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It is fall 2022, and open-source AI model company Hugging Face is considering its three areas of priorities: platform development, supporting the open-source community, and pursuing cutting-edge scientific research. As it expands services for enterprise clients, which services should it prioritize? Will these projects be in line with Hugging Face's volunteer community? Further, Hugging Face decided to remove a model uploaded by a contributor, due to the potential harm the leadership felt it could propagate. Was it the right decision?

In 2013, the edible bird's nest industry outfaced chaotic market competition, poor customer awareness, a lack of trust, and a lack of strong branding during its infancy, thereby resulting in development opportunities for new categories and brands. Xiaoxiandun Freshly Stewed Edible Bird's Nest ("XXD") foresaw the strategic direction and emerged into prominence in the industry within less than six years. Moreover, XXD solved the pain points of the industry and consumers, developed the category of "freshly stewed bird's nests," introduced a customer-to-manufacturer (C2M) model, and directly reached consumers from the factory through value creation. Furthermore, XXD achieved rapid growth and became a leader in the industry through its innovative business model. However, XXD, which began with online sales, faced back-and-forth attacks from competitors. Traditional bird's nest giants launched online sales, intensifying online traffic and competition. Accordingly, XXD considered opening brick-and-mortar stores to further expand the brand's influence and increase its competitiveness, which would require a huge investment of resources. However, no consensus was reached among the founders of XXD despite several discussions within the company.

Is there any space for startups in a fully matured market where market incumbents are embroiled in cut-throat competition? And if so, how can new entrants carve out a niche? Through its own experience, ApiYoo has come up with an answer of its own. As a 4-year-old startup in consumer goods, ApiYoo has distinguished itself from others in the sense that while most startups begin by concentrating on just one single brand, ApiYoo established seven brands in different market segments. For every new entry, it has adopted a strategy of appearance differentiation. After four years of development, in 2020, it achieved an annual operating revenue of ¥1.2 billion, against its larger ¥10 billion goal for an annual revenue by 2025. Although its strategy of appearance differentiation has borne some fruit, the aesthetic preferences of consumers are subjective and, therefore, highly volatile. How can ApiYoo maintain its competitive advantage? What challenges will it face in realizing an 8-fold growth within five years? Students are expected to answer these questions from the perspective of Zeng Rui, ApiYoo's Founder and CEO.

In cross-border mergers and acquisitions (M&A), post-merger integration is a challenge. The main questions posed are how should the expected operating and financial targets and a smooth transition be achieved and synergies be generated. These factors directly affect the ultimate realization of the value of overseas M&A transactions. This case, as the third one in the series of cases on BlueStar's acquisition of Adisseo, highlights new strategic initiatives adopted by the Bluestar Group in recent years to boost Adisseo's growth. Furthermore, this case focuses on the promotion of further integration between the Bluestar Group and Adisseo at various levels since the completion of the acquisition of and integration with Adisseo in 2012. The case focuses on the following questions: How did China National Chemical Corporation Ltd. (ChemChina) and the Bluestar Group promote the successful listing of Adisseo, the acquired companyin China's A-share market? How did the A-share listing transform Adisseo's corporate governance? Backed by the Bluestar Group and ChemChina, which initiatives did Adisseo take in terms of related diversification, capacity expansion, and global layout? How did ChemChina and the Bluestar Group further promote the merger and integration, as well as the sustainable development of Adisseo? Which innovative practices were adopted by the parties and how did they benefit? These explorations and practices provide useful experience for Chinese companies' M&A of overseas companies and integration after M&A.

Psychedelic drugs have a history clouded by stigma, but a new wave of clinical research could change how they're perceived and used. Today, a psychedelic renaissance points to potential uses of such drugs in the fields of psychiatry, mental health, and well-being. Some companies have seized upon psychedelics' potential to treat psychological conditions and spur creativity and are making business investments that they hope will pay off in breakthroughs that improve people's lives.

Set in 2021, the case highlights how S4Capital, a digital-first advertising and marketing services company, develops a disruptive and innovative business model to meet the industry's growing demand for agility, digital prowess, flexibility, and efficiency, better than the traditional, analogue, holding company model of existing advertising networks. The company's practice of a 'zero earn-out' approach in its mergers and acquisitions, along with an upfront cash payment, share in its equity to the entrepreneur-founders, and incentives to retain the senior management of the acquired firms, also made it a favourite potential partner for like-minded technologically savvy companies in the domain. By September 2021, the S4Capital group comprised more than 26 companies, had a market capitalisation of around US$6.5 billion, and its revenues had grown by 49%. However, it faced many challenges as well. While S4Capital's adoption of unitary branding provided a platform for seamless integration of talent and capabilities across its offices globally, it required constituent agencies to give up their individual, and often highly iconic identities, and build a collaborative mindset for the collective good. In 2021, the group's merger with Zemoga, a digital transformation company, enabled S4Capital to plug a crucial gap in its menu and offer tech services besides content and media solutions. However, the inclusion and integration of a new practice area as the third pillar would entail having a more complex and unwieldy structure. In immediate terms, S4Capital faced an uphill task in acquiring and retaining talent in some of its markets. In Asia Pacific, where it was focusing on growth, the availability of suitably qualified tech-savvy manpower was inadequate. While in the US, its largest market, the pandemic had unleashed a wave of 'Great Resignation' in the corporate world, resulting in high staff turnover as people increasingly opted out of their current jobs.

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 the time, there was little medication available for the rare condition, so Rothblatt decided make a drug herself and formed United Therapeutics in 1996. When that company proved successful, both financially and scientifically, Rothblatt decided to take what she saw as the logical next step: manufacturing organs for transplantation.

CEO Andres Gluski leads the transformation of the global energy company.

A SAFE ("Simple Agreement for Future Equity") is a security increasingly used in seed financings. Not equity or debt, SAFEs allow founders to "get capital now and sell equity later." This Technical Note covers: 1. What is a SAFE and why use one?, 2. The key concepts involved when calculating a SAFE's future ownership in a start-up, 3. Calculating a "fully-diluted" capitalization table with multiple SAFEs, and 4. Some not-so-safe wrinkles to the security.

Three strategies can help employees anywhere feel connected. Plus, one way to beat inflation, what umpires' calls reveal about our "attention budget," and more.

A new study shows that when customers identify with a brand, an attack from an "outsider" will spur them to defend it by purchasing it.

The Center for Sustainable Agriculture was founded in 2004 as a solution to various problems in India's agricultural industry. The founder developed a sustainable agriculture model to help farmers lower crop failure risk and reduce production costs, to which pesticide and fertilizer use contributed over 30 per cent. The Center for Sustainable Agriculture built a sustainable agriculture model by collaborating with farmers, producer associations, governments, and markets. The introduction of organic products allowed the company to integrate sustainability into its core business plan. In 2021, after achieving success in Telangana, India, the founder was planning to expand his organic farming model across the country, but he wondered what challenges he would face in other states and how he could overcome these.

This case describes The Boeing Company's production process for assembling and supplying kit carts to 787 Dreamliner final assembly lines and explores appropriate strategies for solving challenging issues within the process. The case employs a systems analysis approach to break the process into sub-systems and analyze inputs and outputs at every level. The 787 program pioneered numerous innovative manufacturing processes Boeing planned to implement on other commercial airliners. Chief among them was the use of kit carts to deliver parts and tools to mechanics. However, after kitting was implemented in 2016, the 787 program experienced challenges delivering kits to the right place, at the right time, and with the right parts. Kitting was a critical part of the streamlined 787 assembly process. Just one incorrect or incomplete kit on the production floor led to delays, and challenges with assembly schedules, on-time delivery, and financial consequences. Students will use a holistic approach to analyze complex information systems, as well as identify internal process improvements to ensure on-time parts delivery.

For decades in the United States, the name Hershey has been synonymous with chocolate. From the iconic foil-wrapped Hershey's Kiss to the chocolate syrup for milk or ice cream, the company's offerings have been enjoyed by generations of consumers. Over its long history Hershey has found dozens of ways to keep innovating with chocolate and other sweet treats--different brands, flavors, sizes, packaging, and products--and taken them to other geographic regions. In the past few years, however, the company has embarked on a more ambitious journey. First, it set a bold new strategy: to make Hershey a powerhouse in snacks as well as confections, by expanding into savory and better-for-you product categories. Then it streamlined global operations, bolstered its core businesses, developed a more courageous culture, and executed a series of diversifying acquisitions. In the process, Hershey became more entrepreneurial, adaptable, and resilient.

Harvard Business Review published its first issue 100 years ago with a mission to help leaders put the best management thinking into practice. To mark our centennial, we asked eight current and former CEOs from some of the world's top companies to describe the ideas that have propelled their own careers and organizations. Stephane Bancel, the CEO of Moderna, on planning from the future back; Anish Shah, CEO of Mahindra, on purpose-driven strategy; Roz Brewer, CEO of Walgreens Boots Alliance, on listening as a leader; Nicolas Hieronimus, CEO of L'Oreal, on global vision with local execution; Joey Wat, CEO of Yum China, on continuous innovation; Mo Ibrahim, former CEO of Celtel, on inclusive capitalism; Ignacio Galan, CEO and chairman of Iberdrola, on transparent sustainability reporting; Indra Nooyi, former CEO of PepsiCo, on performance with purpose. As we at HBR look to the future, we recommit to our mission of helping leaders build a better world for customers, employees, partners, and communities.

Toto Wolff, the team principal for Mercedes-AMG Petronas--arguably the most impressive team in F1 racing history--has led his organization to unparalleled success. Mercedes earned the Constructors' Championship (for best overall team performance) every year from 2014 through 2021, and over that time frame it won nearly 70% of the Grand Prix races it competed in. To understand what made that possible, Harvard Business School's Anita Elberse spent time with the team in 2021, conducting interviews and watching what went on behind the scenes before, during, and after races. She found that Wolff shapes the culture at Mercedes to a remarkable degree. Elberse's takeaway? What you say and do as a leader has a surprisingly powerful effect on the organization you run. In this article, drawing on her observations of Wolff's management style and practices, Elberse presents six lessons that can help any leader cultivate a winning team: (1) Set the highest standards for everyone; (2) put people front and center; (3) analyze mistakes continually--even when winning; (4) foster an open, no-blame culture; (5) trust superstars but maintain authority; and (6) relentlessly battle complacency.

Space is becoming a potential source of value for businesses across a range of sectors, including agriculture, pharmaceuticals, consumer goods, and tourism. To understand what the opportunities are for your company, the authors advise you to consider the four ways in which using space could create value: data, capabilities, resources, and markets. For most companies thinking about their space strategy over the next five to 10 years, data will be the dominant focus. For instance, many companies are turning to remote-sensing satellites for data that will inform business decisions. Whether it's tracking the number of cars parked in retail locations, detecting costly and environmentally damaging methane leaks from natural-gas wells, or assessing soil type and moisture content to maximize crop yields, creative uses for data gathered from space abound. Companies looking further ahead will want to explore the value to be gained from conducting activities in space, utilizing space assets, and meeting demand from the new space age. Businesses engaging with commercial space should be willing to experiment and should look for partners.

Many organizations take big actions in the realm of DEI because of something they see another company do--such as publicly declaring themselves champions of people of color or setting an ambitious top-down DEI strategy across the firm. However, these grand stances usually fizzle out, leaving leaders frustrated and saying, "DEI work is too hard. It takes too long to see results." The fact is, DEI isn't a short-term project, and a company making big moves before it has the right culture and structures in place is likely to fail, leaving marginalized employees and customers no better off and giving companies a reputation for hollow promises. Academic research and the author's experience working with firms on DEI strategy suggest that companies tend to follow predictable stages on their DEI journey. In this article, Georgetown professor and organizational psychologist Ella F. Washington describes the five stages: aware, compliant, tactical, integrated, and sustainable. She also includes questions for leadership teams to ask themselves. Understanding what stage your company is in can help you decide where to focus your energies most effectively and keep you from getting stuck.

While the popular view is that insights are the key benefit of artificial intelligence, in truth AI creates value by improving the quality of decisions. The good news is, the opportunities for it to do that in business are countless. But because decisions in one area of an organization usually have an impact on decisions in other areas, introducing AI often entails redesigning whole systems. In that way, AI is similar to groundbreaking technologies of the past, like electricity, which initially was used only narrowly but ultimately transformed manufacturing. Decisions involve a combination of prediction and judgment, and because AI makes highly accurate predictions, it will shift decision rights to where judgment is still needed, potentially changing who makes decisions and where, when, and how. More-accurate predictions in one part of a value chain will also have ripple effects on other parts. For instance, if a restaurant can reliably forecast the amount of ingredients it needs each week, its orders will fluctuate, making its suppliers' sales more uncertain. Strong communication is needed to synchronize effort and resources in a system, and modularity will help prevent changes in one area from disrupting others.