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As a pioneer in the plant-based alternative meat industry, Beyond Meat had experienced rapid growth for many years, primarily driven by increasing environmental concerns and health-conscious consumers. By 2022, the company experienced several challenges, some of which were industry-wide, while others pointed to internal issues relating to operations, human resources, and its product as well as geographic diversification strategies. Its stock value had dropped dramatically during the year and one-fifth of its global workforce had been axed in an effort to save costs. Ethan Brown, the chief executive officer and co-founder, had to decide whether he should maintain the company as it is or to make a change, either subtle or drastic, to regain sales and move forward.

Sequoia Capital, a venture capital firm founded in 1972, quickly grew to become one of the most storied venture capital firms in the world. Fueled by a strong culture, Sequoia's investment track record included the names of some of the largest global successes. However, times were changing. The venture capital industry at large was facing several challenges. Additionally, Sequoia had made some major decisions to restructure the firm. In a market environment in which investors in venture capital were increasingly cautious, Sequoia seemed to be making several changes to their core identity as a firm. What would all of this mean for the future of Sequoia, and would the firm still be able to maintain their historical dominance in spite of several headwinds?

The present case examines new challenges, associated risks, and the bold decisions that start-up leaders may need to make to navigate through an environment filled with volatility, uncertainty, complexity, and ambiguity (VUCA). Sanjib Jha, a seasoned entrepreneur with experience in several start-up firms, is confronted with this predicament in May 2020. Varun Dua and Devendra Rane started Coverfox Insurance Broking Private Limited (Coverfox) in 2013 as an insurtech start-up with the aim to radically change the Indian insurance market. The company’s founders quit in November 2016, leaving a leadership void. The new management continued focusing on the top line by running the business model, but they lost sight of the runway and cash burn, which put the organization’s future at risk. Coverfox wanted to be the Razorpay in the insurance ecosystem aggregator. Coverfox had already been dealing with issues such as investor exit, cash burn, and operating costs far exceeding the budgeted levels, and the COVID-19 pandemic further compounded these issues. When the existing management’s ability to turn the business around was called into question, the investors appointed Jha, an investor of Coverfox, as its chief executive officer (CEO). In May 2020, a few months after becoming CEO, Jha was faced with a decision dilemma. He had to make a firm choice- to suspend the business operations, sell it off or lower the monthly cash burn of US$1.1 million significantly thus increasing runway and continue toward break even and profitability. How can Jha, the new CEO, manage the confidence of investors, optimize cash burn, increase the runway, and envision Coverfox’s future?

The present case examines new challenges, associated risks, and the bold decisions that start-up leaders may need to make to navigate through an environment filled with volatility, uncertainty, complexity, and ambiguity (VUCA). Sanjib Jha, a seasoned entrepreneur with experience in several start-up firms, is confronted with this predicament in May 2020. Varun Dua and Devendra Rane started Coverfox Insurance Broking Private Limited (Coverfox) in 2013 as an insurtech start-up with the aim to radically change the Indian insurance market. The company's founders quit in November 2016, leaving a leadership void. The new management continued focusing on the top line by running the business model, but they lost sight of the runway and cash burn, which put the organization's future at risk. Coverfox wanted to be the Razorpay in the insurance ecosystem aggregator. Coverfox had already been dealing with issues such as investor exit, cash burn, and operating costs far exceeding the budgeted levels, and the COVID-19 pandemic further compounded these issues. When the existing management's ability to turn the business around was called into question, the investors appointed Jha, an investor of Coverfox, as its chief executive officer (CEO). In May 2020, a few months after becoming CEO, Jha was faced with a decision dilemma. He had to make a firm choice- to suspend the business operations, sell it off or lower the monthly cash burn of US$1.1 million significantly thus increasing runway and continue toward break even and profitability. How can Jha, the new CEO, manage the confidence of investors, optimize cash burn, increase the runway, and envision Coverfox's future?

How can a service industry startup in a traditional segment gain a foothold in the market? How do we run standardized operations in an industry where customers desire personalization and uniqueness? The journey of Himo sheds light on these questions. Himo, a China-based studio photography brand, owned the largest number of photo studios in China. When Himo was founded in Hangzhou in 2015, its main business was ID headshots. After eight years of development, it had 600 stores spanning over 80 cities in China. "Light, fast, and simple" was Himo's strategic positioning to appeal to the young people. Based on these three key attributes, it developed a standardized operation process and services, creating a business model completely different from traditional photo studios and thus being dubbed "the new species." How should Himo go from there? To answer this question, during its senior management strategy meeting on November 3, 2022, three different views emerged: one was enhancing the service delivery capabilities of its stores; another one was doubling down on its cosmetic retail business; and finally, one suggested speeding up the opening of innovative themed stores. Which should be Himo's strategic focus for its next phase? Himo's founder, Wu Yuqi, had to think this over.

In March 2021, the founder of Hampstead Tea, a specialty-tea processor based in London, United Kingdom, found herself at a crossroads. Since 1995, the founder had been exporting packaged tea to countries in the European Union (EU) as well as selling it locally in the UK market. But effective December 31, 2020, the United Kingdom had exited the EU; in 2021, companies in the two regions could no longer buy and sell goods freely across their borders. Uncertainty had gripped the flow of trade during the first three months of the new year. In March 2021, the founder was examining three options going forward: (1) divest the EU operations and focus on the UK market; (2) continue to cater to both the home market and the UK market, as before; and (3) relocate to a geography within the EU to focus on EU markets. The case offers a useful and engaging way of presenting to students the principles of effectuation as it relates to business entrepreneurship.

In late 2020, Maria Judice and the other members of the senior leadership team of Code Tenderloin (CT), a Black-led, nonprofit community support organization based in San Francisco, were wrestling with several challenges, especially around hiring to expand the senior leadership team and restocking the organization’s advisory board, which had been sorely depleted following the COVID-19 pandemic. Judice knew that CT was at an inflection point: the decisions they made about hiring and how to reshape their service offerings to a troubled and varied clientele would determine CT’s path for years to come.

In late 2020, Maria Judice and the other members of the senior leadership team of Code Tenderloin (CT), a Black-led, nonprofit community support organization based in San Francisco, were wrestling with several challenges, especially around hiring to expand the senior leadership team and restocking the organization's advisory board, which had been sorely depleted following the COVID-19 pandemic. Judice knew that CT was at an inflection point: the decisions they made about hiring and how to reshape their service offerings to a troubled and varied clientele would determine CT's path for years to come.

KiranaKart Technologies Pvt. Ltd. (Zepto) was a quick-commerce start-up founded by two 19-year-old Stanford University dropouts and operating in the Indian e-commerce market, one of the fastest growing in the world. Using a quick hyperlocal e-grocery delivery model, the company faced challenges during its post-pandemic growth; these included the viability of its disruptive model, the competition it faced, and a long wait for profitability. While the quick-commerce grocery delivery model, initially supported by a steady flow of funding from venture capital firms, faced close scrutiny the world over as the flow of easy money started drying up, not everything was ominous for Zepto. As August 2023 was coming to an end, the start-up found itself on a stable funding runway. However, critics raised doubts about the feasibility of its 10-minute delivery service. Every reduction in customer wait time led to an increase in costs, and there was no broader e-commerce or food delivery platform to synergize with. Moreover, there were also social costs associated with delivery. To sustain the next phase of growth, Zepto's founding team had to consider various strategic options. They could commit to grocery and focus on high-margin items to increase the frequency and basket size of online grocery customers. Alternatively, they could aggressively re-launch Zepto Café to expand their product range, attract more customers, and increase average order value. Diversifying the company's product categories by adding e-pharmacy or even electronics could be another option to win over more customers.

As Chief Executive Officer Maya Kambeitz sat in her Calgary office preparing for the upcoming mid-2018 board meeting, she considered a potential growth strategy for Norfolk Housing Association (Norfolk Housing) that would align with its core values: to offer inclusive and affordable housing, and to maintain financial stability in 2019 and beyond. Norfolk Housing was a social enterprise registered as a non-profit corporation in Calgary, Alberta, offering rentals of affordable and priced-to-market apartments in shared buildings. Kambeitz wanted the board to consider whether or not to acquire another building, ideally near the current locations, to expand their operations. The increased number of units would improve operational efficiency through economies of scale and serve more people, aligning with the social enterprise's dedication to both long-term financial sustainability and social purpose. However, expansion would require financing and support to acquire and manage the new building, which could put Norfolk Housing's financial sustainability at risk. The challenge was to achieve Norfolk Housing's purpose to expand and provide affordable housing to more Calgarians while also maintaining long-term financial stability, which ensured that current tenants would not lose their homes if the association failed. Kambeitz had learned about Riley Park Place, a property with 24 units that was for sale. The location was close to their current properties and its acquisition had potential. However, there were some questions about whether the opportunity aligned with Norfolk Housing's purpose and financial sustainability.

HelpSeeker Technologies, a Calgary-based technology startup, employed technological innovations such as digitization and artificial intelligence (AI) to address social welfare solutions, facilitating swift access by its users to crucial resources like psychological aid, medical services, and housing. HelpSeeker confronted a significant challenge: reconciling its identity as a technology firm with its commitment to societal betterment. In October 2023, facing the need to expand and monetize its services, the company grappled with the delicate task of scaling without compromising its core mission of addressing pressing social issues.

Trimster was a premium men’s personal care e-commerce start-up founded in 2015. In India, where trust deficit was a primary reason for the failure of new brands, most customers preferred cash on delivery (COD) modes of payment. Companies, however, preferred prepaid orders not only because they guaranteed the customer’s intent to purchase but also because COD orders were much more likely to result in returns that would take a heavy toll on Trimster’s reverse logistics costs, reducing the company’s profit margins and leaving less money for the company to invest in marketing to acquire new customers. In an increasingly competitive market, Trimster’s senior vice president of sales and marketing needed to decide on the best payment modes to pursue in order for the company to achieve sustainable growth.

Mamaearth was founded by husband-and-wife duo Varun and Ghazal Alagh in 2016. The core value proposition of Mamaearth’s offer focused on toxin-free, safe products based on natural ingredients, which resonated strongly with its target audience. Despite operating in a tough and competitive industry with many large, established global and Indian companies, Mamaearth had been able to build a strong presence in the market and achieve unicorn status in 2022. One remarkable aspect of the firm’s growth had been that it was one of the few unicorns that—along with strong top-line growth—had a positive bottom line and had turned profitable in the previous two years. This early success gave founders and investors the confidence to plan their next move, which was to issue an initial public offering (IPO) at a valuation of $3 billion in 2023. But the IPO was planned at a time when there was a marked downturn in funding in the start-up ecosystem. Further, the post-listing performance of some of the other celebrated unicorns had been less than satisfactory, resulting in heavy losses for investors. Therefore, many unicorn firms that had been planning IPOs had deferred their plans. Facing the possibility of such a poor scenario, should Mamaearth move ahead with its IPO, defer in anticipation of a more opportune time, or find alternative means of raising funds?

February 2022 marked the start of the tenure of a new managing director and chief executive officer at Punjab National Bank, a critical position in the wake of the bank's challenges, including a massive instance of fraud and challenges associated with the bank's amalgamation with the United Bank of India and Oriental Bank of Commerce in 2020. With over three decades of experience leading other public sector banks, the new leader embarked on the mission to restore the bank's 128-year legacy. Faced with the daunting task of restoring the bank's former reputation and glory, he explored strategies for implementing a comprehensive plan to bring Punjab National Bank back on the track of sustainable growth. Which strategy would reshape the bank's trajectory and ensure sustainable growth while also reviving the bank's legacy and heritage?

Mysore Deep Perfumery House (MDPH) faced the challenge of scaling a low-tech business in the incense stick market. Led by Prakash Agarwal and his sons, MDPH secured a substantial domestic market share through competitive pricing and extensive distribution, aiming to achieve a ₹10 billion turnover by 2026. The company had to choose between expanding their core business or diversifying into related or new product lines. Expansion entailed deeper market penetration and product variation, while diversification presented opportunities in sectors like home fragrances or personal care products. The chosen strategy had to align with MDPH's economic and non-economic family goals, considering market dynamics and consumer trends. By leveraging their brand equity and distribution networks while staying true to their values, MDPH had the opportunity to navigate industry challenges and realize their growth ambitions.

The case explores the role of sustainability initiatives in Avon's business strategy and how they align with its mission of empowering women. It also discusses the potential financial and operational implications of the yet-to-be implemented idea of a refill program, including changes to supply chain, production, and logistics. Additionally, the case highlights the importance of stakeholder engagement and the potential impact on Avon's Turkish associates and women entrepreneurs.

Mass timber products included glued laminate timber and cross-laminated timber. These were valued-added goods made from softwood lumber that was resurfaced and glued together. Glued laminate timber, or glulam, was used in commercial construction in place of concrete or steel frames. Cross-laminated timber, or CLT, was multiple layers of planed lamellas glued together, and was used to form walls, floors, and ceilings. While regular timber products sold for about 200 euro per cubic meter, glued timber products could command prices between 500 and 1,000 euro per cubic meter depending on quality, strengths and engineering design. Hasslacher had intended to upgrade its plant located in Malaya Vishera, Russia, which was about 200 kilometres from St. Petersburg. The plan had been to double timber production to 200,000 m and to upgrade it to produce up to 50,000 m of glulam products per year for the Asian market. Christoph's options were to wait for the Russian and Ukrainian war to end and then to proceed with the upgrades, to buy a basic sawmill in Eastern Europe and upgrade it, to look for an acquisition in North America, or to sell the equipment. "We have to make a decision that will be best for the long-term even though we don't have all the information we need in front of us," remarked Christoph. "We have close relatives and long-standing employees working for us in Russia and Asian customers lined up for our glulam product. On the other hand, there is significant amount of uncertainty about the political situation. It's not an easy decision for us to make."

Although the author's grandfather founded the oldest pharmaceutical company in Bangladesh, she never expected to follow in his footsteps. Raised in Roanoke, Virginia, she studied international development and law before working first as a corporate lawyer and then in the Obama administration. But when her mother fell seriously ill during a family wedding in Bangladesh-and Sinha discovered how difficult it was to get access to quality health care in that country even for well-off, well-connected families-she found a new mission. She developed a business plan for a state-of-the-art, full-service primary-care facility in Dhaka, Bangladesh's capital city, and moved there-where she'd never lived before-to launch it. She focused on hiring a great team and building a culture around the distinctive service they would offer. Five years later, Praava Health has served 600,000 patients, is nearly cash-flow positive, and continues to grow.

This case introduces Indian-born Devita Saraf, the founder and CEO of the consumer durables company, Vu Technologies, as she embarks on her entrepreneurial journey to create and scale her venture. Devita started her career as a tech entrepreneur in India in the mid-2000s when there were very few women entrepreneurs in the tech industry. The case provides an interesting avenue for a discussion on the role of gender in starting and scaling entrepreneurial ventures and the challenges that a young startup faced. The case recounts how she develops competencies and her personal brand to scale the cutting-edge luxury TV. With technologies continuing to evolve and the traditional methods of content consumption becoming increasingly obsolete, Devita ponders over the next steps in Vu's evolution to remain relevant to the new generation of television users in India and abroad. The case touches upon how as a woman entrepreneur she builds a successful tech business.