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Bladelogic, a high flier in the large and growing market of data center automation software, had reached a critical juncture. The company, which had already garnered two rounds of venture funding and closed deals with dozens of blue-chip firms, appeared to be headed in the right direction. Revenues, however, were becoming increasingly hard to forecast. As the CEO, Dev Ittycheria's leadership position was entirely based on his ability to execute in a tough, high-stakes environment. Monthly board meetings were becoming increasingly tense; Bladelogic was becoming vulnerable to missing its revenue forecasts unless one or two "big" deals came through at the end of each quarter. With less than twelve months of cash left at the firm's current burn rate, Dev knew that they were going to need another round of capital well ahead of schedule. Current investors were in no mood to put more money in at a higher valuation, so the company was facing the very real prospect of a down round . Dev knew they had to get additional capital fast...but how could he secure a new financing round without the participation of existing investors? At what price would the current investors participate?

Alison Barnard, 27, knows shopping, retail, and fashion. As an MBA, working part time in retail, she devises a business plan for a premium denim and tops boutique based on her view that "women are not brand loyal, they are fit loyal." In-Jean-ius, her six-month-old corner shop in Boston's lovely North End, has been exceeding her revenue estimates since day one-largely because Alison has skill and passion to help her upscale clients find just the 'right' pair of jeans. As it has from the very beginning, running this hit venture consumes nearly every waking hour. Still, the creative, high-energy founder is far less concerned with burning out than with having her retail store duties usurp her ability to plan and manage for growth. While her plan is to roll out In-Jean-ius stores in major cities like New York, Chicago, LA, that will be critically dependent on her ability to attract and develop management talent with a similarly keen eye for fit. Her latest hire with management potential has just decided to quit, leaving Alison to wonder; if it's such a challenge to replicate myself at this one location, how am I supposed to scale?

This case follows a classic student venture from on-campus conception in 1994, to harvest during the late 90s Internet wave, to its rebirth as a virtual business model. The enterprise began as a paper-based debit card that enabled Dartmouth College students to purchase merchandise at participating local pizza shops, copy centers, coffeehouses and the like. By the time founder Taren Lent and his partner took their system online in 1996, the 'Green Card' had a broad campus following, significant vendor participation, and average monthly revenue of $160,000. The entrepreneurs funded their expansion with informal investments from family, friends, angels, and a bank loan. In 1999-near the peak of the Internet bubble-they were scooped up by Student Advantage, a 'high-concept' venture-backed dot-com that was spending millions to build online market share in the higher-education space. Taren, who was heading up the campus card division, was astounded at how little attention was being paid to pursuing viable revenue models. When Student Advantage ultimately (and somewhat predictably), ran out of money and was liquidated, the campus card segment was sold to Blackboard. Taren Lent, however, had other ideas. He and a new partner left to start a virtual card venture focused on the higher education market. That focus would soon be put to the test by compelling opportunities that are doable, but not within their narrow strategic focus; e.g. business campuses, theme parks, and government agencies like NASA.

Andres Galindo is a young Colombian from an upper-middle class family in Bogota. With his brother Carlos serving as the sole importer in the country for the top American brand Electra Sportswear, Andres sets out to create a chain of retail stores located in high-end shopping districts. Understanding that his legally imported goods were at a dramatic cost disadvantage to openly marketed illegally imported brands and counterfeit labels (due to a 40% to 120% tariff), Andres decided to approach the problem as a retailing and marketing challenge by adding value through the retail sales process. By 2005, Andres has 14 stores and a new challenge: Electra has decided to cut out the middle man--Carlos--and have Andres import the product directly. This ought to lower margins, but it's a big step. Most important, though, is crafting a growth strategy for his company in the face of unfair competition and a relatively small target population.

Jim Poss' enterprise, Seahorse Power Co. (SPC), was an engineering start-up that encouraged the adoption of designing products that were cheaper and more efficient than 20th century technologies. Poss was sure that his first product, a patent-pending, solar-powered trash compactor, could make a real difference. After funding the product development and testing, by may 2004, SPC had six team members. They had all been given an equity stake in exchanged for their part-time services. Poss was seeking funding to allow him to take the business to the next level--a larger production run with reduced component costs and increased production efficiencies. Chronicles the evolution of the company and places Poss at the critical juncture of deciding how best to deal with potential investors and funding alternatives.

After sixteen years of building the Web's first viable online student travel business, Mario Ricciardelli finally hit upon a business model that could generate significant income and cash flow. With their its full season approaching, Mario and his partner are taken aback when their trusted strategy adviser suggests that now is the time to think about harvesting their venture. How could they possibly think about selling when it's just beginning to get fun? Mario started his spring break travel business as a sophomore at Babson. After a number of challenges and setbacks, he almost gave up. In the late 90s he aligned with a competitor, and changed the company name to StudentCity.com. When they were acquired by a 'high-concept' venture-backed Web business, it appeared their business concept was finally going to get traction. Instead, Mario and Jacqui watched their paper fortune evaporate as their cash-strapped parent failed. They were able to exit with their business intact. Mario decided to take one more shot. He mortgaged his house to refinance the company, and focused all the company's efforts and creativity on owning the spring break segment. Amazingly, after two seasons with the new business model, they were on track to top $23 million in revenue, with income before tax projected to be $2 million in 2004. If they could stage that sort of turn-around in just 24 months, was it really the best time to sell?

This case chronicles the evolution of Adam Aircraft, a highly innovative, entrepreneurial, start-up company that flew in the face of conventional wisdom in the general aviation market. Its founder, Rick Adam, had orchestrated the fabrication of two flying prototypes--the A500 twin piston and the A700 jet--at a speed of design and production that turned heads in all sectors of the aviation industry. Certification on both models was expected in the coming year--two years ahead of a number of well-funded competitors. With its third product--the A600 twin turboprop--nearly ready to fly, Adam Aircraft had become the one to watch in 2004.

DayOne opened for business in January 2001. The first store, located in San Francisco, provides products and services to prenatal and postnatal parents and their babies; it was an immediate success with customers. Now Andrew Zenoff, founder and CEO, wants to grow his venture into a national chain of DayOne centers, providing essential services, products, and community to first-time parents, but has not yet raised the needed money. This is Zenoff's second startup.

Matt Grant, a part-time MBA student, is developing a free publication that lists a calendar of upcoming athletic events, including road races, walks, triathlons, biathlons, bicycle tours/races, open track meets, and multisport activities in the greater Boston region. In his spare time, he launched a trial edition, and the response is so encouraging that he is on the verge of giving up a promising career with a big electronics company to pursue his new venture full time. He is wondering how to break the news to his wife, who is pursuing her own career as a lawyer.

Kalin Pentcheve, a recent U.S. immigrant from Bulgaria, starts a business importing Bulgarian feta cheese in bulk and selling it in the United States. Pentcheve has no previous experience in either the import/export business or the food industry. Deals with finding opportunity, using a network of existing contacts and developing new contacts, scraping together money from friends, family, and others to finance a venture, evolving a sales strategy by trying different "channels," and learning by doing. To position early in a new ventures course.

Deals with a nascent, high-potential business that is conceived by two MBA students who have no experience in the industry where they believe they have found a niche for an exciting new product--a technology platform that enables consumers to pay for merchandise and simultaneously participate in loyalty programs using any type of cell phone. Deals primarily with building contacts and gathering resources. Also covers career choice, building a team, venture capital, and boards of advisers.