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StoneCo was a fintech that entered the market in 2014 with an initial focus in the payment solutions for SMBs. In 2018 it held the largest Brazilian initial public offering (IPO) on the Nasdaq, achieving a valuation of USD 9 billion at the close of the first day of trading. Its strategy was based on expanding from a pure payments business to a complete financial services platform for SMBs, which was labeled ABC (Acquiring, Banking, Credit). The company's rapid growth rate faced a setback when its credit operations expanded too quickly between 2020 and 2021. The company had granted loans to customers with weak financial guarantees in an unfavorable external scenario, during the pandemic, when stores were opening and closing due to lockdowns, and amidst a relevant change in the Central Bank´s regulation regarding implementation of the registry of receivables. As Chairman of the Board of Directors, Andre Street needed to consider whether the mistakes found in credit operations would not be repeated in other areas. Was StoneCo. running too fast? Was the Board of Directors properly guiding the company's growth strategy? This case explores the roles of the Board of Directors and its relationship with the top management team of the company.

While generative AI tools like ChatGPT have grabbed headlines, many leaders continue to view such tools as a mere novelty. That is a mistake, says the author. Behind the scenes, organizations are experimenting with 'foundation models,' adapting them for tasks ranging from powering customer service bots to generative product design to automated coding. As these models broaden and extend what we can do with AI, they are enabling companies to transform human-AI interaction and build an entirely new generation of AI applications and services. To leverage these models to drive novel business solutions, companies need to understand their strengths and capabilities and track how they are advancing. The author provides a primer, explaining how foundation models will drive new data practices and transform the nature of knowledge sharing in organizations.

Automated systems: We can't live with them and we can't live without them. AI technology in the wrong hands is inarguably dangerous; but in the right hands it can be beneficial to all. This, say the authors, is the AI dilemma. In this excerpt from their book of the same title, they summarize four 'logics of power' that must be integrated in order for humanity to benefit from AI: engineering logic, social-justice logic, corporate logic and government logic. They show that AI systems consistently raise significant, complex problems that will not simply resolve themselves, and that having diversity of thought and perspective weighing in on these matters is incredibly important. If we want trustworthy AI systems, they conclude, we need to bring all four perspectives together, keep them in mind simultaneously, and make the effort to understand why others feel and think the way they do.

In the developed world, we have a far greater environmental impact than people in the developing world. But there is great political pressure in the developing world to increase material wealth, which will lead to increased environmental impact. That according to Steven A. Cohen, director of Columbia University's Earth Institute. In a wide-ranging interview he argues that the world's political stability and security depend on the maintenance of material wealth where it exists and economic growth where citizens are poor. But to achieve these goals, we construct an economy that does not destroy our planet's ecosystems. The good news, says Cohen, is that we have the capacity to develop methods of production and consumption that are less damaging to the planet-and create a circular economy in which all materials are reused rather than discarded. This transition has already begun, he says. We just need to speed up our progress.

In 1987, when the author was just 22, he inherited a 60-hectare vineyard from his father, who had died in a car accident. At first he tried to balance his life as a professional rugby player with his responsibility to the family wine business, but within a few years he had left the sport to devote himself to creating a new, organic paradigm for the wine industry in the south of France-the largest and most diverse wine region in the world. Since 1993 he has acquired a number of other estates, for a total of 17. The company now has 400 employees, 400 independent suppliers, and 12 business units around the world. Gérard Bertrand is an internationally recognized wine label with annual sales of about €180 million. When Bertrand began his journey, wines from his native Languedoc were regarded as table wine at best. Today his wines are recognized around the world for their quality, competing with the finest vintages from Bordeaux and Burgundy. In this article he explains how putting nature-both human and environmental-at the heart of his decision-making has contributed to the company's success and continues to drive its strategy.

David Den Herder and Jamal Aqel, equal partners of Marceco Ltd., a national U.S. prepaid wireless distributor of Boost Mobile and a Sprint (now T-Mobile) retailer, headquartered in Grand Rapids, Michigan needed to make a divestiture decision. From a 'kitchen-table' business started in 1995, Marceco experienced exponential growth through organic, inorganic, and hybrid strategies to become a firm with US$710 million in revenues, over 1,800 business-to-business (B2B) Boost Mobile retail locations, and over 100 owned and operated T-Mobile retail locations in 2020. T-Mobile required Marceco to choose between its two divisions and had a strong exclusivity clause to impose this requirement. Den Herder and Aqel needed to decide which of Marceco's divisions to divest: the business-to-consumer (B2C) division, representing T-Mobile, or the business-to-business (B2B) division, representing Boost Mobile, acquired by DISH Network after the merger. Both divisions were operating well internally and had growth opportunities, but each one was with carriers that became direct competitors after the T-Mobile-Sprint merger's approval. Since selling both divisions was not a consideration, in order to decide what division to divest, which carrier is potentially better to partner with, and which division is more strategic to Marceco's bottom line?

In November 2022 the program coordinator for digital innovation projects at Europe's largest port, in Rotterdam (Port), wanted to invest in new systems that could synchronize several modes of container transportation (e.g., river, rail, road) in real time. Governance bodies at all levels (Port, City, State, European Union) had expressed interest in digital platforms for this purpose, but a key obstacle was that many of the Port partners refused to share real-time data that were essential for refining algorithms that would control synchromodal capabilities on a transport platform. This was one of several obstacles to synchronizing transport modes (which could greatly improve the efficiency and effectiveness of the Port's logistics operations). In a meeting of logistics consortium representatives, this program's coordinator and other leaders discussed the opportunities and challenges involved in synchromodal transport. The case protagonist - Beatrix Linssen - soon after this meeting end, would need to present a report to her superiors and colleagues, discussing why it was necessary and desirable to invest in an IT - enabled synchromodal transport capability, and recommend how to go about doing this (despite that partners will never share the required data).

Despite ten years of building out the impact investing ecosystem-which included supporting and investing in for-profit, positive impact businesses in private markets; developing an extensive network of impact entrepreneurs, investors, and experts; contributing to the exchange of knowledge and best practices in the industry; and providing increasing opportunities for impact-focused investors-the team at Chicago-based Impact Engine was just getting started. Constantly raising the bar for themselves and the industry as a whole was ingrained in the firm's ethos. Indeed, the women-founded, women-led, and women-governed impact investment firm, which was founded as one of the first impact-oriented accelerators in the U.S., had grown to include early stage and private equity investments-all optimizing financial and social returns. The range of investment stages, however, presented new challenges to impact measurement, which the team viewed as an opportunity to reexamine its existing approach and incorporate best practices across the industry.

Set in 2021, the case presents the challenges faced by the Bureau of Indian Standards (henceforth BIS) in its journey of hallmarking gold in India - from voluntary hallmarking in 2000 to mandatory hallmarking in 2021. As a government organisation, BIS was tasked with the responsibility of protecting consumer interest and increasing export competitiveness of gold. BIS took multiple initiatives to ensure purity of gold for Indian consumers. However, at every stage there was a pushback from all stakeholders jewellers, manufacturers, consumers, Assaying and Hallmarking centres (AHCs), industry experts, all of whom had their own apprehensions. The case unpacks various execution challenges that a government institution faces for an initiative designed for the good of all the stakeholders. The main tension in the case is if BIS will be able to execute their plan completely and achieve 100% hallmarking by 2025.

The case focuses on the competitive dynamics of the fast fashion industry and the strategic approaches adopted by major competitors within the domain of ultra-fast fashion. Set against the backdrop of major events that are reshaping fashion retailing, the case explores the business model adopted by Shein, the world's largest online fashion retailer, which in October 2022 was rumored to be on the cusp of an IPO. In 2021, Shein had sales of more than USD 15 billion, shipped clothing to more than 150 countries, and was one of the most famous clothing brands in the world. In addition, its shopping app was the world's most used, reaching roughly 17.5 million screens, more than twice the downloads for e-commerce giant Amazon.

MobilePay, a popular mobile payment system in Denmark, set new records in 2021. Danes had used the app more than 424 million times and transferred about DKK 160 billion (USD 22.6 billion), an increase of 29% from the previous year, which had also seen record growth. Every day, more than one million transactions were carried out through a customer's "swipe" on a mobile phone. While these numbers looked impressive, Claus Bunkenborg, MobilePay's CEO, knew that the coming years would be challenging. He thought about the DKK 208 million (USD 29 million) in losses that MobilePay had incurred in 2021. "We have high growth but we are not profitable. Our business model is not viable in the long run. Getting paid to facilitate transactions is not viable because the price that the merchants are paying to use our service is just going down, down, down. Are we in the payments business or something else? If we want to do more of the same, we need more scale. However, we also need to look at the business model. How can we create revenue streams? How can we monetize our brand, our user platform, our merchant base? It's easy to say we want to be a platform, but what does that actually mean in our case?

In May 2015, ExxonMobil announced the discovery of oil off the coast of the small South American country of Guyana. In the years following, more discoveries were made by ExxonMobil and other oil companies. It looked certain that Guyana would receive billions of dollars in oil earnings, possibly making it the largest oil producing country in the world on a per capita basis. The earnings and the growth of the oil industry would have dramatic impacts on Guyana, one of the poorest countries in South America. The standard of living in Guyana could improve but would the country become a victim of the oil curse? Guyana's cultural demon, the baccoo, was indeed out of the bottle.

Negative emissions of carbon dioxide will likely be needed to meet the <2°C warming above the pre-industrial level goal of the Paris Agreement. A major technology option is combining Biomass Energy with Carbon Capture and Storage (BECCS) in the industry and power sectors. The case of Exergi centers around the company's strategic shift towards creating a business model for negative emissions. Established initially as a traditional district heat and power provider to the citizens of Stockholm, Exergi had succeeded to change its production from oil and coal to renewable energy sources. The case traces Exergi's journey from its conventional energy roots to its transformative decision to invest in bio-energy carbon capture and storage technologies (BECCS). It delves into the complexities of navigating market uncertainties, regulatory changes, and technological advancements. The case also explores the internal and external pressures Exergi faced in balancing profitability with environmental responsibility. In focusing on Exergi's strategic pivot, the case provides insights into how traditional energy companies can adapt and thrive in the new era of sustainable energy, highlighting the critical decisions and innovative approaches that shape the future of the energy sector.

For strategists, a good hypothesis is invaluable, both as a starting point and as a guide to help structure a good analysis. A hypothesis-driven approach is widely regarded as the gold standard in tackling problems where uncertainty and ambiguity make it difficult to identify obvious solutions. "What needs to be true?" (WNT) is a framework that highlights the power and importance of assumptions in strategic decision-making; thus, it is an essential complement to a hypothesis-driven mindset. It is meant to be an "everyday carry" tool in the strategist's arsenal-something that is simple and compact enough to be quickly deployed on the fly. It is versatile and can be used as a reliable starting point for any evaluative exercise.

Jason Scott's superpower had always been his ability to connect people and ideas across industries, sectors, and geographies. After graduating from Stanford GSB, he pursued his professional North Star of finding the best entrepreneurs in the world and providing value to them as an investor at Highland Capital. After two years at Highland, Scott moved into a startup ecosystem developer role at Google. Using the resources and scale of one of the world's largest companies, Scott was eager to continue providing support to entrepreneurs across the globe. What shape would that take?

In October 2021, during an unseasonal rainstorm, the Compania Azucarera Valdez management team met to discuss the implications of a fundamental decision it needed to make: whether to end 20 years of sustainable sugarcane production using a unique biological control model and move to an integrated pest control model that included chemical insecticides. Gabriel Hernández, director of agriculture, stated that the change would increase profits by raising yields and reducing costs, and that the current biological controls were not as effective as they should be. Conversely, Paula Chacón, sustainability director, said that it could destabilize the ecosystem and generate more economic losses than benefits. Mario Goncalves, commercial director, mentioned the impact this could have on the company's brand positioning and its "de- comoditization" strategy, and the work they would need to do on the commercial side of things to offset these changes. He did, however, recognize the need to improve the company's financial results and invest in improving agricultural practices and strengthening the brand. The next board meeting was drawing near, and the management team needed to produce a concise proposal on how the company would be managed from 2022 onwards, and how it would increase its income by 2025.

The case describes the situation of the cab sector before and after the entry of Uber in Uruguay. It presents the strategy followed by Uber after its entry and the reactions it provoked in the different stakeholders: cab owners, workers, politicians, journalists, pro-government and opposition politicians and consumers. Uber incursion into Uruguay at the end of 2015 and had a great initial success. At the same time, it generated a great deal of agitation and debate in society and in the government. Over the course of a year a series of public initiatives followed in reaction to the new situation, all of them unsuccessful. In November 2016 there were rumors in Uruguay that the Municipality of Montevideo would finally adopt a regulation for the operation of ride-hailing apps. Iván French had just been appointed the general manager of Uber in Uruguay and the beginning of the case starts from his first public appearance since the appointment. Back in the office, he reflects on the report requested by his superior, where he must take a position on the strategy followed by Uber in Uruguay, as well as his recommendations for the future: How successful was the strategy followed by Uber since its entry into Uruguay? Are there any particularities of Uruguay that would have justified an adaptation or change of the generic strategy applied by Uber to enter a country? What should Uber do from now on?

The case describes the situation of the cab sector before and after the entry of Uber in Uruguay. It presents the strategy followed by Uber after its entry and the reactions it provoked in the different stakeholders: cab owners, workers, politicians, journalists, pro-government and opposition politicians and consumers. Uber incursion into Uruguay at the end of 2015 and had a great initial success. At the same time, it generated a great deal of agitation and debate in society and in the government. Over the course of a year a series of public initiatives followed in reaction to the new situation, all of them unsuccessful. In November 2016 there were rumors in Uruguay that the Municipality of Montevideo would finally adopt a regulation for the operation of ride-hailing apps. Iván French had just been appointed the general manager of Uber in Uruguay and the beginning of the case starts from his first public appearance since the appointment. Back in the office, he reflects on the report requested by his superior, where he must take a position on the strategy followed by Uber in Uruguay, as well as his recommendations for the future: How successful was the strategy followed by Uber since its entry into Uruguay? Are there any particularities of Uruguay that would have justified an adaptation or change of the generic strategy applied by Uber to enter a country? What should Uber do from now on?

Set in 2022, this case describes the digital transformation strategy of Davivienda- a leading player in Colombia's commercial banking and one of the companies belonging to Grupo Bolívar, a major Colombian financial conglomerate-and the bank's upskilling and reskilling programs adopted to support that process. Through its upskilling programs, the bank provided training courses and development opportunities for employees needing updated or more advanced skillsets to continue performing their roles. By deploying reskilling programs, Davivienda sought to offer learning opportunities to employees so they could acquire new skills and move on to new roles at the bank. Yet, as new industry trends called for more agile approaches, these programs would often take more time than what the bank could afford to wait. Dealing with this concern, Miguel Cortés, Executive Chairman and CEO of Grupo Bolívar, and Javier Suarez, Davivienda's CEO, would soon meet with Davivienda's leadership to assess the long-term benefits of Davivienda's upskilling and reskilling programs. How could Davivienda find a balance between strategy and culture under the existing conditions? Should the bank prioritize decisions that align more with its strategic commercial goals, even if it meant deviating from some cultural principles?

Raizen, the world's largest sugar and ethanol producer, strived to find ways to expand the second-generation ethanol (E2G) market, which it pioneered. The company planned to invest R$24 billion (around $4.6 billion) in 20 production plants, with a total capacity to make approximately 1.6 billion liters of E2G. Paula Kovarsky, the company's Chief Strategy and Sustainability Officer, firmly believed that E2G was a readily available biofuel that could assist in the decarbonization of several industries, helping the world navigate the energy transitional and achieve its greenhouse gas emissions reduction targets. Ethanol had already transformed Brazil, where flex-fuel vehicles dominated the streets. Raizen sought to prove that second-generation ethanol, made from a byproduct of sugarcane, that did not compete with food production, could do the same for the world, especially in hard to decarbonize sectors, such as aviation and shipping.