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This case describes the renewed growth of Chinese smartphone maker Xiaomi in 2017, after suffering bruising setbacks at the hands of local competitors during the past two years. In 2017Q2, the company rejoined the top five rankings of the global smartphone market share. It also matched Samsung's market share in India market in 2017Q3. The case highlights the company's strategic adaptation in the two-year recalibration, with regards to global expansion, R&D accumulation and online business model redefinition. By releasing its own in-house developed chip, the case shows how Xiaomi attempts to fortify its intellectual property position and increase freedom of action in anticipation of entering new geographies, product markets, or technology areas. Besides, the case also presents the company's combination of the online and offline channels, by opening more than 200 Mi Home stores both in domestic and overseas. As Xiaomi embraced a new strategy to fuel growth, this case emphasizes Xiaomi's ecosystem strategy that seeks and invests partners in different niche markets with sizable market and strong user demand. In the end, the case questions the sustainability of the strategy and the internal organizational challenges facing Xiaomi.

BeiGene was a biopharmaceutical company founded on exploiting a temporal regulatory policy discontinuity. Because of regulatory challenges in China, most innovative new drugs launched there four to six years after their initial U.S. launches. This gave BeiGene a window of opportunity to develop drug candidates toward known targets with known mechanisms of actions that would allow it to become first-in-class in China. But how well would the company's strategy hold up to the 2017 regulatory reforms?

The case focuses on Irene Rosenfeld's tenure as CEO of the global snack food company Mondelēz International. Beginning in 2006, she had led the company through many acquisitions, including France's LU Biscuit and British confectionery company Cadbury, before, in 2012, boldly splitting the company into two: Kraft, a North American grocery business, and Mondelēz International, a global snack food company.

Flagship Pioneering, located in Cambridge, MA, was founded in 2000 to create ventures focused on solving unprecedented problems in the life sciences. While the company used a venture capital model to raise capital and fund ventures, it was not a venture capital company in the traditional sense. Flagship Pioneering produced and funded its own ventures.

Founded in 2004, Redfin envisioned a light-touch model in which clients self-served using the digitized platform in exchange for a significantly lower fee than traditional agents. Realizing the narrow appeal of its initial model, Redfin had made significant changes to its strategy while maintaining some key distinctive choices. As of 2016, Redfin served in more than 80 markets throughout the U.S., employed over 700 full-time agents, and had grown over 40% annually since 2014. With additional capital raised through an IPO, Kelman faced decisions on how to allocate these resources in order to grow. Should Redfin adjust its advertising strategy? Should it reconsider the policy of hiring lead agents only as full-time employees? Should Redfin purchase homes and hold inventories?

Paradise Bakery and Café: The Challenges of Success traces the journey of entrepreneur Daniel Patterson from the founding of his bakery in Southern California, through the challenges of growth, to an eventual sale, and a post-acquisition crisis. The case focuses on three key decision points for Patterson. The first centers on his decision to hire an experienced outside chief financial officer with strategic vision, succeeding the longtime and well-liked accountant the company has used for years. Patterson must figure out how to communicate this decision to his senior leadership team, addressing their concerns about her compensation and whether she will fit into the company. The second challenge focuses on how Patterson should break the news to employees (and the rest of the world) that the founders have decided to sell the company to Panera Bread, a bigger competitor with whom Patterson had stoked a vibrant rivalry. Finally, once the deal with Panera is concluded, Patterson is faced with a decision of how to steer the business just as the 2008 financial crisis is snowballing, given that he promised Panera that Paradise would open 35 new stores in two years.

Thirty years after being founded by CEO Marco Stefanini, Stefanini is one of the largest providers of ICT services in Latin America. Unlike most Brazilian (and Latin American) companies, Stefanini has focused on international markets for many years. As a truly global company with presence in 41 countries it is one of the most globalized companies in Brazil, with 21, 200 employees and over US$800 million in revenues. In 2017, Stefanini is helping many companies with their digital transformation/journey, while at the same time being transformed itself as traditional sources of revenue diminish/disappear. Hence digital is both a great opportunity (in terms of new business) but also a challenge. How Stefanini will transform itself? What avenues to growth exist, and what alternatives in terms of new business models, new geographies, acquisitions?

People have a tendency to stick to an existing course of action, no matter how irrational. In the management literature, this is known as an escalation of commitment, and in nearly every academic case study on the demise of a former industry leader, it played a major role. The story of the British music company HMV--whose managing director dismissed downloadable music as "just a fad"--is a classic example. Escalation of commitment is explained by a number of mutually reinforcing biases, among them: the sunk cost fallacy, loss aversion, the illusion of control, the preference for completion, pluralistic ignorance, and personal identification. The authors describe six practices that can help counteract these biases: (1) Set decision rules. (2) Pay attention to voting rules. (3) Protect dissenters. (4) Expressly consider alternatives. (5) Separate advocacy and decision making. (6) Reinforce the anticipation of regret. Overcommitted executives, they write, are prone to ignore signs of their company's imminent collapse. These practices will encourage managers at all levels to make decisions more objectively.

In fall 2017, HTC CEO and Chairperson Cher Wang was driving the company to focus on virtual reality (VR). HTC's first VR product, VIVE, released in spring 2016, was applauded for its superior immersive room-scale capabilities. However, early adoption of VR beyond gamers and technology enthusiasts was off to a slower start in general to due high cost, lack of quality content, and some user discomfort while using the technology. Wang endeavors to be the leading VR company though competition from Sony, Facebook, and other technology leaders is mounting and several, like HTC, are already pursuing second generation tetherless VR technology. As Wang seeks to develop the ecosystem by partnering with developers, creating a content platform, investing in VR startups, and launching VR arcades, she must decide the appropriate balance of fostering innovation in hardware, software and services, or both.

This case series examines the two stage transformation of DBS 2009- 2017. In both stages the bank places the customer as the centre of its thinking about how to structure, resource and play in the market. In 2009 DBS was an underperforming national bank with overseas branches, losing traction and lacking a compelling strategy. Under new leadership the A case describes the initial implementation of its turnaround strategy with the objective of creating a competitive world class multi national bank. DBS must decide which overseas market to focus on and how to enter. It raises the issue of the role of the fintechs in shaping the future of banking and its likely impact on the bank's strategy. The B case describes DBS's digital pure-play entry into the Indian market, its strategic reset now with an ambition to be like a 22,000 person start up prompted by its assessment of what the fintech landscape populated by the likes of Alibaba/ant financial. The case describes significant progress but asks whether this is sufficient given how the industry is evolving. The C case describes the company's progress up to 2017 and highlights why Euromoney named DBS as the World's Best Digital bank. It asks whether this progress is sufficient in given the amount of sectoral change. Learning objective: This case series allows students to examine the implementation of a customer-led strategy in an industry undergoing disruption. More specifically students learn how to implement a customer-led strategy, how to enhance an organisation's agility, how to embed an innovative culture.

Netapp, a fast-growing innovator in the storage and data management market, had become successful both in the U.S. and around the world. By 2017 Netapp faces challenges as the cloud disrupted its core storage unit. The CEO knew the company's strategy and organization structure that had served the company for years needed a change. He brought in a chief transformation officer to make it happen.

By 2013, after over near 30 years, Ryanair has become the largest airline in Europe in terms of passengers flown internationally. It outperformed its low cost rivals on most operational dimensions. It was unambiguously positioned as the lowest cost of the low cost airlines. Its success, however, came at a price. Ryanair was far from loved. Its operational model, which enabled such low cost flying, had as a side effect service that was seen as far below industry norms. In 2013 its outspoken CEO, Michael O'Leary, came under increasing pressure to tone down the macho image he had cultivated and enhance service levels. To do this he would need to adapt the successful operational model. The A case asks whether such an adaptation make sense. The B case documents the evolution and implementation of Ryanair's response, a change program called "ALWAYS GETTING BETTER" (AGB). AGB encompasses a digitalization program that chief marketing officer Kenny Jacobs believes can enable Ryanair to become the "Amazon of Travel in Europe." The B case asks whether this is a realistic ambition. Learning objective: The case allows for an exposition of several related strategic concepts: Business system alignment, strategic positioning, market evolution (and response), customer centricity and innovation. Four specific learning objectives are particularly well addressed: (1) Understanding customer centricity. (2) Understanding strategic alignment. (3) Understanding whether and how successful incumbents can embrace change. (4) Understanding how incumbents can best embrace digitalization.

By 2013, after over near 30 years, Ryanair has become the largest airline in Europe in terms of passengers flown internationally. It outperformed its low cost rivals on most operational dimensions. It was unambiguously positioned as the lowest cost of the low cost airlines. Its success, however, came at a price. Ryanair was far from loved. Its operational model, which enabled such low cost flying, had as a side effect service that was seen as far below industry norms. In 2013 its outspoken CEO, Michael O'Leary, came under increasing pressure to tone down the macho image he had cultivated and enhance service levels. To do this he would need to adapt the successful operational model. The A case asks whether such an adaptation make sense. The B case documents the evolution and implementation of Ryanair's response, a change program called "ALWAYS GETTING BETTER" (AGB). AGB encompasses a digitalization program that chief marketing officer Kenny Jacobs believes can enable Ryanair to become the "Amazon of Travel in Europe." The B case asks whether this is a realistic ambition. Learning objective: The case allows for an exposition of several related strategic concepts: Business system alignment, strategic positioning, market evolution (and response), customer centricity and innovation. Four specific learning objectives are particularly well addressed: (1) Understanding customer centricity. (2) Understanding strategic alignment. (3) Understanding whether and how successful incumbents can embrace change. (4) Understanding how incumbents can best embrace digitalization.

Founded in 2012, Jumia Nigeria, a startup effort by Germany-based Rocket Internet, aimed to become an African Amazon. The company entered the nascent market and immediately enjoyed an uptick in consumer spending fueled by the strength of Nigeria's oil-based economy. By 2016, however, Jumia's growth had begun to taper, hindered by plummeting oil prices, the subsequent economic downturn, and the pressure of Nigeria's limited retail ecosystem. In addition, Jumia's inventory-intensive retail model required significant infusions of capital that, in the face of a deteriorating economy and the company's inability to show a profit, was becoming increasingly difficult to obtain. Considering all this and looking to the success of the Amazon and Alibaba marketplace models where third-party sellers largely carried inventory costs, the Board had made a drastic decision: Jumia would shift from an online retail model to a marketplace model. They also made it very clear that a failure to properly implement this transition could mean the end of investor support for Jumia. Senior management wondered how they would meet the challenges ahead. While Amazon in the US and Alibaba in China had found success with the marketplace model, they wondered if Jumia would be able to do the same. Was this the right model for the very different Nigerian environment? Would vendors, many of whom already had retail operations in the country, choose to sell through Jumia? How could Jumia continue to provide the same high quality customer service on which the company's success had been built while switching to a marketplace model in which parts of this critical aspect would now be in the hands of third parties?

This follow up case study explores the ramifications of Jumia's decision to move from a retail led to a markplace business model for its e-commerce platform. The case visits the company's successes as well as its many failures when adopting this vendor-led strategy. It also considers Jumia's options going forward- should it return to the retail-led model or develop a hybrid alternative?

The case describes how Bossard Group, a Swiss family company, originally active in reselling of fastening products, achieved an effective digital transformation through a successful step-by-step evolution of its business model, acquiring valuable knowledge about its clients' behaviors and needs and implementing new technologies. This real-life example shows how an incumbent company can reinvent itself, not by a one-shot radical transformation, but rather by well-thought-out and ambitious, yet coherent, strategic moves, each building up to effectively leverage the key capabilities created by the previous stages of the company's evolution. The case also provides an opportunity to discuss the fascinating and real issues Bossard encountered when leveraging IoT and big data to create and capture value. The discussion shows that the use of IoT in Bossard's supply chain would not be considered a disruption according to Clayton Christensen's definition. However, if Bossard successfully enters the market for hospital logistics, disruption may occur.

This case features Stripe, a startup that enables merchants to accept payments from customers on the web, on mobile devices, and at the point of sale (POS). Stripe was launched in 2011 by the Collison brothers and quickly gained traction with e-commerce startups, particularly software and platform developers who needed help building their payment processing infrastructures. Stripe incurred high fixed costs in developing its platform and had low margins per transaction, so the company needed to reach high processing volumes (i.e., scale) to survive. This was challenging, as Stripe competed with large payment processors and traditional banks that had high processing volumes and were able to offer merchants significantly lower rates than Stripe. Still, merchants valued Stripe's solution because it was simple and versatile. Students assume the role of the Collisons to think about possible strategies Stripe could pursue to process higher volumes of transactions. Students are challenged to think about the potential response of the incumbents to Stripe's different growth alternatives. The teaching note presents the Value Net framework and discusses the importance of considering complementors and their effect on a firm's strategy. Finally, a discussion about Stripe's potential entry into the Indian market allows students to apply the concepts they learned in the discussion of a new market.

The case is set in October 2017 and the case protagonist is Elon Musk, co-founder and CEO of Tesla, Inc., one of the first fully integrated sustainable energy and transportation companies. The case focuses on the electric vehicle segment of the business (formerly known as Tesla Motors Inc. prior to the 2016 acquisition of SolarCity, a solar energy company). The case begins by Elon Musk reviewing the latest production data for the newly introduced Model 3. Musk had promised that Tesla would build 1,500 vehicles of its newest car model in the third quarter of 2017, and then ramping up production to 5,000 Model 3 vehicles per week in the fourth quarter (for a total of 65,000 cars). The reality: the maker of all-electric vehicles barely managed to build 260 vehicles of the new Model 3 in the entire third quarter. The poor result is a huge disappointment. The case then goes on to look at Musk's new strategy introduced for the company in 2016 ("Master Plan, Part Deux") to continue the pursuit of its vision "to accelerate the advent of sustainable energy." In 2017, Tesla, Inc. boasted a market capitalization of some $60 billion, an appreciation of more than 1,300 percent over its initial public offering price in 2010 (Exhibit 1 in the case). Indeed, Tesla had become the most valuable American car maker, ahead of both, GM and Ford.

Hindustan Gum is an agro-processor in Jodhpur, Rajasthan. It is primarily in the business of processing guar gum. The market volatility in demand and prices have shot up due to the need of guar gum in the new and growing shale gas fracking, primarily in the US. Hindustan Gum has been trying to respond to this by considering options like expansion in processing, and contract farming for guar seed sourcing.

The headline "Quinoa Genome Sequenced" caught the eye of Diego Pelaez, CFO of Coronilla S.A., a gluten-free pasta producer. Scientists had successfully sequenced the genome of the quinoa plant, hailed as a superfood because of its outstanding nutritional value. Quinoa, originally cultivated by the Inca Empire in the Andes, had become hugely popular in the last two decades and it was now grown in over 70 countries. It also happened to be the star ingredient in Coronilla's organic pastas and snacks. Coronilla was established in 1972 in Bolivia by Diego's grandfather, Guillermo Wille. After 25 years, he handed the reins to his daughter, Martha Wille. Unfortunately, the transition happened in difficult circumstances, with the company teetering on the edge of bankruptcy. Under Martha's leadership, the company successfully pivoted from a traditional wheat pasta manufacturer focused on the local market to a global exporter of gluten-free pastas and snacks made from organically-grown Andean grains. Coronilla not only transformed its business model but also wholeheartedly embraced social responsibility: it established Fair Trade sourcing with local indigenous farmers, hired mostly women and handicapped people in its workforce, and created multiple social programs for staff and their families.By 2017, Coronilla was finally reaping the rewards of its radical change program, with healthy profits and fast growth. But what was next? The news of quinoa's genome sequencing confirmed that Coronilla needed to renew itself and establish sustainability. Three strategic areas required decisions soon: branding; establishing a new production facility abroad; and negotiating a new strategic partnership. Furthermore, Diego's mother Martha was nearing retirement age and the family board had just officially designated Diego as her successor. It was now up to him to set the compass for Coronilla's next phase.