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Latest Case Studies
Case Study
Contabilizei: Freeing entrepreneurs from Brazil’s tax complexity

The case focuses on Contabilizei, a Brazilian startup providing online accounting services for small and medium-sized enterprises (SMEs). The case study delves into the challenges faced by the company’s founder and CEO, Vitor Torres, as he navigated Brazil’s complex social and economic landscape. Issues such as Brazil’s byzantine tax system, dis…

Entrepreneurship Business to Business Digital Strategy
By Benoit F. Leleux, Diego Dias, Ariella Pfenninger, Daniel Töller and Thomas Villiger
Case reference: IMD-7-2546, © 2024
Contabilizei: Freeing entrepreneurs from Brazil’s tax complexity
By Benoit F. Leleux Diego Dias Ariella Pfenninger Daniel Töller and Thomas Villiger
Case reference: IMD-7-2546 ©2024
Summary
The case focuses on Contabilizei, a Brazilian startup providing online accounting services for small and medium-sized enterprises (SMEs). The case study delves into the challenges faced by the company’s founder and CEO, Vitor Torres, as he navigated Brazil’s complex social and economic landscape. Issues such as Brazil’s byzantine tax system, disparate educational quality and accessibility, and the high cost of doing business in the country are explored. Despite these barriers, Contabilizei demonstrated impressive growth, transforming digital innovation into standardized services. However, the rise of competitors and persistent profitability concerns prompt Torres to thoroughly explore future strategies to maintain market leadership and improve financial performance. The case provides an in-depth analysis of Brazil’s entrepreneurial ecosystem, examining its business, educational, legal and infrastructural realities and their implications for startups as well as the difficult step for startups to become established companies.
Reference IMD-7-2546
Copyright ©2024
Copyright owner IMD Copyright
Organization Contabilizei
Industry Finance and Insurance, Financial Services
Available Languages English
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Case Study
Jubilee Enterprises of Thailand: Growing through insights

Unyarat Pornprakit (Unya) is the youthful chief executive officer of Jubilee Enterprise PLC, a diamond jewelry retailer. Since Unya became CEO in 2008, she has expanded the chain to 128 stores and grown the revenue to $400 million. She has managed to deliver record earnings for 12 straight years. Unya’s father began the process of professionaliz…

General Management Entrepreneurship Family Business
By Philip Charles Zerrillo and Goutam Challagalla
Case reference: IMD-7-2527, © 2024
Jubilee Enterprises of Thailand: Growing through insights
By Philip Charles Zerrillo and Goutam Challagalla
Case reference: IMD-7-2527 ©2024
Summary
Unyarat Pornprakit (Unya) is the youthful chief executive officer of Jubilee Enterprise PLC, a diamond jewelry retailer. Since Unya became CEO in 2008, she has expanded the chain to 128 stores and grown the revenue to $400 million. She has managed to deliver record earnings for 12 straight years. Unya’s father began the process of professionaliz…
Reference IMD-7-2527
Copyright ©2024
Copyright owner IMD Copyright
Organization Jubilee Enterprises
Industry Consumer Goods, Luxury Goods and Jewelry
Available Languages English
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Case Study
From grease to green: Impact investing due diligence on ZhanaSolutions

Fatbergs and grease waste from industrial kitchens are hardly the most enticing topics for a business school case study. Yet ZhanaSolutions, the start-up examined in this impact investment due diligence case, is all about grease waste. At least, on the surface. When one dredges deeper, the case reveals a compelling story about how to embed impac…

Social Innovation Entrepreneurship Finance Sustainability
By Vanina Farber and Shih-Han Huang
Case reference: IMD-7-2518, © 2024
From grease to green: Impact investing due diligence on ZhanaSolutions
By Vanina Farber and Shih-Han Huang
Case reference: IMD-7-2518 ©2024
Summary
Fatbergs and grease waste from industrial kitchens are hardly the most enticing topics for a business school case study. Yet ZhanaSolutions, the start-up examined in this impact investment due diligence case, is all about grease waste. At least, on the surface. When one dredges deeper, the case reveals a compelling story about how to embed impact into decision making. It illustrates the risk, return and impact relationship – specifically, the added-value that impact investors can bring by investing in companies that generate a clear measurable impact, even when the risk-return profile could lead traditional commercial investors who do not consider impact to underappreciate the business opportunity. The ZhanaSolutions case looks at due diligence in the impact investing context. The protagonist, José Lozano, is the Latin American managing director of the Geneva-based impact investor AlphaMundi Group (AMG), an impact first but very commercially minded impact investor that invests in Africa and Latin America. In the case, Lozano and his team have completed the due diligence and are deciding whether to present a positive recommendation to the AMG Investment Committee to invest in ZhanaSolutions, The start-up, headquartered in Bogotá, offers a novel leasing model for its grease removal G-Trap technology to industrial kitchens in Colombia. Students assume the role of Lozano and will need to balance impact and financial considerations as they make a recommendation. Through the case, students can experience a real impact investing due diligence, explore the layers of considerations needed to build a compelling investment case and simulate how best to present proposals to an investment committee. The case underscores the idea that investable opportunities can be found in even the most mundane places.
Reference IMD-7-2518
Copyright ©2024
Copyright owner IMD Copyright
Organization AlphaMundi, ZhanaSolutions
Industry Finance and Insurance, Investment Management;Services, Water Supply and Sanitary Services
Available Languages English
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Case Study
Moon Creative Lab: Mitsui’s venture studio

This case follows the steps taken by Kaichi Yokoyama, Moon Creative Lab’s CEO, to establish the entity as a pioneering venture studio and entrepreneurial talent development entity within the Mitsui Group. As a corporate venture, the story began in 2018 when Kaichi embarked on a mission to reshape Mitsui’s deeply entrenched traditions and pursue …

Entrepreneurship Venture Capital
By Benoit F. Leleux, Adam Hansson Tönning, Alexandra Loboda, Anette Papuga and Daisuke Shinohara
Case reference: IMD-7-2544, © 2024
Moon Creative Lab: Mitsui’s venture studio
By Benoit F. Leleux Adam Hansson Tönning Alexandra Loboda Anette Papuga and Daisuke Shinohara
Case reference: IMD-7-2544 ©2024
Summary
This case follows the steps taken by Kaichi Yokoyama, Moon Creative Lab’s CEO, to establish the entity as a pioneering venture studio and entrepreneurial talent development entity within the Mitsui Group. As a corporate venture, the story began in 2018 when Kaichi embarked on a mission to reshape Mitsui’s deeply entrenched traditions and pursue a new era of innovation and creativity, a need highlighted by the appointment of a task force entrusted with the role of charting the company’s strategic direction until 2030. Kaichi believed Mitsui needed to evolve from merely “connecting” to “creating” to remain relevant in an ever-evolving world and to avoid being disrupted from the outside, but rather the inside. His vision extended far beyond short-term profits; it was about investing in Mitsui’s most valuable asset: its people. Kaichi aimed to nurture curiosity, broaden employees’ perspectives and create a culture of innovation. Moon was the vehicle to bring the vision to life, a corporate venture studio that would revolutionize Mitsu’s conventional operations and mindsets by celebrating curiosity and innovation in a venture studio set up in Silicon Valley. Despite strong resistance from Mitsui’s middle management, Moon pressed on with its mission. By 2023, it had to take stock of progress and define the objectives for the next five years, as well as the KPIs that would ensure its continued relevance within the Mitsui Group in an era of increasing uncertainty.
Reference IMD-7-2544
Copyright ©2024
Copyright owner IMD Copyright
Organization Moon Creative Lab, Mitsui Group
Industry Finance and Insurance, Venture Capital
Available Languages English
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Case Study
Has Elon Musk X’d out?

In 2022, Elon Musk, known for his innovative ideas and often compared to Steve Jobs, made a big move by buying Twitter for $44 billion. He then started transforming the microblogging platform, rebranding it as “X.” His goal was to turn Twitter into a super app like WeChat in Asia, combining many services like messaging, shopping and payments int…

Strategy Digital Transformation Entrepreneurship General Management Leadership Organizational Behavior
By Stefan Michel and Kathe Sweeney
Case reference: IMD-7-2537, © 2024
Has Elon Musk X’d out?
By Stefan Michel and Kathe Sweeney
Case reference: IMD-7-2537 ©2024
Summary
In 2022, Elon Musk, known for his innovative ideas and often compared to Steve Jobs, made a big move by buying Twitter for $44 billion. He then started transforming the microblogging platform, rebranding it as “X.” His goal was to turn Twitter into a super app like WeChat in Asia, combining many services like messaging, shopping and payments int…
Reference IMD-7-2537
Copyright ©2024
Copyright owner IMD Copyright
Organization X (Former Twitter)
Industry Social Media
Available Languages English
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Case Study
UniMag: Quality of life on paper, on air and online

Terry Burns launched UniMag in 2007 and went on to develop its ecosystem of affiliated companies over several years. As most media were rapidly shifting online, UniMag established its brand as a high-profile magazine with a counter-intuitive focus on high-quality print and journalism. Since then, digitalization has increasingly shaped the media …

Strategy Disruption Entrepreneurship General Management
By Patrick Reinmoeller
Case reference: IMD-7-2540, © 2024
UniMag: Quality of life on paper, on air and online
By Patrick Reinmoeller
Case reference: IMD-7-2540 ©2024
Summary
Terry Burns launched UniMag in 2007 and went on to develop its ecosystem of affiliated companies over several years. As most media were rapidly shifting online, UniMag established its brand as a high-profile magazine with a counter-intuitive focus on high-quality print and journalism. Since then, digitalization has increasingly shaped the media landscape, opening many opportunities for Burns. By 2023 digital activities most effectively drive the business of the many affiliated companies in UniMag’s ecosystem. In contrast, its print magazine sales have stalled, and costs keep growing. Burns and her team must make a strategic decision: What to do and what to stop? Where to perform and where to transform? In the context of a transforming media industry, the case illustrates how to set strategic direction in the face of disruptive forces in order to drive change and open opportunities.
Reference IMD-7-2540
Copyright ©2024
Copyright owner IMD Copyright
Organization UniMag (Disguised)
Industry Media
Available Languages English
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Case Study
STADA: Sustaining agility and entrepreneurship in a fast-growing pharma company

Peter Goldschmidt became the CEO of pharmaceuticals company STADA in 2018. He was a firm believer in culture as a driving force – and a predictor – of organizational performance and competitiveness. A year earlier, two private equity funds had become majority owners of the “old” STADA – essentially a loose, decentralized network of country opera…

Organizational Behavior Entrepreneurship Human Resources Leadership
By John R. Weeks and Martin Králik
Case reference: IMD-7-2453, © 2024
STADA: Sustaining agility and entrepreneurship in a fast-growing pharma company
By John R. Weeks and Martin Králik
Case reference: IMD-7-2453 ©2024
Summary
Peter Goldschmidt became the CEO of pharmaceuticals company STADA in 2018. He was a firm believer in culture as a driving force – and a predictor – of organizational performance and competitiveness. A year earlier, two private equity funds had become majority owners of the “old” STADA – essentially a loose, decentralized network of country operations. After taking the helm, Goldschmidt made building a growth culture one of the strategic pillars aimed at transforming the company into a leader in consumer health, global generics and specialty pharma. As a major lever to achieve that vision, the CEO put forward four core values to define the new, aspirational brand of STADA’s culture: agility, entrepreneurship, integrity and “one STADA.” In its quest for agility, resilience and speed, STADA’s leadership recognized the need for an ambitious transformation that would improve collaboration to leverage learning, talent and technology, while centralizing some processes and reducing duplication and waste. Amid the Covid pandemic, in March 2020, STADA reported the highest production output in the group’s 125-year history. By 2022, the company was well on its way to achieving the owners’ growth objectives of becoming a strong, well-run organization. In a short span of five years, between 2018 and 2023, STADA built a platform that should allow the business to scale to five times its current size.
Reference IMD-7-2453
Copyright ©2024
Copyright owner IMD Copyright
Organization Stada Arzneimittel
Industry Healthcare, Pharmaceuticals
Available Languages English
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Case Study
Galeneo Health: Scaling the hospital@home platform

MADRID (SPAIN), MARCH 2023. Jaime Garcia-Prieto, founder and CEO of Galeneo, was polishing the deck for the fundraising for his healthcare start-up. The seed round of €1 million would take him to the institutional A round scheduled for Q3-2024, a comfortable 18-month+ runway. His proposal to decentralize healthcare through a tech-enabled hospita…

Digital Transformation Disruption Entrepreneurship Operations Sustainability
By Benoit F. Leleux
Case reference: IMD-7-2496, © 2023
Galeneo Health: Scaling the hospital@home platform
By Benoit F. Leleux
Case reference: IMD-7-2496 ©2023
Summary
MADRID (SPAIN), MARCH 2023. Jaime Garcia-Prieto, founder and CEO of Galeneo, was polishing the deck for the fundraising for his healthcare start-up. The seed round of €1 million would take him to the institutional A round scheduled for Q3-2024, a comfortable 18-month+ runway. His proposal to decentralize healthcare through a tech-enabled hospital@home platform offered the solution people were looking for not only in Spain but also in most advanced economies. According to a recent Economist article, the NHS, like many healthcare systems, had become a sickness service, not a health service. To live up to the promise of its name would require a shift in focus, away from hospitals to the community, from centralized treatment to community-based prevention and bedside medicine. In other words, health systems needed to be investing in smoke alarms, not fire extinguishers. In 2020, as the Covid pandemic began, Jaime envisioned the future of in-home care for patients with chronic treatment needs. In 2021, he embarked on developing a platform to coordinate bedside medical care anywhere, anytime, in minutes. Galeneo was born. By 2023, it had integrated 200+ healthcare providers (HCPs) and 11+ institutional partners in the Madrid region, enabling the provision of general high-value services outside hospital. Revenues of €1.6 million in 2023 were expected, with a growth rate of about 8% every month and net profit breakeven reached in February. Things looked positive, but there were issues around scaling fast – although Jaime had found solutions. To counter the limited availability of qualified healthcare workers, he developed the Galeneo Academy to train future in-home bedside specialists. Tech-enabled standardization reduced operational complexity through an easy-to-use app and included real-time monitoring and quality control. Finally, the whole concept of community-based bedside medicine was still nascent, which meant market participants needed to adopt original approaches. But it was a large market with great potential.
Reference IMD-7-2496
Copyright ©2023
Copyright owner IMD Copyright
Organization Galeneo
Industry Healthcare, Health and Medical Services
Available Languages English
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Case Study
SIBIUS: Battling cognitive disorders

Sept 2022. Corinne Avelines, SIBIUS’s CEO, had received the news that the results of the first large-scale test of the company’s first product had just been published. The test, conducted with children between 3 and 4 years old, validated their approach to early detection of autism. The technology was grounded in research showing that it was pos…

Entrepreneurship Disruption Strategy Sustainability
2024 John Molson MBA International Case Writing Competition – 3rd Prize
By Benoit F. Leleux, Giorgia Riba, Renee Pazdan, Manu K. Mathew and Arvind Hurboseea
Case reference: IMD-7-2447, © 2023
SIBIUS: Battling cognitive disorders
By Benoit F. Leleux Giorgia Riba Renee Pazdan Manu K. Mathew and Arvind Hurboseea
Case reference: IMD-7-2447 ©2023
Summary
Sept 2022. Corinne Avelines, SIBIUS’s CEO, had received the news that the results of the first large-scale test of the company’s first product had just been published. The test, conducted with children between 3 and 4 years old, validated their approach to early detection of autism. The technology was grounded in research showing that it was pos…
2024 John Molson MBA International Case Writing Competition – 3rd Prize
Reference IMD-7-2447
Copyright ©2023
Copyright owner IMD Copyright
Organization SIBIUS
Industry Healthcare
Available Languages English
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Case Study
Valeur Absolue: Values-based entrepreneurship

The case discusses the development of Valeur Absolue – the niche luxury perfume company – from its inception in 2012 through to 2022 and the leadership journey of its founder Bénédicte Foucart. In pursuit of her purpose to empower women and increase the positive energy in their lives, Bénédicte believed that she would be able to address women’s …

Entrepreneurship Strategy Leadership
2024 John Molson MBA International Case Writing Competition – 4th Prize
By Heather Cairns-Lee, Benoit F. Leleux, Anna Khrustaleva, Connie Anyika, Oksana Matyukha and Ramil Babayev
Case reference: IMD-7-2504, © 2023
Valeur Absolue: Values-based entrepreneurship
By Heather Cairns-Lee Benoit F. Leleux Anna Khrustaleva Connie Anyika Oksana Matyukha and Ramil Babayev
Case reference: IMD-7-2504 ©2023
Summary
The case discusses the development of Valeur Absolue – the niche luxury perfume company – from its inception in 2012 through to 2022 and the leadership journey of its founder Bénédicte Foucart. In pursuit of her purpose to empower women and increase the positive energy in their lives, Bénédicte believed that she would be able to address women’s …
2024 John Molson MBA International Case Writing Competition – 4th Prize
Reference IMD-7-2504
Copyright ©2023
Copyright owner IMD Copyright
Organization Valeur Absolue
Industry Consumer Goods, Cosmetics and Perfumes
Available Languages English
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Case Study
Robert Kuok: The century-old Asian legend without a clear succession plan

Robert Kuok is a prominent Malaysian entrepreneur and the founder of the Kuok Group. He has led the Kuok Group to become one of Asia’s most dynamic multinational conglomerates, with publicly listed companies scattered across Hong Kong, Singapore, and Malaysia, complemented by a web of privately held companies. However, in 2023, the 100-year-old …

Family Business Human Resources Entrepreneurship
By Marleen Dieleman and Phuong Thao Pham Thi
© 2024
Robert Kuok: The century-old Asian legend without a clear succession plan
By Marleen Dieleman and Phuong Thao Pham Thi
©2024
Summary
Robert Kuok is a prominent Malaysian entrepreneur and the founder of the Kuok Group. He has led the Kuok Group to become one of Asia’s most dynamic multinational conglomerates, with publicly listed companies scattered across Hong Kong, Singapore, and Malaysia, complemented by a web of privately held companies. However, in 2023, the 100-year-old …
Copyright ©2024
Copyright owner External Copyright
Organization Kuok Group
Available Languages English
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Case Study
The rise and fall of Byton

Byton was a Chinese electric vehicle company founded in 2016 with the goal of developing affordable, connected EVs. Daniel Kirchert, a seasoned automotive industry executive with extensive experience in luxury cars in China, was invited to join the start-up. With Daniel’s leadership and vision, Byton quickly became one of the most talked-about s…

Entrepreneurship China Leadership
By Mark J. Greeven and Yunfei Feng
Case reference: IMD-7-2473, © 2023
The rise and fall of Byton
By Mark J. Greeven and Yunfei Feng
Case reference: IMD-7-2473 ©2023
Summary
Byton was a Chinese electric vehicle company founded in 2016 with the goal of developing affordable, connected EVs. Daniel Kirchert, a seasoned automotive industry executive with extensive experience in luxury cars in China, was invited to join the start-up. With Daniel’s leadership and vision, Byton quickly became one of the most talked-about start-ups in the EV industry. The company raised around $700 million in funding from prominent investors such as FAW Group, Qidian Holdings and CATL, and secured partnerships with suppliers and strategic partners to support its innovative designs and technology. Byton’s first car model, the M-Byte, was unveiled at the 2019 Consumer Electronics Show (CES). However, despite the initial success and buzz, Byton faced financial difficulties and began experiencing delays in bringing the M-Byte to market. In early 2020, Byton entered bankruptcy proceedings due to a lack of cash flow and the impact of the Covid-19 pandemic on the global economy. Daniel left Byton for another career.
Reference IMD-7-2473
Copyright ©2023
Copyright owner IMD Copyright
Organization Byton
Industry Automotive, Automobiles
Available Languages English
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Case Study
Retaining entrepreneurial spirit during hypergrowth at sportswear brand On (B)

When one of On’s co-founders stepped into the elevator at the brand new On Labs headquarters in Zurich, a fellow co-worker asked whether it was also his first day at On. He was speechless. Less than a decade earlier, the 5 partners regularly went for lunch runs with some of the other 30 team members. And now in April 2023, On was a publicly list…

Entrepreneurship Human Resources Leadership Organizational Behavior
By Alyson Meister and Valerie Keller-Birrer
Case reference: IMD-7-2482, © 2023
Retaining entrepreneurial spirit during hypergrowth at sportswear brand On (B)
By Alyson Meister and Valerie Keller-Birrer
Case reference: IMD-7-2482 ©2023
Summary
When one of On’s co-founders stepped into the elevator at the brand new On Labs headquarters in Zurich, a fellow co-worker asked whether it was also his first day at On. He was speechless. Less than a decade earlier, the 5 partners regularly went for lunch runs with some of the other 30 team members. And now in April 2023, On was a publicly list…
Reference IMD-7-2482
Copyright ©2023
Copyright owner IMD Copyright
Organization On
Industry Consumer Goods, Sportswear
Available Languages English
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Case Study
Retaining entrepreneurial spirit during hypergrowth at sportswear brand On (A)

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 Bernh…

Entrepreneurship Human Resources Leadership Organizational Behavior
By Alyson Meister and Valerie Keller-Birrer
Case reference: IMD-7-2470, © 2023
Retaining entrepreneurial spirit during hypergrowth at sportswear brand On (A)
By Alyson Meister and Valerie Keller-Birrer
Case reference: IMD-7-2470 ©2023
Summary
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 Bernh…
Reference IMD-7-2470
Copyright ©2023
Copyright owner IMD Copyright
Organization On
Industry Consumer Goods, Sportswear
Available Languages English
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Case Study
Drinkotec: Changing a company, changing a life (C): Dream big or go home

It is now four years later, and Drinkotec is scaling up fast. They’ve had to make some tough decisions in order to focus, have the best people and build the culture that they want, but today, major beverage companies are seeking their technology in order to go packaging-free. This case is about leadership, culture, sustainability and taking the …

Entrepreneurship Business to Business Digital Leadership Sustainability
By Jim Pulcrano, Giancarlo Luchetta Bedin, Srinivas Reddy (Srini) Mamidi, Anton Rozhkovskiy and Bakel Walden
Case reference: IMD-7-2488, © 2023
Drinkotec: Changing a company, changing a life (C): Dream big or go home
By Jim Pulcrano Giancarlo Luchetta Bedin Srinivas Reddy (Srini) Mamidi Anton Rozhkovskiy and Bakel Walden
Case reference: IMD-7-2488 ©2023
Summary
It is now four years later, and Drinkotec is scaling up fast. They’ve had to make some tough decisions in order to focus, have the best people and build the culture that they want, but today, major beverage companies are seeking their technology in order to go packaging-free. This case is about leadership, culture, sustainability and taking the …
Reference IMD-7-2488
Copyright ©2023
Copyright owner IMD Copyright
Organization Drinkotec
Industry Consumer Goods, Food and Beverage;Travel and Leisure, Hotels and Restaurants;Travel and Leisure, Catering
Available Languages English
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