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Supplement to case HEC206. This (real) case takes place in the context of the newspaper industry, which is being turned upside down by powerful socio-technological changes. It focuses on La Presse, one of the leading actors in the Canadian newspaper industry, which, faced with a survival crisis, has set out to innovate and reinvent its business model, including its value proposition, channels, costs, revenue streams, and key resources. The core driver of this reinvention is the design and marketing of its new digital product, the La Presse+ tablet app.

In October 2017, the first ever commercial flight landed on St Helena, one of the world's remotest islands. There had been delays building,certifying, and opening the airport due to unforeseen wind conditions. Now that weekly commercial flights had finally begun, how should the island's Economic Development Board approach the next phase of the long-term strategy to boost St Helena's economy through tourism?

Sheng Siong, one of the latest arrival of traditional grocers in the Singapore market, had been delivering better than average earnings. Why is this so? Would it be able to sustain its performance in an environment of intensifying competition, driven by new entrants and disruptive forces? What business adjustments does it need to make? Competitive advantages which had delivered in the past may be quickly eroded, and new ones need to be found, or current edges need to be sharpened.

The case describes how 30-year old Freddy Macnamara (CEO) launched Cuvva, a start-up in the UK car insurance industry in 2014, which pioneered mobile-only car insurance via a pay-as-you-ride application. Initially targeted at drivers who wanted to drive someone else's car (Cuvva for Sharers), it then developed mobile-only insurance for owners willing to buy insurance only for the rare occasions that they used their cars (Cuvva for Owners). As the Cuvva model gains traction with customers, its impact is tracked by incumbents such as Admiral, that begin developing rival products. The case chronicles Cuvva's origins, milestones, and competitors in the UK car insurance industry up to early 2017, as well as explaining the economics of car insurance.

The case discusses different steps which Mastercard has followed in its digital transformation journey. They involve opportunity framing, creating innovation pathways, finding digital transformation opportunities, and innovation with partners within adaptive ecosystems. With the objective to stop competing with other payment processing firms (like Visa or Amex) and start competing with cash, Mastercard has moved from an undifferentiated processor of payments to a builder of unique technological platforms.

The case presents the "leapfrogging" opportunities for Latin America brought by the digital revolution and innovation. It examines the region's economic and commercial achievements made possible by the huge penetration of mobile vs fixed broadband. In addition, digital transformation is helping to address social issues such as financial exclusion, unemployment and healthcare. Also, by improving transparency in the system, digital has the potential to reduce corruption, one of the biggest obstacles to doing business in Latin America.

After years of growth, the Swiss watch industry faced an existential crisis. Exports to the US, their primary market, had dropped by more than two thirds over the past five years. Swiss watches were being disrupted by high-quality and affordable American products. The Swiss had to figure out how to respond. No matter the outcome, the year 1876 would prove to be pivotal.

Approximately 80% of the 9,000 wineries in the US breakeven or lose money. An even greater percentage lose money on an economic basis (i.e., after a charge for the capital employed). Tegan Passalacqua, a Californian winemaker who specializes in making "old vine" wine (i.e., wine from grape vines that are at least 60 and up to 100+ years old), appears to have defied these odds. By day, he is the head winemaker at Turley Wine Cellars, a leading Zinfandel producer. In his spare time, however, he makes premium wines under the Sandlands label using Turley's facilities and "forgotten" grape varieties such as Carignane, Mataro, and Chenin Blanc. The objective is to understand what makes the industry so challenging, why Passalacqua has succeeded to date, and whether his success will persist into the future. The case is set in December 2017, as Passalacqua and his wife Olivia were deciding whether to buy a building and develop a winery for the Sandlands wines at a cost of up to $500,000. Because they already owned an old vine vineyard (the Kirschenmann Vineyard in Lodi, CA) and have limited financial resources and time, they must decide whether to make this investment or to save their resources for another investment such as a second old-vine vineyard.

The founder and CEO of Identified Technologies, a Pittsburgh-based drone software and services company, faces a dilemma when San Francisco-based DroneDeploy begins to disrupt the industry with its drone software platform. Identified Technologies needs to consider network effects, customer needs, and the overall state of the drone industry to determine its future path.

Julie Rice and Elizabeth Cutler founded SoulCycle, an indoor cycling studio chain, in 2006 as more than a health club; they wanted it to become a lifestyle brand that would "empower riders in an immersive fitness experience." By early 2015, SoulCycle had grown to 38 studios in seven metropolitan areas. In March 2015, Equinox, a luxury fitness company that had financed SoulCycle's expansion in 2011, approached the co-founders with an offer to buy them out for $90 million each. It was an attractive offer but it would also likely circumscribe their responsibilities. Rice and Cutler had to decide whether to accept the Equinox offer as a prelude to smaller roles at the firm (even potential exit), or continue investing time, energy, and financial resources in growing the business.

AM-Pharma is a biotech company developing a medicine for patients with acute kidney injury. The case describes the company's journey from inception in 2001 to a large deal with Pfizer in 2015. The aim is to discuss the value creation of AM-Pharma through its strategic decisions over time. It highlights the patient journey, company challenges, market size potential, and how the management team was able to raise multiple financing rounds from venture capitalists. It further provides the readers with a unique insight in the key risks and operational challenges of a biotech company and the value of an experienced management team backed by strong investors. The drug development process is inherently risky, long and expensive and the probability of commercializing a new drug is very low. The company's CEO is the protagonist and the case is split in three parts to provide the readers with surprises and open strategic questions which are time related. The case is semi-chronologically and a patient story is intermingled to provide a different perspective on clinical trials, ethical dilemmas and the high unmet medical need for new therapies. The case ends with a valuation simulation, in which the readers can negotiate the AM-Pharma/Pfizer deal themselves. Learning objective: The aim of the case study is to evaluate the value creation of AM-Pharma strategic decisions over time. 1/ The strategy diamond and Porter's Five Forces will be applied as a tool for understanding the industry and the company's strategy. 2/ The key success factors are also assessed for this challenging setting of a biotech startup. 3/ Role of Serendipity and management vision in opening new doors. 4/ Different exit options are discussed, highlighting pros, cons and what actually happened. 5/ How clinical outcome, and exit timing highly impact the valuation. The case will trigger discussions on the strategic options listed, and engage the students into exit negotiations simulation.

AM-Pharma is a biotech company developing a medicine for patients with acute kidney injury. The case describes the company's journey from inception in 2001 to a large deal with Pfizer in 2015. The aim is to discuss the value creation of AM-Pharma through its strategic decisions over time. It highlights the patient journey, company challenges, market size potential, and how the management team was able to raise multiple financing rounds from venture capitalists. It further provides the readers with a unique insight in the key risks and operational challenges of a biotech company and the value of an experienced management team backed by strong investors. The drug development process is inherently risky, long and expensive and the probability of commercializing a new drug is very low. The company's CEO is the protagonist and the case is split in three parts to provide the readers with surprises and open strategic questions which are time related. The case is semi-chronologically and a patient story is intermingled to provide a different perspective on clinical trials, ethical dilemmas and the high unmet medical need for new therapies. The case ends with a valuation simulation, in which the readers can negotiate the AM-Pharma/Pfizer deal themselves. Learning objective: The aim of the case study is to evaluate the value creation of AM-Pharma strategic decisions over time. 1/ The strategy diamond and Porter's Five Forces will be applied as a tool for understanding the industry and the company's strategy. 2/ The key success factors are also assessed for this challenging setting of a biotech startup. 3/ Role of Serendipity and management vision in opening new doors. 4/ Different exit options are discussed, highlighting pros, cons and what actually happened. 5/ How clinical outcome, and exit timing highly impact the valuation. The case will trigger discussions on the strategic options listed, and engage the students into exit negotiations simulation.

AM-Pharma is a biotech company developing a medicine for patients with acute kidney injury. The case describes the company's journey from inception in 2001 to a large deal with Pfizer in 2015. The aim is to discuss the value creation of AM-Pharma through its strategic decisions over time. It highlights the patient journey, company challenges, market size potential, and how the management team was able to raise multiple financing rounds from venture capitalists. It further provides the readers with a unique insight in the key risks and operational challenges of a biotech company and the value of an experienced management team backed by strong investors. The drug development process is inherently risky, long and expensive and the probability of commercializing a new drug is very low. The company's CEO is the protagonist and the case is split in three parts to provide the readers with surprises and open strategic questions which are time related. The case is semi-chronologically and a patient story is intermingled to provide a different perspective on clinical trials, ethical dilemmas and the high unmet medical need for new therapies. The case ends with a valuation simulation, in which the readers can negotiate the AM-Pharma/Pfizer deal themselves. Learning objective: The aim of the case study is to evaluate the value creation of AM-Pharma strategic decisions over time. 1/ The strategy diamond and Porter's Five Forces will be applied as a tool for understanding the industry and the company's strategy. 2/ The key success factors are also assessed for this challenging setting of a biotech startup. 3/ Role of Serendipity and management vision in opening new doors. 4/ Different exit options are discussed, highlighting pros, cons and what actually happened. 5/ How clinical outcome, and exit timing highly impact the valuation. The case will trigger discussions on the strategic options listed, and engage the students into exit negotiations simulation.

AM-Pharma is a biotech company developing a medicine for patients with acute kidney injury. The case describes the company's journey from inception in 2001 to a large deal with Pfizer in 2015. The aim is to discuss the value creation of AM-Pharma through its strategic decisions over time. It highlights the patient journey, company challenges, market size potential, and how the management team was able to raise multiple financing rounds from venture capitalists. It further provides the readers with a unique insight in the key risks and operational challenges of a biotech company and the value of an experienced management team backed by strong investors. The drug development process is inherently risky, long and expensive and the probability of commercializing a new drug is very low. The company's CEO is the protagonist and the case is split in three parts to provide the readers with surprises and open strategic questions which are time related. The case is semi-chronologically and a patient story is intermingled to provide a different perspective on clinical trials, ethical dilemmas and the high unmet medical need for new therapies. The case ends with a valuation simulation, in which the readers can negotiate the AM-Pharma/Pfizer deal themselves. Learning objective: The aim of the case study is to evaluate the value creation of AM-Pharma strategic decisions over time. 1/ The strategy diamond and Porter's Five Forces will be applied as a tool for understanding the industry and the company's strategy. 2/ The key success factors are also assessed for this challenging setting of a biotech startup. 3/ Role of Serendipity and management vision in opening new doors. 4/ Different exit options are discussed, highlighting pros, cons and what actually happened. 5/ How clinical outcome, and exit timing highly impact the valuation. The case will trigger discussions on the strategic options listed, and engage the students into exit negotiations simulation.

In September 2015, Bartos Stainless Limited, an Indian steel-producing company that emerged as a strong brand in the mid-2000s, was facing a series of internal and external challenges: challenges from frequent changes at the chief-executive-officer level, fluctuating metal prices, the global slowdown of the steel industry, increasing competition from imports, and diminished investor confidence. The managing director needed to address these challenges and manage the risks of his business model, while maintaining profits.

In late 2015, the executive vice-president and chief financial officer of Fortis, Inc., a homegrown energy delivery company based in St. John's, Newfoundland and Labrador, was preparing to meet with the company's leadership committee. On the agenda was whether Fortis should make an offer to acquire ITC Holdings Corporation, the largest independent transmission utility in the United States. Fortis had a proven track record of acquiring regulated utilities, and if the ITC deal went ahead, it would mark Fortis's most significant acquisition in its history. Should Fortis move ahead with the acquisition, or was taking on ITC too big a risk?

In a few decades starting in the 1990s through the early 2000s, Reliance Industries had emerged as a powerhouse in the oil and gas business. It cemented its global reputation by adopting innovative approaches to articulating an integrated business model that would span the entire value chain from exploration to petrochemicals. Much of its success revolved around its execution prowess and its ability to deliver projects well under budget and ahead of schedule, a field of expertise that had traditionally been dominated by the more established supermajors in the industry such as ExxonMobil. This case study addresses the evolution of the company from a fairly small-scale textile manufacturer to a global powerhouse, with specific focus on the way in which the company intertwined its sources of competitive advantage (e.g., location, project execution, relationship building, and financial acumen) to establish a winning proposition. The case allows for a rich thematic discussion around understanding the modes of competition adopted by companies from newly industrializing contexts.

In 2010, ACTIS embarked on an ambitious project to build a pan-Middle East and Africa (MEA) payments platform. It had purchased Mediterranean Smart Cards Company (MSCC), a bankcard issuer with operations across Africa, and had identified a follow-on target, Visa Jordan Card Services (VJCS) as part of its buy-and-build strategy, and another potential acquisition in South Africa. These could enable the ACTIS platform to capture the entire value chain in the payments business in the MEA region. However, not long after the purchase of MSCC, political turmoil engulfed the Arab world, prompting the ACTIS investment committee in London to question the viability of creating a payments platform in MEA.