail Operations

      By: Antonio Moreno, Willy C. Shih and Margaret Underwood
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      Moreno, Antonio, Willy C. Shih, and Margaret Underwood. "Vanguard Retail Operations." Harvard Business School Spreadsheet Supplement 625-710, December 2024.
      • December 2024
      • Case

      Yum China: People First

      By: David E. Bell, Shu Lin and Nancy Dai
      Joey Wat, CEO of Yum China Holdings, Inc., which operated KFC, Pizza Hut, and Taco Bell in mainland China, oversaw KFC’s milestone as the first Western quick-service chain in China to surpass 10,000 stores, with Pizza Hut exceeding 3,000 locations. This expansion was... View Details
      Keywords: Growth and Development Strategy; Franchise Ownership; Performance Efficiency; Expansion; Employees; Food and Beverage Industry; Agriculture and Agribusiness Industry; China
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      Bell, David E., Shu Lin, and Nancy Dai. "Yum China: People First." Harvard Business School Case 525-038, December 2024.
      • December 12, 2024
      • Article

      6 Lessons from Companies That Shut Down Their Business in Russia

      By: Kalle Heikkinen, William R. Kerr, Mika Malin, Panu Routila and Joel Ryynänen
      Increasingly, companies are being pressured to decouple from regions that customers, employees, politicians, advocacy groups, and even leaders deem politically fraught. This can pose a dilemma for executives, as research both shows that fast decision-making is vital,... View Details
      Keywords: Public Opinion; Ethics; International Relations; Crisis Management
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      Heikkinen, Kalle, William R. Kerr, Mika Malin, Panu Routila, and Joel Ryynänen. "6 Lessons from Companies That Shut Down Their Business in Russia." Harvard Business Review (website) (December 12, 2024).
      • December 2024
      • Exercise

      Airbnb: Imagining a Guest Loyalty Program

      By: Sara McKinley Torti
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      Torti, Sara McKinley. "Airbnb: Imagining a Guest Loyalty Program." Harvard Business School Exercise 825-119, December 2024.
      • December 2024
      • Case

      Brainstorming a MVP for a Peloton Corporate Wellness Benefit

      By: Sara McKinley Torti
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      Torti, Sara McKinley. "Brainstorming a MVP for a Peloton Corporate Wellness Benefit." Harvard Business School Case 825-081, December 2024.
      • December 2024
      • Case

      AC Milan

      By: Anita Elberse
      In April 2024, Giorgio Furlani is nearing the end of his first full season as chief executive officer of Italian soccer club AC Milan. A Harvard Business School Class of 2007 graduate with a finance background, Furlani was appointed by RedBird Capital Partners’ founder... View Details
      Keywords: Sports; Soccer; Football; Entertainment; Media; Talent Management; Superstars; Marketing; Strategy; General Management; Mergers and Acquisitions; Leadership; Business Strategy; Competitive Strategy; Business or Company Management; Sports Industry; Milan
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      Elberse, Anita. "AC Milan." Harvard Business School Case 525-025, December 2024.
      • December 2024
      • Case

      Core Innovation Capital: Investing in Fintech for Good

      By: Ray Kluender, Natalia Rigol, Benjamin Roth and Nicole Tempest Keller
      In 2017, Arjan Schütte, founder of Core Innovation Capital, faced a decision on whether to invest in Hugo Insurance, an auto insurance startup. Core, an early-stage social impact VC firm, focused on “fintech for good,” by investing in financial services for low- to... View Details
      Keywords: Fintech; Venture Capital; Social Entrepreneurship; Insurance; Measurement and Metrics; Investment; Corporate Social Responsibility and Impact; Product Positioning; Financial Services Industry; Technology Industry; Insurance Industry; United States
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      Kluender, Ray, Natalia Rigol, Benjamin Roth, and Nicole Tempest Keller. "Core Innovation Capital: Investing in Fintech for Good." Harvard Business School Case 825-064, December 2024.
      • December 2024
      • Supplement

      Core Innovation Capital: Investing in Fintech for Good (B)

      By: Ray Kluender, Natalia Rigol, Benjamin Roth and Nicole Tempest Keller
      In 2017, Core Innovation Capital invested $725,000 in Hugo Insurance, a pay-as-you-drive auto insurance startup targeting the non-standard market. Core followed with $300,000 in 2019 during a Seed II round. By 2022, Hugo founder, David Bergendahl, sought $10 million in... View Details
      Keywords: Fintech; Venture Capital; Social Entrepreneurship; Insurance; Measurement and Metrics; Investment; Financial Services Industry; Technology Industry; Insurance Industry; United States
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      Kluender, Ray, Natalia Rigol, Benjamin Roth, and Nicole Tempest Keller. "Core Innovation Capital: Investing in Fintech for Good (B)." Harvard Business School Supplement 825-094, December 2024.
      • December 12, 2024
      • Article

      How to Build a Life: The Virtuous Circle of a Happy Personality

      By: Arthur C. Brooks
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      Brooks, Arthur C. "How to Build a Life: The Virtuous Circle of a Happy Personality." The Atlantic (December 12, 2024).
      • December 2024 (Revised March 2025)
      • Case

      WayCool: Addressing Food Loss

      By: Rajiv Lal and Kairavi Dey
      Headquartered in Chennai, India, WayCool started by focusing on solving the growing challenge of food losses and low farmer incomes. Dasari and Jayaraman, surprised at the amount of fruits and vegetables lost in the agricultural supply chain, set up the company with... View Details
      Keywords: Agribusiness; Entrepreneurship; Business Model; Food; Supply Chain; Loss; Expansion; Distribution Channels; Agriculture and Agribusiness Industry; Asia; India; Bangalore; Chennai
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      Lal, Rajiv, and Kairavi Dey. "WayCool: Addressing Food Loss." Harvard Business School Case 525-041, December 2024. (Revised March 2025.)
      • 10 Dec 2024
      • Interview

      A New Model for Funding Healthcare Innovation

      By: Regina E. Herzlinger and Duke Rohlen
      Ajax Health founder Duke Rohlen (HBS MBA 2001) and HBS Professor Regina Herzlinger join host Brian Kenny to discuss the key success factors for both start-up and established medical technology firms. The case “Ajax Health: A New Model for Medical Technology Innovation”... View Details
      Keywords: Entrepreneurship; Innovation and Invention; Business Model; Private Equity; Health Industry
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      Herzlinger, Regina E., and Duke Rohlen. "A New Model for Funding Healthcare Innovation." Cold Call (podcast), Harvard Business Review Group, December 10, 2024.
      • December 10, 2024
      • Article

      Is Your Company’s Problem Complicated? Or Complex?

      By: Nitin Nohria, Bill George and Kayti Stanley
      Complicated problems, which can be solved with systematic approaches, are different from complex problems, which require adaptive strategies and continuous learning. Many leaders conflate the two types, have more experience with complicated problems, and therefore may... View Details
      Keywords: Complexity; Adaptation; Leadership; Problems and Challenges
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      Nohria, Nitin, Bill George, and Kayti Stanley. "Is Your Company’s Problem Complicated? Or Complex?" Harvard Business Review (website) (December 10, 2024).
      • December 2024
      • Case

      Xtalic

      By: Joshua Lev Krieger and Jim Matheson
      This case study examines the commercialization efforts of Xtalic, a startup founded by MIT scientists based on their discovery of a novel material science method to protect metal substrates. The case focuses on the strategic decisions involved in bringing this... View Details
      Keywords: Innovation & Entrepreneurship; Innovation and Management; Entrepreneurial Finance; Entrepreneurship; Business Model; Business Startups; Agreements and Arrangements; Science-Based Business; Commercialization
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      Krieger, Joshua Lev, and Jim Matheson. "Xtalic." Harvard Business School Case 825-103, December 2024.
      • December 2024 (Revised January 2025)
      • Case

      Balancing Returns and Responsibilities at Raya Partners

      By: Arthur Segel, Ephraim Mernick, Derek C. M. van Bever and Olivia Barba
      Raya Partners, a private equity firm, faces a crucial decision regarding Asa Specialty Coatings Company (ASCC). The dilemma involves shifting ASCC's manufacturing operations to Mexico, a move that would boost profitability and reduce emissions but result in significant... View Details
      Keywords: Factories, Labs, and Plants; Communication Strategy; Private Equity; Job Cuts and Outsourcing; Corporate Social Responsibility and Impact; Environmental Sustainability; Values and Beliefs; Financial Services Industry; Manufacturing Industry; Mexico; Vermont
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      Segel, Arthur, Ephraim Mernick, Derek C. M. van Bever, and Olivia Barba. "Balancing Returns and Responsibilities at Raya Partners." Harvard Business School Case 325-068, December 2024. (Revised January 2025.)
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