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      • November 2019 (Revised January 2025)
      • Case

      Russia: A Drama In Three Acts

      By: Rawi Abdelal, Rafael Di Tella, Galit Goldstein, Sogomon Tarontsi and Lavinia Teodorescu
      The collapse of central authority in the Soviet Union in 1991 ushered in a period of revolutionary transformations for the states that emerged in its wake. The leaders of Russia, the USSR's successor, struggled to reestablish central authority while also seeking to... View Details
      Keywords: Government Policy; Policy Change; Policy Making; Economic Systems; Economics; Globalization; Emerging Markets; Privatization; Non-Renewable Energy; Governance; Global Strategy; Corporate Governance; Policy; Business History; Lawfulness; Problems and Challenges; Business and Government Relations; Risk and Uncertainty; Strategy; Change Management; Developing Countries and Economies; Russia; Moscow
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      Abdelal, Rawi, Rafael Di Tella, Galit Goldstein, Sogomon Tarontsi, and Lavinia Teodorescu. "Russia: A Drama In Three Acts." Harvard Business School Case 720-020, November 2019. (Revised January 2025.)
      • November 2019 (Revised April 2020)
      • Case

      Away: Scaling a DTC Travel Brand

      By: Jill Avery and Joseph B. Fuller
      Away, a direct-to-consumer, digital native e-commerce seller of travel luggage, is debating how to invest its latest round of venture funding. How quickly could and should Away scale and what were the most promising growth trajectories to maximize its potential? Three... View Details
      Keywords: Brand Management; DTC; Brand Extension; Lifestyle Brand; Customer Segmentation; Retailing; Scaling And Growth; Startup; Brands and Branding; Marketing; Marketing Strategy; Marketing Channels; Entrepreneurship; Venture Capital; Consumer Behavior; Growth and Development Strategy; Business Startups; E-commerce; Consumer Products Industry; Travel Industry; United States; North America
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      Avery, Jill, and Joseph B. Fuller. "Away: Scaling a DTC Travel Brand." Harvard Business School Case 520-051, November 2019. (Revised April 2020.)
      • November 2019 (Revised June 2020)
      • Case

      Shiseido Acquires Drunk Elephant

      By: Jill Avery
      On October 7, 2019, the Shiseido Group announced that it would acquire clean skincare brand Drunk Elephant for $845 million, a valuation of 8.5 times sales. Did Shiseido pay too much or too little for this brand asset? How much was the Drunk Elephant brand worth and... View Details
      Keywords: Personal Care; Startup; Brand Equity; Brand Valuation; Brand Value; Brand Storytelling; Brand Management; Brands and Branding; Valuation; Marketing; Marketing Strategy; Mergers and Acquisitions; Entrepreneurship; Business Startups; Beauty and Cosmetics Industry; Consumer Products Industry; United States; Japan
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      Avery, Jill. "Shiseido Acquires Drunk Elephant." Harvard Business School Case 520-052, November 2019. (Revised June 2020.)
      • November 2019
      • Supplement

      Kids & Company: Entering the U.S.

      By: Boris Groysberg, Sarah Mehta and Matthew Preble
      This video supplement pairs with “Kids & Company: Entering the U.S.” (case no. 418011). It contains eight individual clips that range in length from 5 to 12 minutes. Instructors can use the videos, either in whole or in part, as an additional teaching... View Details
      Keywords: Early Childhood Education; Strategy; Growth and Development Strategy; Growth Management; Business Strategy; Competitive Strategy; Competitive Advantage; Expansion; Leadership; Marketing; Product Marketing; Brands and Branding; Service Delivery; Service Operations; Product Design; Product Development; Cross-Cultural and Cross-Border Issues; Selection and Staffing; Customer Focus and Relationships; Entrepreneurship; Service Industry; Canada; United States
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      Groysberg, Boris, Sarah Mehta, and Matthew Preble. "Kids & Company: Entering the U.S." Harvard Business School Multimedia/Video Supplement 420-704, November 2019.
      • November 2019
      • Case

      Chief: Role for Carolyn Childers

      By: Katherine B. Coffman, Jeffrey J. Bussgang, Kathleen L. McGinn, Katherine Chen and Julia Kelley
      In 2018, Carolyn Childers is preparing to launch Chief, a New York-based peer network for women executives, and must decide whether to bring on a co-founder. After becoming the senior vice president of operations at her previous company, Childers was inspired to build... View Details
      Keywords: Networking; Founders; Entrepreneurship; Networks; Negotiation
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      Coffman, Katherine B., Jeffrey J. Bussgang, Kathleen L. McGinn, Katherine Chen, and Julia Kelley. "Chief: Role for Carolyn Childers." Harvard Business School Case 920-019, November 2019.
      • October 2019 (Revised December 2019)
      • Supplement

      Extend Fertility: Conceiving the Market for Egg Preservation (B)

      By: Debora L. Spar and Olivia Hull
      Keywords: Strategy; Information Technology; Business Startups; Entrepreneurship; Innovation Strategy; Technological Innovation; Commercialization; Science-Based Business; Marketing Strategy; Business Plan; Product Marketing; Product Launch; Product Positioning; Mission and Purpose; Personal Development and Career; Social Issues; Integration; Health; Health Industry
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      Spar, Debora L., and Olivia Hull. "Extend Fertility: Conceiving the Market for Egg Preservation (B)." Harvard Business School Supplement 720-017, October 2019. (Revised December 2019.)
      • October 2019
      • Case

      GRIT Fitness

      By: Lynda M. Applegate and Olivia Hull
      In December 2018, GRIT Fitness was a growing chain of boutique fitness studios offering a variety of workout classes, including weightlifting, high intensity interval training, and cardio dance. With 400 members and three Dallas studios, CEO Brittani Rettig believed... View Details
      Keywords: Entrepreneurship; Business Startups; Mission and Purpose; Corporate Strategy; Customer Focus and Relationships; Forecasting and Prediction; Business Plan; Trends; Experience and Expertise; Talent and Talent Management; Training; Health; Selection and Staffing; Leadership Style; Leadership Development; Management Style; Management Teams; Brands and Branding; Organizational Culture; Organizational Structure; Motivation and Incentives; Sports; Competition; Diversification; Expansion; Value Creation; Health Industry; Sports Industry; Texas
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      Applegate, Lynda M., and Olivia Hull. "GRIT Fitness." Harvard Business School Case 820-016, October 2019.
      • Article

      Machine Learning Approaches to Facial and Text Analysis: Discovering CEO Oral Communication Styles

      By: Prithwiraj Choudhury, Dan Wang, Natalie A. Carlson and Tarun Khanna
      We demonstrate how a novel synthesis of three methods—(1) unsupervised topic modeling of text data to generate new measures of textual variance, (2) sentiment analysis of text data, and (3) supervised ML coding of facial images with a cutting-edge convolutional neural... View Details
      Keywords: CEOs; Communication Style; Machine Learning; Spoken Communication; Nonverbal Communication; Personal Characteristics; Analysis; Performance
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      Choudhury, Prithwiraj, Dan Wang, Natalie A. Carlson, and Tarun Khanna. "Machine Learning Approaches to Facial and Text Analysis: Discovering CEO Oral Communication Styles." Strategic Management Journal 40, no. 11 (November 2019): 1705–1732.
      • October 2019 (Revised January 2020)
      • Background Note

      Evolution of the Drone Industry

      By: Rory McDonald, Andy Wu, Emilie Billaud and Ryan Bayer
      This note focuses on the development of the drone industry in recent years and provides insights on the drone technology, regulations, applications, market size, top players, and ecosystem. This note was written in conjunction with the case study “Parrot: Navigating... View Details
      Keywords: Drones; Information Technology; Disruption; Strategy; Entrepreneurship; Engineering; Product Development; Technology Industry; Asia; Europe; North America; United States
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      McDonald, Rory, Andy Wu, Emilie Billaud, and Ryan Bayer. "Evolution of the Drone Industry." Harvard Business School Background Note 620-053, October 2019. (Revised January 2020.)
      • October 2019
      • Case

      Agility Africa

      By: Juan Alcacer, Caroline M. Elkins and Esel Çekin
      This case illustrates the challenge and opportunities that firms face when developing and executing new business models in high-risk, low-infrastructure, low-trust countries. It features a global logistics group, Agility, that aimed to become the leader in supplying... View Details
      Keywords: Strategy; Business Model; Innovation and Invention; Expansion; Emerging Markets; Decision Choices and Conditions; Real Estate Industry; Distribution Industry; Africa
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      Alcacer, Juan, Caroline M. Elkins, and Esel Çekin. "Agility Africa." Harvard Business School Case 720-357, October 2019.
      • October 2019 (Revised August 2022)
      • Case

      Nehemiah Mfg. Co.: Providing a Second Chance

      By: Michael Chu, Brian Trelstad and John Masko
      In 2009, Dan Meyer and Richard Palmer, two veterans of the fast-moving consumer goods (FMCG) industry, founded Nehemiah Manufacturing to build FMCG brands while providing jobs to Cincinnati, Ohio’s beleaguered urban core. Two years later, the pair made their first... View Details
      Keywords: Fast Moving Consumer Goods; Social Entrepreneurship; Retention; Selection and Staffing; Employment; Human Capital; Growth Management; Brands and Branding; Social Marketing; Mission and Purpose; Prejudice and Bias; City; Urban Scope; Consumer Products Industry; Manufacturing Industry; Ohio; United States
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      Chu, Michael, Brian Trelstad, and John Masko. "Nehemiah Mfg. Co.: Providing a Second Chance." Harvard Business School Case 320-008, October 2019. (Revised August 2022.)
      • October 2019 (Revised October 2019)
      • Background Note

      Entrepreneurship and Innovation Trends in China K-12

      By: John J-H Kim, Haibo Zhao and Shu Lin
      This note provides a brief survey of the major entrepreneurial and innovation trends in China’s K-12 education landscape, using trends in public policy as background, but focusing on opportunities available for the private market. The note first provides a brief... View Details
      Keywords: Innovation; Innovation & Entrepreneurship; Education; Entrepreneurship; Innovation and Invention; Education Industry; China
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      Kim, John J-H, Haibo Zhao, and Shu Lin. "Entrepreneurship and Innovation Trends in China K-12." Harvard Business School Background Note 320-022, October 2019. (Revised October 2019.)
      • October 2019 (Revised November 2019)
      • Case

      C16 Biosciences: Lab-Grown Palm Oil

      By: Jeffrey J. Bussgang and Olivia Hull
      Synthetic biology start-up C16 Biosciences wants to solve a big problem: replace palm oil, a major contributor to deforestation and climate change, with a lab-grown substitute. CEO Shara Ticku has ambitious plans to supply her lab-grown palm oil to food manufacturers,... View Details
      Keywords: Science-Based Business; Environmental Sustainability; Social Entrepreneurship; Product Development; Product Positioning; Venture Capital; Strategy; Decision Making; Food and Beverage Industry; Consumer Products Industry
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      Bussgang, Jeffrey J., and Olivia Hull. "C16 Biosciences: Lab-Grown Palm Oil." Harvard Business School Case 820-008, October 2019. (Revised November 2019.)
      • October 2019
      • Case

      Kaspi.kz IPO

      By: Victoria Ivashina and Esel Çekin
      This case follows Kaspi.kz, a private equity (Baring Vostok) co-owned retail bank in Central Asia that evolved into a fintech, payments and e-commerce company. It provides insights into private equity financing, portfolio company management, and initial public offering... View Details
      Keywords: Finance; Private Equity; Initial Public Offering; Organizational Change and Adaptation; Central Asia
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      Ivashina, Victoria, and Esel Çekin. "Kaspi.kz IPO." Harvard Business School Case 220-007, October 2019.
      • October 2019 (Revised August 2020)
      • Case

      Souqalmal: The Choice Is Yours (A)

      By: V.G. Narayanan and Alpana Thapar
      This case describes how Ambareen Musa, Founder and CEO of Souqalmal, a Dubai-based online comparison aggregator of banking and insurance products launched her business in 2011 and rapidly grew it over next couple of years. However, by 2017, the Mauritian entrepreneur... View Details
      Keywords: Unit Economics; Finance; Accounting; Competitive Strategy; Financial Statements; Insurance Industry; Middle East
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      Narayanan, V.G., and Alpana Thapar. "Souqalmal: The Choice Is Yours (A)." Harvard Business School Case 120-028, October 2019. (Revised August 2020.)
      • 2020
      • Chapter

      Business, Ethics and Institutions. The Evolution of Turkish Capitalism in a Comparative Perspective

      By: Asli M. Colpan and Geoffrey Jones
      This chapter offers a survey of the evolution of Turkish capitalism from the 19th century Ottoman Empire until the present day. It shows that Turkish business over the last century and a half was shaped in an institutional context similar to those in many developing... View Details
      Keywords: Business Groups; Capitalism; Entrepreneurship; Ethics; Government and Politics; History; Religion; Business History; Turkey; Central Asia; Middle East
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      Colpan, Asli M., and Geoffrey Jones. "Business, Ethics and Institutions. The Evolution of Turkish Capitalism in a Comparative Perspective." Chap. 1 in Business, Ethics and Institutions: The Evolution of Turkish Capitalism in Global Perspectives, edited by Asli M. Colpan and Geoffrey Jones, 3–22. New York: Routledge, 2020.
      • Article

      Organizational Innovation in the Multinational Enterprise: Internalization Theory and Business History

      By: Teresa da Silva Lopes, Mark Casson and Geoffrey Jones
      This article engages in a methodological experiment by using historical evidence to challenge a common misperception about internalization theory. The theory has often been criticized for maintaining that it assumes a hierarchically organized MNE based on knowledge... View Details
      Keywords: Internalization; Multinational Strategy; Business History; Organization And Management Theory; Globalization; Entrepreneurship; Governance; History; Organizations; Theory; Africa; Asia; Europe; Latin America; North and Central America
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      da Silva Lopes, Teresa, Mark Casson, and Geoffrey Jones. "Organizational Innovation in the Multinational Enterprise: Internalization Theory and Business History." Journal of International Business Studies 50, no. 8 (October 2019): 1338–1358.
      • October 2019 (Revised December 2019)
      • Case

      Swizz Beatz and Alicia Keys: A Power Couple

      By: Boris Groysberg, Annelena Lobb and Sarah Mehta
      Set in 2018, this case follows married couple and music industry titans Swizz Beatz and Alicia Keys as they consider how best to use their platforms to achieve their goals. Since achieving professional success in the music industry early in their lives, Swizz and Keys... View Details
      Keywords: Entertainment; Music Entertainment; Personal Development and Career; Entrepreneurship; Goals and Objectives; Power and Influence; Music Industry; Entertainment and Recreation Industry; Fine Arts Industry
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      Groysberg, Boris, Annelena Lobb, and Sarah Mehta. "Swizz Beatz and Alicia Keys: A Power Couple." Harvard Business School Case 420-035, October 2019. (Revised December 2019.)
      • 2019
      • Working Paper

      Why Does Business Invest in Education in Emerging Markets? Why Does It Matter?

      By: Valeria Giacomin, G. Jones and Erica Salvaj
      This working paper examines why a significant number of businesses have made non-profit investments in education in emerging markets between the 1960s and the present day. Using a sample of 110 interviews with business leaders from an oral history database at the... View Details
      Keywords: Philanthropy; CSR; Oral History; Emerging Markets; Education; Reputation; Philanthropy and Charitable Giving; Corporate Social Responsibility and Impact; Business History
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      Giacomin, Valeria, G. Jones, and Erica Salvaj. "Why Does Business Invest in Education in Emerging Markets? Why Does It Matter?" Harvard Business School Working Paper, No. 20-039, October 2019.
      • September 2019 (Revised December 2019)
      • Supplement

      Anthony Soohoo: Retrospection on Dot & Bo

      By: Thomas R. Eisenmann, Allison M. Ciechanover and George Gonzalez
      The case describes the final year of the once-promising furniture e-tailer, Dot & Bo, that included a challenging fundraising market, troubles with logistics and operations, and a team tragedy. The founder looks back at the experience and shares his learnings about... View Details
      Keywords: Startups; Furnishing; Leadership; Business Startups; Entrepreneurship; Internet and the Web; Failure; Learning; E-commerce; United States
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      Eisenmann, Thomas R., Allison M. Ciechanover, and George Gonzalez. "Anthony Soohoo: Retrospection on Dot & Bo." Harvard Business School Supplement 820-037, September 2019. (Revised December 2019.)
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