IMD business school for management and leadership courses

Awards & Honors
Report
Novo Nordisk and IMD : Building leadership and a community of practice to accelerate strategy

In 2022, Novo Nordisk was transitioning from its longstanding focus on diabetes treatments to multiple therapeutic areas while navigating other important challenges: • Changing market, competitive and regulatory environments • Dramatic growth due to blockbuster medications for diabetes, obesity and cardiovascular health • Increasing complexity b…

Organizational Change Strategy
EFMD Excellence in Practice Awards 2026 Gold Award – Professional Development Category
By Martin Fellenz, Goutam N. Challagalla, Mark J. Greeven, Howard H. Yu and Nancy Lane
EFMD Excellence in Practice Awards, 2026
Novo Nordisk and IMD : Building leadership and a community of practice to accelerate strategy
By Martin Fellenz Goutam N. Challagalla Mark J. Greeven Howard H. Yu and Nancy Lane
EFMD Excellence in Practice Awards, 2026
Summary
In 2022, Novo Nordisk was transitioning from its longstanding focus on diabetes treatments to multiple therapeutic areas while navigating other important challenges: • Changing market, competitive and regulatory environments • Dramatic growth due to blockbuster medications for diabetes, obesity and cardiovascular health • Increasing complexity b…
EFMD Excellence in Practice Awards 2026 Gold Award – Professional Development Category
Copyright ©2026
Copyright owner IMD Copyright
Available Languages English
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Case Study
Green or greenwashing? A 95 million dollar sustainability paradox for Michelin and BNP Paribas

The Tropical Landscapes Finance Facility Sustainability Bond (TLFF I) was initially celebrated as a best-in-class example of sustainable finance. Issued in 2018, this $95 million financial instrument aimed to create a promising future: sustainable natural rubber plantations in Indonesia that balanced ecological preservation, local livelihoods an…

Sustainability Stakeholder Management Crisis Management Social Innovation
2025 EFMD Case Writing Competition – Winner: Responsible Business
By Vanina Farber and Shih-Han Huang
Case reference: IMD-7-2646, © 2025
Green or greenwashing? A 95 million dollar sustainability paradox for Michelin and BNP Paribas
By Vanina Farber and Shih-Han Huang
Case reference: IMD-7-2646 ©2025
Summary
The Tropical Landscapes Finance Facility Sustainability Bond (TLFF I) was initially celebrated as a best-in-class example of sustainable finance. Issued in 2018, this $95 million financial instrument aimed to create a promising future: sustainable natural rubber plantations in Indonesia that balanced ecological preservation, local livelihoods an…
2025 EFMD Case Writing Competition – Winner: Responsible Business
Reference IMD-7-2646
Copyright ©2025
Copyright owner IMD Copyright
Organization Michelin, BNP Paribas, ADM Capital, Barito Pacific
Available Languages English
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Case Study
The new protein buzz: Can Legendary Foods Africa feed the world with insects?

The case describes Legendary Foods Africa, a food-tech company founded in 2020 in Ghana by Canadian entrepreneur Shobhita Soor. Legendary Foods Africa is focused on farming, processing and selling palm weevil larvae products for human consumption. Palm weevil larvae, a traditional local food, are rich in protein, healthy fats and essential nutri…

Entrepreneurship Sustainability Social Innovation
2025 EFMD Case Writing Competition – Winner: African Business Case
By Sophie Bacq, Valerie Keller-Birrer and Ruth Shalom Kinyua
Case reference: IMD-7-2632, © 2025
The new protein buzz: Can Legendary Foods Africa feed the world with insects?
By Sophie Bacq Valerie Keller-Birrer and Ruth Shalom Kinyua
Case reference: IMD-7-2632 ©2025
Summary
The case describes Legendary Foods Africa, a food-tech company founded in 2020 in Ghana by Canadian entrepreneur Shobhita Soor. Legendary Foods Africa is focused on farming, processing and selling palm weevil larvae products for human consumption. Palm weevil larvae, a traditional local food, are rich in protein, healthy fats and essential nutri…
2025 EFMD Case Writing Competition – Winner: African Business Case
Reference IMD-7-2632
Copyright ©2025
Copyright owner IMD Copyright
Organization Legendary Foods Africa
Industry Consumer Goods, Food and Beverage
Available Languages English
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Case Study
dss+: Carving out a sustainability consulting leader

The case examines the entrepreneur-led carve out and buyout of dss+, DuPont’s safety and sustainability consulting division, by Gyrus Capital and dss+ management team. dss+ (formerly “DuPont Sustainable Solutions”) played a pivotal role in high-risk industries such as oil, gas, and chemicals, providing critical consulting services at a time when…

Finance Entrepreneurship Sustainability
2025 EFMD Case Writing Competition – Winner: Finance and Banking, Entrepreneurship
By Benoit F. Leleux, Giorgio Pignalosa, Larissa Margot Bieler, Mojisola Onabanjo Akinkunmi and Nicolas Campodonico
Case reference: IMD-7-2639, © 2025
dss+: Carving out a sustainability consulting leader
By Benoit F. Leleux Giorgio Pignalosa Larissa Margot Bieler Mojisola Onabanjo Akinkunmi and Nicolas Campodonico
Case reference: IMD-7-2639 ©2025
Summary
The case examines the entrepreneur-led carve out and buyout of dss+, DuPont’s safety and sustainability consulting division, by Gyrus Capital and dss+ management team. dss+ (formerly “DuPont Sustainable Solutions”) played a pivotal role in high-risk industries such as oil, gas, and chemicals, providing critical consulting services at a time when global regulatory pressure on operational safety and sustainability was intensifying. Gyrus Capital, a mid-market private equity specialist, came together with the management team to engineer the buyout, based on the firm’s strong and predictable revenue streams, long-term client relationships and specialized expertise in safety and sustainability consulting. What emerged out of the 2019 transaction was an independent sustainability consulting powerhouse with over 1,500 consultants around the world. By 2024, dss+ was still expanding rapidly in terms of staff and domains of expertise, not to mention geography, and had to respond to quickly evolving external and internal demands, with clients increasingly expected to be served globally on a full range of sustainability-related services. With a strong sense of purpose (saving lives and creating a sustainable future), a potent pitch line (Protect. Transform. Sustain), over 750 clients on 1,800 projects across 41 countries, a global team of 1,500 people and plenty of organic growth across 7 core industries, the company was clearly heading for the stars. Yet, new questions loomed: Was it time to start managing that wild growth, deepening competitive advantages and building functional moats? How would dss+ remain competitive? Was it time to put a few new initiatives on high octane fuel: Leadership? Digital transformation? Global growth? Some totally new ideas?
2025 EFMD Case Writing Competition – Winner: Finance and Banking, Entrepreneurship
Reference IMD-7-2639
Copyright ©2025
Copyright owner IMD Copyright
Organization dss+, Gyrus Capital, Inflexion
Industry Services, Environmental Services;Healthcare, Health and Medical Services;Services, Public Safety;Business Management Services, Consultancy
Available Languages English
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Article
Stop running so many AI pilots

In late 2023, when the management team at the consumer packaged goods company Reckitt considered adopting gen AI, potential use cases spanned the business—from drafting presentations to delivering customer support to optimizing procurement contracts. Many of the use cases guaranteed time savings and an immediate return on investment, but they ap…

Artificial Intelligence Strategy
Selected for HBR’s 10 Must Reads on Artificial Intelligence, updated and expanded
By Goutam N. Challagalla, Mahwesh Khan and Fabrice Beaulieu
in Harvard Business Review
November-December 2025, vol. 103, issue 6, pp. 90-99
Stop running so many AI pilots
By Goutam N. Challagalla Mahwesh Khan and Fabrice Beaulieu
in Harvard Business Review November-December 2025, vol. 103, issue 6, pp. 90-99
Summary
In late 2023, when the management team at the consumer packaged goods company Reckitt considered adopting gen AI, potential use cases spanned the business—from drafting presentations to delivering customer support to optimizing procurement contracts. Many of the use cases guaranteed time savings and an immediate return on investment, but they ap…
Selected for HBR’s 10 Must Reads on Artificial Intelligence, updated and expanded
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Case Study
Nespresso: Strategy reset for growth: The youth market

Nespresso, the global leading brand in portioned coffee, is facing an existential threat. The company’s current market base, which consists primarily of aging consumers, is likely to decline in the medium to long term. To compensate for the certain shortfall, the company needs to attract young coffee drinkers among Millennials and Generation Z, …

Marketing Strategy Sustainability
The Case Centre Awards and Competitions Winner 2025 – Overall Award
Best-selling Case Study
By Kamran Kashani and Goutam N. Challagalla
Case reference: IMD-7-2479, © 2023
Nespresso: Strategy reset for growth: The youth market
By Kamran Kashani and Goutam N. Challagalla
Case reference: IMD-7-2479 ©2023
Summary
Nespresso, the global leading brand in portioned coffee, is facing an existential threat. The company’s current market base, which consists primarily of aging consumers, is likely to decline in the medium to long term. To compensate for the certain shortfall, the company needs to attract young coffee drinkers among Millennials and Generation Z, …
The Case Centre Awards and Competitions Winner 2025 – Overall Award
Best-selling Case Study
Reference IMD-7-2479
Copyright ©2023
Copyright owner IMD Copyright
Organization Nespresso
Industry Consumer Goods, Coffee
Available Languages English
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Case Study
Adidas Russia/CIS and the Russian crisis: Retrench or double down (A)

The case series is based on extensive interviews with key executives at adidas Russia/CIS in charge of implementing the radical IT, supply chain and omnichannel initiatives that transformed adidas Russia/CIS from one of the poorest performers to the new standard within the Group. The initiatives included pioneering the rollout and implementation…

Operations
2016 EFMD AWARD WINNER (Supply Chain Management)
Best-selling Case Study
By Carlos Cordon, Benoit F. Leleux and Beverley Lennox
Case reference: IMD-7-1795, © 2016
Adidas Russia/CIS and the Russian crisis: Retrench or double down (A)
By Carlos Cordon Benoit F. Leleux and Beverley Lennox
Case reference: IMD-7-1795 ©2016
Summary
The case series is based on extensive interviews with key executives at adidas Russia/CIS in charge of implementing the radical IT, supply chain and omnichannel initiatives that transformed adidas Russia/CIS from one of the poorest performers to the new standard within the Group. The initiatives included pioneering the rollout and implementation…
2016 EFMD AWARD WINNER (Supply Chain Management)
Best-selling Case Study
Reference IMD-7-1795
Copyright ©2016
Copyright owner IMD Copyright
Organization Adidas
Industry Manufacturing;Consumer Services, Retail;Consumer Goods, Sports Equipment
Available Languages English
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Case Study
GE Healthcare India (B): The product innovation journey

This three-part case series examines the marketing challenge encountered by a leading medical technology manufacturer, General Electric (GE) Healthcare – a division of General Electric Company – in India. It follows the development of Lullaby Warmer Prime, an infant warmer that was designed, manufactured and commercialized by the Maternal Infant…

Marketing
2016 THE CASE CENTRE AWARD WINNER (Outstanding Case Writer: Hot Topic Competition)
Best-selling Case Study
By Wolfgang Ulaga and Athanasios Kondis
Case reference: IMD-5-0801, © 2014
GE Healthcare India (B): The product innovation journey
By Wolfgang Ulaga and Athanasios Kondis
Case reference: IMD-5-0801 ©2014
Summary
This three-part case series examines the marketing challenge encountered by a leading medical technology manufacturer, General Electric (GE) Healthcare – a division of General Electric Company – in India. It follows the development of Lullaby Warmer Prime, an infant warmer that was designed, manufactured and commercialized by the Maternal Infant…
2016 THE CASE CENTRE AWARD WINNER (Outstanding Case Writer: Hot Topic Competition)
Best-selling Case Study
Reference IMD-5-0801
Copyright ©2014
Copyright owner IMD Copyright
Organization GE Healthcare
Industry Healthcare, Medical Equipment;Healthcare
Available Languages English
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Case Study
SKF Bearings series: Market orientation through services (A): Restructuring the before and after market

In the spring of 1987 Mauritz Sahlin, CEO of SKF, the world’s largest bearing company, decided to transform the company to improve profitability and return on assets. Production had already been rationalized and was fully automated, leaving little room for savings. Neither could R&D expenditures be cut, given the company’s reputation for technol…

Marketing
1997 ECCH AWARD WINNER (Marketing); 1995 ECCH AWARD RUNNER-UP (Marketing)
Best-selling Case Study
By Sandra Vandermerwe and Marika Natasha Taishoff
Case reference: IMD-5-0383, © 1990
SKF Bearings series: Market orientation through services (A): Restructuring the before and after market
By Sandra Vandermerwe and Marika Natasha Taishoff
Case reference: IMD-5-0383 ©1990
Summary
In the spring of 1987 Mauritz Sahlin, CEO of SKF, the world’s largest bearing company, decided to transform the company to improve profitability and return on assets. Production had already been rationalized and was fully automated, leaving little room for savings. Neither could R&D expenditures be cut, given the company’s reputation for technological prowess and quality standards. The only viable long term solution was to change the strategic orientation of SKF from the production line to the market, which would now be segmented into the before and after markets. The plan required a complex reorganization of the company with far-reaching consequences throughout the organization, but there was no other option. Intended to be the springboard to a new SKF market culture, SKF Bearing Services was created, and Goran Malm was asked to be its CEO.
1997 ECCH AWARD WINNER (Marketing); 1995 ECCH AWARD RUNNER-UP (Marketing)
Best-selling Case Study
Reference IMD-5-0383
Copyright ©1990
Copyright owner IMD Copyright
Available Languages English
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Book
SuperEurope: The unexpected hero of the 21st century

This book is a vindication of Europe. It challenges the view of Europe as a tired, overregulated continent, arguing instead that Europe has emerged from decades of crisis—financial turmoil, Brexit, COVID-19, war in Ukraine—as a resilient, reformed, and quietly successful model of governance and society. While the world often focuses on the rival…

Geopolitics Competitiveness Global Business
Axiom Business Book Awards – International business category – Silver medal
By Arturo Bris
Published by Independently published, © 2025
SuperEurope: The unexpected hero of the 21st century
By Arturo Bris
Published by Independently published ©2025
Summary
This book is a vindication of Europe. It challenges the view of Europe as a tired, overregulated continent, arguing instead that Europe has emerged from decades of crisis—financial turmoil, Brexit, COVID-19, war in Ukraine—as a resilient, reformed, and quietly successful model of governance and society. While the world often focuses on the rival…
Axiom Business Book Awards – International business category – Silver medal
Copyright ©2025
Copyright owner External Copyright
Available Languages English
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Book
The AI-centered enterprise

The explosion of generative AI has sparked a wave of case studies showing how quickly and profoundly it is transforming businesses. Yet most of these use cases still apply the technology to enhancing existing systems. This book makes the case for why business leaders must revisit the fundamentals of generative AI and look beyond short-term, tact…

Artificial Intelligence Innovation
Axiom Business Book Awards 2026 – Emerging trends / AI category – Silver medal
By Natarajan Balasubramanian, Ram Bala and Amit M. Joshi
Published by CRC Press, © 2025
The AI-centered enterprise
By Natarajan Balasubramanian Ram Bala and Amit M. Joshi
Published by CRC Press ©2025
Summary
The explosion of generative AI has sparked a wave of case studies showing how quickly and profoundly it is transforming businesses. Yet most of these use cases still apply the technology to enhancing existing systems. This book makes the case for why business leaders must revisit the fundamentals of generative AI and look beyond short-term, tact…
Axiom Business Book Awards 2026 – Emerging trends / AI category – Silver medal
Copyright ©2025
Copyright owner External Copyright
Available Languages English
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Case Study
Finance for a sustainable society at Triodos Investment Management: An ESG portfolio investment decision

This case provides the opportunity to perform a real, but simplified, ESG research analysis and portfolio investment decision from the perspective of an impact investor. It was designed using Triodos Investment Management (Triodos) and three well-known (possibly controversial) companies, Yamaha Corporation, Tesla and Philip Morris International …

Sustainability Finance Diversity and Equity and Inclusion
The Case Centre Awards and Competitions 2026 – Winner in the Finance, Accounting and Control Category
Best-selling Case Study
By Vanina Farber and María Helena Jaén
Case reference: IMD-7-2309, © 2021
Finance for a sustainable society at Triodos Investment Management: An ESG portfolio investment decision
By Vanina Farber and María Helena Jaén
Case reference: IMD-7-2309 ©2021
Summary
This case provides the opportunity to perform a real, but simplified, ESG research analysis and portfolio investment decision from the perspective of an impact investor. It was designed using Triodos Investment Management (Triodos) and three well-known (possibly controversial) companies, Yamaha Corporation, Tesla and Philip Morris International …
The Case Centre Awards and Competitions 2026 – Winner in the Finance, Accounting and Control Category
Best-selling Case Study
Reference IMD-7-2309
Copyright ©2021
Copyright owner IMD Copyright
Organization Triodos Investment Management
Industry Finance and Insurance, Banking;Finance and Insurance, Financial Services
Available Languages English
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Case Study
Has Nike lost its stride?

Set in 2024, the case describes the trajectory of Nike’s success and how it had recently lost its way. The company was experiencing its worst slump in more than 10 years. Since 2020, CEO Donahoe oversaw a significant shift away from wholesale, with a focus on direct channels and a suite of apps. However, direct-to-consumer (DTC) sales failed to …

Marketing Digital Strategy
The Case Centre Awards and Competitions 2026 – Outstanding Case Writer Award; 2025 John Molson MBA International Case Writing Competition Award Winner
By Ivy Buche and Goutam N. Challagalla
Case reference: IMD-7-2598, © 2025
Has Nike lost its stride?
By Ivy Buche and Goutam N. Challagalla
Case reference: IMD-7-2598 ©2025
Summary
Set in 2024, the case describes the trajectory of Nike’s success and how it had recently lost its way. The company was experiencing its worst slump in more than 10 years. Since 2020, CEO Donahoe oversaw a significant shift away from wholesale, with a focus on direct channels and a suite of apps. However, direct-to-consumer (DTC) sales failed to …
The Case Centre Awards and Competitions 2026 – Outstanding Case Writer Award; 2025 John Molson MBA International Case Writing Competition Award Winner
Reference IMD-7-2598
Copyright ©2025
Copyright owner IMD Copyright
Organization Nike
Industry Consumer Goods, Footwear
Available Languages English
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Case Study
Apple’s supply chain transformation

In 2022, Apple lost US$1.5 billion in Black Friday sales due to iPhone supply constraints. One in three retail stores across the US and Europe experienced stockouts of the new iPhone 14 Pro. China sales were down more than 30% year on year. Apple’s stock had dropped 29% in 2022. China’s zero-Covid policy resulted in massive lockdowns that made f…

Operations Strategy
The Case Centre Awards and Competitions 2026 – Winner in the Production and Operations Management Category
Best-selling Case Study
By Carlos Cordon and Nick Georgiev
Case reference: IMD-7-2451, © 2023
Apple’s supply chain transformation
By Carlos Cordon and Nick Georgiev
Case reference: IMD-7-2451 ©2023
Summary
In 2022, Apple lost US$1.5 billion in Black Friday sales due to iPhone supply constraints. One in three retail stores across the US and Europe experienced stockouts of the new iPhone 14 Pro. China sales were down more than 30% year on year. Apple’s stock had dropped 29% in 2022. China’s zero-Covid policy resulted in massive lockdowns that made f…
The Case Centre Awards and Competitions 2026 – Winner in the Production and Operations Management Category
Best-selling Case Study
Reference IMD-7-2451
Copyright ©2023
Copyright owner IMD Copyright
Organization Apple
Industry Consumer Goods, Consumer Electronics
Available Languages English
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Case Study
FIBA eSports: The value capture challenge

The International Basketball Federation (FIBA) had long recognized that the game of basketball was evolving beyond physical participation. That shift became impossible to ignore in 2020, when the Covid-19 pandemic shut down live events and left fans stuck at home. With no traditional products to deliver, FIBA saw esports as a timely strategic ex…

Value Creation Digital Strategy
2026 John Molson MBA International Case Writing Competition – 1st prize
By Amit M. Joshi, Ivy Buche and Aundria Elahe Mirabrishami
Case reference: IMD-2705, © 2025
FIBA eSports: The value capture challenge
By Amit M. Joshi Ivy Buche and Aundria Elahe Mirabrishami
Case reference: IMD-2705 ©2025
Summary
The International Basketball Federation (FIBA) had long recognized that the game of basketball was evolving beyond physical participation. That shift became impossible to ignore in 2020, when the Covid-19 pandemic shut down live events and left fans stuck at home. With no traditional products to deliver, FIBA saw esports as a timely strategic extension to complement traditional basketball with a digital-first discipline that could engage younger audiences. Governed under FIBA’s statutes and structured as a national team competition, eFIBA was created to establish a new basketball discipline – enhancing the sport and advancing FIBA’s vision to unite the global basketball community. Between mid-2020 and the end of 2021, the eFIBA team launched three fully virtual tournaments – FIBA Esports Open I, II and III – with the objective to “learn by doing.” This set the foundation to deliver more ambitious eFIBA Seasons 1, 2 and 3. A key evolution in the tournament format from Season 2 onwards was that the World Finals were held in person in a host country. This created an X factor for the tournament. Each successive season witnessed increasing engagement from National Federations, dedicated eBasketball players, enthusiastic fans, sponsors, content creators and influencers. However, a key partner pulled out after Season 2 in early 2024 and eFIBA had to deliver Season 3 and future seasons with diminished resources. This marked a turning point for eFIBA. In 2025, as the eFIBA team set out to develop a five-year strategy to 2029, several questions came to the fore: What value had eFIBA created for different stakeholders to allow it to stand on its own as a brand? What different B2B and/or B2C business models could eFIBA explore to capture higher value? How should eFIBA go about developing a three-year roadmap to enhance value creation for different stakeholders and sustain value capture going forward?
2026 John Molson MBA International Case Writing Competition – 1st prize
Reference IMD-2705
Copyright ©2025
Copyright owner IMD Copyright
Organization International Basketball Federation
Industry Travel and Leisure, Sports
Available Languages English
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