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This case follows the entrepreneurial journey of SmartHR founder Shoji Miyata as he led his company to become the leading cloud player in the human resources space and one of only a handful of tech unicorns in Japan. By automating, digitalizing, and streamlining traditional HR functions such as onboarding new employees and managing social insurance, SmartHR was at the forefront of reducing manual HR-related paperwork in the country. Among the 1.87 million business entities in Japan, most of which still relied on manual paperwork in their HR processes, SmartHR's product offerings quickly gained traction and the company experienced exponential growth. SmartHR grew to a 45.8% market share in the labor management cloud space overall and a 71.7% market share in the enterprise segment. Although Miyata felt it was an honor to have led SmartHR, he saw the merits of voluntarily relinquishing the CEO role and passing the baton to a successor as the company became larger and might seek an IPO in the future. He felt that he could not adapt to the changes in the macro environment, ultimately deciding to let go and focus on a new venture in a rare move in business succession.

Marina Larroudé stared glumly at all the crossings out on the proposed boots order for the autumn collection. Her husband Ricardo wanted to cut her suggestions by nearly half - in models, colours and quantities. Their fledgling shoe business had begun to a promising buzz a few months ago, but last month's sales had dwindled to a trickle. Ricardo feared that Marina's bold order would leave them stranded with unsold inventory. She sipped her coffee and wondered if he was right to be cautious. Had their initial reception been a fad? Was this opportunity as attractive as they had assumed a few short months ago? Should she push back or accept her husband's cuts?

Microsoft launched the Xbox gaming console on November 15, 2001. For years, Microsoft used the "razor-razorblade" business model for Xbox by subsidizing the console's price while making money from game titles. In 2017, Microsoft introduced Xbox Game Pass, a subscription-based model for video games. Xbox Game Pass was intended to allow subscribers to discover and play new games without having to buy the games. Those subscribers could always choose something new to play from the catalog of games on Xbox Game Pass, all for a single fee of about $15 per month for the Ultimate version. Xbox Game Pass had achieved significant success, with a subscriber base of some 25 million gamers by January 2022, accounting for about 20% of Xbox's 2021 revenues of $16.3 billion. But growth had not kept pace with expectations, partly due to the post-pandemic slowdown in gaming activity. The Xbox team began examining three options for increasing the growth and profitability of its business. One option was to optimize the current subscription-based model by adapting the Xbox game catalog, benefits, pricing, and features. The second option was innovating the business model by changing it to a usage-based one was reducing subscriber churn by creating a loyalty program (called Xbox Rewards). The Xbox team needed to decide which of these strategies would produce the best revenue and profit outcomes while minimizing the risk of alienating the most valuable subscribers of Xbox Game Pass.

For the past ten years, dacadoo, a healthtech and insurtech start-up based in Switzerland, has been developing and operating its digital health engagement solution, including mobile applications, exploring ways to monetize the patented and AI-based health score it developed. Dacadoo has a dual objective: It aims to help users achieve and maintain healthy lifestyles with its proprietary "health score" and a digital health engagement solution, while at the same time it seeks to drive digital transformation of the insurance industry, with a focus on life and health insurers. As dacadoo has moved from being a start-up into a high-growth phase, this case series explores which business model(s) will help the company grow to its full potential. In 2010, Peter Ohnemus, a serial entrepreneur who had already built sixteen companies, took some well-deserved time off after the sale of his last successful venture. During this "between ventures" break in Verbier, he noticed his health had improved after two weeks of ski touring, but he could not quantify exactly how much he had progressed. That is when a new idea came to him: How to score human health holistically, encompassing physical health, mental wellbeing and lifestyle. Peter came down from the mountains and started a new company, which led to dacadoo.

This case examines the July 2016 decision by Israeli pharmaceutical Teva Pharmaceuticals Industries Limited (Teva) to raise USD19.5 billion in cash through a multicurrency bond offering to finance an acquisition that would firmly solidify Teva's position as the largest generic pharmaceuticals manufacturer in the world. In light of a pending acquisition of Actavis, the generic drug manufacturing arm of Irish-US pharmaceutical Allergen Inc. (Allergen), Teva management planned to sell USD19.5 billion in bonds at various maturities from 2 years to 30 years and in three different currencies (US dollar, euro, and Swiss franc). In the context of a significant cross-border acquisition, students are introduced to the pricing of corporate bonds with the invitation to price (specify the coupon rate) on Teva's bold global offering. This case is taught at Darden in the core finance curriculum of the MBA program in order to introduce the concept of the risk premium, risk, and the mechanics of pricing of corporate bonds.

Nirbhay Lumde, head of corporate social responsibility (CSR) at CGI Inc. (CGI), along with his efficient team, implemented certain novel CSR initiatives to address two critical societal issues: COVID-19 infrastructure and women's safety in the context of India. CGI had to form partnerships with health care, law enforcement, and government to achieve greater impact from its CSR initiatives and to empower CGI's employer branding. How could Lumde assess the effectiveness of CGI's CSR initiatives? Which metrics were likely to help in this regard? Should Lumde consider expanding CGI's CSR initiatives? Were there any potential benefits to CGI of doing so? If yes, what potential CSR opportunities could Lumde explore?

Singapore-based Metta Welfare Association (Metta) had been keenly aware of the need to digitalise, and had taken steps to do so under the leadership of Felicia Wee, the Deputy Executive Director. With the coaching of its partners - NFT Ventures and Mega X World - Metta decided to embark on the sale of non-fungible tokens (NFTs) as a new avenue for fundraising. The charity's management committee was originally concerned that it could end up getting embroiled in money laundering. However, after a successful pilot in which transactions were conducted via credit cards in Singapore dollars instead of cryptocurrencies as was usually the case for NFT trading, its unease was allayed. Nevertheless, the question remained: should Metta continue to rely on NFT sales for its fundraising?

In 2022, Berger Paints Ltd. (Berger) was one of the leading paint manufacturing companies in India. Despite the prolonged Covid-19 pandemic affecting businesses worldwide, Berger had reported promising revenue and profit figures and indicated strong growth potential for the future. With modest beginnings in 1923, Berger was able to grow to become the second largest paint manufacturer in the country by the 21st century. However, the gap between Berger and the market share leader was still sizable, since the leader also was growing equally. Additionally, defending the second spot (especially in decorative paints) was not easy as the expectation of revival in the housing sector and popular sentiment post pandemic had buoyed many corporate giants including Aditya Birla Group and Jindal group to plunge into the paint market. The competition in the decorative segment was soon to become more intense. Berger needed to choose the right opportunities, and prioritise investments and efforts to continue growing rapidly, while also defending against new entrants. Abhijit Roy, Berger's MD & CEO, wondered where Berger should focus on in the next five years.

The Digital Adoption Platform (DAP) software market had just started to gain traction. Whatfix was emerging (and was recognised) as a leader in the DAP space. When the company had entered the market, its products had been industry-agnostic. However, with the acceleration in digital transformation triggered by the COVID-19 pandemic, Whatfix was on a strong growth trajectory and had started to offer vertical solutions to its customers while using a combination of inbound and outbound marketing strategies. The company was evaluating its approach and processes as it planned to expand its customer base and market share.

On Wednesday 15 September 2021, about 100 On team members were going to jog to the NYSE to mark the running shoe brand's first day as a publicly traded company. One of few unicorns in Switzerland, On had been founded in January 2010 by running enthusiasts David Allemann and Caspar Coppetti, together with former professional athlete Olivier Bernhard. It was one of the fastest-growing global sports brands. In a decade, On had grown from a small start-up, operating out of an old church, to a multinational company employing almost 900 people. It was known across the world, not least thanks to tennis star Roger Federer, who had joined On as an investor and partner. Culture, or "spirit" as it was called at On, was particularly important for the running shoe company. The origin story of On defined the company and was still deeply reflected in present and future aspirations. It had all started with a crazy idea to glue pieces of garden hose to an old sneaker. The highly entrepreneurial mindset - referred to as "explorer spirit" - permeated the company's DNA and was one of the key reasons for its success. The five partners believed it was crucial to maintain that spirit as the organization grew. By going public, the company aimed to secure funding for further global expansion. The funds raised would give the company the resources it needed to fulfil its dreams and help it reach the size required to play in the big league and compete with global players like Nike or Asics. The IPO was a major milestone for On but being a public company would also come with new obligations and increased expectations, from both the public and shareholders. The five partners were aware of the potential risk this represented to the company's culture.

Micro and small businesses were considered the lifeblood and backbone of the economy, but financing difficulties impeded their ability to survive, grow, and thrive. Micro Connect was founded in 2021 to connect micro and small businesses in China with global investors. At the core of its business model was the distinctive system of daily revenue contracts (DRCs) whereby an invested store shared an agreed percentage of its revenue on a daily basis with Micro Connect in exchange for the up-front lump-sum capital investment. As a super connector, Micro Connect identified sustainable sources of global capital to channel into micro and small businesses in China. The Micro Connect Exchange would provide a platform where micro and small businesses could capitalize on their revenue streams by listing their DRCs, and investors could deploy their capital efficiently by leveraging liquidity and price discovery. Charles Li and Gary Zhang, the two founders of Micro Connect, were considering further steps they should take to meet the enormous financing demand from micro and small businesses in China and attract more global investors to the Micro Connect Fund and the Micro Connect Exchange.

In late 2022, E-Mart, South Korea's leading supermarket chain, had pulled out of major Asian markets such as China and Vietnam after experiencing poor performance, and the company planned to expand into the US market. In the Asian markets, E-Mart relied on a direct entry mode, but in the US it changed its mode of entry by acquiring local companies and planning to open new grocery brand stores. Although the US market has substantial growth opportunities due to its large size, it is not easy to succeed there because of limited profit margins and fierce competition. Could E-Mart establish a foothold in the US supermarket and grocery store industry? What strategies should it develop to succeed in this new market?

This case explores the common cash-flow challenges that start-up businesses face as they straddle the conflicting objectives of business growth and cash preservation. In August 2022, Alex French, the CEO and cofounder of Bizzy Coffee (Bizzy), an emerging business in the rapidly growing cold-brew coffee market, prepares for a meeting with potential investors. His preparation requires a diagnosis of why Bizzy is burning so much cash, a proposal for getting the business to positive cash flow, and an assessment of the amount of financing required to get there. Students complete these tasks and build an understanding of cash flow and its importance to business stakeholders. It is designed for use in the core finance curriculum at Darden as part of a module covering financial modeling and analysis.

In 2003, International Paper (IP) came under the leadership of new Chief Executive Officer John Faraci, a paper industry veteran who has spent his career in IP, across multiple functions and titles. The company had grown, organically and via acquisition, to be an international producer of kraft paper, coated paper and packaging, but hit a road block as growth had stagnated industry-wide. Faraci immediately launched a transformational campaign to turn the business around, even amid activist investors and other pressures.

Founded in 2015, WayCool, is an Indian agri-tech start-up that built a B2B operation acquiring fruits and vegetables from product-specific agriculture companies and small-holding farmers. It sold them to business customers, such as local retail stores, restaurants, and hotels. The B2B strategy leveraged transparency, hygienic practices, and faster material and information flow to increase farmer incomes and reduce food wastage. Next, to enhance its 'inch-wide, mile-deep' approach using technology, WayCool scaled its supply chain using six software solutions: farmer support, procurement, warehousing, distribution to B2B customers, and two retailer solutions. In 2022, it spun off its software applications as a wholly owned tech arm, Censa. WayCool evolved its mission to 'supporting 1% of the global food supply chain.' This growth was supported by funds of $161 million raised over five investment rounds. WayCool's strategy was operating multiple businesses, tackling all aspects of the supply chain, in a historically informal sector in an emerging market. But the founders had to consider the risks. Multiple business streams increased complexity, and the founders were often asked, was WayCool spreading itself too thin? To ensure sustained performance over the long term, should WayCool focus on building all its businesses or narrow its focus?

Jake Becraft, a PhD student at MIT disillusioned in pursuit of his dreams of becoming an academic, serendipitously finds himself discussing the potential commercial applications of his work with Tasuku Kitada, his former postdoctoral research mentor. The two decide to alter the course of both of their lives, join forces, and begin down an entrepreneurial road to found Strand Therapeutics. The journey features the genesis of Becraft's ideas, the pursuit of those ideas, the path to entrepreneurship and the associated challenges, including many bumps, twists and turns along the way.

The two-part case follows the story of Pav Gill, the whistleblower who helped uncover one of Europe's largest corporate frauds at Wirecard, the German fintech that went bankrupt in 2020. Founded in 1999, Wirecard grew from an inconspicuous company to a listed firm on the blue-chip DAX, Germany's main stock index in 2018. Wirecard's meteoric rise to fame was questioned by some but largely acclaimed by investors who knew little about its murky dealings beneath its successful façade. Part (A) begins in 2018 with Gill joining Wirecard's Singapore office as the Head of Legal for the Asia Pacific region. Within a few months, Gill discovered multiple instances of falsified accounts, forgery, back-dated invoices, round-tripping, and questionable hiring practices. Despite escalating the matter to the Munich headquarters, his efforts on speaking up for justice backfired. Even after he left Wirecard, he was stalked by strangers and sabotaged at job interviews. At that point, he had to decide if he should remain silent or expose the scandal, and if so, how. Part (B) describes the frustration of Sokhbir Kaur, Gill's mother, at Wirecard's harassment and threats to her son's life, before resorting to take matters into her own hands. She initiated contact with well-reputed journalists to expose the scandal-a move that stunned Gill. The Financial Times eventually interviewed them and published the story in January 2019, which spelled the beginning of the end for Wirecard.

Unicorn human relationships startup Beamery evaluates it growth versus depth strategy as its strategic partners and customers could become future competitors in a quickly changing AI based human resources and talent management industry.