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The founder of Cisca Engineering Limited (CEL), a Canadian engineering consulting firm, announced in 2017 that she would be retiring in the following year. The company's president was considering how to leverage his soon-to-be-expanded authority to ensure that the company's vision and core values would effectively drive the organization's culture. He wanted to avoid vision and mission statements that were simply posted on the company's website and had little resulting impact on employee behaviour. How could he lead the organization beyond defining core values and vision to infuse these principles throughout the organization and to mindfully build a strong organizational culture?

Neat is a financial technology (fintech) startup in Hong Kong that offers a basic alternative to those who had previously found it difficult to open bank accounts and access credit in Hong Kong. Having successfully launched a personal account in 2015, the company is facing the classic question of how to expand in a fast-growing and constantly evolving new industry, challenging established incumbents that have strong brands and image recognition. In the Fall of 2017, Neat evolved from its introduction of personal accounts to the launch of business accounts. Neat management was deciding how to take the business forward and, most importantly, how to develop profits. The students are asked to take the viewpoint of David Rosa and the Neat management and decide how to move forward in this environment.

In 2008, Du and Lu, two experienced professional volunteers passionate about improving the state of mental health and well being among Chinese youth, founded Growing Home in Beijing, China. The nonprofit organization has since evolved from teaching children that have migrated to big cities from rural areas, to focusing on developing bedtime stories particularly for children in rural residential schools. As the demand for Growing Home's program expands, they face a decision on the organization's next step forward. Despite struggling with conflicts such as a lack of expertise and experience in commercializing the program, and establishing relationships with the government and other NGOs, the team is determined to reach the later stages of an ambitious 7-stage timeline designed to scale the NGO's social impact, and ultimately create significant institutional changes within China's education system. Case number 2123.0

James, a financial advisor at Bank Private, is advising a high net worth client with $1 million to invest. Bank Private can offer an investment that returns a fixed rate of 5.5% (compounded annually) for twenty years. James needs to prepare financial projections for the client that include annual interest and annual taxes as well as total interest and total taxes.

Bakeys Cutlery was launched in India in 2010, after the founder had spent years researching how edible cutlery could counteract the damaging effects of plastics on our health and the environment. In 2017, the challenges the founder faced in the domestic market included the high prices of the cutlery, compared with plastic cutlery, and low environmental awareness. Response to the company was positive in international markets, but how could the founder become successful in his home country?

Kris Alexander is a newly appointed partner at the private equity firm Kohlberg & Co. Alexander is preparing an exit proposal for one of Kohlberg's portfolio companies, the TeeGolf Company. Alexander believes that TeeGolf has a great opportunity of selling for a purchase price that would achieve a return equal to or greater than the firm's target IRR of 25%. However, Alexander was concerned about the viability of the sale. Specifically, he wondered: would strategic buyers, who would pay premiums to financial sponsors, actually be interested in this business? How would the firm negotiate amongst potential buyers if several submitted bids? What if there was only one buyer interested? Had Kohlberg's valuation accounted for a potential recession? How should he account for the investment banking adviser fees in his recommendation to sell? To answer these questions, students will be required to evaluate different exit strategies from multiple perspectives, understand how to work with a leveraged buyout analysis, a discounted cash flow, and how to add in the effects of synergies. A negotiation exercise between Kohlberg and two potential buyers, private equity firm Leonard Green Partners and a strategic buyer GoGolf, can support the learnings around asymmetric information, ZOPA, and BATNA. This case works well in a module covering firm valuations and financial negotiations. It would complement the HBS note on negotiations and cases such as Kelly Solar and Wrigley/Mars.

Spreadsheet supplement for case UV7440.

Kris Alexander is a newly appointed partner at the private equity firm Kohlberg & Co. Alexander is preparing an exit proposal for one of Kohlberg's portfolio companies, the TeeGolf Company. Alexander believes that TeeGolf has a great opportunity of selling for a purchase price that would achieve a return equal to or greater than the firm's target IRR of 25%. However, Alexander was concerned about the viability of the sale. Specifically, he wondered: would strategic buyers, who would pay premiums to financial sponsors, actually be interested in this business? How would the firm negotiate amongst potential buyers if several submitted bids? What if there was only one buyer interested? Had Kohlberg's valuation accounted for a potential recession? How should he account for the investment banking adviser fees in his recommendation to sell? To answer these questions, students will be required to evaluate different exit strategies from multiple perspectives, understand how to work with a leveraged buyout analysis, a discounted cash flow, and how to add in the effects of synergies. A negotiation exercise between Kohlberg and two potential buyers, private equity firm Leonard Green Partners and a strategic buyer GoGolf, can support the learnings around asymmetric information, ZOPA, and BATNA. This case works well in a module covering firm valuations and financial negotiations. It would complement the HBS note on negotiations and cases such as Kelly Solar and Wrigley/Mars.

Spreadsheet supplement for case UV7444.

In mid-2015, India-based Titan Company, a joint venture between Tata Group and Tamil Nadu Development Corporation, was active in several retail businesses: watches; jewellery; eyewear; and youth accessories (e.g. backpacks and helmets). As of July 2015, Titan Company operated 1,300 of its own stores in 240 Indian cities and towns, and its products were being sold abroad through 2,300 third-party retail outlets in 32 countries. Titan Company's board of directors had developed an ambitious target-revenues of INR300 billion by 2020. The chief executive officer and his team needed to outline a strategy to achieve this goal. In particular, they needed to decide whether Titan Company should continue to launch new businesses or instead focus on consolidating its existing businesses.

UAE Exchange began operations in 1980 and, through the years, established itself as a global remittance, foreign exchange and payroll solutions brand. Investing extensively in its people by adopting innovative practices, UAE Exchange won appreciation from its customers and employees alike. In 2008, the global financial crisis adversely impacted the Middle East and forced many expatriates to return to their home countries. With fewer people remitting money, UAE Exchange lost considerable market share. Leaders at UAE Exchange sensed an urgent need for change and made several strategic moves to navigate this challenge. The new direction proved successful, and management was then faced with the challenge of sustaining the momentum. The case asks students to identify the various positive practices that an organization could implement for change. It covers the importance of developing employee strengths, generating positive relationships and emotions, enhancing employee engagement, and supporting customer focus. After reading this case, students will gain a conceptual framework of organizational excellence in a competitive industry. Students will be able to identify the practices of positive organizational behavior, employee engagement, and positive change that can be applied at any corporation. In addition, students will build opinions on the key factors in developing and maintaining positive relationships in an organization with employees and customers from different nationalities.

In early April 2018, Spotify Technology SA (Spotify) had planned a rare direct listing on the New York Stock Exchange. Unlike typical initial public offerings (IPOs), which used investment banks as underwriters to help set an IPO price, Spotify's direct listing would allow market participants to determine the initial price. In a typical IPO, investment banks shopped the potential offer to various clients and, in the process of book building, determined a range for the offer when it started trading. They also often provided support for the issue on the day it started to trade, limiting the downside for shareholders if demand was low. In Spotify's case, the investment banks were only being paid a nominal fee, and Spotify was not raising capital in the offering. The stock simply started trading on the prescribed day. A portfolio manager with a hedge fund that focused on growing technology companies was considering investing in the firm, but faced a challenge: how could she estimate Spotify's value when it started to trade?

Japan's number-one apparel brand and retailer, Uniqlo Co. Ltd. (Uniqlo), built its business by delivering high-quality basic casual clothing at low prices. Uniqlo's founder and chief executive officer of Uniqlo's parent company, Fast Retailing, stated that his goal was to become the world's number-one apparel retailer. He argued that success in the U.S. market was crucial to meeting this goal; yet, Uniqlo USA was not doing well. In mid-2017, after more than a decade of efforts, Uniqlo USA had relatively few stores and continued to lose money. As the gap between its goals and performance continued to diverge, the company needed to re-examine its U.S.-based business and potentially its globalization strategy altogether.

In March 2012, a flagship vocational program in Punjab, Pakistan-the Punjab Skills Development Fund (PSDF)-hit a roadblock. After months of planning, a pilot phase of training courses was launched in four of Punjab's poorest districts. The classes filled up, but the researchers in charge of evaluating PSDF's programs were worried. Earlier research indicated that a large portion of the target population-including a large number of women-were interested in vocational training. But, when it came time to enroll in the classes only a small fraction of the population showed up. The researchers wanted to find out why, before the program scaled up, but any delays in rolling out the program funded by the United Kingdom's Department for International Development and the Punjab government would not bode well for PSDF. A unique public-private partnership, PSDF hoped to overhaul skills training in Pakistan by using an evidence-based, demand-driven approach. At the core of the model was a close partnership between researchers and practitioners. But embedding rigorous research in a development program did not in and of itself ensure success. Instead, with PSDF, the approach created serious tensions between policymakers and researchers, as administrative demands routinely flew in the face of applying evidence-based program design. Case number 2122.0

Supplement to case KS1261. In March 2012, a flagship vocational program in Punjab, Pakistan-the Punjab Skills Development Fund (PSDF)-hit a roadblock. After months of planning, a pilot phase of training courses was launched in four of Punjab's poorest districts. The classes filled up, but the researchers in charge of evaluating PSDF's programs were worried. Earlier research indicated that a large portion of the target population-including a large number of women-were interested in vocational training. But, when it came time to enroll in the classes only a small fraction of the population showed up. The researchers wanted to find out why, before the program scaled up, but any delays in rolling out the program funded by the United Kingdom's Department for International Development and the Punjab government would not bode well for PSDF. A unique public-private partnership, PSDF hoped to overhaul skills training in Pakistan by using an evidence-based, demand-driven approach. At the core of the model was a close partnership between researchers and practitioners. But embedding rigorous research in a development program did not in and of itself ensure success. Instead, with PSDF, the approach created serious tensions between policymakers and researchers, as administrative demands routinely flew in the face of applying evidence-based program design. Case number 2122.1

The case is set in March 2018. Neha Bhatia Ramdas, Director of Sales at Juntos Global, is visiting a prospective partner bank of her company in Singapore, which wants to expand its outreach amongst the unbanked population in South East Asia. The partner bank is not comfortable in sharing their customer data with Juntos, and Ramdas has been entrusted with the difficult task of convincing the partner bank to share their data with Juntos. Juntos specialises in deploying SMS based solutions powered by data analytics capabilities for financial service providers to help them serve their newly banked customers more efficiently. The Juntos SMS based platform helps the newly banked customers to build formal savings habits through behavioural science strategies by building a relationship of 'trust' with their customers. By creating trusting relationships between financial service providers and their customers based on the principles of Human Centred Design (HCD), Juntos was able to generate measurable increases in account usage in many of its projects. The Juntos business model was a partnership model, wherein the partner financial service was equally involved in the implementation of the Juntos solution, especially at the beginning of the project. Juntos used an agile implementation process for project implementation that was preceded by a useful ethnographic study that allowed Juntos to customise their solution for their partner clients. Juntos typically implemented pilot projets with their partners, before implementing large-scale projects. The flipside of this arrangement was the long sales cycle that was the primary impediment to Juntos success.

With more than 72,000 employees and revenues approaching the $50B mark, Cisco Systems is one of the largest information technology and networking firms globally. As the company grew and expanded into different lines of businesses, Cisco consistently looked outwards for acquisition targets that could supplement its considerable size and reach. As a follow-up to its well-received $2.7B acquisition of SourceFire in 2013, which seamlessly integrated new cybersecurity offerings into the Security business group, Cisco began conversations with OpenDNS. OpenDNS was a fast-growing start-up with credibility in the cloud security space, but there were also concerns about how its Silicon Valley culture and flat organizational culture would mesh with Cisco's more staid corporate environment. This case considers the dilemmas that two Cisco executives, Karen Ashley and Dianne Nakanishi, face as they make a final decision about whether and how to acquire and integrate OpenDNS.