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Three friends start a business together upon graduation from an MBA program. Two start full-time jobs while the third, Deland Jessop, works on the business. One year later, Jessop must decide whether to continue trying to develop the business or take a salaried position. The outstanding issue of equity among the partners also needs resolution. Students have the opportunity to evaluate the business opportunity, while also evaluating the pros and cons of going into business with friends.

Focuses on the search for opportunity, the generation and evaluation of business concepts, creation of a business plan, and the start-up process. Follows experienced entrepreneur Christy Jones as she combines her business skills and personal experience to generate new business concepts. Jones' assessment of the market opportunity for the egg harvesting and cryopreservation business was based on firsthand observations of the needs of young professional women and extensive field and scientific research. The plan, which won the HBS business plan contest in 2004, provides a good example of the form and substance of a well-crafted plan. Provides an opportunity to discuss the underlying social issues that make it attractive for young women to purchase "fertility insurance" while they pursue professional careers.

Describes the career path and insights of Stanley Lapidus, a successful serial entrepreneur in the medical and life sciences industry. Lapidus is the founder of Cytyc Corp. (NASDAQ: CYTC) and EXACT Sciences (NASDAQ: EXAS) and is currently the CEO of his third start-up, Helicos BioSciences. Gives students insight into the skills and experiences that are helpful in building successful medical technology companies.

David Hetz and Jon Osgood are forming a new venture capital fund in 2001 to invest in health care start-ups. Describes their fundraising activities at a time when venture capital investing has reached an all-time high. Although their background skills and experiences fall outside venture capital, they have identified a large investor and a number of smaller investors to back their small fund. They believe their fund's strategy uniquely addresses the strategic needs of large, corporate acquirers. At the same time, their approach addresses venture capital's reliance on public markets for liquidity events--which all but evaporated with the dot-com collapse of March 2000. Hetz and Osgood face challenging negotiations to close the fund. Raises the question of whether there is a need for a fund like this at the time of the case. Supports discussion of specialized versus generalized venture capital funds.

The business development manager for General Electric (GE) Canada, met with executives from GE Supply, a US-based distribution arm of GE. The purpose of the meeting was to discuss new business opportunities in energy management and efficiency. The business development manager had identified some opportunities for business development in Canada, while leveraging GE's strategic capabilities did not fit well with GE's corporate structure. He was keen to work with GE Supply but wanted to retain a high level of operating autonomy. The challenge was to put together an appropriate organizational structure and find a home for the new development idea. (A sequel to this case is available, titled GE Energy Management Initiative (B), case 9A94G006. A 12-minute video may also be purchased with this case, video 7A94G005.)

In 2001, after Tata Tea took over the giant Tetley in a leveraged buy-out, it was presented with problems: there was the array of vertical integration synergies, but the leveraged buyout structure, cultural differences, and lack of planning meant that the realization of synergies was delayed. The difficulties were exacerbated by the cyclical downturn in the tea industry and the increased competition from substitute products. The purpose of this case is to illustrate: (1) issues associated with cross-border merger integration; (2) when vertical integration makes sense and when it does not; (3) the application of PMI frameworks and concepts; (4) the issues associated with a leveraged buyout structure; and (5) the trap of the winner's curse.

What makes an industry attractive? What role do innovation and entrepreneurial initiative play in building and sustaining a new business in a competitive industry? The A case presents the story of 14-year U.S. Navy veteran John "Rooster" Clagett, who left his career as a fighter pilot to pursue a business career. That step has landed him where he is at the moment: founder and president of Visual Training Solutions Group (VTSG). Clagett's current product offering is a virtual-reality training system designed for fighter pilots. While VTSG has several current government contracts, all of them are due to deliver in the next few months, leaving the pipeline dry in the near future. Rooster is concerned that he may not have the funding to meet his working-capital needs through the end of the year. In addition to the tactical issue of working capital, Rooster is faced with a decision about the future direction of the company. His product has started to gain traction, and large competitors are starting to take notice. Rooster sees several options: forging ahead and taking the large players head on, creating a plan to try to partner with them, or taking his innovative product in a different direction and to a different industry. He is unsure of the competitive environment in the e-learning industry. Is that industry an attractive place in which to compete? He had gained a foothold in the Department of Defense because of his unique knowledge, but would he be as successful outside his comfort zone? The B case (UV2012) offers a short epilogue revealing Rooster's success in meeting his funding needs, his decision to stay in the defense industry, and the birth of strategic alliances with several large defense contractors.

As a multi-generational family business with a 100-year history in industrial engineering, the Nash Engineering Company had turned many challenges into opportunities. But in the late 1990s, the market for their products collapsed. The family and executive managers were faced with several options. Should they try to continue as a stand-alone organization? Should they pursue a strategic acquisition? Should the family sell Nash Engineering? There were many factors to consider, among them individual shareholders' need for dividends and liquidity, and the family's sense of pride in their heritage. What was the best solution for the business and the family?

Cumberland Entertainment, a niche music producer, was looking for capital to finance its planned expansion. CEO, Tom Smith, entered into negotiations with private equity firms, and struck an agreement that turned out to be incomplete. As a result, serious problems arose between financial investors and management. The case series describes how the parties dealt with these problems as their relationship evolved.

Cumberland Entertainment, a niche music producer, was looking for capital to finance its planned expansion. CEO, Tom Smith, entered into negotiations with private equity firms, and struck an agreement that turned out to be incomplete. As a result, serious problems arose between financial investors and management. The case series describes how the parties dealt with these problems as their relationship evolved.

Cumberland Entertainment, a niche music producer, was looking for capital to finance its planned expansion. CEO, Tom Smith, entered into negotiations with private equity firms, and struck an agreement that turned out to be incomplete. As a result, serious problems arose between financial investors and management. The case series describes how the parties dealt with these problems as their relationship evolved.

Cumberland Entertainment, a niche music producer, was looking for capital to finance its planned expansion. CEO, Tom Smith, entered into negotiations with private equity firms, and struck an agreement that turned out to be incomplete. As a result, serious problems arose between financial investors and management. The case series describes how the parties dealt with these problems as their relationship evolved.

The three founders of a London-based, start-up smoothie company must decide between three growth options: expansion of the existing product line into Europe, extension of the brand into other product categories, or continued organic growth within the United Kingdom.

The Sri Lanka Wildlife Conservation Society's management team knew that they had conceived a very unique project, Elephant Walk Thru. The success of this innovative ecotourism project would hinge on their ability to balance the needs of a diverse group of stakeholders as well as various economic and political-legal forces faced by the organization. Their primary task in the ensuing months would be to identify salient external opportunities and threats posed by stakeholder groups. Equally important would be to evaluate the continually changing political-legal and economic environments prior to constructing the facilities.

The founder of Kids Market Consulting, a market research firm dedicated to the kids, tweens and teens segment, was faced with increasing competition and slowing revenue, and was exploring a variety of possibilities for the future strategic direction of the business. In particular, she had to formulate the best plan for protecting the niche market and decide how aggressively to pursue expansion. In addition, there was the existing relationship with her business partner, and Kids Market Consulting was part of his group of marketing firms. Any changes the founder chose had to respect this relationship and she was therefore restricted to a limited number of options. The over-arching corporate objective for the company was to defend the market from larger businesses who were trying to increase their share of the market research industry.

The founder and CEO of a CRM software start-up must decide between an attractive acquisition offer and the opportunity to go public. Discusses the growth of the company--including a lengthy discussion of entrepreneurial bootstrapping--as well as an aborted IPO attempt in 2000. The central question is whether the company will create more value by staying independent or by joining a larger organization.

These days, entrepreneurs and managers in growing companies find themselves searching for cash to fund their growth. A surprisingly good but often neglected place to look for it lies right under their noses--on the company's balance sheet. Finding hidden cash on a balance sheet by using some simple analyses beats going hat-in-hand to the bank. The analyses here also provide metrics that everyone in the company--from sales manager to accounting clerk--can understand and use. Best of all, the only things you'll need are last month's financials, a calculator, and a cocktail napkin.

Patrimonio Hoy is a program targeting the housing needs of the low-income population by CEMEX, a major Mexican company and a leading global cement producer. Originally conceived as a project to understand the customers in the self-construction segment better, a major component of Mexican home-building concentrated in low-income neighborhoods, Patrimonio Hoy has generated recognition and good will for the company. Its innovative approach reduces significantly the cost and time needed by the poor to improve their housing. Begun in 1998, the program has reached break-even in 2004, with strong prospects of growth in the future. The president of CEMEX North America wonders whether the program should be turned into a major line of business for the company. Provides a good understanding of financing mechanisms available to home builders in Mexico and represents an interesting application of microfinance and product design to open a new market segment based on the needs of low-income customers.

The KIPP Academies are, two high-performing public middle schools founded in 1995 by Michael Feinberg and David Levin in Houston and New York. In January 2000, Feinberg and Levin meet with Scott Hamilton, managing director of the Pisces Foundation, to discuss the possible national replication of the KIPP school model. In addition to covering the wisdom and nature of a possible expansion strategy, they need to assess their common understanding of the essential attributes of the KIPP school program. The history of Feinberg and Levin's efforts to open their schools and the characteristics of their mature schools are presented.

Focusing on one entrepreneur, Jerry Rao, this case examines the international career paths of Indian business professionals and engineers since the development of public policies beginning in the 1960s to attract them to developed countries like the United States. Explores why these professionals often chose to leave India in pursuit of economic opportunities abroad in the 1960s through 1980s and why many seem now to be returning to their homeland to start or run businesses. Also, considers the role of Diaspora of Indian professionals in contributing to the development of the export-oriented Indian IT sector.