Publications

June 1995 (Revised July 1999)
Case

Acova Radiateurs

In March 1990, Baring Capital Investors faced a decision about whether and how much to bid for Acova Radiateurs, a subsidiary of Source Perrier. Source Perrier had decided to sell Acova, and Baring Capital Investors thought it might make a good leveraged buyout... View Details

Keywords: Valuation; Leveraged Buyouts

15 Jan 2008
First Look

First Look: January 15, 2008

Willums' plane was flying along the Greenland coastline on his way back to Norway after intense discussions with several prominent U.S. venture capital investors, among them Kleiner Perkins and Rockport... View Details

Keywords: Martha Lagace

June 2008
Case

From xiaonei to hainei: The Quest for the Social Networking Service Market in China

By: Joseph B. Lassiter III, Michael Shih-Ta Chen and Keith Chi-ho Wong

Wang Xing, the founder of Hainei.com, one of the fastest growing social networking service (SNS) providers in China, was preparing to raise funds from venture capitalists. Since late 2003, Wang had established several Internet startups in China. Xiaonei.com, which he... View Details

Keywords: Entrepreneurship; Venture Capital; Social and Collaborative Networks; Competition; Internet; China

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January 2019
Case

First Aid Beauty

By: Karen Mills and Annie Dang

In 2008, Lilli Gordon, an experienced financial and skincare entrepreneur, founded First Aid Beauty (FAB). She had discovered a white space in the prestige beauty market: high-end skin solutions that were suitable for sensitive skin. After initial success through... View Details

Keywords: Prestige Beauty; Skincare; Preferred Shares; Common Stock; Entrepreneurship; Venture Capital; Private Equity; Decision Choices and Conditions; Beauty and Cosmetics Industry

16 Jul 2020
News

Black Lives Matter and the promise of entrepreneurship

20 Aug 2020
Blog Post

“Business as Usual, In a Different Way” – Creating an Impactful Remote Internship at Actis

For Nikki Mason, Rachael Henley, and their team at Actis, it was never a matter of if they should continue their Global Summer Associate Programme in 2020, but how they would do it well. The Actis Internship Program Actis is a global emerging markets private View Details

Keywords: Venture Capital / Private Equity; Venture Capital / Private Equity

9 AM – 10 AM EDT, 03 Apr 2019
HBS Online

HBS Online Entrepreneurship Essentials

Master a proven framework for building and financing new ventures and learn to speak the language of the start-up world. Program Dates: April 3, 2019 - May 1, 2019 View Details

9 AM – 9 AM EDT, 12 Sep 2018
HBS Online

HBX Entrepreneurship Essentials

Master a proven framework for building and financing new ventures and learn to speak the language of the start-up world. Program Dates: September 12, 2018 - October 10, 2018 View Details

January 2011 (Revised January 2011)
Case

Marvel Enterprises, Inc. (Abridged)

By: Anita Elberse

The management team of Marvel Enterprises, known for its universe of superhero characters that includes Spider-Man, the Hulk, and X-Men, must reevaluate its marketing strategy. In June 2004, only six years after the company emerged from bankruptcy, Marvel has amassed a... View Details

Keywords: Business Model; Intellectual Property; Rights; Growth and Development Strategy; Brands and Branding; Marketing Strategy; Entertainment and Recreation Industry

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

9 AM – 10 AM EDT, 21 Aug 2019
HBS Online

HBS Online Entrepreneurship Essentials

Master a proven framework for building and financing new ventures and learn to speak the language of the start-up world. Program Dates: August 21, 2019 - September 18, 2019 View Details

9 AM – 10 AM EST, 23 Jan 2019
HBS Online

HBS Online Entrepreneurship Essentials

Master a proven framework for building and financing new ventures and learn to speak the language of the start-up world. Program Dates: January 23, 2019 - February 20, 2019 View Details

Spring 2016
Article

Risk Neglect in Equity Markets

By: Malcolm Baker

The link between measures of risk and return within the equity market has been very weak over the past 47 years: in the United States, returns on high-risk stocks have cumulatively fallen short of the returns on low-risk stocks, during a period when the equity market... View Details

Keywords: Asset Allocation; Equity Investment; Behavioral Finance; Private Equity

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November 2010 (Revised May 2014)
Case

Dow's Bid for Rohm and Haas

By: Benjamin C. Esty and David Lane

This case analyzes Dow Chemical Company's proposed acquisition of Rohm and Haas in 2008. The $18.8 billion acquisition was part of Dow's strategic transformation from a slow-growth, low-margin, and cyclical producer of basic chemicals into a higher-growth,... View Details

Keywords: Mergers and Acquisitions; Financial Crisis; Capital Structure; Financial Condition; Financial Management; Contracts; Lawsuits and Litigation; Risk and Uncertainty; Valuation; Chemical Industry

May 2024
Supplement

Miami’s Climate Tech Potential (B): The 2024 Tech Hub Proposal

By: Rosabeth Moss Kanter and Jacob A. Small

Miami-Dade County led the work to get South Florida designated a national climate resilience tech hub, the only one of 31 focused on climate change, an urgent major issue for the region in light of global warming and sea level rise. Venture capitalists saw the... View Details

Keywords: Climate Change; Venture Capital; Investment; Entrepreneurship; Green Technology; Government Administration; City

October 1996 (Revised March 2011)
Background Note

Note on Valuation in Private Equity Settings, A

By: Josh Lerner and John Willinge

This note discusses several ways in which venture-backed firms can be valued, including comparables, net present value, decision-tree analysis, and the "venture capital method." View Details

Keywords: Entrepreneurship; Venture Capital; Private Equity; Investment; Valuation

June 1975 (Revised September 2004)
Case

Angus Cartwright III

By: Kenneth J. Hatten, William J. Poorvu, Howard H. Stevenson, Arthur I. Segel and John H. Vogel, Jr.

Judy and John DeRight, looking to diversify their investment portfolios, have retained Angus Cartwright, Jr. to identify prospective real estate acquisitions. Mr. Cartwright has four potential properties that he feels merit an in-depth financial analysis. The case... View Details

Keywords: Acquisition; Cash Flow; Investment Return; Investment Portfolio; Taxation; Balanced Scorecard; Valuation

26 Jan 2024
Blog Post

Hiring at HBS: How Summer Interns Make an Impact at Emerson Collective

their venture capital team. Interns contribute to one of four focus areas: growth stage (Series B+), early stage (pre-Seed - Series A), climate (Series B+, with a focus on energy and mobility), or media and... View Details

Keywords: Nonprofit / Government

September 1988 (Revised July 2000)
Case

Alex Dean

By: Shoshana Zuboff, Dave DeLong and Kathleen Scharf

Traces the evolution of Alex Dean's internal and external careers, exploring his psychological and emotional development, as well as seemingly dramatic shifts in career direction from research scientist to venture capitalist. Designed to encourage students to reflect... View Details

Keywords: Personal Development and Career; Jobs and Positions; Emotions; Research and Development; Venture Capital