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• Case | HBS Case Collection | November 2017 (Revised July 2018)

  Summa Equity: Building Purpose-Driven Organizations

  George Serafeim and David Freiberg

  In 2015, Reynir Indahl left top Nordic private equity firm Altor Equity Partners to found Summa Equity (Summa). After long contemplation following the financial crisis, Indahl was convinced the financial system was producing negative externalities and that the current private equity model adopted by most firms would no longer be successful. Summa was developed under a new private equity model that sought to “future-proof” businesses by focusing on long-term value creation and growth, in addition to traditional private equity practices of implementing best practices and productivity improvements. To find businesses best suited for long-term growth with disruptive potential, Summa invested in four thematic areas that were mapped to megatrends outlined in the United Nations Sustainable Development Goals—trends Summa believed presented long-term growth opportunities for businesses that presented commercial solutions for these challenges. After a period of successful recruiting, fund raising, and deal completion, Summa needed to develop a set of practices and expectations across portfolio companies and partners. The case concludes with Indahl contemplating exiting Summa’s first company. What should Summa look for in a buyer? Is sale price all that matters, or should a potential buyer share Summa’s focus on building purpose-driven organizations with a positive impact on the world? How can Summa maximize its impact, both through investment and voice?

  Keywords: corporate purpose; ESG; ＂ESG (environmental, social, governance) performance; social impact; social enterprise; private equity; investment management; finance; capital markets; management practices; leadership; innovation; entrepreneurship; voice; Environmental Impact; value creation; Private Equity; Social Enterprise; Finance; Capital Markets; Management Practices and Processes; Innovation Leadership; Leadership; Innovation and Management; Entrepreneurship; Mission and Purpose; Value Creation; Financial Services Industry;

  Citation:

  Serafeim, George, and David Freiberg. "Summa Equity: Building Purpose-Driven Organizations." Harvard Business School Case 118-028, November 2017. (Revised July 2018.)  View Details

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• Teaching Plan | HBS Case Collection | May 2018

  JetBlue: Relevant Sustainability Leadership

  George Serafeim and David Freiberg

  Teaching Note for HBS No. 118-030.

  Citation:

  Serafeim, George, and David Freiberg. "JetBlue: Relevant Sustainability Leadership." Harvard Business School Teaching Plan 118-116, May 2018.  View Details

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• Case | HBS Case Collection | October 2017 (Revised May 2018)

  JetBlue: Relevant Sustainability Leadership

  George Serafeim and David Freiberg

  In 2017, JetBlue, the airline founded on the mission to “bring humanity back to air travel,” became one of the first companies to report performance according to the Sustainability Accounting Standards Board (SASB) standards and was first among airlines to adopt the recommendations of the Task Force for Climate-related Financial Disclosures. Despite operating as a smaller player in an industry dominated by few legacy competitors, JetBlue leadership saw themselves as a driver of industry progress. However, was JetBlue’s leadership “relevant sustainability leadership”? Moreover, how could developing metrics and improved performance on material sustainability issues be used as an instrument for change management? JetBlue wanted to achieve best-in-class performance on SASB metrics, as company officials believed sustainability was more than simply a risk mitigation tool. Was it? If so, how could JetBlue receive credit from investors, and competitors, for their sustainability leadership?

  Keywords: sustainability; metrics; change management; leadership; Leadership and Change Management; airlines; innovation; purpose; mission and purpose; financial reporting; Change Management; Leadership; Financial Reporting; Environmental Sustainability; Mission and Purpose; Air Transportation Industry;

  Citation:

  Serafeim, George, and David Freiberg. "JetBlue: Relevant Sustainability Leadership." Harvard Business School Case 118-030, October 2017. (Revised May 2018.)  View Details

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