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Latest Case Studies
Case Study
Sea2see: Seastainable vision

BARCELONA, JANUARY 2023. What started in 2016 as a humble entrepreneurial attempt to contribute to a more sustainable future had turned into a solid eyewear brand present in major Western markets. François van den Abeele was even more excited by the rapid development of the Sea2see Foundation, which he set up in Ghana. But success brought its ow…

Entrepreneurship Family Business General Management Global Business Marketing Sustainability
By Benoit F. Leleux and Thomas Brochier
Case reference: IMD-7-2564, © 2024
Sea2see: Seastainable vision
By Benoit F. Leleux and Thomas Brochier
Case reference: IMD-7-2564 ©2024
Summary
BARCELONA, JANUARY 2023. What started in 2016 as a humble entrepreneurial attempt to contribute to a more sustainable future had turned into a solid eyewear brand present in major Western markets. François van den Abeele was even more excited by the rapid development of the Sea2see Foundation, which he set up in Ghana. But success brought its own new questions and issues. From the start, he had relied on the superb craftmanship and dedication of an Italian frame manufacturer. Over time that relationship had turned into a mutual dependency: He was now one of its major clients but, reciprocally, had developed a key supplier risk. What if something happened to that relationship? Should he develop a broader set of suppliers and, if so, how could that be done without antagonizing a great working relationship? Recycling very much set the stage for the brand’s sustainability claims, but it also took massive amounts of time to manage. As other companies started to develop their own fishing net recycling supply chains, did it still make sense to invest so much time in the upstream phase or should he pour his energy into his beloved brand? Finally, maybe it was also time to revisit the growth/profitability dilemma and open up the capital to increase the speed of growth, all for the benefit of the environment as impact fed on scale.
Reference IMD-7-2564
Copyright ©2024
Copyright owner IMD Copyright
Organization Sea2see
Industry Consumer Goods, Optical Products
Available Languages English
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Case Study
CVTrust and the Smart Certificate

When the dotcom bubble burst in March 2000, this did not stop the world from going digital, but it did poke holes in the concept of trust, especially in the digital world. David Goldenberg, a Belgian entrepreneur with extensive experience in management consulting, was confronted daily with the hassles of recruiting when information about candida…

Entrepreneurship Digital Venture Capital
By Benoit F. Leleux, Baldvin Kovacs, Sayat Kurmanbayev and Luigi Mirri
Case reference: IMD-7-2611, © 2024
CVTrust and the Smart Certificate
By Benoit F. Leleux Baldvin Kovacs Sayat Kurmanbayev and Luigi Mirri
Case reference: IMD-7-2611 ©2024
Summary
When the dotcom bubble burst in March 2000, this did not stop the world from going digital, but it did poke holes in the concept of trust, especially in the digital world. David Goldenberg, a Belgian entrepreneur with extensive experience in management consulting, was confronted daily with the hassles of recruiting when information about candida…
Reference IMD-7-2611
Copyright ©2024
Copyright owner IMD Copyright
Organization CVTrust
Industry Information Technology, Information Technology Services
Available Languages English
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Case Study
IG4 Capital: Private equity with a purpose

SEPTEMBER 2023, SÃO PAULO (BRAZIL). Gustavo Buffara was painstakingly putting the finishing touches on the IG4 Private Equity Fund III presentation. Co-founded by Gustavo in 2016, IG4 Capital had grown to become a leading force in private equity in Latin America with a unique value proposition that focused on private equity special situations. W…

Finance Emerging Market Entrepreneurship Sustainability
By Benoit F. Leleux and Arthur de Bonis
Case reference: IMD-7-2545, © 2024
IG4 Capital: Private equity with a purpose
By Benoit F. Leleux and Arthur de Bonis
Case reference: IMD-7-2545 ©2024
Summary
SEPTEMBER 2023, SÃO PAULO (BRAZIL). Gustavo Buffara was painstakingly putting the finishing touches on the IG4 Private Equity Fund III presentation. Co-founded by Gustavo in 2016, IG4 Capital had grown to become a leading force in private equity in Latin America with a unique value proposition that focused on private equity special situations. W…
Reference IMD-7-2545
Copyright ©2024
Copyright owner IMD Copyright
Organization IG4 Capital Partners
Industry Finance and Insurance, Private Equity
Available Languages English
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Case Study
Entrepreneurship through acquisition: Vanessa Monestel’s search fund

GENEVA (SWITZERLAND), OCTOBER 2023. Vanessa Monestel was ecstatic. a day earlier, she had just signed the letter of intent (LOI) to acquire an Amsterdam-based fashion company. This was the culmination of her 18-month search for a company to acquire, conducted with the support of Novastone Capital Advisors’ (NCA) Entrepreneurship through Acquisit…

Entrepreneurship Finance Strategy
By Benoit F. Leleux, Joseph Kovacs, Kristel Rouiller, Sebastien Braun and Thierry Meouchi
Case reference: IMD-7-2514, © 2024
Entrepreneurship through acquisition: Vanessa Monestel’s search fund
By Benoit F. Leleux Joseph Kovacs Kristel Rouiller Sebastien Braun and Thierry Meouchi
Case reference: IMD-7-2514 ©2024
Summary
GENEVA (SWITZERLAND), OCTOBER 2023. Vanessa Monestel was ecstatic. a day earlier, she had just signed the letter of intent (LOI) to acquire an Amsterdam-based fashion company. This was the culmination of her 18-month search for a company to acquire, conducted with the support of Novastone Capital Advisors’ (NCA) Entrepreneurship through Acquisit…
Reference IMD-7-2514
Copyright ©2024
Copyright owner IMD Copyright
Organization Novastone Capital Advisors
Industry Finance and Insurance, Private Equity
Available Languages English
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Case Study
Entrepreneurship through acquisition: Sébastien Perroud and the IAR Group

GENEVA (SWITZERLAND), AUGUST 2021. There was a lot at stake for Sébastien. This was the culmination of his 18-month NCA supported search journey to find a company to acquire. Instead of a single target, he was now faced with the prospect of acquiring 4 separate companies at once, consolidating them into a group. One, SAS, was bigger than the oth…

Entrepreneurship Finance Strategy
By Benoit F. Leleux, Dominik Hanslin, Iuliia Mordacheva, Matthias Rey and Frank Schuster
Case reference: IMD-7-2515, © 2024
Entrepreneurship through acquisition: Sébastien Perroud and the IAR Group
By Benoit F. Leleux Dominik Hanslin Iuliia Mordacheva Matthias Rey and Frank Schuster
Case reference: IMD-7-2515 ©2024
Summary
GENEVA (SWITZERLAND), AUGUST 2021. There was a lot at stake for Sébastien. This was the culmination of his 18-month NCA supported search journey to find a company to acquire. Instead of a single target, he was now faced with the prospect of acquiring 4 separate companies at once, consolidating them into a group. One, SAS, was bigger than the oth…
Reference IMD-7-2515
Copyright ©2024
Copyright owner IMD Copyright
Organization IAR Group
Industry Finance and Insurance, Private Equity
Available Languages English
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Case Study
Rede Mulher Empreendedora: Navigating mission integrity and financial sustainability

The case focuses on Rede Mulher Empreendedora (RME), Brazil’s largest support platform for female entrepreneurship, and its founder, Ana Fontes. Founded in 2010, RME had grown into a significant network by 2023, impacting the livelihoods of over 12 million women in Brazil, a country with substantial gender disparities. The platform offers initia…

Entrepreneurship Sustainability Diversity and Equity and Inclusion
By Vanina Farber, María Helena Jaén, Jose Mello, Lilian de Miranda, Patricia Araripe, Peter Munk Laursen and Rabia Chishti
Case reference: IMD-7-2613, © 2024
Rede Mulher Empreendedora: Navigating mission integrity and financial sustainability
By Vanina Farber María Helena Jaén Jose Mello Lilian de Miranda Patricia Araripe Peter Munk Laursen and Rabia Chishti
Case reference: IMD-7-2613 ©2024
Summary
The case focuses on Rede Mulher Empreendedora (RME), Brazil’s largest support platform for female entrepreneurship, and its founder, Ana Fontes. Founded in 2010, RME had grown into a significant network by 2023, impacting the livelihoods of over 12 million women in Brazil, a country with substantial gender disparities. The platform offers initia…
Reference IMD-7-2613
Copyright ©2024
Copyright owner IMD Copyright
Organization Rede Mulher Empreendedora
Industry Services
Available Languages English
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Case Study
HeliService International: Flying ahead

The case follows Oliver Freiland, a former Roland Berger consultant with a successful corporate career, in his quest for the right acquisition target. In 2015 Oliver finally took a leap of faith to buy his way into entrepreneurship by acquiring HeliService, a provider of offshore helicopter operations for wind farms in the North Sea, with the he…

Entrepreneurship Mergers and Acquisitions Strategy
By Benoit F. Leleux, Stephanie Herzog, Christian Hutter, Markos Vidalis and Selmona Walder
Case reference: IMD-7-2601, © 2024
HeliService International: Flying ahead
By Benoit F. Leleux Stephanie Herzog Christian Hutter Markos Vidalis and Selmona Walder
Case reference: IMD-7-2601 ©2024
Summary
The case follows Oliver Freiland, a former Roland Berger consultant with a successful corporate career, in his quest for the right acquisition target. In 2015 Oliver finally took a leap of faith to buy his way into entrepreneurship by acquiring HeliService, a provider of offshore helicopter operations for wind farms in the North Sea, with the he…
Reference IMD-7-2601
Copyright ©2024
Copyright owner IMD Copyright
Organization HeliService International
Industry Travel and Leisure, Airlines and Aviation
Available Languages English
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Case Study
La Marzocco: Espresso perfection

In July 2024 Guido Preti, La Marzocco’s sustainability manager, was preparing his three-year plan to combine La Marzocco’s ESG program with that of its new owners, the De’Longhi Group. Since its inception in 1927, the company had relentlessly sought to produce the perfect espresso machine through exceptional craftmanship, user centric designs an…

Sustainability Entrepreneurship Growth
By Benoit F. Leleux and Jan Van der Kaaij
Case reference: IMD-7-2603, © 2024
La Marzocco: Espresso perfection
By Benoit F. Leleux and Jan Van der Kaaij
Case reference: IMD-7-2603 ©2024
Summary
In July 2024 Guido Preti, La Marzocco’s sustainability manager, was preparing his three-year plan to combine La Marzocco’s ESG program with that of its new owners, the De’Longhi Group. Since its inception in 1927, the company had relentlessly sought to produce the perfect espresso machine through exceptional craftmanship, user centric designs an…
Reference IMD-7-2603
Copyright ©2024
Copyright owner IMD Copyright
Organization La Marzocco
Industry Manufacturing, Machinery
Available Languages English
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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
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 impac…
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
2024 EFMD Case Writing Competition Award – Continuous Improvement: The Journey to Excellence Category
By Benoit F. Leleux, Jim Pulcrano, 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 Jim Pulcrano 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 …
2024 EFMD Case Writing Competition Award – Continuous Improvement: The Journey to Excellence Category
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 opera…
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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