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      • January 2025
      • Teaching Note

      Vytal: Packaging-as-a-Service

      By: George Serafeim, Michael W. Toffel and Stacy Straaberg
      Teaching Note for HBS Case No. 124-007. The Germany-based startup Vytal operated the largest digital-native reusable packaging-as-a-service network globally, having raised nearly €15 million, established a large network of restaurant partners, and prevented the use of... View Details
      Keywords: Environmental Sustainability; Innovation and Invention; Business Growth and Maturation; Growth and Development Strategy; Business Startups; Resource Allocation; Risk Management; Adoption; Strategy; Performance Productivity; Service Delivery; Service Operations; Supply Chain; Distribution; Entrepreneurship; Climate Change; Business Model; Governing Rules, Regulations, and Reforms; Profit; Financing and Loans; Expansion; Green Technology Industry; Service Industry; Retail Industry; Germany; Europe
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      Serafeim, George, Michael W. Toffel, and Stacy Straaberg. "Vytal: Packaging-as-a-Service." Harvard Business School Teaching Note 125-003, January 2025.
      • January 2025
      • Case

      Driving Efficiency and Sustainability at P&G China

      By: Feng Zhu, Philip Kuai and Billy Chan
      P&G China’s business had reached new heights thanks to the explosive growth of e-commerce in the country, but the rapidly increasing volume of shipments to customers had created operational and environmental challenges in terms of packaging waste, shipping... View Details
      Keywords: Transformation; Customer Value and Value Chain; Environmental Sustainability; E-commerce; Logistics; Product Design; Value Creation; Consumer Products Industry; China
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      Zhu, Feng, Philip Kuai, and Billy Chan. "Driving Efficiency and Sustainability at P&G China." Harvard Business School Case 625-077, January 2025.
      • 2025
      • Working Paper

      CEO-Firm Matches and Productivity in 42 Countries

      By: Amanda Dahlstrand, Dávid László, Helena Schweiger, Oriana Bandiera, Andrea Prat and Raffaella Sadun
      Firms are key to economic development, and CEOs are key to firm productivity. Are firms in countries at varying stages of development led by the right CEOs, and if not, why? We develop a parsimonious measure of CEO time use that allows us to differentiate CEOs into... View Details
      Keywords: Training; Management Skills; Economic Growth; Leadership Development
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      Dahlstrand, Amanda, Dávid László, Helena Schweiger, Oriana Bandiera, Andrea Prat, and Raffaella Sadun. "CEO-Firm Matches and Productivity in 42 Countries." Harvard Business School Working Paper, No. 25-033, January 2025. (NBER Working Paper Series, No. 33324, January 2025.)
      • January–February 2025
      • Article

      Want Your Company to Get Better at Experimentation?: Learn Fast by Democratizing Testing

      By: Iavor Bojinov, David Holtz, Ramesh Johari, Sven Schmit and Martin Tingley
      For years, online experimentation has fueled the innovations of leading tech companies, enabling them to rapidly test and refine new ideas, optimize product features, personalize user experiences, and maintain a competitive edge. The widespread availability and lower... View Details
      Keywords: Technological Innovation; AI and Machine Learning; Analytics and Data Science; Product Development; Competitive Advantage
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      Bojinov, Iavor, David Holtz, Ramesh Johari, Sven Schmit, and Martin Tingley. "Want Your Company to Get Better at Experimentation? Learn Fast by Democratizing Testing." Harvard Business Review 103, no. 1 (January–February 2025): 96–103.
      • 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.
      • 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.
      • November–December 2024
      • Article

      Scaling Up Transformational Innovations

      By: Peter Koen, Ananya Sheth, Mike DiPaola and Linda A. Hill
      For large companies operating in mature sectors—such as Procter & Gamble in consumer goods, Apple in consumer electronics, and Adobe in cloud software—driving growth is a perennial challenge. Growth through acquisition is always an option, but companies often quickly... View Details
      Keywords: Growth and Development Strategy; Leadership; Innovation Strategy; Consumer Products Industry
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      Koen, Peter, Ananya Sheth, Mike DiPaola, and Linda A. Hill. "Scaling Up Transformational Innovations." Harvard Business Review 102, no. 6 (November–December 2024): 78–85.
      • November 2024
      • Case

      Polish Agro: Where Do We Grow from Here?

      By: Willy C. Shih, Lena Duchene and Daniela Beyersdorfer
      By July 2024, Polish Agro had grown into one of Poland’s fastest-growing agribusinesses, with €230 million in revenue, 82 employees, and operations across Northern Poland. The company supported farmers with essential agricultural inputs like fertilizers and seeds,... View Details
      Keywords: Plant-Based Agribusiness; Distribution; Volatility; Customer Focus and Relationships; Customer Value and Value Chain; Climate Change; Environmental Regulation; Profit; Trade; Digital Strategy; Innovation Strategy; Crisis Management; Growth and Development Strategy; Resource Allocation; Advertising; Brands and Branding; E-commerce; Business and Community Relations; Networks; Adaptation; Adoption; Competitive Advantage; Business Model; Health Pandemics; War; Agriculture and Agribusiness Industry; Europe; Poland
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      Shih, Willy C., Lena Duchene, and Daniela Beyersdorfer. "Polish Agro: Where Do We Grow from Here?" Harvard Business School Case 625-061, November 2024.
      • 2024
      • Working Paper

      Why Has Construction Productivity Stagnated? The Role of Land-Use Regulation

      By: Leonardo D’Amico, Edward Glaeser, Joseph Gyourko, William Kerr and Giacomo A. M. Ponzetto
      We document a Kuznets curve for construction productivity in 20th-century America. Homes built per construction worker remained stagnant between 1900 and 1940, boomed after World War II, and then plummeted after 1970. The productivity boom from 1940 to 1970 shows... View Details
      Keywords: Governance Controls; Performance Productivity; Local Range; Construction Industry
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      D’Amico, Leonardo, Edward Glaeser, Joseph Gyourko, William Kerr, and Giacomo A. M. Ponzetto. "Why Has Construction Productivity Stagnated? The Role of Land-Use Regulation." Harvard Business School Working Paper, No. 25-027, November 2024.
      • November 2024
      • Case

      Innovation at Master Kong Beverages

      By: David E. Bell and Shu Lin
      Hong-Chen Wei (HBS MBA 2014), Chairman of KSF Beverage Holding Co., Ltd. (KSFB), was steering the company toward the premium segment with the launch of “InheriTea,” a premium, sugar-free tea product. Traditionally, KSFB’s flagship brand, Master Kong, catered to the... View Details
      Keywords: Consumer Behavior; Trends; Behavior; Collaborative Innovation and Invention; Product Launch; Product Development; Segmentation; Organizational Culture; Product Positioning; Consumer Products Industry; Consumer Products Industry; Consumer Products Industry; Consumer Products Industry; Asia; China
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      Bell, David E., and Shu Lin. "Innovation at Master Kong Beverages." Harvard Business School Case 525-037, November 2024.
      • November 2024 (Revised December 2024)
      • Case

      Moonfare and the Democratization of Private Equity

      By: Victoria Ivashina and Srimayi Mylavarapu
      Founded in 2016, Moonfare headquartered in Europe, was a pioneer in the “democratization” of private equity investments. Historically, private equity was accessible only to institutional investors like pension funds, endowments, sovereign wealth funds, and large family... View Details
      Keywords: Private Equity; Customers; Wealth; Business Strategy; Segmentation; Technological Innovation; Product Launch; Financial Services Industry; Europe
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      Ivashina, Victoria, and Srimayi Mylavarapu. "Moonfare and the Democratization of Private Equity." Harvard Business School Case 225-044, November 2024. (Revised December 2024.)
      • November 2024
      • Teaching Note

      Martine Rothblatt and United Therapeutics: A Series of Implausible Dreams

      By: Debora L. Spar and Julia M. Comeau
      Teaching Note for HBS Case No. 323-039. In 1990, satellite expert and Sirius XM founder Martine Rothblatt was determined to save the life of her seven-year-old daughter, Jenesis, who was diagnosed with a terminal illness called Pulmonary Arterial Hypertension (PAH). At... View Details
      Keywords: Pharmaceutical Companies; Technological And Scientific Innovation; Organ Donation; Health Care and Treatment; Health Disorders; Innovation and Invention; Growth and Development Strategy; Product Development; Pharmaceutical Industry; Medical Devices and Supplies Industry; United States; District of Columbia
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      Spar, Debora L., and Julia M. Comeau. "Martine Rothblatt and United Therapeutics: A Series of Implausible Dreams." Harvard Business School Teaching Note 325-058, November 2024.
      • October 2024
      • Case

      Tonik

      By: Andy Wu, Maliha Malek Quadir and Aticus Peterson
      This case study examines Tonik, the first digital bank in the Philippines, as it navigates the challenges of scaling its lending operations and achieving profitability in an evolving fintech landscape. It explores Tonik's journey from its launch in 2018 to early 2024,... View Details
      Keywords: Business Startups; Financing and Loans; Profit; Governing Rules, Regulations, and Reforms; Growth and Development Strategy; Emerging Markets; Entrepreneurship; Product; Banking Industry; Financial Services Industry; Technology Industry; Philippines
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      Wu, Andy, Maliha Malek Quadir, and Aticus Peterson. "Tonik." Harvard Business School Case 725-404, October 2024.
      • 2025
      • Working Paper

      Generative AI and the Nature of Work

      By: Manuel Hoffmann, Sam Boysel, Frank Nagle, Sida Peng and Kevin Xu
      Recent advances in artificial intelligence (AI) technology demonstrate a considerable potential to complement human capital intensive activities. While an emerging literature documents wide-ranging productivity effects of AI, relatively little attention has been paid... View Details
      Keywords: Generative Ai; Digital Work; Open Source Software; Knowledge Economy; AI and Machine Learning; Open Source Distribution; Organizational Structure; Performance Productivity; Labor
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      Hoffmann, Manuel, Sam Boysel, Frank Nagle, Sida Peng, and Kevin Xu. "Generative AI and the Nature of Work." Harvard Business School Working Paper, No. 25-021, October 2024. (Revised April 2025.)
      • October 2024 (Revised December 2024)
      • Case

      Kering Eyewear

      By: Rohit Deshpandé, Dante Roscini and Elena Corsi
      In June 2024, Roberto Vedovotto, CEO of Kering Eyewear, prepared to discuss the future of the recently acquired brands LINDBERG, a Danish optical eyewear brand, and Maui Jim, an American sunglasses brand. Vedovotto founded Kering Eyewear in 2014, convincing... View Details
      Keywords: Marketing Strategy; Brands and Branding; Product Marketing; Mergers and Acquisitions; Business or Company Management; Growth and Development Strategy; Luxury; Consumer Products Industry; Consumer Products Industry; Consumer Products Industry; Italy; Europe; China
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      Deshpandé, Rohit, Dante Roscini, and Elena Corsi. "Kering Eyewear." Harvard Business School Case 525-027, October 2024. (Revised December 2024.)
      • October 2024 (Revised April 2025)
      • Case

      Nvidia

      By: Andy Wu and Matt Higgins
      This case study examines Nvidia's strategic pivot from gaming GPUs to becoming a leader in general-purpose computing and AI. It explores how Nvidia leveraged its GPU architecture to dominate the growing fields of data center acceleration and AI training, outpacing... View Details
      Keywords: Strategy; Technological Innovation; AI and Machine Learning; Product Development; Manufacturing Industry; Technology Industry; Electronics Industry; United States; China; Taiwan
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      Wu, Andy, and Matt Higgins. "Nvidia." Harvard Business School Case 725-383, October 2024. (Revised April 2025.)
      • October 2024
      • Background Note

      Outsourcing Primer

      By: Willy C. Shih
      This note provides some background on one of the key resource allocation decisions managers make as they develop and produce products and services: what should they do with the walls of their own firm, and what they should depend upon suppliers or contractors to... View Details
      Keywords: Outsourcing; Offshoring And Outsourcing; Production; Product Development; Resource Allocation; Supply Chain Management; Manufacturing Industry; United States; Asia
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      Shih, Willy C. "Outsourcing Primer." Harvard Business School Background Note 625-069, October 2024.
      • October 2024
      • Article

      Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship

      By: Michael Ewens, Ramana Nanda and Christopher Stanton
      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... View Details
      Keywords: Entrepreneurship; Venture Capital; Executive Compensation
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      Ewens, Michael, Ramana Nanda, and Christopher Stanton. "Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship." Journal of Finance 79, no. 5 (October 2024): 3361–3405.
      • September 2024
      • Case

      Xendit: Hiring for Growth

      By: Jeffrey F. Rayport, Steve Castano, Quoc Anh Nguyen and Claire Wu
      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... View Details
      Keywords: Fintech; Financing and Loans; Entrepreneurship; Jobs and Positions; Sales; Product; Growth and Development; Selection and Staffing; Organizational Culture; Expansion; Financial Services Industry; Technology Industry; Southeast Asia; Indonesia; Philippines
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      Rayport, Jeffrey F., Steve Castano, Quoc Anh Nguyen, and Claire Wu. "Xendit: Hiring for Growth." Harvard Business School Case 825-046, September 2024.
      • September 2024
      • Supplement

      Allbirds: Decarbonizing Fashion (B)

      By: Michael W. Toffel, Kenneth P. Pucker and Stacy Straaberg
      The Allbirds: Decarbonizing Fashion (B) case encourages students to assess Allbirds’ product development and go-to-market strategies now that Allbirds is a publicly listed company. The (B) case provides a 2024 update on Allbirds including its initial public offering,... View Details
      Keywords: Financial Markets; Initial Public Offering; Global Strategy; Collaborative Innovation and Invention; Innovation Strategy; Knowledge Sharing; Distribution; Corporate Social Responsibility and Impact; Mission and Purpose; Going Public; Performance; Diversification; Stocks; Transformation; Fashion Industry; United States; San Francisco; California; Europe; Asia; New Zealand
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      Toffel, Michael W., Kenneth P. Pucker, and Stacy Straaberg. "Allbirds: Decarbonizing Fashion (B)." Harvard Business School Supplement 625-004, September 2024.
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