For strategists, a good hypothesis is invaluable, both as a starting point and as a guide to help structure a good analysis. A hypothesis-driven approach is widely regarded as the gold standard in tackling problems where uncertainty and ambiguity make it difficult to identify obvious solutions. "What needs to be true?" (WNT) is a framework that highlights the power and importance of assumptions in strategic decision-making; thus, it is an essential complement to a hypothesis-driven mindset. It is meant to be an "everyday carry" tool in the strategist's arsenal-something that is simple and compact enough to be quickly deployed on the fly. It is versatile and can be used as a reliable starting point for any evaluative exercise.

This technical note is designed to be used early in a graduate-level elective course on strategic analysis, though it can be used at multiple levels, including advanced undergraduate and Executive Education. The note assumes some basic knowledge of hypothesis testing or the hypothesis-driven approach as a tool used in strategic analysis, particularly in the context of consulting. Building on this foundation, students will learn more about what makes a good hypothesis, the relationship between hypothesis and theory (the scientific method), and why this has become such a useful problem-solving framework in business settings. Specifically, a significant part of the discussion will center on the more practical or applied art of using hypotheses to reduce complexity and get to the heart of a clients or other stakeholder's needs.

What is Web3, and what does it mean for established companies? Web3 describes a broad range of emerging internet applications for blockchain technology (i.e., a decentralized, public database that allows information to be securely recorded on a network of computers rather than verified and controlled by centralized entities). Central to this evolution of the internet are four distinct blockchain-enabled applications: fungible tokens (cryptocurrencies), nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), and metaverses. In this article, we define each of these applications and discuss their capacity to increase peer-to-peer interactions, decrease large companies' control of information and services, and facilitate access to user networks at a much lower cost than currently possible. These distinctions make Web3 both a natural evolution of Web 2.0 and a broader paradigm shift that may fundamentally alter the online interface, organizational structure, and business practices. We conclude by addressing how established companies can prepare for a more decentralized internet.

This case is set in the rapidly changing and technologically emerging industry of on-demand streaming video, which offers Netflix a number of strategic choices. For instance, strategies can involve choices about hosting infrastructure, consumer pricing, and other issues related to a streaming service's business model. In order to achieve global competitiveness, however, some of these choices also involve internationalization. In which foreign markets should Netflix compete? How should the firm enter those markets and compete there? How responsive to local preferences, versus leveraging globalized resources and efficiencies, does it need to be? Along with opportunities to explore these strategic choices, the case offers Netflix as an illustration and contrast to some of its industry competitors, such as Disney+. The material introduces students to Ana Mallett, who, in early 2021, has just been appointed vice president of physical production for Netflix, overseeing production in Europe, the Middle East, and Africa (EMEA) and the United Kingdom (UK). As Mallett looks at growth from abroad, she wonders if the current internationalization strategy is going to continue to succeed. This case is used at the Darden School of Business in the first-year core strategy course, in a strategic growth and value creation module. The case introduces an internationalization analysis framework. The material encourages exploration of the industry, competitive positioning and advantage, and capabilities in the context of international expansion. Case discussion can include industry dynamics, localization, globalization, glocalization, five forces analysis, competitive life cycle, hypothesis testing, and capabilities analysis. This case would be useful for any course or module focusing on international strategy, planning for growth, or technology strategy.