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      • November 2022 (Revised April 2023)
      • Supplement

      HTC and Virtual Reality (B)

      By: Andy Wu and Matt Higgins
      In April 2023, Cher Wang, CEO and Chairwoman of HTC, reflected on her time as a leader in the virtual reality industry from her office high above Taoyuan City, Taiwan. It had been a roller coaster ride of new product introductions and unexpected challenges for HTC and... View Details
      Keywords: VR; Virtual Reality; Strategy; Metaverse; Market Entry and Exit; Competition; Technology Industry; Taiwan; China; United States
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      Wu, Andy, and Matt Higgins. "HTC and Virtual Reality (B)." Harvard Business School Supplement 723-403, November 2022. (Revised April 2023.)
      • November 2022 (Revised March 2023)
      • Supplement

      JUUL and the Vaping Revolution: A 2022 Update

      By: Michael W. Toffel and Sarah Mehta
      This slide deck provides a brief update (2019-2022) on the rise and fall of JUUL Labs, the maker of the popular JUUL e-cigarette. View Details
      Keywords: Electronic Cigarettes; E-Cigarettes; Vaping; Nicotine Replacement; JUUL; Juuling; Government Regulation; Advertising; Advertising Campaigns; Digital Marketing; Customers; Innovation and Invention; Innovation Strategy; Marketing; Ethics; Brands and Branding; Marketing Communications; Marketing Strategy; Product Marketing; Corporate Social Responsibility and Impact; Social Issues; Technology Industry; California
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      Toffel, Michael W., and Sarah Mehta. "JUUL and the Vaping Revolution: A 2022 Update." Harvard Business School PowerPoint Supplement 623-012, November 2022. (Revised March 2023.)
      • November 2022 (Revised March 2023)
      • Supplement

      JUUL and the Vaping Revolution: A 2022 Update

      By: Michael W. Toffel and Sarah Mehta
      This case provides a brief update (2019-2022) on the rise and fall of JUUL Labs, the maker of the popular JUUL e-cigarette. View Details
      Keywords: Electronic Cigarettes; E-Cigarettes; Vaping; Nicotine Replacement; JUUL; Juuling; Government Regulation; Advertising; Advertising Campaigns; Digital Marketing; Customers; Innovation and Invention; Innovation Strategy; Marketing; Ethics; Brands and Branding; Marketing Communications; Marketing Strategy; Product Marketing; Corporate Social Responsibility and Impact; Social Issues; Technology Industry; California
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      Toffel, Michael W., and Sarah Mehta. "JUUL and the Vaping Revolution: A 2022 Update." Harvard Business School Supplement 623-011, November 2022. (Revised March 2023.)
      • November 2022
      • Case

      Ajax Health: A New Model for Medical Technology Innovation

      By: Regina E. Herzlinger and Ben Creo
      This case teaches key success factors for both startup and established MedTech firms. It examines how to structure a firm to maximize innovation and financial returns with organizational structures that better align the incentives for the different skill sets... View Details
      Keywords: Business Startups; Success; Innovation Strategy; Mergers and Acquisitions; Market Entry and Exit; Financial Strategy; Business Model; Partners and Partnerships; Entrepreneurship; Private Equity; Technology Industry; Technology Industry
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      Herzlinger, Regina E., and Ben Creo. "Ajax Health: A New Model for Medical Technology Innovation." Harvard Business School Case 323-043, November 2022.
      • November 2022 (Revised April 2025)
      • Teaching Note

      Driving Decarbonization at BMW

      By: Shirley Lu, George Serafeim and Michael W. Toffel
      Teaching note in support of the case "Driving Decarbonization at BMW" (HBS No. 123-008) View Details
      Keywords: Decarbonization; Environment; Sustainability; Carbon Accounting; Carbon; Carbon Abatement; Electric Vehicles; Automobiles; Transportation; Environmental Accounting; Accounting; Environmental Management; Environmental Sustainability; Strategy; Technological Innovation; Supply Chain; Business and Stakeholder Relations; Climate Change; Transportation Industry; Auto Industry; Germany; Europe; China; United States
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      Lu, Shirley, George Serafeim, and Michael W. Toffel. "Driving Decarbonization at BMW." Harvard Business School Teaching Note 123-049, November 2022. (Revised April 2025.)
      • November 2022
      • Case

      The Battle Among Channels for Marketing Pharmaceuticals: UpScript, Pharmacy Benefit Managers, and Direct-to-Consumer Sales

      By: Regina E. Herzlinger and Tiffany Farrell
      Can an online, direct-to-consumer pharmacy both improve the quality and speed of care for patients who need branded drugs and stabilize profits for pharmaceutical manufacturers? UpScript, after years spent achieving legal and regulatory compliance and simultaneous... View Details
      Keywords: DTC; Internet and the Web; Marketing Channels; Customer Value and Value Chain; Governing Rules, Regulations, and Reforms; Competitive Strategy; Service Delivery; Growth and Development Strategy; Pharmaceutical Industry; Health Industry; Retail Industry
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      Herzlinger, Regina E., and Tiffany Farrell. "The Battle Among Channels for Marketing Pharmaceuticals: UpScript, Pharmacy Benefit Managers, and Direct-to-Consumer Sales." Harvard Business School Case 323-031, November 2022.
      • November 2022 (Revised June 2023)
      • Case

      UGG Steps into the Metaverse

      By: Shunyuan Zhang, Sharon Joseph, Sunil Gupta and Julia Kelley
      In the fall of 2022, boot maker UGG and its parent company, Deckers, were working to position the brand in the nascent but fast growing metaverse. The metaverse, the online realm that individual users could navigate as digital avatars, was becoming more commercialized,... View Details
      Keywords: Metaverse; Digital Marketing; Innovation and Invention; Marketing Channels; Marketing Strategy; Social Marketing; Internet and the Web; Information Technology Industry; Information Technology Industry; Information Technology Industry; United States
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      Zhang, Shunyuan, Sharon Joseph, Sunil Gupta, and Julia Kelley. "UGG Steps into the Metaverse." Harvard Business School Case 523-013, November 2022. (Revised June 2023.)
      • November 2022
      • Case

      Arcos Dorados’ Quest for the Digitalization of Last-Mile Delivery in Colombia

      By: Jorge Tamayo, Jenyfeer Martinez Buitrago and Mariana Cal
      In 2018, Francisco Staton, Managing Director of Arcos Dorados in Colombia had to decide on the company’s strategy to expand its food ordering and delivery business in the country. Arcos Dorados stood as McDonald’s largest independent franchisee, and Colombia was one of... View Details
      Keywords: Digital Transformation; Delivery; McDonald's; Latin America; Quick Serve Restaurants; QSR; Transformation; Decision Making; Decision Choices and Conditions; Global Strategy; Technological Innovation; Growth and Development Strategy; Agreements and Arrangements; Negotiation Tactics; Logistics; Service Delivery; Organizational Culture; Performance Improvement; Partners and Partnerships; Strategy; Food and Beverage Industry; Latin America; South America; Colombia
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      Tamayo, Jorge, Jenyfeer Martinez Buitrago, and Mariana Cal. "Arcos Dorados’ Quest for the Digitalization of Last-Mile Delivery in Colombia." Harvard Business School Case 723-395, November 2022.
      • November 2022
      • Supplement

      Arcos Dorados’ Quest for the Digitalization of Last-Mile Delivery in Colombia (B)

      By: Jorge Tamayo, Jenyfeer Martinez Buitrago and Mariana Cal
      In 2020, Francisco Staton, president of Arcos Dorados’ Caribbean Division, and Héctor Orozco, Managing Director of Arcos Dorados Colombia, were looking into Arcos Dorados’ options to consolidate its food delivery service in Colombia. This time the matter at hand hinged... View Details
      Keywords: Transformation; Decision Making; Decision Choices and Conditions; Global Strategy; Technological Innovation; Growth and Development Strategy; Agreements and Arrangements; Negotiation Tactics; Logistics; Service Delivery; Organizational Culture; Performance Improvement; Partners and Partnerships; Strategy; Food and Beverage Industry; Latin America; South America; Colombia
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      Tamayo, Jorge, Jenyfeer Martinez Buitrago, and Mariana Cal. "Arcos Dorados’ Quest for the Digitalization of Last-Mile Delivery in Colombia (B)." Harvard Business School Supplement 723-396, November 2022.
      • October 2022
      • Case

      Lyra Health: Transforming Mental Health

      By: Rembrand Koning and Nicole Keller
      In January 2022, Lyra Health was deciding between several different alternatives to grow the business. Founded in 2015, Lyra Health, was a digital mental health platform that combined technology with human therapists and coaches to deliver high quality mental health... View Details
      Keywords: Mental Health; Health Care and Treatment; Corporate Entrepreneurship; Customer Value and Value Chain; Growth and Development Strategy; Expansion; Technology Industry; Technology Industry; San Francisco
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      Koning, Rembrand, and Nicole Keller. "Lyra Health: Transforming Mental Health." Harvard Business School Case 723-365, October 2022.
      • October 2022
      • Supplement

      Single Earth: Science White Paper Supplement

      By: Rembrand Koning and Emer Moloney
      Science White Paper prepared by Single.Earth to give an overview of the models and solutions it has developed. View Details
      Keywords: Business Startups; Entrepreneurship; Climate Change; Environmental Sustainability; Green Technology; Natural Resources; Pollution; Analytics and Data Science; Marketing; Product Marketing; Product Launch; Product Positioning; Markets; Market Timing; Strategy; Green Technology Industry; Estonia
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      Koning, Rembrand, and Emer Moloney. "Single Earth: Science White Paper Supplement." Harvard Business School Supplement 723-389, October 2022.
      • October 2022
      • Case

      Single.Earth

      By: Rembrand Koning and Emer Moloney
      Estonian greentech company Single.Earth is launching a nature-backed token that is linked to and funds the protection of a specific plot fo land. The first landowners had been onboarded to the company's Digital Twin, a virtual representation of the planet's natural... View Details
      Keywords: Alternative Assets; Business Startups; Entrepreneurship; Climate Change; Environmental Sustainability; Green Technology; Natural Resources; Pollution; Analytics and Data Science; Marketing; Product Marketing; Product Launch; Product Positioning; Markets; Market Timing; Strategy; Green Technology Industry; Estonia
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      Koning, Rembrand, and Emer Moloney. "Single.Earth." Harvard Business School Case 723-388, October 2022.
      • October 2022
      • Case

      Ethena: A Go-to-Market Dilemma

      By: Rembrand Koning and Stacy Straaberg
      In November 2021, Roxanne Petraeus and Anne Solmssen, founders of Brooklyn-based software-as-a-service (SaaS) startup Ethena, were looking to expand their compliance training business. The founders hired Arnie Gullov-Singh, an outside revenue consultant, to advise on... View Details
      Keywords: Decision Choices and Conditions; Judgments; Growth and Development Strategy; Business or Company Management; Business Strategy; Expansion; Segmentation; Technology Industry; United States; New York (state, US)
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      Koning, Rembrand, and Stacy Straaberg. "Ethena: A Go-to-Market Dilemma." Harvard Business School Case 723-363, October 2022.
      • October 2022 (Revised December 2022)
      • Case

      SMART: AI and Machine Learning for Wildlife Conservation

      By: Brian Trelstad and Bonnie Yining Cao
      Spatial Monitoring and Reporting Tool (SMART), a set of software and analytical tools designed for the purpose of wildlife conservation, had demonstrated significant improvements in patrol coverage, with some observed reductions in poaching and contributing to wildlife... View Details
      Keywords: Business and Government Relations; Emerging Markets; Technology Adoption; Strategy; Management; Ethics; Social Enterprise; AI and Machine Learning; Analytics and Data Science; Natural Environment; Technology Industry; Cambodia; United States; Africa
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      Trelstad, Brian, and Bonnie Yining Cao. "SMART: AI and Machine Learning for Wildlife Conservation." Harvard Business School Case 323-036, October 2022. (Revised December 2022.)
      • October 14, 2022
      • Article

      The Challenges of Transforming Twitter

      By: Andy Wu and Goran Calic
      Elon Musk may be an idiosyncratic leader, but if he buys Twitter he’ll face a familiar business challenge: how to transform a legacy tech company. Faced with this challenge, leaders should follow five principles: 1) prioritize an objective, 2) communicate the strategy,... View Details
      Keywords: Transformation; Corporate Strategy; Change Management; Leading Change; Technology Industry
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      Wu, Andy, and Goran Calic. "The Challenges of Transforming Twitter." Harvard Business Review (website) (October 14, 2022).
      • October 2022 (Revised February 2024)
      • Case

      Masdar City: Aiming for Sustainable and Profitable Real Estate

      By: Boris Vallee and Fares Khrais
      Masdar City broke ground in 2008 and was conceived by the Abu Dhabi government to be an international beacon of innovation in sustainable energy and real estate. It was also to be a profitable investment for the government. At first glance, the two goals pulled in... View Details
      Keywords: Analysis; Business Growth And Maturation; Decisions; Public Sector; Financial Crisis; Construction; Climate Change; Green Technology; Borrowing And Debt; Corporate Finance; Capital; Capital Budgeting; Capital Structure; Cost Of Capital; Equity; REIT; Financial Management; Financial Strategy; Initial Public Offering; Innovation; Growth And Development Strategy; Emerging Markets; Urban Development; Middle East; United Arab Emirates; Sustainable Cities; Green Building; Business and Government Relations; Decision Choices and Conditions; Financing and Loans; Green Technology Industry; Green Technology Industry; Green Technology Industry; Green Technology Industry; Abu Dhabi
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      Vallee, Boris, and Fares Khrais. "Masdar City: Aiming for Sustainable and Profitable Real Estate." Harvard Business School Case 223-036, October 2022. (Revised February 2024.)
      • October 2022 (Revised June 2024)
      • Case

      Driving Decarbonization at BMW

      By: Shirley Lu, George Serafeim and Michael W. Toffel
      The case describes BMW’s electrification and decarbonization strategy, and how the company measured carbon emissions throughout the life cycle of its vehicles and used tools like carbon abatement cost curves to evaluate decarbonization opportunities. In mid-2022,... View Details
      Keywords: Decarbonization; Climate Change; Environment; Sustainability; Carbon Accounting; Carbon; Carbon Abatement; Electric Vehicles; Automobiles; Transportation; Environmental Accounting; Environmental Management; Environmental Sustainability; Accounting; Strategy; Technological Innovation; Supply Chain; Business and Stakeholder Relations; Transportation Industry; Auto Industry; Battery Industry; Germany; China; United States; Europe
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      Lu, Shirley, George Serafeim, and Michael W. Toffel. "Driving Decarbonization at BMW." Harvard Business School Case 123-008, October 2022. (Revised June 2024.)
      • October–December 2022
      • Article

      Achieving Reliable Causal Inference with Data-Mined Variables: A Random Forest Approach to the Measurement Error Problem

      By: Mochen Yang, Edward McFowland III, Gordon Burtch and Gediminas Adomavicius
      Combining machine learning with econometric analysis is becoming increasingly prevalent in both research and practice. A common empirical strategy involves the application of predictive modeling techniques to "mine" variables of interest from available data, followed... View Details
      Keywords: Machine Learning; Econometric Analysis; Instrumental Variable; Random Forest; Causal Inference; AI and Machine Learning; Forecasting and Prediction
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      Yang, Mochen, Edward McFowland III, Gordon Burtch, and Gediminas Adomavicius. "Achieving Reliable Causal Inference with Data-Mined Variables: A Random Forest Approach to the Measurement Error Problem." INFORMS Journal on Data Science 1, no. 2 (October–December 2022): 138–155.
      • 2022
      • Article

      Diffusing Management Practices within the Firm: The Role of Information Provision

      By: Michael J. Lenox and Michael W. Toffel
      Why are some firms more successful in adopting profitable environmental management practices than others? A key role of corporate managers is to encourage subsidiaries to adopt innovative practices. We examine the conditions under which corporate managers use... View Details
      Keywords: Environmental Strategy; Information Provision; Environmental Management; Knowledge Dissemination
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      Lenox, Michael J., and Michael W. Toffel. "Diffusing Management Practices within the Firm: The Role of Information Provision." Art. 5911. Special Issue on Competitive Sustainability: The Intersection of Sustainability and Business Success. Sustainability 14, no. 10 (2022).
      • October 2022 (Revised November 2023)
      • Case

      Framebridge (A): Reimagining Custom Framing

      By: Rembrand Koning and Alicia Dadlani
      In December 2018, Susan Tynan, founder and CEO of Framebridge, a four-year-old venture-backed startup that sold online custom framing, formulated plans for the future. Her vision was to revolutionize the $4 billion industry by making custom framing easy, transparent,... View Details
      Keywords: Business Startups; Business Strategy; Entrepreneurship; Operations; Consumer Products Industry; United States; District of Columbia; Kentucky
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      Koning, Rembrand, and Alicia Dadlani. "Framebridge (A): Reimagining Custom Framing." Harvard Business School Case 723-352, October 2022. (Revised November 2023.)
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