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With the rapid growth of venture capital ("VC") in recent decades, we might wonder: who succeeds at VC and why? This is a complicated question, as many factors come into play. VC partnerships are comprised of individual investors with varying backgrounds, experiences, and skillsets. VC firms also feature a wide range of investment philosophies, goals, history, and resource sets. Finally, external factors such as geography and culture seem to be correlated with VC activity. This note summarizes some VC research at the individual, firm-wide, and national levels.

On Monday, September 12, 2016, the president and chief executive officer (CEO) of Agrium Incorporated announced a merger of equals: to combine Agrium with Potash Corporation of Saskatchewan (PotashCorp). Agrium, based in Calgary, Alberta, and PotashCorp, based in Saskatoon, Saskatchewan, were Canadian neighbours and direct competitors in the fertilizer industry. The two companies were structured differently, with Agrium having a strong focus on the retail market and a mixed approach to the three major fertilizer components. PotashCorp focused primarily on mining and production of fertilizer materials, especially potash (potassium fertilizer). The proposed all-stock merger would create the largest crop-nutrient company in the world and third-largest natural resource company in Canada. While the two companies' boards of directors had approved the merger, the deal still had a number of hurdles to overcome, including regulatory scrutiny over the resulting control of 60 per cent of North America's potash capacity, shareholder approval, and the go-ahead from the Canadian courts. In addition, there was no guarantee that the proposed US$500 million in annual synergies from the merger would be realized. Was the merger the best decision for Agrium, or were there other, better options? Were the current terms of the merger good for Agrium? What were the key factors to consider to ensure operating synergies were realized? What would Agrium need to do to close the deal?

When asked to identify an example of a circular economy business model that has generated billions in revenues for a company, ChatGPT, the famous chatbot that in 2022 rocked the world with its ability to perform a variety of tasks, immediately identified and highlighted Apple's iPhone trade-in program. The trade-in program encouraged customers to trade in their old devices, which were then refurbished and resold, or recycled for valuable components. With about 80% of the second-hand smartphone market comprised of iPhone and an increasing percentage of materials being recycled and reused in manufacturing, Apple was making progress towards circularity.

After merging with Commerce Bancorp Inc., TD Bank NA (TD Bank) continued to wow its customers by providing free lollipops, pens, and dog-friendly services and staying open longer than major competitors in the region. Through social media campaigns, it emphasized the importance of having a human touch in banking and showcased its appreciation for customers who had lent a helping hand to the community during the COVID-19 pandemic. It introduced innovative services such as curbside pickup for debit cards, and it increased its digital offerings by providing various digital financial services, platforms, and mobile applications (apps). It also enhanced its social media footprint and engagement with various hashtags such as #TDThanksYou. While TD Bank was doing all this, major competitors such as Bank of America and Wells Fargo responded with improved online and offline services. Having successfully differentiated itself as a bank with a human touch, TD Bank was forced to shutter 81 branches in the first quarter of 2021 due to the prolonged effects of the pandemic. Now, in September 2021, it has to recalibrate and provide more digital banking services as most of its customers are demanding the safety and convenience of digital banking. Can TD Bank build upon its slogan, "America's Most Convenient Bank," by consistently delivering humanized and seamless "phygital" banking experiences?

Finbook Pte. Ltd. (FinBook), a financial technology (fintech) start-up, started in July 2017 in Singapore as a decentralized marketplace for structured products on the blockchain. The founders obtained seed funding of approximately US$200,000 that allowed it to introduce and incorporate structured funds, short sales, and financial options in the crypto space using smart contracts under the distributed ledger system.<br><br>In May 2018, FinBook launched a private cornerstone round of token financing and obtained $3.5 million worth of Ethereum. However, the cryptocurrency market plunged in 2018. As a result, the founders needed to discuss their options: Should they postpone the public initial coin offering (ICO) planned for September 2018, or should they consider another round of venture capital (VC) equity financing while waiting for a better time for the ICO?

This case concerns the efforts of a multigenerational family company to articulate and document shareholder roles and goals aligned with the enterprise's overarching vision and values. In the summer of 2022, the family owners of well-known window-manufacturer Pella, based in the namesake Iowa city, were well into their fifth generation. No family member worked in the business--per longstanding policy--but fourth-generation members held key governance roles, including as the board chair and directors. With the trustees, other family members, and the CEO, these leaders had worked diligently to define shareholder roles and goals for all governance roles to gain family approval and use the final versions to help management. The board set Pella's vision, priorities, and strategies. The process was tricky because the family was now dispersed across the United States, and none of its members lived near the corporate headquarters. Readers will place themselves in family leaders' shoes as they face challenges, including an unpredictable business environment (such as a volatile housing market) and the question of how best to integrate and unify wide-ranging family interests and preferences for engagement with the enterprise.

Early in 2020, la Fundación Delirio (Delirio), a salsa dance, music, and circus arts show from Cali, Colombia, faced the abrupt and indefinite suspension of its presentations because of lockdowns associated with COVID-19. The general director and the staff who remained had to find new ways to connect with their audiences, relying on the strength of the brand, which help them stay afloat despite restrictions on live performances. However, when considering some of the alternatives to live performances, the general director also wondered about brand management: What impact might these short-term survival strategies have on the brand? What was going to happen to the artists?

Early in 2020, la Fundación Delirio (Delirio), a salsa dance, music, and circus arts show from Cali, Colombia, faced the abrupt and indefinite suspension of its presentations because of lockdowns associated with COVID-19. The general director and the staff who remained had to find new ways to connect with their audiences, relying on the strength of the brand, which help them stay afloat despite restrictions on live performances. However, when considering some of the alternatives to live performances, the general director also wondered about brand management: What impact might these short-term survival strategies have on the brand? What was going to happen to the artists?

<p align="justify">James Urdang, founder of Education Africa, registered the non-profit organization (NPO) in 1992. While the dismantling of apartheid laws and legacies began in the early 1990s, the systemic impact of centuries of oppression required more than just a change in political leadership. The education system, challenged by the historical injustices of apartheid (and its colonial precursors), had been deeply impacted. Urdang set up Education Africa with the objective of contributing positively to the goal of equitable and quality education and aligned with the United Nations (UN) sustainable development goal of quality education for all. One of Education Africa’s flagship programs was the South African Model UN (SAMUN).<br><br\>As an NPO, Education Africa relied on donor funding for its projects. A corruption scandal in 2010 left the organization severely financially compromised. While most of the NPO’s projects, such as the Early Childhood Development project, had sufficient funding to be sustainable, SAMUN had not been able to run since 2017 due to a lack of funding. The COVID-19 pandemic resulted in much of the organization’s funding coming to an end in 2020. The pandemic’s effect on global travel further exacerbated the sense that it would be difficult to reinstate SAMUN. How could Urdang source funding for SAMUN in the global pandemic context and financial constraints to ensure the long-term financial sustainability of Education Africa?<p/>

Managers at the Chinese state-owned hydropower development company Jiuzhaigou Hydropower Development Co. (JHDC), in Sichuan Province, were considering using photovoltaic (PV) power generation in the wake of carbon-emission regulations. After JHDC was founded in 2003, it built five hydropower stations, its original and traditional power-generation mode. When China proposed its double-carbon policy, JHDC’s general manager realized it was time to explore new approaches to electricity generation, and the breeze and sunshine of the Jiuzhaigou Valley led him to consider wind and PV power. Following a lengthy discussion among its board of directors and shareholders, JHDC made a strategic decision to expand its capacity by embracing new methods of electricity generation. Now the key question was, What was the best strategy for JHDC, as a traditional utility company, to adopt this new technology?

In 2021, the Vancouver-based Universal Outreach Foundation (UOF) collaborated with the Rocky Mountain Soap Company (RMS), a Canadian natural beauty products company, to launch a soap-making venture for Liberia Pure, a business established by UOF and owned by and for Liberians. RMS then contributed a one-time donation to support the distribution of soap during Global Handwashing Day. This case highlights the different forms and levels of sustainability associated with corporate social responsibility (CSR) projects. Students consider how to make CSR a strategic advantage for the firm, rather than relying on regulatory incentives or emotion to ensure continued corporate support. It further looks at the sustainability of the impact on the recipients after the firm leaves.

James Urdang, founder of Education Africa, registered the non-profit organization (NPO) in 1992. While the dismantling of apartheid laws and legacies began in the early 1990s, the systemic impact of centuries of oppression required more than just a change in political leadership. The education system, challenged by the historical injustices of apartheid (and its colonial precursors), had been deeply impacted. Urdang set up Education Africa with the objective of contributing positively to the goal of equitable and quality education and aligned with the United Nations (UN) sustainable development goal of quality education for all. One of Education Africa's flagship programs was the South African Model UN (SAMUN). As an NPO, Education Africa relied on donor funding for its projects. A corruption scandal in 2010 left the organization severely financially compromised. While most of the NPO's projects, such as the Early Childhood Development project, had sufficient funding to be sustainable, SAMUN had not been able to run since 2017 due to a lack of funding. The COVID-19 pandemic resulted in much of the organization's funding coming to an end in 2020. The pandemic's effect on global travel further exacerbated the sense that it would be difficult to reinstate SAMUN. How could Urdang source funding for SAMUN in the global pandemic context and financial constraints to ensure the long-term financial sustainability of Education Africa?

Longevity Wines was a family-owned urban winery and certified minority-owned business based in the Livermore Valley wine region of Northern California. Founders Phil and Debra Long opened Longevity Wines in 2008 when their winemaking hobby outgrew their garage. By that time, they had spent years visiting tasting rooms and had identified a need to increase inclusivity in the wine community. The wine industry had a history of exclusion in terms of race, gender, and class; how could Phil Long make the wine community more inclusive and his wine brand more accessible to BIPOC consumers?

In May 2022, an interactive brand activation for Insomnia Cookies (Cookies), called CookieLab, celebrated its one-year anniversary. Insomnia enjoyed strong brand-name recognition for its late-night snack of freshly baked cookies and offered a strong unique selling point (USP), especially among college students. But there were still many questions about the company's next steps, including whether a growth strategy through CookieLab was the most suitable strategy for Insomnia. Specifically, should Insomnia expand CookieLab to other locations, locally, in the north east region of the United States, or across the United States? If yes, what marketing strategy and tactics should Insomnia use to grow that expansion?

Hemant Gaur, managing director of Siddhi Vinayak Agri Processing Pvt. Ltd. (SVA), had to approve the marketing mix for Carisma, a global retail potato brand. Known for its great taste and low glycemic index rating, the Carisma product was available to SVA through its joint venture partner. If the launch of Carisma was successful, SVA could significantly increase its revenue and profitability, as well as its market value. However, the launch would consume precious resources that could otherwise be used to grow current revenue sources and SVA capabilities. Thus if the launch was unsuccessful, SVA would have wasted its resources and lost the confidence of its investors. The decision was critical for SVA, and Gaur had to make it soon to allow the full financial year's revenue to be included in the SVA valuation.

In early 2022, Rajendra Jaiswal was in a quandary about the future of the collective enterprise Diwak Mata Farmer Producer Company Limited (Diwak Mata), which his organization, Prakriti Foundation for Natural Resources Regeneration (Prakriti), had helped incubate and grow. Since Diwak Mata’s registration in 2018, Prakriti had helped it develop connections with various value chain participants and overcome the disruptions caused by the COVID-19 pandemic. With a supportive Board of Directors (BoD) and an able chief executive officer (CEO) in Rakesh Sen, Diwak Mata was recognized as one of the better-performing producer companies in the region and had growing revenues with fluctuating profits. Looking at the figures of the audited balance sheet, Jaiswal wondered whether Prakriti should withdraw its support to the producer company. Were Diwak Mata’s BoD of farmers and the CEO strong enough to chart the organization’s own path? Could they create sufficient ownership from the stakeholders for sustained growth in Prakriti’s absence? Should Prakriti remain loyal to Diwak Mata or exit and continue its core activities with other communities?

In the 2020s, with the emergence of a variety of digital technologies, Prada Group was interested in developing a new digital strategy. The global leading luxury fashion house headquartered in Milan, Italy, was recognized for its innovation and creativity. It sought a strategy that reflected the values and legacy of the company, while considering the sense of exclusivity that consumers of luxury brands desired. Prada Group was considering a digital strategy involving either the Metaverse or Web3 through the launch of a non-fungible token or by offering branded headsets and other equipment for customers to enter the Metaverse. Both the Metaverse and Web3 were relatively new technology concepts, not commonly known for interacting with luxury fashion brands. The company had to decide if it should explore an opportunity involving the Metaverse or Web3, or if it should instead find a way to remain relevant to customers by pursuing another digital strategy.

In this political strategy case, Oni K. Blair, newly appointed executive director of a Houston nonprofit advocating for more equitable transportation resources, faces a challenge: how to persuade a Texas state agency to substantially redesign a highway expansion project, already decades in the planning, in and around Houston? When Blair was appointed head of LINK Houston, in August 2017, the project-to expand, modernize, and re-route a 25-mile stretch of Houston's north-south highway, I-45, from the downtown center to the outer beltway north of town-was entering its final planning stage. Supported by powerful state leaders and stakeholders, the project was intended to address I-45's safety and capacity problems, but critics questioned the plan on several grounds, especially given its adverse impacts on Black and Latinx neighborhoods-communities that had also borne the brunt of Houston's highway construction in the past, a common pattern in American cities in the mid to late 20th century. This case, centering the perspective of Blair, was written in two parts. In the A case, students learn about the design of the project, the benefits claimed by its proponents, the dangers flagged by its critics, the history of highway development in Texas, and the perspectives of residents in the Black and Latinx neighborhoods that would be most adversely affected. It ends with Blair's realization that TxDOT's public participation process will never lead to a serious reconsideration of the project's design and poses the question, what should she do now? The B case picks up as Blair and her colleagues assess the political landscape. Who are the real decision-makers? And who might be in a position to influence them? It traces their battle within Texas to persuade the state to re-imagine the project-a battle that will eventually include a lawsuit, federal intervention, and a controversial political deal. HKS Case 2252.0

In this political strategy case, Oni K. Blair, newly appointed executive director of a Houston nonprofit advocating for more equitable transportation resources, faces a challenge: how to persuade a Texas state agency to substantially redesign a highway expansion project, already decades in the planning, in and around Houston? When Blair was appointed head of LINK Houston, in August 2017, the project-to expand, modernize, and re-route a 25-mile stretch of Houston's north-south highway, I-45, from the downtown center to the outer beltway north of town-was entering its final planning stage. Supported by powerful state leaders and stakeholders, the project was intended to address I-45's safety and capacity problems, but critics questioned the plan on several grounds, especially given its adverse impacts on Black and Latinx neighborhoods-communities that had also borne the brunt of Houston's highway construction in the past, a common pattern in American cities in the mid to late 20th century. This case, centering the perspective of Blair, was written in two parts. In the A case, students learn about the design of the project, the benefits claimed by its proponents, the dangers flagged by its critics, the history of highway development in Texas, and the perspectives of residents in the Black and Latinx neighborhoods that would be most adversely affected. It ends with Blair's realization that TxDOT's public participation process will never lead to a serious reconsideration of the project's design and poses the question, what should she do now? The B case picks up as Blair and her colleagues assess the political landscape. Who are the real decision-makers? And who might be in a position to influence them? It traces their battle within Texas to persuade the state to re-imagine the project-a battle that will eventually include a lawsuit, federal intervention, and a controversial political deal. HKS Case 2253.0

We hear it all the time as managers: "what is the data that backs up your decisions?" Even local mom-and-pop shops now have access to complex point-of-sale systems that can closely track sales and customer data. Social media influencers have turned into seven-figure solopreneurs from digital advertising analytics. In 2023, globally, we will create three times the data we did in 2019, and by 2025, it is estimated that 181 zettabytes of data will be generated (that is 181 followed by 21 zeros). Data is becoming a critical, arguably inextricable, part of business operations in our modern context. Data-driven decision-making (DDDM) uses data to inform decisions rather than relying on intuition. The digital era has given rise to the importance of data science for business applications. This technical note explores how different design thinking principles can assist the data-driven processes in a project.