In 2006, two entrepreneurs founded Fugumobile Co. Ltd., a digital marketing agency based in Shanghai, China. The company grew organically in China by adapting to the evolving trends in digital marketing. In May 2021, the founders were facing a dilemma and had to choose between two options for sustainable and profitable growth of their company. The first option was to reach an extensive client base by continuing to deliver standardized services at affordable prices, which offered the company modest growth and profitability. The second option was to offer customized services at a premium price, which was more rewarding but would require recruiting experienced workers with a proven track record for selling and delivering high quality customized services, who were typically employed by large agencies and demanded significantly high salaries. The two founders had to decide which path to take.

In 2006, two entrepreneurs founded Fugumobile Co. Ltd., a digital marketing agency based in Shanghai, China. The company grew organically in China by adapting to the evolving trends in digital marketing. In May 2021, the founders were facing a dilemma and had to choose between two options for sustainable and profitable growth of their company. The first option was to reach an extensive client base by continuing to deliver standardized services at affordable prices, which offered the company modest growth and profitability. The second option was to offer customized services at a premium price, which was more rewarding but would require recruiting experienced workers with a proven track record for selling and delivering high quality customized services, who were typically employed by large agencies and demanded significantly high salaries. The two founders had to decide which path to take.

The case study titled "Ace Micromatic Group: A Hidden Champion in the Indian Machine Tools Industry" details the journey of Ace Micromatic Group (AMG): how a mid-sized Indian company founded in 1979 and headquartered in Bangalore grew to become India's largest machine tools company by 2005, a position it held until 2020. The case highlights how the group's cofounders have stayed together and committed to managing the group by adopting professional practices. With 700 on-field employees and over 55 service centers, AMG became the undisputed market leader in India. However, 2020 was a challenging year, with the COVID-19 pandemic impacting businesses worldwide. The case describes the concerns of the Managing Director and CEO of Micromatic Machine Tools (MMT) Private Limited, T. K. Ramesh, regarding the changing manufacturing map of the world. Ramesh wanted to envisage how this would affect AMG's expansion strategy and how the group should allocate resources between different markets. Another development that Ramesh and his team followed closely were the disruptive technologies- electric cars and car-sharing platforms-that had already created waves in the automobile sector. The emergence and growth of automobile hiring and sharing economy platforms such as Uber and Ola meant that the public, especially the younger generation, preferred the convenience of on-demand automobiles on a pay-per-use basis to vehicle ownership. With the number of automobiles being produced and sold declining over time, how should AMG respond?

Ace Micromatic Group (AMG) was established in 1979 and is a well-known machine tools (MT) manufacturer in India. Under the leadership of Shrinivas Shirgurkar, Managing Director, the firm has been ambitiously seeking new opportunities. It is a ""niche entrepreneur"" company that focuses on MT and computerized numerical control (CNC) machines. MMT China was founded in 2007 as AMG's wholly owned foreign enterprise (WOFE). The overwhelming support of the local government impressed AMG. The structure of the MT market has shifted from pyramidal to diamond shaped. MMT China has successfully focused on small- and medium-sized businesses (SMEs). Its focus has been aesthetics, automation, customer experience, and dealer relationships. Despite this, it has encountered several challenges. One set of challenges was financing the purchase of its goods. Another concern was the gulf between its organizational ideals and Chinese business practices and culture norms, such as giving gifts and favors (guanxi, personal networks not related to business). MMT China has been able to overcome these challenges by providing high-quality products at competitive prices, supported by efficient after-sales service. It has overcome overwhelming odds and reaped the rewards of investing in China. The founders are hopeful and optimistic about initiatives such as "China Plus One" and "Make in China2025." Careful planning will be necessary to make the most of these changes.

This case describes how Transsion Holdings ("Transsion"), a company with Chinese origins and strong advantages in the low-cost production of quality products, has used disruptive innovation to drive its many achievements in African and other emerging markets (such as India). As a startup with few resources, it was able to surpass global mobile phone brands (such as Samsung and Nokia) and take the lead position in the African mobile phone market (in terms of market share by volume). However, Transsion has been facing fierce competition in recent years. In January 2019, Xiaomi, a well-known Chinese smartphone brand, also entered the African market after gaining a firm foothold in the Indian market, and thus became a threat to Transsion's efforts to retain its lead position in Africa. In India, Transsion has to compete against Xiaomi as well as aggressive local competitors. Furthermore, due to consumption upgrading, the development of feature phones is making way for that of smartphones. How can Transsion, as the world's largest feature phone brand, expand its business in such an environment? Based on the disruptive innovation theory proposed by Dr. Clayton M. Christensen, this case will lead a discussion on why Transsion successfully entered Africa and achieved a leading position there and how Transsion should act in other emerging but competitive markets. By doing so, it aims to explore the implications of technology-based companies' growth strategy in emerging markets.

This case series describes the dilemmas encountered by Shenzhen Chasm Security Co., Ltd. (referred to as "Chasm Security") in its three rounds of funding since its establishment in 2012. As a company with Internet security technology as its core asset, it has five co-founders from three regions. Given the political and economic context of the China-U.S. trade war and the sensitivity of the information security industry, this case series always generates vigorous and enthusiastic discussions. Case (A) focuses on the first two rounds of funding in mid-2016 and discusses various dilemmas faced by the founding team. First, should the equity split among the co-founders be based on instinct or logical rationale? Second, should the company's shareholding structure be more concentrated or distributed? Third, should President Zhi Wang exercise his veto power? Crucially, the judgment on the last question encompasses three other dilemmas: (1) whether to insist on his rationale on market positioning, or swallow his opposition for the sake of maintaining relationships; (2) whether to gain a firm foothold in the Chinese market, or pursue a broad global presence; and (3) whether to chase a high valuation and wealth, or retain company control.

Case (C) introduces the latest progress of Chasm Security as of the end of 2018. It then poses a very inspiring question to comprehensively summarize the case series: "If the founders had a second chance, how would the game play out?"

Case (B) is based on the China-U.S. trade war and discusses how this Chinese Internet security company with American capital raises Series C funding in the second quarter of 2018. Should the company seek dollar funding to grow in the global market, or opt for RMB funding to focus on the Chinese market? Of utmost importance is how to deal with a situation where U.S. investors are pessimistic about Chinese security companies, and RMB funds are unwilling to invest in businesses with a dollar funding structure.

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.

Seedfund is an early stage venture capital (VC) fund focused on Indian companies building enterprises that address the growing Indian economy. The case traces the creation of the fund, the development of and the rationale for the investment theses for the fund, the way the investment team raised and constituted the funds taking into account the institutional regime governing the VC industry in India. In particular, it discusses how the investment team developed their investment theses, taking into account the competitive scenario in the market for early stage investing and the competences that they brought to the business. It also discusses the entire fund life cycle management, namely sourcing of deals, screening of deals, post financing value addition and exits. As a backdrop, the case provides an overview of the Indian VC and private equity (PE) industry in India.

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.

Two life-long friends, one a doctor and one a business professional, joined forces to set up Eye-Q Super Specialty Hospitals in 2007. Driven by their shared goal of bringing superior quality eye care to places where such services were desperately needed, the partners chose to operate in the small towns and cities across India. Both men believed in a vision that combined a socially driven business model with a commercially viable enterprise, and they had experienced great success with this model during their first seven years of operation. In January 2014, as they charted out Eye-Q Super Speciality Hospitals’ plans for growth, the partners decided to expand the organization’s reach from 30 to 125 hospitals over the upcoming five years. Was this growth expectation realistic? What strategy would best suit this objective?

Two life-long friends, one a doctor and one a business professional, joined forces to set up Eye-Q Super Specialty Hospitals in 2007. Driven by their shared goal of bringing superior quality eye care to places where such services were desperately needed, the partners chose to operate in the small towns and cities across India. Both men believed in a vision that combined a socially driven business model with a commercially viable enterprise, and they had experienced great success with this model during their first seven years of operation. In January 2014, as they charted out Eye-Q Super Speciality Hospitals' plans for growth, the partners decided to expand the organization's reach from 30 to 125 hospitals over the upcoming five years. Was this growth expectation realistic? What strategy would best suit this objective?

In 2014, Jiangsu Huabo Industrial Group Co. Ltd. brought together offline logistics services and an online platform to create Jiangsu PhoneWin Logistics Management Co. Ltd. (PhoneWin). PhoneWin’s purpose was to exploit e-commerce opportunities for phones and related services in small towns and villages in China. Although competition was fierce from several large e-commerce companies in Tier 1 and Tier 2 cities, PhoneWin achieved some success. By November 2015, it had expanded into 13 provinces across China and built partnerships with over 300 suppliers. However, two Chinese e-business giants had started to expand their penetration in rural markets, becoming an inevitable threat to PhoneWin. As an early entrant in this market, how could PhoneWin compete against such powerful giants? Could it sustain its revenue and profit growth in the coming years?

In 2014, Jiangsu Huabo Industrial Group Co. Ltd. brought together offline logistics services and an online platform to create Jiangsu PhoneWin Logistics Management Co. Ltd. (PhoneWin). PhoneWin's purpose was to exploit e-commerce opportunities for phones and related services in small towns and villages in China. Although competition was fierce from several large e-commerce companies in Tier 1 and Tier 2 cities, PhoneWin achieved some success. By November 2015, it had expanded into 13 provinces across China and built partnerships with over 300 suppliers. However, two Chinese e-business giants had started to expand their penetration in rural markets, becoming an inevitable threat to PhoneWin. As an early entrant in this market, how could PhoneWin compete against such powerful giants? Could it sustain its revenue and profit growth in the coming years?

Supplement to case IMB639. GoCoop is a four-year old start-up that is creating an international market for Indian artisanal products such as handlooms through a B2B e-commerce platform. The company, founded by Siva Reddy, a former technologist with managerial experience in India as well as abroad has received a round of angel funding, followed by a Series A round recently. It has pivoted (i.e., changed its business model) twice and is now poised for a phase of rapid growth. The case traces the history of the company and examines some of the critical choices made by the entrepreneur and his key learning experiences. The case is anchored on the next steps that GoCoop will have to undertake to meet its growth aspirations. It also provides an opportunity for the class to deliberate and reflect on the choices made by the company and the entrepreneur so far. The case is accompanied by a background note on the marketing of Indian handloom products from an earlier period prior to the advent of electronic commerce. Company videos and those of Indian artisans are also available on YouTube.

GoCoop is a four-year old start-up that is creating an international market for Indian artisanal products such as handlooms through a B2B e-commerce platform. The company, founded by Siva Reddy, a former technologist with managerial experience in India as well as abroad has received a round of angel funding, followed by a Series A round recently. It has pivoted (i.e., changed its business model) twice and is now poised for a phase of rapid growth. The case traces the history of the company and examines some of the critical choices made by the entrepreneur and his key learning experiences. The case is anchored on the next steps that GoCoop will have to undertake to meet its growth aspirations. It also provides an opportunity for the class to deliberate and reflect on the choices made by the company and the entrepreneur so far. The case is accompanied by a background note on the marketing of Indian handloom products from an earlier period prior to the advent of electronic commerce. Company videos and those of Indian artisans are also available on YouTube.

Online social network service provider Five One Network Development Co. Ltd. (51.com) was founded in August 2005 and entered the online game industry in 2011, when browser games became popular in China. Although it continuously invested in developing online games, it had failed to reach its goal of becoming one of the top 10 companies in China. The online game industry had seen fierce competition and was finding it difficult to retain talented employees, who were leaving to start their own businesses. This problem, referred to as a “brain drain,” was also increasing the number of emerging profitable start-ups, especially in the mobile game segment. To overcome these internal and external challenges, 51.com decided to apply a new strategic approach: launching a series of new spin-off businesses from within the company. However, competition between the spin-offs seemed unavoidable. How would 51.com manage the relationships between the new spin-off businesses?

After continuous business growth and taking advantage of new business opportunities, China Precision Technology Group transformed from a small producer of coils for television tuners to an enterprise with five different business sectors: consumer electronics, automobile parts, optical, health care, and stamping equipment. In 2014, on the company’s 24th anniversary, the company’s founder and chief executive officer was evaluating the achievements of each business and considering the concerns of each sector’s employees. He understood that some problems were associated with the transformation strategy developed four years earlier, in 2010. The business development of the five business sectors had been uneven, with varying levels of profitability. He hoped to list some of the enterprise’s businesses on a stock exchange but now wondered how to move the company forward along the transformation path it had established.

Starting with a small pilot centre in Hyderabad in 2010, a chain of quality dialysis centres had grown to 25 centres by mid-2014, with plans to expand to 100 by 2017. As they planned for this growth, the three co-founders had several questions with respect to NephroPlus's business model, partners, staff, systems, processes and culture playing on their minds. With the threat of competition looming large, they knew that they had to work hard to achieve both high quality and affordability as they continued with their fast-paced growth.