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      • December 2024
      • Supplement

      Northvolt: Building Batteries to Fight Climate Change (B)

      By: George Serafeim, Debora L. Spar, Peter Tufano, Hugo Etchegoyhen and Emilie Billaud
      The (B) case explores Northvolt’s Chapter 11 bankruptcy filing on November 21, 2024, highlighting the company’s struggles to scale operations amid a global EV market slowdown and internal production challenges. While the (A) case detailed Northvolt’s ambitious... View Details
      Keywords: Batteries; Electric Vehicles; Climate Change; Corporate Social Responsibility and Impact; Energy; Green Technology; Insolvency and Bankruptcy; Investment; Technological Innovation; Risk Management; Failure; Business and Government Relations; Business and Shareholder Relations; Production; Growth and Development Strategy; Green Technology Industry; Battery Industry; Europe; Sweden
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      Serafeim, George, Debora L. Spar, Peter Tufano, Hugo Etchegoyhen, and Emilie Billaud. "Northvolt: Building Batteries to Fight Climate Change (B)." Harvard Business School Supplement 325-083, 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.
      • 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

      How to Avoid the Agility Trap

      By: Jianwen Liao and Feng Zhu
      Agility is all the rage in strategy circles these days. According to conventional wisdom, organizations should rapidly react to technological advances, new market dynamics, and shifting consumer preferences. But in practice this is nearly impossible to pull off,... View Details
      Keywords: Organizational Change and Adaptation; Competitive Advantage; Growth and Development Strategy; Business Model
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      Liao, Jianwen, and Feng Zhu. "How to Avoid the Agility Trap." Harvard Business Review 102, no. 6 (November–December 2024): 126–133.
      • 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

      AlphaGo (A): Birth of a New Intelligence

      By: Shikhar Ghosh and Shweta Bagai
      This case, the first of a three-part series, traces DeepMind's evolution from its 2010 founding through its acquisition by Google in 2014. Often referred to as the "Apollo project" of artificial intelligence, DeepMind used games as a testing ground to develop AI... View Details
      Keywords: AI and Machine Learning; Technology Adoption; Games, Gaming, and Gambling; Technological Innovation; Creativity; Technology Industry; South Korea; China; United States
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      Ghosh, Shikhar, and Shweta Bagai. "AlphaGo (A): Birth of a New Intelligence." Harvard Business School Case 825-073, November 2024.
      • November 2024
      • Supplement

      AlphaGo (B): Birth of a New Intelligence

      By: Shikhar Ghosh and Shweta Bagai
      This case, the second in a three-part series, explores DeepMind's evolution from developing game-specific AI to more generalized learning systems. Following AlphaGo's 2017 victory over the Go world champion, DeepMind introduced two revolutionary systems that eliminated... View Details
      Keywords: AI and Machine Learning; Games, Gaming, and Gambling; Technological Innovation; Disruptive Innovation; Innovation Leadership; Information Technology Industry; United States; Russia; China
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      Ghosh, Shikhar, and Shweta Bagai. "AlphaGo (B): Birth of a New Intelligence." Harvard Business School Supplement 825-074, November 2024.
      • November 2024
      • Supplement

      AlphaGo (C): Birth of a New Intelligence

      By: Shikhar Ghosh and Shweta Bagai
      This case, the final of a three-part series, explores DeepMind's pivotal transition from mastering games to solving real-world scientific challenges. In December 2020, DeepMind's AI system AlphaFold 2 achieved a breakthrough by solving protein folding—a 50-year-old... View Details
      Keywords: Autonomy; Deep Learning; Drug Discovery; Healthcare Innovation; Neural Networks; Scientific Research; Technology Startup; AI and Machine Learning; Technological Innovation; Research and Development; Business Model; Business Strategy; Open Source Distribution; Technology Industry; United States
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      Ghosh, Shikhar, and Shweta Bagai. "AlphaGo (C): Birth of a New Intelligence." Harvard Business School Supplement 825-075, November 2024.
      • November 2024
      • Case

      Group AMANA: Built to Last

      By: Hise Gibson and Fares Khrais
      The case chronicles the Bsaibes brothers’ journey in founding and operating Group AMANA; a contracting business founded in 1993, based in the United Arab Emirates with operations across the Middle East. Over the years, the business found itself grappling with major... View Details
      Keywords: Business Model; Family Business; Transformation; Growth and Development Strategy; Management Succession; Business Strategy; Construction Industry; Middle East; Saudi Arabia; United Arab Emirates
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      Gibson, Hise, and Fares Khrais. "Group AMANA: Built to Last." Harvard Business School Case 625-068, November 2024.
      • November 2024 (Revised July 2025)
      • 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. (Revised July 2025.)
      • November 2024 (Revised April 2025)
      • Case

      Cheerful Music

      By: Shunyuan Zhang, Feng Zhu and Nancy Hua Dai
      Established by Snow Jiang in 2019 in Shenzhen, China, Cheerful Music was a record label company that had created many hit songs in China. “Yi Xiao Jiang Hu,” its most famous hit song, gained billions of views on social media platforms in China and overseas as the... View Details
      Keywords: Generative Ai; Music Entertainment; Global Strategy; Business Model; AI and Machine Learning; Market Entry and Exit; Music Industry; China; United Kingdom; London
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      Zhang, Shunyuan, Feng Zhu, and Nancy Hua Dai. "Cheerful Music." Harvard Business School Case 525-031, November 2024. (Revised April 2025.)
      • November 2024
      • Case

      Dr. Bombay Ice Cream

      By: William R. Kerr, Alexis Brownell and Michael Liu
      This case examines the creation, launch, and rapid growth of Dr. Bombay Ice Cream, a joint venture between Happi Co., a consumer packaged goods incubator, and entertainment mogul Snoop Dogg, with his son, Cordell Broadus. The brand was inspired by a Bored Ape Yacht... View Details
      Keywords: Joint Ventures; Growth Management; Brands and Branding; Product Launch; Product Positioning; Market Entry and Exit; Distribution Channels; Disruptive Innovation; Consumer Products Industry; Consumer Products Industry; United States
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      Kerr, William R., Alexis Brownell, and Michael Liu. "Dr. Bombay Ice Cream." Harvard Business School Case 825-090, November 2024.
      • November 2024 (Revised January 2025)
      • Case

      Balancing Impact: Modeling the Future at British International Investment

      By: Shawn Cole and Jonah Zahnd
      In 2022, British International Investment (BII), the £8.1 billion development finance arm of the British government, implemented a new impact measurement system called the Impact Score to align its financial and impact objectives systematically. The tool was designed... View Details
      Keywords: Investment Portfolio; Measurement and Metrics; Corporate Social Responsibility and Impact; Alignment; United Kingdom
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      Cole, Shawn, and Jonah Zahnd. "Balancing Impact: Modeling the Future at British International Investment." Harvard Business School Case 225-047, November 2024. (Revised January 2025.)
      • 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
      • Supplement

      Epic Games: Nineteen Eighty-Fortnite (B)

      By: Andy Wu and Ronald Wang
      In a significant ruling on April 24, 2023, the U.S. Court of Appeals for the Ninth Circuit upheld portions of the district court’s decision against Epic Games back in September 2021. However, Apple’s anti-steering provisions, which restricted app developers from... View Details
      Keywords: Lawsuits and Litigation; Market Transactions; Applications and Software; Technology Industry; Video Game Industry
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      Wu, Andy, and Ronald Wang. "Epic Games: Nineteen Eighty-Fortnite (B)." Harvard Business School Supplement 725-400, November 2024.
      • November 2024
      • Case

      Grand Seiko—The Sleeping Lion

      By: Rohit Deshpandé, Nobuo Sato and Akiko Kanno
      In 2024, Akio Naito, President of Seiko Watch Corporation, reflected on the global expansion of Grand Seiko, the company’s luxury watch brand. Originally created more than 60 years ago as the luxury model of Seiko watches in Japan, Grand Seiko struggled to... View Details
      Keywords: Global Strategy; Brands and Branding; Product Positioning; Luxury; Expansion; Japan; United States
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      Deshpandé, Rohit, Nobuo Sato, and Akiko Kanno. "Grand Seiko—The Sleeping Lion." Harvard Business School Case 525-035, 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 (Revised March 2025)
      • Case

      Tim Ferriss: What Might This Look like If It Were Easy?

      By: Reza Satchu and Denise Koller
      In April 2024, writer-podcaster Tim Ferriss—celebrated as the “Oprah of audio” for his billion-download show and known for NYT-bestsellers like The 4-Hour Workweek—found himself at a crossroads. Despite generating a multi-million-dollar annual revenue with just three... View Details
      Keywords: Transition; Personal Development and Career; Business Strategy; Decision Choices and Conditions; Philanthropy and Charitable Giving; Media and Broadcasting Industry
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      Satchu, Reza, and Denise Koller. "Tim Ferriss: What Might This Look like If It Were Easy?" Harvard Business School Case 825-091, November 2024. (Revised March 2025.)
      • 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.
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