Joseph B. Fuller
Senior Lecturer of Business Administration
Joseph Fuller is a Senior Lecturer in General Management and co-leads The Entrepreneurial Manager course in the MBA program. A 1981 graduate of the school, Joe was a founder and first employee of the global consulting firm, Monitor Group, now Monitor-Deloitte. He served as the Chief Executive Officer of its commercial consulting operations from 1994 to 2006 and remained a Senior Advisor to firm until its acquisition by Deloitte in 2012. During his three decades in consulting, Fuller served clients in a wide variety of industries, especially those with a heavy reliance on technology. He has particularly deep experience in life sciences, ICT and the defense and aerospace industries. He has also served a number of national and regional governments in developing policies for enhancing competitiveness. He has particularly rich experience in two of the world’s most dynamic regions, greater China and the Middle East.
Joe is also a member of the faculty group leading the school's ongoing project on U.S. competitiveness. His research has probed the "skills gap" and investigates the paradox that many employers have chronic difficulty filling jobs while millions of Americans remain unemployed, underemployed, or have left the workforce. He was the prinicpal author of Bridge the Gap: Rebuilding American's Middle Skills, a white paper that investigates the labor market for jobs requiring more than a high school degree and less than a four year college education. He also co-authored Managing the Talent Pipeline: A New Approach to Closing the Skills Gap in conjunction with the U.S. Chamber of Commerce Foundation. His current research focuses on mechanisms employers can use to address the skills gap and the impact of skills shortages on reshoring.
Joe has spoken before numerous management conferences and has written extensively. His work has appeared in Harvard Business Review, Sloan Management Review, CEO, and The Journal of Applied Corporate Finance magazines, as well as The Wall Street Journal, The Financial Times, The Washington Post, The International Herald Tribune, China Daily, India’s Business Standard, and Brazil’s EXAME. His white papers, Just Say No To Wall Street and What’s a Director to Do?, written in collaboration with Professor Michael Jensen are used in the curriculums of dozens of MBA programs worldwide.
Mr. Fuller is a magna cum laude graduate of Harvard College and a member of the Executive Committee of the Harvard College Fund. He is a director of PVH Corporation and a former member of HBS’s Board of Dean’s Advisors and of the boards of Merrimac Industries and SM&A.
Loki Capital Management
GenapSys: Business Models for the Genome
GenapSys, a California-based startup, was soon to release a new DNA sequencer that the company's founder, Hesaam Esfandyarpour, believed was truly revolutionary. The sequencer would be substantially less expensive—potentially costing just a few thousand dollars—and smaller than other sequencers, many of which were large devices costing tens of thousands or hundreds of thousands of dollars. GenapSys' device, named GENIUS, could also quickly generate large amounts of data, as it was capable of sequencing an entire human genome in less than eight hours. At this price, GenapSys' device would be attractive to customers that had been unable to afford sequencers, such as smaller laboratories or hospitals, and even expand the market to include industries such as agriculture and biofuels.
As GenapSys came closer to releasing its product, Esfandyarpour and his Senior Director of Operations and Strategy, Leila Rastegar (HBS '11), sat down to decide which of three business models they would choose to bring this device to market. In the first model, the company would sell sequencers at a higher price to those entities which already purchased sequencers, primarily major research labs and pharmaceutical firms, but position its machine as a faster alternative to existing technologies. In the second model, GenapSys would sell its sequencer at a lower price but charge more for the cartridges necessary to run a sample, and earn its primary revenue from these cartridges. The third model would see GenapSys sell its device at or around cost, but use the data customers generated to create a proprietary database of genetic information. Customers could pay to access the database for research, to create genetic tests, or for many other purposes. GenapSys would also build an online store with the genetic tests customers created.
Esfandyarpour's and Rastegar's decision would determine GenapSys' customer base and financial position for the coming years, and also impact development and capital needs of the firm. Which was the right model to bring the device to market and have a meaningful impact?
Keywords: DNA Sequencing;
innovation ＆ entrepreneurship;
Health Care and Treatment;
Medical Devices and Supplies Industry;
Loki Capital Management
In December 2013, Michael Kane was preparing to launch his start-up's first hedge fund. While pleased with the development of the business, he wanted to address a few lingering issues before going any further. He debated whether or not to fire the company's chief operating officer (COO), Peter Jansen, who was becoming increasingly difficult to work with. While Jansen brought valuable skills and experience to the company, Kane wondered if the two could continue working together. If Jansen was fired, how should he be compensated for the work he had already done? Was he entitled to a share of the company's equity? Kane also had to decide how to raise the necessary working capital for his company. He had an offer from one hedge fund seeding firm which would both take care of his working capital needs and provide money for the fund, but he wondered whether the company's terms—including taking half of the fund's porfits—were too onerous. Alternatively he could raise the working capital from family, friends and an interested invesor, but he would have to court a large number of limited partners in order to build the fund's assets. Lastly, Kane debated how to split his company's equity between the members of the founding team.
Keywords: hedge fund;
human resource management;
Financial Services Industry;
Fuller, Joseph B., Shikhar Ghosh, and Matthew Preble. "Loki Capital Management." Harvard Business School Case 814-049, March 2014. (Revised February 2015.) View Details
MuMaté Tool: Evaluating Financing Alternatives
"MuMaté Tool: Evaluating Financing Alternatives" walks students through the considerations in allocating equity amongst the members of a startup's founding team. This exercise is designed to be used in conjunction with: Shikhar Ghosh, Joseph B. Fuller, Thomas E. Eisenmann, Alex Godden, and Andrew Sandoe "MuMaté: Funding Growth," HBS No. 814-063.
Keywords: Partners and Partnerships;
Mahindra Lifespace Developers' Venture into Affordable Housing
Fuller, Joseph B., and Vidhya Muthuram. "Mahindra Lifespace Developers' Venture into Affordable Housing." Harvard Business School Case 315-082, January 2015. View Details
Bridge the Gap: Rebuilding America’s Middle Skills
The market for middle-skills jobs—those that require more education and training than a high school diploma but less than a four-year college degree—is consistently failing to clear. That failure is inflicting a grievous cost on the competitiveness of American firms and on the standard of living of American workers. How can business lead the charge to close the gap?
Keywords: Business or Company Management;
Competency and Skills;
Managing the Talent Pipeline: A New Approach to Closing the Skills Gap
How Bigger Dividends Build Trust
Fuller, Joseph B. "How Bigger Dividends Build Trust." Financial Times
(October 6, 2003). View Details
What's a Director to Do?
Fuller, Joseph B., and Michael C. Jensen. "What's a Director to Do?
" In Best Practice: Ideas and Insights from the World’s Foremost Business Thinkers
, edited by Tom Brown and Robert Heller, 243–250. Basic Books, 2003. View Details
A Letter to the CEO
Fuller, Joseph B. "A Letter to the CEO." Harvard Business Review
(October 2002). View Details
The Accounting Transparency Gap
Keywords: Accounting policies;
Just Say No to Wall Street
Fuller, Joseph B. "Just Say No to Wall Street." Wall Street Journal
(January 2002). View Details
End the Mythmaking and Return to True Analysis
Fuller, Joseph B. "End the Mythmaking and Return to True Analysis." Financial Times
(January 22, 2002). View Details
Dare to Keep Your Stock Price Low
Keywords: price point;
Fuller, Joseph B. "Dare to Keep Your Stock Price Low." Wall Street Journal
(December 31, 2001). View Details
Overcoming the Fear of Flying: A Future for Europe’s Airlines
Fuller, Joseph B. "Overcoming the Fear of Flying: A Future for Europe’s Airlines." Wall Street Journal
(October 25, 2001). View Details
Planning Is Dead, Long Live Planning
Fuller, Joseph B. "Planning Is Dead, Long Live Planning." Across the Board
(March, 1998). View Details
Tailored Logistics: The Next Advantage