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      • January 2025
      • Case

      PayJoy: Financing for the Next Billion

      By: Boris Groysberg and Sarah L. Abbott
      PayJoy, an impact-driven financial technology company founded in 2015, provides smartphone financing and other financial products to customers who lack access to traditional credit products. As of early 2025, PayJoy had issued $2.5 billion in loans to 13 million... View Details
      Keywords: Social Impact; Fintech; Underbanked; Algorithm; Data Analysis; Technology; Business Startups; Business Model; Growth and Development; Information Technology; Social Enterprise; Developing Countries and Economies; Credit; Mission and Purpose; Entrepreneurship; Financing and Loans; Financial Services Industry; Technology Industry; South America; South Africa; Asia; Latin America; Africa; Southeast Asia
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      Groysberg, Boris, and Sarah L. Abbott. "PayJoy: Financing for the Next Billion." Harvard Business School Case 425-036, January 2025.
      • 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 (Revised April 2025)
      • Case

      Blue Frontier: Disrupting Air Conditioning

      By: Rosabeth Moss Kanter and Jacob A. Small
      Serial entrepreneur Daniel Betts founded Blue Frontier in South Florida to offer a climate-friendly solution to increase air conditioning efficiency and dehumidify using new technology he developed. Backed by significant venture capital, Blue Frontier had to choose... View Details
      Keywords: Entrepreneurship; Climate Change; Environmental Sustainability; Technological Innovation; Market Entry and Exit; Performance Efficiency; Business Strategy; Florida
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      Kanter, Rosabeth Moss, and Jacob A. Small. "Blue Frontier: Disrupting Air Conditioning." Harvard Business School Case 325-088, January 2025. (Revised April 2025.)
      • January 2025
      • Case

      DMC Biotechnologies: Using Techno-Economic Modeling to Guide Production Strategy

      By: Joshua Lev Krieger, Chris Burk and Jim Matheson
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      Krieger, Joshua Lev, Chris Burk, and Jim Matheson. "DMC Biotechnologies: Using Techno-Economic Modeling to Guide Production Strategy." Harvard Business School Case 825-108, January 2025.
      • January 2025
      • Case

      GE Appliances 2025: Energizing Change

      By: Rosabeth Moss Kanter and Jacob A. Small
      At the turn of 2025, Kevin Nolan, CEO of GE Appliances following its acquisition by Chinese appliance giant Haier in 2016, is reviewing progress toward his net zero carbon vision for homes, which would otherwise exacerbate the global warming climate crisis. An... View Details
      Keywords: Mergers and Acquisitions; Transformation; Climate Change; Environmental Sustainability; Technological Innovation; Leading Change; Product Development; Organizational Culture
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      Kanter, Rosabeth Moss, and Jacob A. Small. "GE Appliances 2025: Energizing Change." Harvard Business School Case 325-089, 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 damage, and... View Details
      Keywords: Transformation; Customer Value and Value Chain; Environmental Sustainability; E-commerce; Logistics; Product Design; Value Creation; Order Taking and Fulfillment; Supply Chain Management; 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.
      • January 2025
      • Case

      Shifting Winds: DEI in Corporate America

      By: Clayton S. Rose, Maisie Wiltshire-Gordon and David Lane
      In the 2020s, intense and conflicting social and political pressures challenged organizational leaders around the world. Prominent among these were powerful competing views on workplace diversity, equity, and inclusion programs (DEI) in the United States. Public... View Details
      Keywords: Disruption; Leadership; Crisis Management; Risk Management; Corporate Social Responsibility and Impact; Mission and Purpose; Organizational Change and Adaptation; Organizational Culture; Civil Society or Community; Social Issues; Talent and Talent Management; Customer Satisfaction; Diversity; Ethics; Corporate Accountability; Employees; Retention; Recruitment; Adaptation; Programs; Consumer Products Industry; Consumer Products Industry; Consumer Products Industry; Consumer Products Industry; Consumer Products Industry; Consumer Products Industry; Consumer Products Industry; United States; Massachusetts; Maryland; Tennessee; District of Columbia
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      Rose, Clayton S., Maisie Wiltshire-Gordon, and David Lane. "Shifting Winds: DEI in Corporate America." Harvard Business School Case 325-017, January 2025.
      • January 2025
      • Case

      Real Madrid Club de Fútbol

      By: Anita Elberse, Juan Pasquín and Íñigo Pasquín
      On June 1, 2024, Spanish soccer club Real Madrid captures its fifteenth Champions League title—more than double the tally of the nearest competitor. Under Florentino Pérez’s leadership, the club has now won six of the last eleven UEFA Champions League titles, and has... View Details
      Keywords: Soccer; Football; Entertainment; Media; Talent Management; Superstars; General Management; Sports; Marketing; Recruitment; Competitive Strategy; Growth and Development Strategy; Sports Industry; Entertainment and Recreation Industry; Media and Broadcasting Industry
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      Elberse, Anita, Juan Pasquín, and Íñigo Pasquín. "Real Madrid Club de Fútbol." Harvard Business School Case 525-026, January 2025.
      • January 2025
      • Case

      Jaipur Literature Festival 2024

      By: Tarun Khanna and Kanika Jain
      The Jaipur Literature Festival had evolved from a modest gathering in 2006 into one of the world’s most significant literary events. It was known for its principle of egalitarian access, allowing people from various social backgrounds to come together and engage with... View Details
      Keywords: Arts; Cultural Entrepreneurship; Leadership; Business or Company Management; Media; Business Strategy; Expansion; Profit; Product Positioning; Asia; South Asia
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      Khanna, Tarun, and Kanika Jain. "Jaipur Literature Festival 2024." Harvard Business School Case 725-420, January 2025.
      • January 2025
      • Case

      Transforming Talent at Teach For Taiwan

      By: Juan Alcácer and Chi Kuan
      The Teach For Taiwan (TFT) case follows founder Anting Liu as she considers how to scale the nonprofit’s talent strategy after a decade of impact in rural education. TFT recruits high-potential young professionals into a 2-year teaching fellowship, aiming to address... View Details
      Keywords: Teaching; Talent and Talent Management; Leadership Development; Growth and Development Strategy; Mission and Purpose; Nonprofit Organizations; Education Industry; Taiwan
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      Alcácer, Juan, and Chi Kuan. "Transforming Talent at Teach For Taiwan." Harvard Business School Case 725-387, January 2025.
      • January 2025 (Revised April 2025)
      • Case

      Mercado Libre: The Best Is Yet to Come

      By: Krishna G. Palepu, Fernando Fragueiro, Carla Larangeira and Mariana Cal
      In 2024, Marcos Galperín, CEO and co-founder of Mercado Libre, reflected on its 25-year rise as Latin America’s largest marketplace, fintech leader, and most valuable public company. With operations spanning 18 countries and a robust ecosystem combining e-commerce,... View Details
      Keywords: Entrepreneurship; Multinational Firms and Management; Recruitment; Compensation and Benefits; Innovation Leadership; Innovation Strategy; Leadership Style; Business or Company Management; Management Practices and Processes; Management Succession; E-commerce; Emerging Markets; Distribution; Logistics; Organizational Culture; Organizational Design; Business Strategy; Competition; Growth and Development Strategy; Corporate Strategy; Technology Industry; Financial Services Industry; Retail Industry; Latin America; Mexico; Brazil; Argentina
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      Palepu, Krishna G., Fernando Fragueiro, Carla Larangeira, and Mariana Cal. "Mercado Libre: The Best Is Yet to Come." Harvard Business School Case 325-065, January 2025. (Revised April 2025.)
      • January 2025 (Revised June 2025)
      • Case

      U.S. Steel: Proposed Acquisition by Nippon Steel

      By: Willy Shih
      The case setting is the proposed acquisition of U.S. Steel by Nippon Steel, which elicited a great deal of controversy. The purpose of the case is to look at the history of the American steel industry since World War II and understand how the steel minimill operators... View Details
      Keywords: Disruptive Innovation; Mergers and Acquisitions; Factories, Labs, and Plants; Business History; Technological Innovation; Business Strategy; Manufacturing Industry; Steel Industry; United States
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      Shih, Willy. "U.S. Steel: Proposed Acquisition by Nippon Steel." Harvard Business School Case 625-090, January 2025. (Revised June 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 2025
      • Case

      Constitutional Fiction: John Miller & the Legitimacy of Family Constitutions

      By: Lauren Cohen, Octavian Graf Pilati and Sophia Pan
      John Miller sat reviewing his family’s Constitution, grappling with how best to implement and enforce its provisions. Designed to prevent ambiguity in governance, the Family Constitution set out core values and guidelines to promote harmony and cohesion among family... View Details
      Keywords: Conflict Resolution; Perspective Taking; Liabilities; Family Business; Family Ownership; Business Growth and Maturation; Alignment; Cooperation; Attitudes; Behavior; Cognition and Thinking; Conflict Management; Conflict of Interests; Power and Influence; Perception; Trust; Perspective; Motivation and Incentives; Happiness; Identity; Goals and Objectives; Legal Liability; Contracts; Fairness; Values and Beliefs; Governance Controls; Governing Rules, Regulations, and Reforms; Family and Family Relationships; Manufacturing Industry; Germany
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      Cohen, Lauren, Octavian Graf Pilati, and Sophia Pan. "Constitutional Fiction: John Miller & the Legitimacy of Family Constitutions." Harvard Business School Case 225-054, 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 (Revised March 2025)
      • Case

      The Shouldice Hospital Today

      By: James Heskett and Roger Hallowell
      The leadership and staff of Shouldice Hospital in Toronto, Canada have, for 75 years, sought to do one thing better than any other hospital in the world, repair inguinal hernias. For some years, a possible second hospital in another market has been under consideration.... View Details
      Keywords: Joint Ventures; Health Care and Treatment; Growth and Development Strategy; Organizational Culture; Expansion; Health Industry; Toronto; Canada; United States
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      Heskett, James, and Roger Hallowell. "The Shouldice Hospital Today." Harvard Business School Case 925-302, December 2024. (Revised March 2025.)
      • 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.
      • 2025
      • Working Paper

      Too Much, Too Soon? Early Funding, Technological Unconventionality, and Innovation Capabilities

      By: Harsh Ketkar and Maria Roche
      The availability of financial resources significantly shapes firm innovation outcomes, especially for early-stage, innovation-focused technology firms. However, prior research has provided conflicting findings about this relationship: On the one hand, resource... View Details
      Keywords: Startups; Technology Strategy; Novelty; Unconventionality; Resource Constraints; Early Stage Firms; Business Startups; Technological Innovation; Entrepreneurial Finance
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      Ketkar, Harsh, and Maria Roche. "Too Much, Too Soon? Early Funding, Technological Unconventionality, and Innovation Capabilities." Harvard Business School Working Paper, No. 25-032, December 2024. (Revised February 2025.)
      • December 2024
      • Case

      Yum China: People First

      By: David E. Bell, Shu Lin and Nancy Dai
      Joey Wat, CEO of Yum China Holdings, Inc., which operated KFC, Pizza Hut, and Taco Bell in mainland China, oversaw KFC’s milestone as the first Western quick-service chain in China to surpass 10,000 stores, with Pizza Hut exceeding 3,000 locations. This expansion was... View Details
      Keywords: Growth and Development Strategy; Franchise Ownership; Performance Efficiency; Expansion; Employees; Food and Beverage Industry; Agriculture and Agribusiness Industry; China
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      Bell, David E., Shu Lin, and Nancy Dai. "Yum China: People First." Harvard Business School Case 525-038, December 2024.
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