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After studying medicine and specialising in paediatrics in India, Dr Vibha Krishnamurthy, the founder and Medical Director of Ummeed, underwent further training in children's developmental disabilities in the US. The resources available at the centres there highlighted the lack of similar facilities in India. After relocating to India in 1998, she decided to set out on her own. In November 2001, supported by her husband, Vibha founded Ummeed - a non-governmental organisation (NGO) that provides an integrated medical and therapeutic support system for children with developmental disabilities. Founded with an initial staff of only three, Ummeed has grown to include about 50 professionals, ranging from paediatricians to therapists and social workers. It has also moved into areas of training, research and advocacy, and is increasingly well regarded as one of India's leading NGOs, respected for its work with children with disabilities. But with this growth, the constant challenge to procure adequate funding has been exacerbated. Ummeed's strategic plan and business model is built around the theory that if it were able to access children with disabilities early through their families, it could maximise their outcomes for educational, financial and social achievement. Hence, its business model involves creating ways to access families by building awareness and demand in communities, with subsequent capacity building and training. But is this the most effective way to create a change for children with disabilities? Vibha also recognises that Ummeed's evolution has brought her to a crossroads where a decision will soon have to be made: while on the one hand, she would like to keep Ummeed 'small', retaining the personalised organisation culture that she has embedded at all levels - on the other hand, she would like to scale-up Ummeed, so that it could extend its reach. How should Ummeed position itself? What would be the best way to create an impact in this field?

An NPR report, which uncovers labor-camp-like working conditions at Apple's Foxconn supplier in China has gone viral. With 2011 revenues of $92 billion, the contractor, which manufacturers Apple's Mac computers, iPhones, and iPads is the fourth-largest information technology company in the world. Forced to work in conditions where they are both physically and mentally abused, some workers are driven to suicide, while those who remain are required to work excessive overtime, denied meal breaks, not informed about the chemicals in use, refused the wage increases promised to them, and exposed to two explosions - one that leaves three dead and 15 injured and another that injures 61. Students are asked to take on the role of Apple CEO Tim Cook and respond to a petition by Change.org, signed by 250,000 people calling on Apple to take responsibility for the appalling conditions in its supply chain.

The H&M case is set immediately after the Rana Plaza collapse in Bangladesh. The case explores questions of who is to blame and how it should be addressed. There is no guarantee that H&M garment manufacturing had not been subcontracted to one of the factories in Rana Plaza, and Helena Helmersson, head of sustainability at H&M, must meet with the CEO, Karl-Johan Persson, to discuss how the company will respond and devise a plan to face the media coverage and public scrutiny of the apparel industry that is sure to follow. This case was written under the supervision of Andrew Hoffman at the University of Michigan by graduate students Marianna Kerppola, Ryan Moody, Likangjin Zheng, and Amaryllia Liu.

In January 2012, Ellen Kullman, CEO and chairman of DuPont, must decide whether to retain or sell the company's Performance Coatings (DPC) division. This is an introductory case on valuing a leveraged buyout. The case focuses on a publicly listed corporation's decision to divest a large division and asks students to compare the division's value if it remains under DuPont's control or is sold to an outside party. The transaction size of approximately $4 billion is too large for potential strategic buyers in the industry, making private equity (PE) firms the most likely bidders. The case provides a base-case adjusted present value (APV) model of DPC as a stand-alone company and gives students specific assignments to adjust it to reflect the division's potential value under PE ownership (e.g., EBITDA growth, multiple arbitrage, and increased leverage). The case is designed to illustrate and discuss the differences between a public company's valuation based on unlevered free cash flows and a PE sponsor's valuation based on residual (levered) cash flows. This case has been successfully taught in a second-year elective course covering entrepreneurial finance and private equity and in an advanced undergraduate course on corporate finance. It is appropriate for use in classes on private equity, advanced corporate finance, or deal valuation.

Diageo, the world's leading premium drinks business, had a long history in Africa starting from its beer brand, Guinness, first exported to Sierra Leone in 1827. By 2013, 13% of Diageo's global revenues were from Africa, up from 9% in 2007. Diageo Africa President Nick Blazquez was considering how to seize the opportunities presented by rising populations and incomes while navigating increased competition and the unique challenges presented by frontier markets. The case describes Diageo's innovation process and two recent product launches developed specially for Africa. It also discusses government relations and the need to develop local production and raw material supply chains.

In 2013, Aldi-the world's 8th largest retailer-planned to accelerate its US expansion. Aldi was a German-based hard discounter that sold a limited assortment of private-label groceries and household items in barebones stores. Despite its presence with 1200 stores in 32 states, Aldi was still relatively unknown in the US. But it was often cited as one of the reasons for Walmart's exit from Germany. Could it compete with Walmart in the US, Walmart's home market?

Zeta Mining, one of the world's largest producers of metallurgical coal, operates a number of mines in the Bowen Basin, Central Queensland, Australia. The company has invested about AU$8 billion in the region. Before extracting the coal, the overburden of dirt, rock and other geological waste has to be removed, and this is usually done by draglines, which are imported from the United States and constructed on site, requiring a significant investment in time and money. In 2012, Zeta's chief financial officer tasked the Bowen Basin project evaluation director to decide whether to "walk" one of the 3,400-tonne draglines six kilometres to another mine or to employ external contractors to remove that mine's overburden. To do so, the director was required to perform an incremental comparison analysis using net present value methodology. The CFO will then use the analysis and any other relevant factors in making a final decision.

(With SaaS, vendors stored a client's data in an external server or in the cloud, and maintained the software and relevant hardware.) Transitioning to SaaS required the €114 million company simultaneously to transform its strategy, business model, technology and culture; and the change process was bumpy. SaaS customers paid as they used services, rather than upfront as they did with the licensed software and installation business; that difference had an immediate negative impact on Basware's revenue stream. The company's new SaaS technology would be best in breed when it was complete, but it was taking longer than expected to be ready. Basware also needed to reorganize as a global organization, its sales people needed to be retrained or transitioned out, and its culture needed to adjust to match these rapid changes. At the same time, Basware's e-invoice operator business was booming. In 2013, there were an estimated 63 million transactions across the Basware Commerce Network, and the company expected to hit 150 million transactions by the end of 2015. Speed was the name of the game for Basware, as each transaction brought in money and because the network's size was Basware's competitive advantage. Although the software and e-invoicing businesses were two separate businesses, they were synergistic. The more customers moved from paper to e-invoicing, the more they would be able to use the full functionality of Basware's automated software solutions.

This case deals with a project to build a hybrid operating room for cardiac surgery at Montreal's Sainte-Justine University Hospital. The case is discussed from the perspective of change management and implementation processes at the personal and organizational levels. The change involved the learning of new practices with state-of-the-art equipment and the collaboration of two medical teams: surgical and cardiology. This initiative, suggested by a cardiologist in 2002, was finally completed in 2010 following several years of fundraising efforts and the departure of several stakeholders. The arrival of a new CEO in 2009 gave fresh impetus to the project. The leaders of the two teams managed the change to the best of their ability, and a Tactical committee was set up to plan activities and prepare the various actors for the change (managers, cardiologists, cardiac surgeons, anesthesiologists, nurses, technologists, etc.). This case study of a successful change reports the perspectives and perceptions of fourteen key actors, including doctors, nurses, managers, administrators, heads of sectors and other units, and the chief executive officer.

Fabrice Tourre, a mid-level trader at Goldman Sachs, seeks to understand how he was one of the only executives of any Wall Street firm held accountable in the aftermath of the financial crises. The case includes commentary from Tourre and jurors that found him guilty at his trial.

Perry Capital owns shares in King and, to facilitate approval of the merger, buys shares in Mylan, whilst hedging out its economic exposure to Mylan's share price using derivatives. The price at which Mylan proposes to merge with King is generous to King shareholders, but the merger does not look likely to be approved by Mylan shareholders, who must vote upon it. If Perry can swing the voting in favor of the deal, it will gain handsomely on its King shares without facing any corresponding losses on its Mylan holdings since those are hedged. Carl Icahn, another shareholder in Mylan, opposed the deal and sued Perry for alleged vote buying.

Entrepreneurs seeking to start companies in developing economies face significant human resource challenges. Before embarking on their ventures, entrepreneurs should articulate a talent management strategy that describes how they will source, identify, screen, and manage employees, including rank and file workers, mid-level managers, and senior executives as the company scales. In developing such a strategy, the most important considerations will include how much and what kinds of human capital are present, the availability of tools to effectively identify and screen candidates, local culture, and the flexibility of the labor market. Drawing from interviews with entrepreneurs and investors across a number of countries in Asia, the Middle East, Africa, and Latin America, this note explores several major human resource challenges found in developing economies and the strategies entrepreneurs have employed to meet these challenges.

Sweet Leaf Bath Co. is a small, family-operated bath and body products company specializing in fairtrade, environmentally conscious products. The company progressed from initially selling its high-quality, unique products at craft shows and exhibitions to limited sales through local retailers. Through these sales channels, Sweet Leaf's founding partners learned more about the bath and body industry and the international issues surrounding the sourcing of many raw ingredients used in their products. However, after a year of minimal sales growth, the partners realized that they needed to develop and implement a new marketing strategy that would enable them to grow the business. Out of the many options available to expand the company's distribution plans and promotional efforts, its owners must select those opportunities that will offer maximum benefits on a limited budget.

Ten years after its founding, California-based Tesla Motors is close to becoming one of the world's premier luxury car manufacturers. Its innovative design - using carbon fibre and aluminum rather than steel to construct body and parts - and technology - lithium ion battery packs rather than gasoline for power and a simple powertrain to provide maximum acceleration - make its models treasured options for eco-friendly and tech-savvy consumers as well as wealthy professionals. Relying almost entirely on word-of-mouth promotion through social media, the company sells its cars through factory stores in upscale malls rather than through dealerships and has built service centres to provide free battery charging. However, just as it is expanding into Europe and Asia and is contemplating buying its own factory to secure its battery supply, three of its cars have burst into flames following collisions, although no one has been injured. In addition, analysts claim that the company has been covering up its lack of cash flow by using non-generally accepted accounting principles for reporting its revenue. The CEO knows that the company has tremendous potential but is struggling with public relations problems arising from the crashes and questions about its financial stability and return on investment to investors.

Safe Water Network, a charity initiative focused on providing underserved populations with clean drinking water, established its first site in the village of Nizampally, India. This initiative was unique in a number of ways in its conception as well as its execution. Firstly, after vigorous assessment of the identified region, demand-driven solutions were customized to deal with the specific water-related issues of the region. Secondly, it was supported by prominent Indian and international companies who not only provided monetary support but also extended assistance in terms of technology, assessment and further research. Thirdly, the project was economically sustainable and required active participation and ownership by the community it served. Safe Water Network's directors hoped to scale up and sustain the adoption of the Safe Water project. The commitment and participation of the villagers was truly heartening but would this enthusiasm continue? Would the villagers see value in this expenditure? Were there any barriers to the project's adoption?

The Volkswagen Group (VW Group) had set a firm-wide "Strategy 2018," which sought to make Volkswagen "the most successful and fascinating automaker in the world by 2018." According to the strategy, the company would reach annual sales of 10 million vehicles worldwide. To achieve this ambitious goal, VW Group placed "intelligent innovations and technologies" at the top of its agenda. Big data, broadly defined, represented an important opportunity for the company. In this exercise, the class will be divided into teams, and each team will design an initiative that leverages big data to help the VW Group make significant progress towards its objective. The teams will present their initiatives at the upcoming executive meeting, at which time the best initiative will be selected.

Set in 2013, School Specialty was a financially troubled supplier of educational products to primary and secondary schools in the United States. The company planned to file Chapter 11 in order to address its excessive debt load, but needed to arrange debtor-in-possession financing to provide liquidity while in bankruptcy. The company has received a financing proposal from its existing term loan lender that includes some aggressive and unusual features. This includes the requirement that, immediately upon filing for Chapter 11, School Specialty undertake to sell its assets under Section 363 of the U.S. Bankruptcy Code. The Company must decide whether to accept this proposal, and what other options may be available.