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  • May 2018 (Revised January 2019)
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AirFox (A): Embracing the Blockchain and an ICO

By: Jeffrey J. Bussgang, Edward B. Berk and Nate Schwalb
  • Format:Print
  • | Language:English
  • | Pages:30
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Abstract

In summer 2017, Victor Santos, CEO of AirFox, considered whether to pivot his startup towards a new product built with blockchain—a quickly growing technology at the time. AirFox was an early stage startup that sold Software-as-a-Service (SaaS) to small telecom companies. AirFox was generating revenue and had a pipeline of interested customers, but it was running low on cash. In addition, Santos was finding it difficult to secure further venture capital investment. In the meantime, blockchain protocols were growing in popularity in technology circles and many blockchain projects were securing investment via Initial Coin Offerings (ICOs). Santos and his team brainstormed a new business, which would launch a new blockchain currency to facilitate financial services for unbanked and underbanked customers in emerging markets via their smartphone. Santos had to decide whether to go forward with the new plan despite regulatory risk, execution risk, and vocal opposition from some employees and investors.

Keywords

Blockchain; Cryptocurrency; Initial Coin Offering; ICO; Business Startups; Finance; Currency; Strategy; Decision Making; United States

Citation

Bussgang, Jeffrey J., Edward B. Berk, and Nate Schwalb. "AirFox (A): Embracing the Blockchain and an ICO." Harvard Business School Case 818-097, May 2018. (Revised January 2019.)
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About The Authors

Jeffrey J. Bussgang

Entrepreneurial Management
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Edward B. Berk

Finance
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Related Work

    • November 2018 (Revised June 2022)
    • Faculty Research

    AirFox (A): Embracing the Blockchain and an ICO

    By: Jeffrey J. Bussgang and Nathaniel Schwalb
    • May 2018 (Revised January 2019)
    • Faculty Research

    AirFox (A): Embracing the Blockchain and an ICO

    By: Jeffrey J. Bussgang, Edward B. Berk and Nate Schwalb
Related Work
  • AirFox (A): Embracing the Blockchain and an ICO By: Jeffrey J. Bussgang and Nathaniel Schwalb
  • AirFox (A): Embracing the Blockchain and an ICO By: Jeffrey J. Bussgang, Edward B. Berk and Nate Schwalb
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