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Could a small, employee-owned company meet its ambitious growth goals without compromising its high-involvement culture? LightWorks Optics, based in Orange County, California, made highly sophisticated optical components for defense aeronautics, space exploration, and commercial applications. Early in its history, LightWorks had set up an employee stock ownership plan, or ESOP, under which employees gradually built up equity in the closely held firm. In 2007, the three founders indicated that they hoped to sell their shares to the ESOP trust in a leveraged buyout in 2012. In order for that to happen, the company needed to improve its revenue and profitability significantly; that, in turn, would require that it bring in more contracts, especially ones requiring high-volume production. But, LightWorks had to pay attention to its core capabilities and what it could, and could not, do effectively. Moreover, the company prided itself on its culture of ownership-one in which all employees had a stake in the business and a voice in its decisions. Could the president, Dan Barber, and his top management team reach a consensus on how to expand production without losing the benefits of a culture of ownership?

The case follows Rose Hanna and her three business partners (Richard Hanna, Bob Francis and Faye Francis) as they launch and grow a scientific instrument company, MicroSample. It covers the idea discovery stage, their decision to work together as a team, and their approach to bootstrapping the company. The case then highlights some of the complexities involved in managing a new and growing business. Specifically, the founders go through a lengthy process trying to find a licensing partner, only to then discover that the economics make much more sense for them to remain independent and sell directly to customers. Finally, the case covers the interpersonal dynamics and relationships of the four founders (two married couples) and some resulting problems and issues.

The case follows Rose Hanna and her three business partners (Richard Hanna, Bob Francis and Faye Francis) as they launch and grow a scientific instrument company, MicroSample. It covers the idea discovery stage, their decision to work together as a team, and their approach to bootstrapping the company. The case then highlights some of the complexities involved in managing a new and growing business. Specifically, the founders go through a lengthy process trying to find a licensing partner, only to then discover that the economics make much more sense for them to remain independent and sell directly to customers. Finally, the case covers the interpersonal dynamics and relationships of the four founders (two married couples) and some resulting problems and issues.

Abhi Shah ('06) co-founding CEO of Clutch Group in the US and Bangalore, must decide whether to risk a law suit by recruiting an entire legal services team from a large US corporation. His decision and how he implements it will have a dramatic impact on the legal process outsourcing startup.

Ginger Graham, CEO of Amylin Pharmaceuticals, joined the company with the expectation of taking the company's signature drug, Symlin, to market. However, unforeseen regulatory challenges have put the approval process in jeopardy. At the same time the company has a second drug, Byetta, in its pipeline. Graham must decide how to manage the company's limited resources while also finalizing another deal that has huge future potential. Graham knows that Amylin's immediate success depends on its ability to commercialize its products but its long-term success depends on replenishing its pipeline. Can the company do it all successfully?

Proteus is a healthcare start-up that has developed technology to embed electronics for computing and sensing in existing medical devices and drugs. The technology could potentially change the basis of competition in the pharmaceutical industry. The company is currently considering a number of licensing and business development deals and must choose which one(s) to pursue.

For several months, founder-CEO Evan Williams has felt trapped, unable to control Odeo and its strategic direction. He longs for the "simple" days of Blogger, the previous venture he had co-founded. Although his Blogger experiences had included a major blow-up with his co-founder that had resulted in legal proceedings, a brush with near-bankruptcy, and the laying off of his entire team, Williams has become even more disillusioned with his current venture, Odeo. Odeo, a podcasting pioneer, had debuted almost two years before and had gotten off to a very strong start, with a high-profile debut at a prominent industry conference, coverage on the front page of the New York Times' Business section, and the raising of a large round of financing from a top-tier venture capital firm. His attempts to find an acquirer have failed, layoffs have begun, and he is now facing a meeting with an increasingly hostile board of directors. At that meeting, he is very tempted to resign so he can move on to his next project and regain the thrill of being an entrepreneur.

For several months, founder-CEO Evan Williams has felt trapped, unable to control Odeo and its strategic direction. He longs for the "simple" days of Blogger, the previous venture he had co-founded. Although his Blogger experiences had included a major blow-up with his co-founder that had resulted in legal proceedings, a brush with near-bankruptcy, and the laying off of his entire team, Williams has become even more disillusioned with his current venture, Odeo. Odeo, a podcasting pioneer, had debuted almost two years before and had gotten off to a very strong start, with a high-profile debut at a prominent industry conference, coverage on the front page of the New York Times' Business section, and the raising of a large round of financing from a top-tier venture capital firm. His attempts to find an acquirer have failed, layoffs have begun, and he is now facing a meeting with an increasingly hostile board of directors. At that meeting, he is very tempted to resign so he can move on to his next project and regain the thrill of being an entrepreneur.

The purpose of the venture viability research process is to identify the key questions underlying the viability of a venture, to facilitate reframing of the venture to enhance its viability, and to provide evidence to support the founders' answers to those questions. The venture viability research process for entrepreneurs is different than the process for established companies. The questions are much broader and more fundamental, the available resources are fewer, and the time urgency is usually greater. In addition, entrepreneurs often have an incomplete understanding of the market for their product and limited direct experience with potential customers. The recommended process includes: (1) prototyping of venture designs, (2) identifying and answering key viability questions, and (3) iterating between steps 1 and 2 and adding detail to both the venture design and key viability questions in the process. Entrepreneurs invariably operate on limited budgets and condensed time lines; therefore prioritization is critical to every step of the process. Viability research demands constant evaluation of the attractiveness of different prototype designs. This note will illustrate the steps above, using a series of examples. It will also provide guidance around how to answer key viability questions, using tools such as expert interviews and various types of market research.

For over a century, start-ups began by focusing on their home markets. More and more, however, are now being born global - chasing opportunities created by distance, learning to manage faraway operations, and hunting for the planet's best manufacturing locations, brightest talent, most willing investors, and most profitable customers wherever they may be - from day one. That's not easy. In his research, Harvard professor Isenberg has found that global start-ups face three challenges. First are the logistical problems and psychic barriers created by distance and by differences in culture, language, education systems, religion, and economic development levels. Even something so basic as accommodating the world's various workweek schedules can put a strain on a small start-up's staff. Second is managing the challenges (and opportunities) of context - that is, the different nations' political, regulatory, judicial, tax, and labor environments. Third, like all new ventures, global start-ups must find a way to compete with bigger incumbents while using far fewer resources. To succeed, Isenberg has found, global entrepreneurs must cultivate four competencies: They must clearly articulate their reasons for going global, learn to build alliances with more powerful partners, excel at international supply chain management, and create a multinational culture within their organization. Entrepreneurs shouldn't fear the fact that the world isn't flat. Being global may not be a pursuit for the fainthearted, but even start-ups can thrive by using distance to gain competitive advantage.

This note describes the history and regulation of clinical trials, managerial challenges related to pharmaceutical product testing, and current debates regarding prescription drug safety. Since clinical testing takes between five and seven years, and consumes up to 70 percent of a drug's total development costs, pharmaceutical and biotechnology leaders need to understand clinical trial management. Likewise, with a growing variety of new product introductions requiring pre-market testing, managers and analysts in many business sectors will benefit from understanding clinical trials.

For several months, things had been spiraling downwards at Savage Beast, the music-recommendation company started three years before by Tim Westergren. The company's founder-CEO recently left due to pressures both at home and within the venture. Dozens of investors turned thumbs-down on the venture; salaries had been cut; and, tensions had risen within the founding team. Now Westergren, the founder who has taken over as CEO, is facing even deeper pressures as he finds out about a lawsuit filed by former employees, and he is wondering if it is time to give up on ever achieving his vision.

For several months, things had been spiraling downwards at Savage Beast, the music-recommendation company started three years before by Tim Westergren. The company's founder-CEO recently left due to pressures both at home and within the venture. Dozens of investors turned thumbs-down on the venture; salaries had been cut; and, tensions had risen within the founding team. Now Westergren, the founder who has taken over as CEO, is facing even deeper pressures as he finds out about a lawsuit filed by former employees, and he is wondering if it is time to give up on ever achieving his vision.

This note explores the idea identification stage of becoming an entrepreneur. It covers common sources of inspiration for ideas, such as career, education, hobbies and interests. It discusses the importance of team creation, execution and passion. It emphasizes 4 different categories of trends that create opportunities for new businesses to emerge, illustrated with examples. Finally, the note covers testing the basic viability of an idea, including the customer, product, competition, industry, timing, and risk and reward relationship.

The chief financial officer of an environmentally-focused company that makes all-natural plant fertilizer is considering the introduction of two new plant fertilizing products. The company is committed to being the ultimate eco-capitalist corporation and utilizes an environmentally friendly production process and packing from waste containers, such as recycled pop bottles. Students are expected to complete the following tasks for this case: 1) marketing analysis, 2) corporate size-up, 3) consumer analysis, 4) competitor analysis, 5) a statement of cash flows and interpretation, 6) ratios calculations and analysis, 7) differential analysis for each alternative and 8) income statement and balance sheet projections and interpretation.

The Sat & Co. case demonstrates how market orientation can be achieved and how its implementation can lead to superior business performance in the context of the machine tool industry. Sat & Co. consisted of two divisions: the lathe division that manufactured the lathe machines, and the computer numerical control (CNC) division that assembled CNC machines. The capacity of both divisions was underutilized. The problem was that the lathe division manufactured very basic lathe machines and the CNC division assembled very technologically advanced machines. As a result, both divisions failed to satisfy their customers' needs. The lathe division was poorly market-oriented, whereas the CNC division was overly market-oriented. The chairperson of the board of directors was adamant that both divisions must survive, and that a market orientation must be achieved, i.e. the company must meet customers' needs and must improve its business performance.

A shareholder and silent partner in More Vino Ltd. reviews a request for TT$600,000 in additional funding to finance a renovation for the company. He had initially invested a major portion of the start-up capital. Since then, More Vino has grown in popularity and is now considered the most popular spot for food, drink and entertainment. The shareholder believes that More Vino is a good investment, but he is uncertain whether lending additional capital at this time is the best solution for the business.

This technical note discusses the methods and factors that investment bankers and venture capitalists take into account when placing a value on the shares of biotech companies.

Samsung Electronics (Samsung) managing director had presented the new management philosophy for achieving leadership in a global market. The three-part strategy would prioritize quality, globalization, and multifaceted integration, in that order. After a restructuring effort, Samsung had emerged as a leader in the global electronics industry. Now, considering the new management philosophy and several other factors, the managing director faced the decision of whether Samsung should enter the Indian market.

In part A of this case, Samsung's managing director had to decide whether Samsung should enter the Indian market. Now, three years later, he was ready to relinquish the position. The three years had been very successful and the managing director was promoted to vice-president of global sales and marketing of display products. One of the first decisions facing the new managing director as he takes the position is what type of products Samsung should compete with in India. One option is to compete in the low and medium segments. Another option is to take the high end segment.