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      Evolving Business ModelsRemove Evolving Business Models →

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      • March 2024 (Revised May 2024)
      • Case

      Masterpiece for the Masses: The First Art Exchange ARTEX

      By: Lauren Cohen, Anastasiya Siroochenko (Siro) and Sophia Pan
      Yassir Benjelloun-Touimi, CEO of ARTEX, aspired to marry the world of art and finance. Hoping to promote transparent, fractionalized ownership of renowned artwork, the founder had spent years contemplating the birth of an art stock market. This exchange would allow... View Details
      Keywords: Trading; Art Market; Art Fair; Tokenization; Democratization; Exchange Traded Fund; Price Monitoring; Trends And Opportunities; Financial Liquidity; Financial Markets; Arts; Financial Strategy; Initial Public Offering; Investment Return; Technological Innovation; Business Model; Trends; Stocks; Assets; Diversification; Trade; Financial Services Industry; Fine Arts Industry; Paris; France
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      Cohen, Lauren, Anastasiya Siroochenko (Siro), and Sophia Pan. "Masterpiece for the Masses: The First Art Exchange ARTEX." Harvard Business School Case 224-086, March 2024. (Revised May 2024.)
      • March 2024 (Revised March 2025)
      • Background Note

      Physical Climate Risk

      By: Michael W. Toffel, Spencer Glendon and Alison Smart
      This note describes how managers can identify and manage their company’s physical climate risks, which can increase their operations and supply chain costs and risks, and affect demand for their goods and services. Can be paired with the video “Preparing business... View Details
      Keywords: Resilience; Maps; Climate Risk; Climate Impact; Modeling And Analysis; Climate Change; Risk Management; Demand and Consumers; Supply Chain; Organizational Change and Adaptation; Disruption
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      Toffel, Michael W., Spencer Glendon, and Alison Smart. "Physical Climate Risk." Harvard Business School Background Note 624-059, March 2024. (Revised March 2025.) (Click here for related material.)
      • March 2024
      • Module Note

      Accounting Standards for the 21st Century

      By: Jonas Heese
      Over the past two decades, accounting standards have evolved to meet the demands of a rapidly changing business environment. This module note focuses on understanding the impact of these standards on measuring firm performance and financial position in the context of a... View Details
      Keywords: Financial Statements; Standards; Performance Evaluation; Change Management
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      Heese, Jonas. "Accounting Standards for the 21st Century." Harvard Business School Module Note 124-056, March 2024.
      • February 2024
      • Teaching Note

      AB InBev: Brewing Up Forecasts during COVID-19

      By: Mark Egan and C. Fritz Foley
      Teaching Note for HBS Case No. 224-020. In July 2021, the CEO of AB InBev's European operations and his team strategized to position the company for success post-pandemic. As the world's largest beer company, boasting over 500 brands, revenue of $46 billion, and a... View Details
      Keywords: Forecasting; Investor Relations; Beverage Industry; Corporate Finance; Decisions; Forecasting and Prediction; Health Pandemics; Analytics and Data Science; Digital Transformation; Crisis Management; Business Model; Food and Beverage Industry; United States; Europe
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      Egan, Mark, and C. Fritz Foley. "AB InBev: Brewing Up Forecasts during COVID-19." Harvard Business School Teaching Note 224-074, February 2024.
      • February 2024 (Revised July 2024)
      • Case

      Taffi: Entrepreneurship in Saudi Arabia

      By: Paul A. Gompers and Fares Khrais
      Taffi was a tech-enabled fashion styling startup founded by Shahad Geoffrey in Saudi Arabia in 2020. Within three years of operating, Geoffrey had pivoted the business multiple times. In 2023, Geoffrey was attempting the business’s most ambitious pivot yet, shifting... View Details
      Keywords: Business Startups; Disruption; Entrepreneurship; Venture Capital; Investment; Growth and Development Strategy; Business Strategy; AI and Machine Learning; Fashion Industry; Technology Industry; Saudi Arabia; Arabian Peninsula
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      Gompers, Paul A., and Fares Khrais. "Taffi: Entrepreneurship in Saudi Arabia." Harvard Business School Case 224-052, February 2024. (Revised July 2024.)
      • February 2024
      • Teaching Note

      TimeCredit

      By: Emanuele Colonnelli, Raymond Kluender and Shai Benjamin Bernstein
      Teaching Note for HBS Case No. 824-139. TimeCredit is an artificial intelligence (AI) startup that is developing large language models (LLMs) to generate accounting memos. The case follows Ndonga Sagnia, a Gambian Harvard Business School MBA student with an accounting... View Details
      Keywords: Accounting; Business Startups; Entrepreneurship; Financing and Loans; AI and Machine Learning; Entrepreneurial Finance; Identity; Partners and Partnerships; Technology Industry
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      Colonnelli, Emanuele, Raymond Kluender, and Shai Benjamin Bernstein. "TimeCredit." Harvard Business School Teaching Note 824-171, February 2024.
      • February 2024
      • Supplement

      Seeds of Innovation: GALY's Quest to Cultivate the Future of Agriculture in the Lab

      By: George Serafeim
      In 2023, Luciano Bueno, CEO and founder of plant cell culture agriculture company GALY, was considering the best path forward for his company as he planned to pitch Series B investors. GALY, founded in 2019, aimed to produce cotton and other crops from cells grown in... View Details
      Keywords: Business Model; Green Technology; Goods and Commodities; Growth and Development Strategy; Science-Based Business; Entrepreneurship; Plant-Based Agribusiness; Business Startups; Decisions; Technological Innovation; Production; Entrepreneurial Finance; Agriculture and Agribusiness Industry; Technology Industry; Boston; Sao Paulo
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      Serafeim, George. "Seeds of Innovation: GALY's Quest to Cultivate the Future of Agriculture in the Lab." Harvard Business School Multimedia/Video Supplement 124-705, February 2024.
      • February 2024 (Revised September 2024)
      • Case

      TimeCredit

      By: Emanuele Colonnelli, Raymond Kluender and Shai Benjamin Bernstein
      TimeCredit is an artificial intelligence (AI) startup that is developing large language models (LLMs) to generate accounting memos. The case follows Ndonga Sagnia, a Gambian Harvard Business School MBA student with an accounting background, as she decides how much... View Details
      Keywords: Accounting; Business Startups; Entrepreneurship; Financing and Loans; AI and Machine Learning; Entrepreneurial Finance; Identity; Technology Industry
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      Colonnelli, Emanuele, Raymond Kluender, and Shai Benjamin Bernstein. "TimeCredit." Harvard Business School Case 824-139, February 2024. (Revised September 2024.)
      • February 2024 (Revised January 2025)
      • Case

      AGENTS.inc: Pathways to Growth at an AI Startup

      By: Frank Nagle, Manuel Hoffmann, Karoline Ströhlein and Susan Pinckney
      The case describes the history of AGENTS.inc. Despite being a small startup, with only four employees, that had never had a funding round, the company boasted an impressive client portfolio including multiple Fortune 500 companies. While AGENTS.inc had been an early... View Details
      Keywords: Business Growth and Maturation; Business Model; Business Startups; Small Business; Transformation; Customer Focus and Relationships; Decisions; Entrepreneurship; Venture Capital; Financial Strategy; AI and Machine Learning; Digital Platforms; Technological Innovation; Copyright; Management; Growth and Development; Market Timing; Ownership; Risk and Uncertainty; Competition; Open Source Distribution; Entrepreneurial Finance; Computer Industry; Europe; Germany
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      Nagle, Frank, Manuel Hoffmann, Karoline Ströhlein, and Susan Pinckney. "AGENTS.inc: Pathways to Growth at an AI Startup." Harvard Business School Case 724-444, February 2024. (Revised January 2025.)
      • February 2024 (Revised June 2024)
      • Case

      Can Families Conquer Private Equity? Pritzker Private Capital

      By: Lauren Cohen and Sophia Pan
      Anthony (Tony) Pritkzer, Paul Carbone, and the Pritzker Private Capital (PPC) team wondered how to approach the firm’s next phase of growth. PPC was a private equity firm that offered a differentiated approach to the family capital market. Back in 2016, the partners... View Details
      Keywords: Family Office; External Financing; Succession; Leadership Transition; Family Business; Private Equity; Investment; Business Growth and Maturation; Financial Strategy; Investment Portfolio; Business Model; Private Sector; Financial Liquidity; Risk Management; Organizational Structure; Competitive Advantage; Venture Capital; Management Succession; Financial Services Industry; Chicago; Illinois; United States
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      Cohen, Lauren, and Sophia Pan. "Can Families Conquer Private Equity? Pritzker Private Capital." Harvard Business School Case 224-078, February 2024. (Revised June 2024.)
      • February 2024
      • Case

      Tabby: Winning Consumers' Digital Wallets

      By: Eva Ascarza and Fares Khrais
      Hosam Arab (MBA 2009), cofounder and CEO of Tabby, a Saudi-based fintech startup, raised its Series D funding round in October 2023, four years after its inception, valuing it as a regional unicorn. Tabby's core product, a buy-now-pay-later (BNPL) service, allowed... View Details
      Keywords: Business Model; Business Startups; Risk Management; Competitive Strategy; Expansion; Financial Services Industry; Technology Industry; Saudi Arabia
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      Ascarza, Eva, and Fares Khrais. "Tabby: Winning Consumers' Digital Wallets." Harvard Business School Case 524-056, February 2024.
      • February 2024
      • Case

      FIGS: Scrubbing the Status Quo

      By: Jeffrey F. Rayport and Nicole Tempest Keller
      In October 2023, FIGS had revolutionized the medical scrubs industry with its fashionable and functional designs, but the venture was at a critical juncture. The digitally native vertical brand (DNVB) had gone public in a successful IPO in 2021 and reached $500 million... View Details
      Keywords: Marketing Channels; Corporate Strategy; Business Growth and Maturation; Business Model; Decision Choices and Conditions; Competitive Strategy; Expansion; Apparel and Accessories Industry; Fashion Industry; United States; California; Los Angeles; Europe; Canada
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      Rayport, Jeffrey F., and Nicole Tempest Keller. "FIGS: Scrubbing the Status Quo." Harvard Business School Case 824-062, February 2024.
      • February 2024
      • Case

      More than Optics: Olympus's Vision to Become a Leading Global MedTech Company

      By: David J. Collis and Haisley Wert
      In August 2022, CEO Yasuo Takeuchi reflected on Olympus Corporation’s recent transformation from being known as a Japanese consumer camera company to becoming a leading global medical technology (MedTech) company. Over the past dozen years, Takeuchi and prior... View Details
      Keywords: Global Human Resource Management; Medical Technology; Corporate Strategy; Transformation; Globalization; Business Model; Leading Change; Organizational Structure; Organizational Change and Adaptation; Medical Devices and Supplies Industry; Japan; United States
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      Collis, David J., and Haisley Wert. "More than Optics: Olympus's Vision to Become a Leading Global MedTech Company." Harvard Business School Case 724-426, February 2024.
      • January 2024
      • Case

      Fusion Industry Association: Igniting the Future of Clean Energy

      By: Joshua Lev Krieger, Jim Matheson, Kyle R. Myers and Henry Tao
      Fusion energy is evolving from a scientific idea to a commercial possibility, drawing large investments and regulatory discussions; how should the FIA navigate this evolution?

      The Fusion Industry Association (FIA) is at the forefront of transforming fusion... View Details
      Keywords: Science-Based Business; Engineering; Venture Capital; Entrepreneurship; Government and Politics; Government Legislation; Industry Clusters; Industry Growth; Industry Structures; Technological Innovation; Energy Industry; United States
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      Krieger, Joshua Lev, Jim Matheson, Kyle R. Myers, and Henry Tao. "Fusion Industry Association: Igniting the Future of Clean Energy." Harvard Business School Case 624-064, January 2024.
      • January 2024
      • Supplement

      Buurtzorg

      By: Ethan Bernstein and Tatiana Sandino
      As co-founders of home nursing company Buurtzorg, Jos de Blok and Gonnie Kronenberg prized both self-management and organizational learning. Buurtzorg’s 10,000 nurses across 950 neighborhood nursing teams in the Netherlands were empowered to manage themselves, both in... View Details
      Keywords: Organizational Design; Management Style; Business Model; Knowledge Dissemination; Learning; Organizational Culture; Health Industry; Netherlands
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      Bernstein, Ethan, and Tatiana Sandino. "Buurtzorg." Harvard Business School Multimedia/Video Supplement 424-705, January 2024.
      • January 2024
      • Supplement

      Winning Business at Russell Reynolds

      By: Ethan Bernstein and Cara Mazzucco
      In an effort to make compensation drive collaboration, Russell Reynolds Associates’ (RRA) CEO Clarke Murphy sought to re-engineer the bonus system for his executive search consultants in 2016. As his HR analytics guru, Kelly Smith, points out, that risks upsetting—and... View Details
      Keywords: Restructuring; Talent and Talent Management; Compensation and Benefits; Growth and Development Strategy; Organizational Change and Adaptation; Organizational Culture; Performance Evaluation; Motivation and Incentives; Consulting Industry
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      Bernstein, Ethan, and Cara Mazzucco. "Winning Business at Russell Reynolds." Harvard Business School Multimedia/Video Supplement 424-704, January 2024.
      • January 2024
      • Case

      Flashfood: The Magic of Commitment

      By: Reza Satchu and Patrick Sanguineti
      Josh Domingues had accomplished what countless young entrepreneurs long to achieve: founding a promising company that aspires to make the world a tangibly better place. Shocked to learn that international food waste cumulatively amounted to the world’s third largest... View Details
      Keywords: Entrepreneur; Founder; Startup; Business Model; Business Startups; Food; Applications and Software; Mission and Purpose; Environmental Sustainability; Canada
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      Satchu, Reza, and Patrick Sanguineti. "Flashfood: The Magic of Commitment." Harvard Business School Case 824-131, January 2024.
      • January 2024 (Revised March 2024)
      • Case

      Tesla Motors in 2024--Turbulence Ahead?

      By: Felix Oberholzer-Gee and Kate Stoppiello
      Over its 20 years in existence, Tesla had become nearly synonymous with electric vehicles, and the company assumed an enviable market position. By 2023, however, Tesla faced intense competition. Traditional carmakers and EV upstarts were expected to introduce close to... View Details
      Keywords: Competitive Strategy; Product Positioning; Competition; Industry Growth; Auto Industry; North America; Europe; China; Australia
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      Oberholzer-Gee, Felix, and Kate Stoppiello. "Tesla Motors in 2024--Turbulence Ahead?" Harvard Business School Case 724-446, January 2024. (Revised March 2024.)
      • January 2024
      • Background Note

      Evaluating Innovations in the Organization of Primary Care: What Type of Innovation Is It and How Well Does It Align with the Six Factors?

      By: Regina E. Herzlinger and James Wallace
      How can we evaluate if innovative health care ventures can do good—benefit society—and do well—become financially viable? This question is the topic of the first module in the Innovating in Health Care course book.

      This note and "Health Stop (A): What Type... View Details
      Keywords: Business Model; Health Care and Treatment; Collaborative Innovation and Invention; Mission and Purpose; Alignment; Health Industry
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      Herzlinger, Regina E., and James Wallace. "Evaluating Innovations in the Organization of Primary Care: What Type of Innovation Is It and How Well Does It Align with the Six Factors?" Harvard Business School Background Note 324-037, January 2024.
      • January 2024
      • Case

      Sprouts Farmers Market

      By: Rajiv Lal, Forest L. Reinhardt and Natalie Kindred
      Sprouts Farmers Markets (Sprouts) is a Phoenix, Arizona-based chain of 400-plus natural foods stores in 23 U.S. states and $6.4 billion in sales as of 2022. In its product assortment, brand image, and store environment, Sprouts emphasizes freshness, health, innovation,... View Details
      Keywords: Business Model; Growth and Development Strategy; Brands and Branding; Strategic Planning; Sales; Business Strategy; Expansion; Product Positioning; Marketing Strategy; Competition; Retail Industry; United States; Arizona
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      Lal, Rajiv, Forest L. Reinhardt, and Natalie Kindred. "Sprouts Farmers Market." Harvard Business School Case 524-059, January 2024.
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