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• Case | HBS Case Collection | October 2019 (Revised October 2019)

  C16 Biosciences: Lab-Grown Palm Oil

  Jeffrey J. Bussgang and Olivia Hull

  Synthetic biology start-up C16 Biosciences wants to solve a big problem: replace palm oil, a major contributor to deforestation and climate change, with a lab-grown substitute. CEO Shara Ticku has ambitious plans to supply her lab-grown palm oil to food manufacturers, who use palm oil liberally in a variety of products from ice cream to margarine. In bringing her product to market, Ticku faces a tough decision. Should she roll out the product first in the personal care market, which has lower volumes and premium prices, or go straight for food? The meteoric rise of lab-grown meat company Impossible Foods has caught the attention of an investor, who wonders if C16 should tap into excitement about lab-grown foods to raise a Series A funding round. But are there merits to starting small?

  Keywords: Entrepreneurship; Venture Capital; Supply Chain Management; Corporate Social Responsibility and Impact; Mission and Purpose; Natural Environment; Environmental Sustainability; Science-Based Business; Weather and Climate Change; Social Enterprise; Business Startups; Plant-Based Agribusiness; Agribusiness; Food; Social Entrepreneurship; Globalized Markets and Industries; Goods and Commodities; Corporate Accountability; Growth and Development; Innovation Strategy; Technological Innovation; Working Conditions; Product Marketing; Product Positioning; Supply and Industry; Product Development; Production; Corporate Strategy; Agriculture and Agribusiness Industry; Beauty and Cosmetics Industry; Biotechnology Industry; Consumer Products Industry; Food and Beverage Industry; North and Central America; Boston; Massachusetts; New York (city, NY); Southeast Asia; Indonesia; Malaysia;

  Citation:

  Bussgang, Jeffrey J., and Olivia Hull. "C16 Biosciences: Lab-Grown Palm Oil." Harvard Business School Case 820-008, October 2019. (Revised October 2019.)  View Details

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• Technical Note | HBS Case Collection | November 2018 (Revised March 2019)

  Initial Coin Offerings in 2018

  Jeffrey J. Bussgang, Ramana Nanda, Robert F. White and Nathaniel Schwalb

  In 2018, Initial Coin Offerings (ICOs) were an emerging fundraising method for blockchain-based projects. As the ecosystem grew, there were many open questions on regulation, pricing, and even which projects were a good fit for blockchain. However, there was already some emerging consensus on the benefits and challenges of building with blockchain and emerging best practices for Initial Coin Offerings.

  Keywords: Blockchain; Initial Coin Offerings; ICO; Decentralization; networks; Protocols; Entrepreneurship; Project Finance;

  Citation:

  Bussgang, Jeffrey J., Ramana Nanda, Robert F. White, and Nathaniel Schwalb. "Initial Coin Offerings in 2018." Harvard Business School Technical Note 819-057, November 2018. (Revised March 2019.)  View Details

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• Case | HBS Case Collection | May 2018 (Revised January 2019)

  AirFox (A): Embracing the Blockchain and an ICO

  Jeffrey J. Bussgang, Edward B. Berk and Nate Schwalb

  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.)  View Details

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