This case analyzes the University of Michigan (U-M) Endowment Fund's capability and potential responsibility to divest from fossil fuels. Similar educational institutions, such as the University of California system, had cut fossil fuels from their portfolios, posing the question of whether U-M President Mark Schlissel would be able to do the same amid the university's stakeholder pressures. The university endowment managed $12.4 billion through 235 investment managers operating independently. A central question in the case is whether agents of a public university can shift to make more socially responsible investments while still delivering the desired revenue. President Schlissel had committed to carbon neutrality, but the university was still far from achieving the goal.

Pallak Seth, Group CEO of PDS Multinational Fashions, is contemplating options to bring better collaboration across his global apparel supply chain platform. PDS, a group of 50-plus subsidiary companies, each led by its own CEO and with different apparel industry specialties, has grown rapidly over the past decade, yet the industry is increasingly competitive and challenges remain constant. Looking for ways to reach the Group's 2023 goals of $2 billion in revenue, Seth and his executive board are considering two ways to increase collaboration and reward performance: a joint P&L approach, to drive partnerships across the subsidiaries, and an employee stock option plan, to unlock value across the Group.

Kenyan off-grid-solar pioneer d.light can power entire homes in rural Africa but must now decide how to fund the growth of its asset-heavy business model. Ned Tozun and Sam Goldman founded d.light in 2006 to transform lives through solar solutions enabling access to electricity, the seventh of the United Nations Sustainable Development Goals for 2030. Originally providing simple portable solar lanterns to people without access to reliable electricity, the enterprise developed solar home systems that included lights, mobile chargers, and an energy-efficient device such as a radio, fan or TV. By 2019, with the success of home systems, d.light had become one of the leading players in the off-grid solar sector, with the world's largest distribution network for off-grid solar products and a projected revenue of over $90 million. Key to d.light's solar home systems was pay-as-you-go (PayGo) plans, a lease-to-own model consisting of a down payment followed by small (<$1.50) daily payments, normally for a period of 12 to 18 months. In 2019, sales from PayGo products were expected to contribute close to 70% of the company's annual revenue. However, PayGo was an asset-heavy model and in the past 18 months, d.light had raised over $90 million, nearly 75% of which was in debt facilities. As the company continued to grow rapidly, its co-founders were deliberating whether they ought to go out and raise capital again. If so, should it be equity or debt? How much and from whom? If not now, when? Alternatively, should they modify the business model to reduce the company's need for so much external funding?

In 2000, Eaton Corporation was a broadly diversified industrial conglomerate. But its strategy was evolving and its focus was narrowing around "power management" and more recently on "intelligent power," the use of digitally enabled products and services designed to enhance efficiency and reliability. To implement this transition, Eaton had acquired more than 70 companies and divested another 50. Such active portfolio management required Eaton to regularly assess the prospects of each business unit-the profit and growth potential-and to explore opportunities to enhance its capabilities through acquisitions. In January 2020, Eaton got an offer from Danfoss, a Danish conglomerate, to buy its hydraulics business for $3.3 billion. Recently appointed CEO Craig Arnold must decide whether this deal makes sense strategically and financially. In particular, he must decide if $3.3 billion is a fair price for the firm's hydraulics business.

This case describes the bribery accusations and subsequent investigation of the Chinese subsidiary of a U.S. publicly listed Fortune 500 company, disguised as "Voles System". The primary purpose of the case is to illustrate the internal corporate governance challenges of developed-market multinational corporations (MNCs) operating in emerging markets. This case stands out in the management education field, as it fills a gap where there are very few teaching cases discussing the dark side of international business in emerging markets. After a brief introduction of the company's background, the case describes two anonymous internal "whistleblower" allegations that the Mainland China business unit (BU) had been bribing Chinese officials to win contracts. In response to these reports, the Legal Department conducted two investigations in late 2015 and 2016, respectively, but neither found concrete evidence of bribery, and the allegations could not be substantiated. A third report was subsequently made to the U.S. Department of Justice (DOJ) in April 2017. The DOJ placed Voles under formal investigation. While the investigation found that there was no concrete evidence of bribery of Chinese officials, several managers and staff of Voles's Mainland China BU had established a slush fund and related business entities to entertain senior managers of its key customers in China. The DOJ's investigation came at a great financial cost and hurt the company's reputation in the oil and gas industry. This case ends with multiple questions facing Voles and many MNCs operating in emerging markets: How did Voles fail to prevent such management malfeasance even after implementing industry best practices for corporate governance? What are some short-term measures through which Voles can address the situation in the Mainland China BU as revealed by the DOJ's investigation? What long-term measures should Voles implement to prevent such corporate governance failures from happening again?

Resilient companies go beyond traditional forecasting and risk-assessment exercises when formulating strategy. They actively sense threats and opportunities early on, organize in response, capture value by revising business models and restructuring relationships, and renew the organizational capabilities needed to create and capture value.

Many leadership models are missing a key ingredient: sensemaking, a capability that is an essential tool for navigating change and planning through uncertainty. As our world grows more complex, and in the face of difficult, uncertain circumstances, executives need to recognize sensemaking as a crucial leadership tool and embed sensemaking processes and practices into their organizations.

Most companies treat cybersecurity as an operational issue and are often unprepared for debilitating attacks. Elevating it to a matter for strategic planning can not only improve organizational resilience but also reveal strengths, weaknesses, and new opportunities.

Developing a truly innovative strategy requires you to anticipate your own company's disruption. The Phoenix Encounter Method uses a series of exercises and workshops to imagine your organization's competitive annihilation and then develop a new strategy for disrupting yourself before a competitor can.

The case describes Dangote Cement's history, growth and business model. Dangote Cement is the main subsidiary of Dangote Group, a leading African multinational and the country's largest conglomerate. Starting as a trading firm, the group has branched out into several sectors (e.g., cement, sugar, flour, salt, FMG, agriculture, oil & gas, transport, etc) and Aliko Dangote, the Group's founder, has become Africa's wealthiest person and leading industrialist. Dangote Cement's strategy involves a unique set of choices along the value chain in order to deliver a distinctive value proposition across several African markets. The company has become a top 10 global Cement company and the leading cement manufacturer in Africa through a highly integrated business model that responds to the particular challenges and opportunities present in the developing African continent. Currently, the Group is investing heavily across different sectors (e.g., agriculture, fertilizer/chemicals, oil & gas, etc) and taking advantage of the multiple opportunities in the market. It is also consolidating its leading position in the African Cement industry, by entering new markets every year with a disruptive force. However, as Dangote Group grows far and wide, as the African market develops and as competition for local and foreign players heats up, should the Group change the strategy that has worked so well?

Zameer Kassam Fine Jewelry (ZKFJ) designs custom engagement rings that tell the story of a couple's relationship. The case describes the company's process for engaging clients, which has historically been a relatively offline, high-touch experience. Obliged by social-distancing guidelines with the advent of the COVID-19 pandemic in early 2020, Zameer Kassam and his team had been forced to take many facets of the business online. Although clients still seemed delighted by their rings, Kassam wondered what might be being lost for his clients and employees in this new virtual medium. On the other hand, perhaps there were aspects of the process that could be improved through online delivery? Such a transition could represent an opportunity to grow the business.

Launched in 2010, CredEx Fintech Co. Ltd. (CredEx) operated until 2017 as a mobile credit platform, connecting lenders and borrowers in the Chinese small- and microcredit market. In 2017, the Chinese government introduced a regulation to address misconducts in the credit market. As a result, CredEx needed to transform by utilizing mobile credit technology to enable and support licensed financial institutions to explore mobile credit markets. In 2018, however, this change posed many challenges, such as how to add a new business model that served enterprise consumers as well as how to manage dual business models.

On May 2, 2019, So-Young International Inc. (So-Young) became the first Chinese Internet-based company in the cosmetic surgery sector to be listed on the Nasdaq Stock Market. With effective use of the Internet and mobile devices, So-Young provided a one-stop resource that allowed consumers to access information about cosmetic treatments, search for and purchase cosmetic surgery services, and benefit from peer and professional support during recovery. With its service, So-Young had positively transformed a fast-growing Chinese cosmetic surgery market that was lacking transparency and trustworthy information.<br><br>The company had used a process of enterprise business model innovation to build its brand image, expand its audience, and engage the cosmetic surgery industry value chain. While the process had been successful, So-Young faced competitive and internal challenges that it needed to overcome to maintain its leadership position and grow future prospects.

Since its founding, Getaway's service offering - tiny, modern cabins in the woods, located within a two-hour drive of major metropolitan areas - had been met with tremendous demand. Overworked and overconnected city dwellers reveled in the opportunity to take a break from their hectic lives, disconnecting in nature, and savoring meaningful moments with the people closest to them. What began with a fixed, nightly cabin rate of $99 a night had graduated over time to daily yield management, and a steady increase in prices to match rising demand. $159.. $179... $199.. With the onset of the global pandemic in March of 2020, the prospect of getting away to the woods, in rigorously-cleaned, socially-distanced cabins, became even more appealing to homebound consumers, and there was a step change in demand, and prices skyrocketed, crossing $369 in some markets. Should the company make as much money as quickly as possible to fund further growth, or does that risk that consumers will determine Getaway is too expensive and either never come, or never come more than once?

This case describes the history of Uber, its business model-including the ways it differed from that of the traditional taxi industry-and its competition with Lyft. The case is set in 2017, a year in which Uber was plagued by even more scandals than usual, though its behavior had frequently sparked controversy ever since its launch in 2010. By June 2017, Uber had a valuation of $70 billion, making it the most valuable venture-funded tech startup in the world, but a shadow hung over its reputation, due in part to recent revelations about its toxic and sexist corporate culture, and to its tendency to ignore local regulations when expanding into new markets. In June 2017, Uber's co-founder and CEO Travis Kalanick resigned, and in August 2017, Dara Khosrowshahi, formerly the CEO of Expedia, was hired in his place. Meanwhile, Lyft, which presented itself as the "nice guy" alternative to Uber's bad-boy image, seemed to be gaining ground. The case asks what Khosrowshahi might do to fix Uber's broken culture and improve its public image, and how he could best ensure Uber's dominance in the years to come.

This case follows Summit Partners, a leading growth equity firm, as it evaluates an investment opportunity in IVC, a veterinary care group in the U.K. market. The case allows students to articulate and evaluate the investment thesis of this transaction. Additionally, it provides insight into the sourcing and due diligence process in the modern growth equity space, as well as details of the financial structure of the investment. In particular, the case provides students with an opportunity to recreate the valuation model, and understand the economics of the preferred equity. The case can be used as a platform to reflect on the value add of growth equity investors and what constitutes as a "propriety" investment in the mature growth equity industry.

In 2015, Amit Bendov was struck by a realization about a new technology that might be able to transcribe musical notation in real-time, which eventually became known as Gong. Gong's business proposition was simple: provide software that automatically captures, understands, and analyzes written and spoken sales conversations (not music) to help sales teams sell more effectively. It was a compelling idea with the potential to create significant value for its users. There were, however, many questions. Could the technology live up to its promises? What could salespeople learn from their own conversations and from the best - and worst - salespeople among them? Could leveraging conversational insights make a measurable impact on a company's bottom line? And how could Gong defend against competitors, both now and in the future?

This case describes the formation of Trista Engel and Jessica Markowitz's search fund. It begins by describing their process for deciding if they should pursue entrepreneurship through acquisition and, if so, if they should partner together. Upon deciding to raise a search fund, the duo work through the process of fundraising. Surprised by the positive response, they are faced with deciding who they should choose to have as investors.

This case describes the tumultuous experience Eduardo Ruiz had as CEO of Retail Services & Technologies. Ruiz had acquired Arizona-based RST at the end of his search process, but soon began to experience difficulties with the seller and former CEO. These difficulties strained Ruiz's relationships with his board, employees, and key customers. As the situation deteriorated, he faced the prospect of filing for bankruptcy.