Joseph B. Fuller - Faculty & Research - Harvard Business School
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Joseph B. Fuller

Professor of Management Practice

General Management

Joseph Fuller is a Professor of Management Practice in General Management and co-leads the school’s initiative, Managing the Future of Work. He currently teaches the Becoming a General Manager course in the second year of the MBA program and formerly headed The Entrepreneurial Manager course in the program’s first year. 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 until 2006 and remained a Senior Advisor to the firm until its acquisition by Deloitte in 2012. During his three decades in consulting, Fuller worked with senior executives and policymakers on a wide variety of issues related to corporate strategy and national competitiveness. He has particularly deep experience in industries with a heavy reliance on technology, such as life sciences, ICT and the defense and aerospace industries. He is currently researching the evolution of the role of the CEOs and the C-suite in public companies.

Joe is the co-head of the school’s multi-year initiative on the future of work. He began working on that issue as a contributor to the school’s 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 principal author of Dismissed by Degrees: How degree inflation is undermining U.S. competitiveness and hurting America’s middle class, a study that investigated degree inflation, the phenomenon of employers raising the academic credentials required of job applicants for positions that have not historically required a degree. The paper is the first to quantify the extent of degree inflation and the high costs incurred by employers who adopt such policies. He was also the principal author of Bridge the Gap: Rebuilding America's Middle Skills, a widely cited white paper on 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 the future of work more broadly, including mechanisms employers can use to address the skills gap and the implications of changing demographics and the growth of the gig economy for companies. In May 2018, he was named to Governor Charlie Baker of Massachusetts’ Commission on Digital Innovation and Lifelong Learning.

Joe has spoken at 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, Politico, The Atlantic, The Hill, Axios, The International Herald Tribune, China Daily, India’s Business Standard, and Brazil’s EXAME. He has appeared on CNBC, NPR’s Morning Edition and On Point and NBC’s Nightly News with Lester Holt.  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, as well as a former member of Harvard Business School’s Board of Dean’s Advisors. He is a director of PVH Corporation and the Board of Trustees of Western Governors University. Joe is a Visiting Fellow at the American Enterprise Institute and a Distinguished Fellow at the Strada Institute for the Future of Work. 

 

White Papers
  1. Room to Grow: Identifying New Frontiers for Apprenticeships

    Joseph B. Fuller and Matthew Sigelman

    In the United States, apprentices are employed in just 27 occupations, mostly in skilled, physical trades. An analysis of job postings data shows that extending apprenticeships to more occupations provides an opportunity to expand employment and close the middle skills gap in America. Employers can expand apprenticeships as pathways to at least 21 other occupations that don’t require a bachelor’s degree, such as shipping clerks and tax preparers, as well as another 26 occupations that commonly require a costly four-year degree but have requisite skills that can be attained without one, including claims adjusters and computer user support specialists. With these changes, the number of Americans that could be employed through work-based apprentice training could be increased from 410,000 to 3.3 million, boosting employer production and reducing costs to young Americans entering the workforce.

    Keywords: Employment; Training; Competency and Skills; Personal Development and Career; United States;

    Citation:

    Fuller, Joseph B., and Matthew Sigelman. "Room to Grow: Identifying New Frontiers for Apprenticeships." Report, November 2017. (Published by Burning Glass Technologies and Harvard Business School, Managing the Future of Work.)  View Details
  2. Bridge the Gap: Rebuilding America's Middle Skills

    Joseph B. Fuller, Jennifer Burrowes, Manjari Raman, Dan Restuccia and Alexis Young

    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; Human Capital; Education; Competency and Skills; Macroeconomics; United States;

    Citation:

    Fuller, Joseph B., Jennifer Burrowes, Manjari Raman, Dan Restuccia, and Alexis Young. "Bridge the Gap: Rebuilding America's Middle Skills." Report, U.S. Competitiveness Project, Harvard Business School, November 2014. (This report was authored jointly by Accenture, Burning Glass Technologies, and Harvard Business School.)  View Details
Articles
  1. Your Workforce Is More Adaptable Than You Think

    Joseph B. Fuller, Manjari Raman, Judith K. Wallenstein and Alice de Chalendar

    In 2018 the Project on Managing the Future of Work at HBS teamed up with the BCG Henderson Institute to survey 6,500 business leaders and 11,000 workers about the various forces reshaping the nature of work. The responses revealed a surprising gap: While the executives were pessimistic about their employees’ ability to acquire the capabilities needed to thrive in an era of rapid change, the employees were not. The employees were actually focused on the benefits that change would bring and far more eager to learn new skills than their leaders gave them credit for. This gap highlights a vast reserve of talent and energy firms can tap into: their own workers. How can a company do that? By creating a learning culture, engaging employees in the transition instead of shepherding them through it, developing an internal talent pipeline for the entire workforce, and collaborating with outside partners to build the right skills in the labor pools it hires from.

    Keywords: Management; Employees; Attitudes; Organizational Culture; Organizational Change and Adaptation;

    Citation:

    Fuller, Joseph B., Manjari Raman, Judith K. Wallenstein, and Alice de Chalendar. "Your Workforce Is More Adaptable Than You Think." Harvard Business Review 97, no. 3 (May–June 2019): 118–126.  View Details
Cases and Teaching Materials
  1. Wellthy: The Economics of Caring

    Brian Trelstad and Joseph B. Fuller

    In 2014, Lindsay Jurist-Rosner (MBA ’09) founded Wellthy, a B2C business that coordinates care for working professionals seeking help to support loved ones with chronic diseases or aging parents. With personal experience as a young professional providing care for her mother, Jurist-Rosner spotted an opportunity, given the long-term demographic trends in the United States. As she raised capital, built out a technology platform and recruited a team of care coordinators, Wellthy’s growth remained slow until she piloted a B2B product with the Hearst Company. Jurist-Rosner wondered whether Wellthy should fully pivot from B2C to B2B, how fast she should ramp up the recruitment of care coordinators, and as she looked to raise another round of capital, whether she should position Wellthy as a B Corporation delivering social impact alongside commercial returns.

    Keywords: B2B vs. B2C; future of work; Health; Social Entrepreneurship; Health Industry; United States;

    Citation:

    Trelstad, Brian, and Joseph B. Fuller. "Wellthy: The Economics of Caring." Harvard Business School Case 320-028, February 2020.  View Details
  2. Managing Blackout at Aluminum Bahrain B.S.C. (Alba) (B)

    Joseph B. Fuller, Gamze Yücaoğlu and Youssef Abdel Aal

    The case opens in 2017 as Tim Murray, CEO of Aluminum Bahrain (Alba), the largest single-site aluminum smelter in the world outside China and a major contributor to the Bahraini economy, was contemplating the recovery options as the company was facing the most severe crisis in its history.
    The case provides background on Alba and chronicles a transformation process implemented by Murray. The company had historically underperformed expectations. It developed a hierarchical, engineering oriented culture. The large workforce, made up of multiple nationalities, exhibited uneven levels of process compliance and personal accountability. Those deficiencies manifested themselves in many ways. Most damaging was a consistently poor record of workplace safety. Alba suffered from a high rate of on-the-job injuries and fatalities. Murray undertook to change the company culture, using safety as the linchpin of a campaign to instill a greater sense of discipline and personal responsibility across all levels of the organization.
    The case occurs against the backdrop of Alba’s largest expansion project to date, which was planned to increase its production capacity by 50%. Just as Alba was reaping the benefits of Murray’s campaign, a total blackout at Alba’s facilities leads to an explosion that severely damaged its largest production line while Murray is on home leave. As the extent of the damage becomes apparent, the management team begins reverting to old behaviors. The case follows the subsequent series of events as Murray seeks to get control of the situation.
    Murray has to choose between two options for restoring production: outsourcing the recovery efforts to a credible third party at a very high cost or letting his team take on the task. As he contemplated his options, he dwelled on an overarching question—what was the best mechanism for restoring the damaged production line without undermining the culture he had invested so much in trying to create at Alba?

    Keywords: aluminum industry; general management; cultural change; Change Management; Crisis Management; Decision Making; Organizational Culture; Safety; Leadership; Emerging Markets; Bahrain; Middle East;

    Citation:

    Fuller, Joseph B., Gamze Yücaoğlu, and Youssef Abdel Aal. "Managing Blackout at Aluminum Bahrain B.S.C. (Alba) (B)." Harvard Business School Case 320-057, February 2020.  View Details
  3. Managing Blackout at Aluminum Bahrain B.S.C. (Alba) (A)

    Joseph B. Fuller, Gamze Yücaoğlu and Youssef Abdel Aal

    The case opens in 2017 as Tim Murray, CEO of Aluminum Bahrain (Alba), the largest single-site aluminum smelter in the world outside China and a major contributor to the Bahraini economy, was contemplating the recovery options as the company was facing the most severe crisis in its history.
    The case provides background on Alba and chronicles a transformation process implemented by Murray. The company had historically underperformed expectations. It developed a hierarchical, engineering oriented culture. The large workforce, made up of multiple nationalities, exhibited uneven levels of process compliance and personal accountability. Those deficiencies manifested themselves in many ways. Most damaging was a consistently poor record of workplace safety. Alba suffered from a high rate of on-the-job injuries and fatalities. Murray undertook to change the company culture, using safety as the linchpin of a campaign to instill a greater sense of discipline and personal responsibility across all levels of the organization.
    The case occurs against the backdrop of Alba’s largest expansion project to date, which was planned to increase its production capacity by 50%. Just as Alba was reaping the benefits of Murray’s campaign, a total blackout at Alba’s facilities leads to an explosion that severely damaged its largest production line while Murray is on home leave. As the extent of the damage becomes apparent, the management team begins reverting to old behaviors. The case follows the subsequent series of events as Murray seeks to get control of the situation.
    Murray has to choose between two options for restoring production: outsourcing the recovery efforts to a credible third party at a very high cost or letting his team take on the task. As he contemplated his options, he dwelled on an overarching question—what was the best mechanism for restoring the damaged production line without undermining the culture he had invested so much in trying to create at Alba?

    Keywords: aluminum; general management; cultural change; Change Management; Crisis Management; Decision Making; Organizational Culture; Safety; Leadership; Emerging Markets; Bahrain; Middle East;

    Citation:

    Fuller, Joseph B., Gamze Yücaoğlu, and Youssef Abdel Aal. "Managing Blackout at Aluminum Bahrain B.S.C. (Alba) (A)." Harvard Business School Case 320-056, February 2020. (Revised March 2020.)  View Details
  4. Care Economy in the U.S. (Primer)

    Joseph B. Fuller, William R. Kerr, Manjari Raman and Carl Kreitzberg

    This case describes how caregiving responsibilities influence American employees, firms, and the broader economy. It details how sociodemographic trends in the late 20th century transformed the way that Americans balance their personal and professional lives, analyzing changes such as the evolving role of women in the economy, the rise of non-traditional households, the increasing cost and complexity of healthcare, and the aging and ailing of the U.S. population.
    The case then reflects on how such changes impact the productivity and profitability of the modern American company. It reviews survey data from employees and employers to understand how caregiving impacts individual careers and firms’ profitability. The case concludes by asking readers to “rethink” how care might be provided by employers. It analyzes recent research on the return-on-investment of caregiving benefits, describes ways that firms are expanding their caregiving benefits coverage, and discusses the importance for managers to understand internal “care demographics” and promulgate a culture that supports caregiving.

    Keywords: Human Resources; Talent and Talent Management; Demographics; Labor; Health Care and Treatment; Family and Family Relationships; Strategy; Management; United States;

    Citation:

    Fuller, Joseph B., William R. Kerr, Manjari Raman, and Carl Kreitzberg. "Care Economy in the U.S. (Primer)." Harvard Business School Technical Note 820-027, September 2019.  View Details
  5. AT&T, Retraining, and the Workforce of Tomorrow

    William R. Kerr, Joseph B. Fuller and Carl Kreitzberg

    By the late 2000s, rapid changes in the telecommunications industry forced AT&T’s management team to take on a task that CEO Randall Stephenson called the “biggest logistical challenge” they had ever seen: retraining 100,000 workers by 2020. In 2012, internal company analyses found that AT&T’s workforce would lack the skills it needed to fulfill emerging job requirements. AT&T responded by creating “Workforce 2020,” a company-wide initiative that sought to address potential skill shortfalls. The initiative aimed to transform AT&T’s workforce by implementing multiple changes, such as redesigning job roles, developing new educational curricula with Udacity, and incentivizing employees to retrain themselves for high-demand careers. Some gave high praise to the “Workforce 2020” model, going so far as to call it a new “social contract” between employers and employees. Others worried that the new program was systematically disadvantaging specific groups of workers. In 2018, AT&T rebranded Workforce 2020 to “Future Ready,” signaling the company’s commitment to retraining its workforce beyond 2020.

    Keywords: AT&T; workforce; skills; future of work; telecommunications; Unions; technological change; layoffs; MOOCS; Strategic Planning; Employees; Training; Competency and Skills; Labor; Learning; Labor Unions; Technology Adoption; Talent and Talent Management; Telecommunications Industry; Communications Industry; United States;

    Citation:

    Kerr, William R., Joseph B. Fuller, and Carl Kreitzberg. "AT&T, Retraining, and the Workforce of Tomorrow." Harvard Business School Case 820-017, July 2019. (Revised May 2020.)  View Details
  6. Canibal—Play It Green!

    Frank V. Cespedes, Joseph B. Fuller, Tonia Labruyere and Elena Corsi

    In 2011, Canibal launched a machine that could sort and compress aluminum cans, plastic bottles, and cups. Users could play a jackpot-style game on the machine’s digital display, while disposing of their beverage containers and earning coupons or other rewards. The machine could also display advertising or serve as a communication tool. In 2016, the company's new machine, the i3, had more potential than earlier models, due to enhanced reliability and displays that could allow Canibal to pursue new markets. Benoit Paget, CEO and founder of Canibal, must choose a growth path: which customer segment should he focus on? How should he position his product? What would be the implications of these choices for marketing and sales requirements, pricing, and funding?

    Keywords: sales growth; recycling; start-up; scaling; market selection; Sales; Marketing; Business Startups; Growth and Development Strategy; Segmentation; Product Positioning; Technology Industry; France;

    Citation:

    Cespedes, Frank V., Joseph B. Fuller, Tonia Labruyere, and Elena Corsi. "Canibal—Play It Green!" Harvard Business School Case 319-089, February 2019.  View Details
  7. Away: Scaling a DTC Travel Brand

    Jill Avery and Joseph B. Fuller

    Away, a direct-to-consumer, digital native e-commerce seller of travel luggage, is debating how to invest its latest round of venture funding. How quickly could and should Away scale and what were the most promising growth trajectories to maximize its potential? Three decisions face the founders. Should Away continue to invest in driving growth in suitcases and other travel bags or was it time to begin to expand into other adjacent travel categories? How should they use the results of the company’s first customer segmentation study to select target segments and quantify their growth aspirations? What were the right distribution strategies moving forward following a series of pilots that included company-owned stores, temporary airport kiosks, and pop-up experiences with retailer partners?

    Keywords: brand management; DTC; e-commerce; brand extension; lifestyle brand; customer segmentation; retailing; Scaling and Growth; Startup; Brands and Branding; Marketing; Marketing Strategy; Marketing Channels; Entrepreneurship; Venture Capital; Consumer Behavior; Growth and Development Strategy; Business Startups; Consumer Products Industry; Travel Industry; United States; North America;

    Citation:

    Avery, Jill, and Joseph B. Fuller. "Away: Scaling a DTC Travel Brand." Harvard Business School Case 520-051, November 2019. (Revised April 2020.)  View Details
  8. Shell: A Company of Opportunity?

    Joseph B. Fuller and Emer Moloney

    The Opportunity Hub was a cloud-based platform that enabled managers to market projects they were working on and associated resourcing needs as “Opportunity Owners” and employees, or “Opportunity Seekers,” to browse these statements of need and engage when they had interest and availability. The premise was that the commitment would be no more than 20% of an employee’s time, and could be much less, but it would be highly transparent. The Opportunity Hub was intended to offer a solution to Shell’s business challenge of lacking digital capability. The core objective was to organize and dynamically access internal talent to get work done in a more automated way and at pace.

    Keywords: Business Divisions; Change Management; Competency and Skills; Experience and Expertise; Talent and Talent Management; Energy; Energy Sources; Non-Renewable Energy; Renewable Energy; Human Resources; Employees; Retention; Collaborative Innovation and Invention; Innovation and Management; Innovation Strategy; Technological Innovation; Jobs and Positions; Job Design and Levels; Knowledge Sharing; Knowledge; Knowledge Use and Leverage; Labor; Human Capital; Labor Unions; Leading Change; Resource Allocation; Organizational Change and Adaptation; Performance Evaluation; Performance Productivity; Strategic Planning; Projects; Motivation and Incentives; Business Strategy; Social and Collaborative Networks; Technology Platform; Chemical Industry; Energy Industry; Information Technology Industry; Technology Industry; United Kingdom; Netherlands;

    Citation:

    Fuller, Joseph B., and Emer Moloney. "Shell: A Company of Opportunity?" Harvard Business School Case 320-025, September 2019.  View Details
  9. The Gig Economy: Leasing Skills to Pay the Bills

    Joseph Fuller, William R. Kerr and Carl Kreitzberg

    This primer provides a comprehensive exploration into the gig economy and how it is reshaping global business. It shows how the Uber driver, the freelancing programmer in India, and the independent corporate consultant are all different variants of the modern-day gig workers. In doing so, this document addresses the following questions: • What are gigs and who performs them? • What is the size of the gig economy? How big will it get? • What types of gig work are available, and how do they differ from one another? • What are major trends in the gig economy, and how could technology disrupt this space? • What are the key management and legal issues for companies that use gig workers? • What has been the recent legal and regulatory history of the gig economy?

    Keywords: gig economy; Talent and Talent Management; Human Resources; Labor; Strategy; Management; Globalization; North America; Europe; United States; United Kingdom;

    Citation:

    Fuller, Joseph, William R. Kerr, and Carl Kreitzberg. "The Gig Economy: Leasing Skills to Pay the Bills." Harvard Business School Background Note 819-146, May 2019.  View Details
  10. Geographic Inequality Primer

    William Kerr, Joseph Fuller, Manjari Raman and Donald Maruyama

    There are large and persistent divides between urban centers and rural areas in America due in part to structural causes. This primer focuses on the demographic differences between urban and rural areas within the United States and the unique challenges facing rural areas in adapting to forces like automation and globalization.

    Keywords: inequality; rural; Development; Equality and Inequality; Demographics; Rural Scope; Urban Scope; Development Economics; Problems and Challenges; Globalization; United States;

    Citation:

    Kerr, William, Joseph Fuller, Manjari Raman, and Donald Maruyama. "Geographic Inequality Primer." Harvard Business School Background Note 819-142, May 2019.  View Details
  11. Managing Talent Pipelines in the Future of Work

    William R. Kerr, Joseph B. Fuller, Manjari Raman and Carl Kreitzberg

    In the face of a rapidly-changing economy, organizations that wish to compete in the future of work must develop strategies for acquiring, retaining, and developing talent for their organizations. This primer reviews the major trends shaping jobs, workplaces, and worker demographics. It then discusses many of the largest weaknesses in traditional talent management systems. The case then closes by describing how firms can create "talent management pipelines." In this framework, firms' core asset - talent - is subjected to the same quality-management procedures that revolutionized global supply chain practices in the 20th century.

    Keywords: future of work; Talent and Talent Management; Experience and Expertise; Demographics; Labor; Problems and Challenges; Risk and Uncertainty; Quality; Supply Chain;

    Citation:

    Kerr, William R., Joseph B. Fuller, Manjari Raman, and Carl Kreitzberg. "Managing Talent Pipelines in the Future of Work." Harvard Business School Case 819-131, May 2019.  View Details
  12. CareerWise Colorado

    Rawi Abdelal, Joseph B. Fuller and Matthew Preble

    CareerWise Colorado (CWC) is an organization that equips high school students with the skills to build successful careers through apprenticeships. Founded in 2016, the young organization has attracted interest from different groups and civic leaders from across the U.S., some of whom want to replicate CWC’s model and others who want CWC to bring and then operate its program in their localities.

    Noel Ginsburg, CWC’s founder and CEO, and Ashley Carter, COO, now have to decide how, when, and where to grow CWC. They both believe in CWC’s apprenticeship model’s widespread applicability, but so far it is still a relatively small—with just over 200 active apprentices spread across two cohorts, all of whom live in Colorado—and unproven entity. As of late 2018, no apprentices had yet completed the three-year program. They did not want to scale the program too soon, but Ginsburg and Carter also did not want to miss out on the attractive opportunities being presented to them. How should they scale this organization?

    Keywords: apprenticeship; nonprofit; not for profit; labor markets; skills; Nonprofit Organizations; Education; Competency and Skills; Personal Development and Career; Growth and Development Strategy;

    Citation:

    Abdelal, Rawi, Joseph B. Fuller, and Matthew Preble. "CareerWise Colorado." Harvard Business School Case 319-001, March 2019. (Revised August 2019.)  View Details
  13. Theranos: The Unicorn That Wasn't

    Joseph B. Fuller and John Masko

    In 2003, 19-year-old Elizabeth Holmes founded a startup dedicated to making blood testing easier and more affordable. By 2015, her company, Theranos, was worth $9 billion. It boasted a star-studded board and contracts with national pharmacy and supermarket chains Walgreens and Safeway to bring Theranos technology, which could purportedly perform hundreds of tests with a pinprick of blood, to consumers around the country. Over the next few years, however, Wall Street Journal reporter John Carreyrou published a series of articles demonstrating that Theranos’ proprietary technology produced inaccurate results, relied heavily on non-proprietary devices to perform its tests, and violated multiple regulatory standards. In 2018, after a three-year stream of revelations about the company’s operating practices, corporate culture, and technology, the U.S. Securities and Exchange Commission charged Theranos with fraud and the company soon collapsed.

    Keywords: Theranos; blood; lab testing; fraud; Holmes; Balwani; Shultz; Carreyrou; Securities and Exchange Commission; Food and Drug Administration; FDA; SEC; Health Testing and Trials; Corporate Accountability; Organizational Culture; Misleading and Fraudulent Advertising; Crime and Corruption; Entrepreneurship; Medical Devices and Supplies Industry;

    Citation:

    Fuller, Joseph B., and John Masko. "Theranos: The Unicorn That Wasn't." Harvard Business School Case 319-068, February 2019. (Revised September 2019.)  View Details
  14. Corporate Transformation at Merck KGaA, Darmstadt, Germany

    Joseph B. Fuller, Amy C. Edmondson, Daniela Beyersdorfer and Tonia Labruyere

    When Stefan Oschmann became CEO and chairman of the executive board of Merck KGaA, Darmstadt, Germany, in 2016, the company had started its transformation from a mid-tier traditional German industry player to a global modern science and technology player. The restructuring and portfolio overhaul led by Oschmann’s predecessor Karl-Ludwig Kley since 2007 had been approved by the Merck founding family in its 13th generation, which still owned the majority of the shares. Its intermediate results had been encouraging. After three large acquisitions (Serono, Millipore, and Sigma-Aldrich) that broadened its reach from healthcare and pharmaceuticals into life sciences and performance materials and an internal optimization program, revenues and profitability had doubled in the decade leading up to 2016. But more needed to be done. Preparing for the company’s 350-year anniversary in 2018, Oschmann had kept up the pace of change and announced further divestments and restructurings, sparking reactions from employees who expressed increasing exasperation about the new measures. In the fall of 2017 Oschmann and his executive board had to decide on the best strategic option for the company’s consumer health division. Should they divest a division that lacked scale but that with its consumer brands in pain and cold remedies was viewed as a symbol of the company’s origins? Was more change too much change in such a short time?

    Keywords: Corporate governance with Family Ownership; Transformation; Change Management; Restructuring; Corporate Governance; Family Ownership;

    Citation:

    Fuller, Joseph B., Amy C. Edmondson, Daniela Beyersdorfer, and Tonia Labruyere. "Corporate Transformation at Merck KGaA, Darmstadt, Germany." Harvard Business School Case 319-072, December 2018.  View Details
  15. La-Z-Boy (A)

    Joseph B. Fuller and Julia Kelley

    Kurt Darrow, CEO of La-Z-Boy furniture, must decide whether to continue an overhaul of the company's strategy in the face of a collapse in demand during the great recession. Having pared back La-Z-Boy's portfolio of brands and manufacturing network, he intends to reposition the company as a branded retailer of furniture and home fashions. Just as management is poised to implement a new strategy that involves a heavy investment in brand advertising, a complete overhaul of the retail organization, and a fundamentally new manufacturing system, the industry experiences a catastrophic downturn. Should he continue to invest in a highly speculative strategy or rein in investment and preserve cash? Teaching Note for HBS No. 317-034.

    Keywords: retail; manufacturing; organizational transformations; reorganization; furniture industry; corporate strategy; home fashion; turnaround; portfolio rationalization; globalization of supply chain; brand repositioning; Business Growth and Maturation; Brands and Branding; Competitive Strategy; Vertical Integration; Transformation; Retail Industry; Manufacturing Industry; Consumer Products Industry; United States;

    Citation:

    Fuller, Joseph B., and Julia Kelley. "La-Z-Boy (A)." Harvard Business School Teaching Note 319-048, October 2018. (Revised October 2018.)  View Details
  16. The Golden Triangle: Back in Business (A)

    Joseph Fuller, William Kerr, Manjari Raman and Donald Maruyama

    The Golden Triangle Region (GTR) is a three-county area in rural Mississippi that suffered a steep decline as manufacturing companies faced pressures from automation and overseas competition. Between the mid 1980s and late 1990s, several textile, toy, and tubing factories that accounted for a substantial share of local employment closed and forced GTR residents to make a difficult choice - leave their homes and communities behind for better employment opportunities elsewhere or stay and face a lower quality of life. GTR LINK, the local economic development agency, brought in a new leader in Joe Max Higgins, Jr in order to stem the flight of businesses from the region and offer locals the hope that they could stay and still enjoy a better tomorrow.

    Keywords: Economic Slowdown and Stagnation; Development Economics; Change; Leadership; Success; Mississippi;

    Citation:

    Fuller, Joseph, William Kerr, Manjari Raman, and Donald Maruyama. "The Golden Triangle: Back in Business (A)." Harvard Business School Case 818-089, February 2018.  View Details
  17. Zensar Technologies Ltd.

    Joseph B. Fuller and Tanvi Deshpande

    Zensar, an established mid-tier IT services company based in India, is known for its customer-centric approach and close-knit culture. Sandeep Kishore has recently stepped in as the MD and CEO, replacing the previous CEO of 15 years. Kishore is developing his strategy for Zensar against a backdrop of a rapidly changing IT industry. Kishore, a strong proponent of digitizing business processes in order to increase productivity and revenue, wants to execute his idea to make Zensar a fully digital company. However, in doing so he has to strike a balance between driving an aggressive digital strategy and retaining Zensar’s culture.

    Keywords: Business Processes; Strategy; Leading Change; Organizational Culture; Information Technology Industry;

    Citation:

    Fuller, Joseph B., and Tanvi Deshpande. "Zensar Technologies Ltd." Harvard Business School Case 318-051, March 2018.  View Details
  18. Hello Alfred: Come Home Happy

    Joseph B. Fuller and Carin-Isabel Knoop

    On a mission to "automate the on-demand economy," Harvard Business School classmates Marcela Sapone and Jessica Beck launched Hello Alfred in 2013 to provide subscribers with an "Alfred" to complete various chores for a monthly fee. In early 2016, the company has built an infrastructure, including a mobile app, to develop Alfred’s routes and respond to customer requests in conjunction with other service providers, for example grocery delivery services, in what the founders describe as their "B2B2C" business model. Alfred won the coveted TechCrunch San Francisco Disrupt Cup in 2014, and by April 2015 had secured $12.5 million in seed and Series A funding. The founders must determine the best growth strategy for Alfred. Should they expand Alfred beyond their present operating cities, New York and Boston, or should they focus on their current markets? Should they increase public visibility to attract more customers, or should they enroll landlords in Alfred and reach consumers in that way?

    Keywords: on-demand economy; sharing economy; technology startup; technology; growth strategy; Business Startups; Business Growth and Maturation; Entrepreneurship; Mobile Technology; Strategic Planning; Service Industry; United States; Boston; Cambridge; New York (city, NY); California;

    Citation:

    Fuller, Joseph B., and Carin-Isabel Knoop. "Hello Alfred: Come Home Happy." Harvard Business School Case 316-154, March 2016. (Revised February 2017.)  View Details
  19. Hello Alfred: Come Home Happy

    Joseph B. Fuller and Carin-Isabel Knoop

    Teaching Note for HBS No. 316-154.

    Keywords: on-demand economy; sharing economy; technology startup; technology; growth strategy; Business Startups; Business Growth and Maturation; Entrepreneurship; Mobile Technology; Strategic Planning; Service Industry; United States; Boston; Cambridge; New York (city, NY); California;

    Citation:

    Fuller, Joseph B., and Carin-Isabel Knoop. "Hello Alfred: Come Home Happy." Harvard Business School Teaching Note 317-099, March 2017.  View Details
  20. Hello Alfred: Come Home Happy — Operating the Business Model Exercise

    Joseph B. Fuller and Christopher Payton

    On a mission to "automate the on-demand economy," Harvard Business School classmates Marcela Sapone and Jessica Beck launched Hello Alfred in 2013 to provide subscribers with an "Alfred" to complete various chores for a monthly fee. In early 2016, the company has built an infrastructure, including a mobile app, to develop Alfreds' routes and respond to customer requests in conjunction with other service providers, for example grocery delivery services, in what the founders describe as their "B2B2C" business model. Alfred won the coveted TechCrunch San Francisco Disrupt Cup in 2014, and by April 2015 had secured $12.5 million in seed and Series A funding. The founders must determine the best growth strategy for Alfred. Should they expand Alfred beyond their present operating cities, New York and Boston, or should they focus on their current markets? Should they increase public visibility to attract more customers, or should they enroll landlords in Alfred and reach consumers in that way?

    Keywords: Growth and Development Strategy; Online Technology; Business Startups; Service Operations; Service Industry; New York (city, NY); Boston;

    Citation:

    Fuller, Joseph B., and Christopher Payton. "Hello Alfred: Come Home Happy — Operating the Business Model Exercise." Harvard Business School Spreadsheet Supplement 317-705, January 2017.  View Details
  21. Intrapreneurship at DaVita HealthCare Partners

    Joseph B. Fuller, David J. Collis and Matthew G. Preble

    Josh Golomb, president and general manager of DaVita Rx (Rx), was about to meet with Kent Thiry, CEO of Rx's corporate parent, DaVita Healthcare Partners Inc. (DaVita), in August 2013. The two would discuss whether Golomb should lead a new DaVita venture, Paladina Health (Paladina), which operated a network of primary care clinics.
    DaVita had launched Paladina in early 2011, and the startup was struggling to gain traction: Paladina had already used a significant amount of the $40 million in funding committed by DaVita; the company's primary care clinics had not yet reached the number of patients necessary to sustain a profitable business; and it was in the midst of trying to integrate with another primary care clinic operator that it had acquired years earlier but was just now merging into Paladina.
    Although the startup was young and still finding its way in an emerging industry, Thiry believed that Paladina would benefit from Golomb's experiences at Rx, which had also struggled in its early years. The situation at Rx became so precarious at one point that many of DaVita's senior leaders wanted to shut it down entirely. Rx made it through those challenging early years though, and was expected to exceed $600 million in revenues for 2013.
    However, Golomb wondered how relevant his Rx experience was to Paladina. Rx was closely tied to its parent company—DaVita provided dialysis services to patients with end-stage renal disease (ESRD) and Rx supplied medications to ESRD patients—while Paladina's connection to DaVita was less obvious. If Golomb took the job, what could he do to make Paladina's clinics as efficient as possible in terms of service and its economics, without compromising on its value proposition? Was Paladina just too different of a business to be part of the DaVita family?
    This case offers an example of "intrapreneurship"—i.e. entrepreneurial ventures launched within large companies—at a Fortune 500 company. DaVita has already had a successful experience launching Rx (after some difficult early years), and the company is now even serving patients from some of DaVita's leading competitors. However, Paladina is the company's first intrapreneurial venture outside of its core focus of serving end-stage renal disease (ESRD) patients—DaVita's main function is to provide dialysis services to ESRD patients and Rx provides medication to ESRD patients. Can Paladina succeed simply by following Rx's example, or will it face different challenges?

    Keywords: Intrapreneurship; entrepreneurial organizations; startup management; Startup; strategic planning; strategic positioning; corporate strategy; corporate entrepreneurship; Corporate Entrepreneurship; Corporate Strategy; Business Startups; Strategic Planning; Competitive Strategy; Health Industry; United States;

    Citation:

    Fuller, Joseph B., David J. Collis, and Matthew G. Preble. "Intrapreneurship at DaVita HealthCare Partners." Harvard Business School Case 315-046, February 2015. (Revised June 2017.)  View Details
  22. Intrapreneurship at DaVita Healthcare Partners

    Joseph B. Fuller and Matthew Preble

    DaVita Healthcare Partners Inc. (DaVita) is one of the U.S.'s leading dialysis providers, a process whereby persons with end-stage renal disease (ESRD) are connected to a machine that performs the functions of a healthy kidney. Kent Thiry, DaVita's CEO, has expanded the company's scope of activities since he first arrived in 1999. He initially focused on consolidating the company's dialysis business, which included acquiring the company's primary U.S. competitor, before expanding into related businesses such as pharmacy services for people with ESRD. In the 2010s, Thiry again broadened DaVita's scope by moving into primary care via the acquisition of Health Care Partners (HCP, a company that owned medical practices and health care facilities) and by forming Paladina Health (Paladina), a company that sells primary care services to self-insured employers. Thiry's strategic decisions reflect several considerations, including his belief that value- and performance-based reimbursement will become the norm in the U.S. health care system, a commitment to extending DaVita's ability to execute on its mission, and DaVita being excessively reliant on a single medical condition for revenue. The latter concern is partially explained by DaVita running out of logical growth vehicles within kidney care/dialysis (i.e., there are no more sizeable competitors or companies to buy) and, in the longer term, the potential reduction in ESRD patients due to innovations in the treatment of the underlying problems (e.g., diabetes) that lead to ESRD.

    Keywords: Intrapreneurship; entrepreneurial organizations; startup management; Startup; strategic planning; strategic positioning; corporate strategy; corporate entrepreneurship; Corporate Entrepreneurship; Corporate Strategy; Business Startups; Strategic Planning; Competitive Strategy; Health Industry; United States;

    Citation:

    Fuller, Joseph B., and Matthew Preble. "Intrapreneurship at DaVita Healthcare Partners." Harvard Business School Teaching Note 317-020, August 2016. (Revised August 2016.)  View Details
  23. Intrapreneurship at DaVita HealthCare Partners: Cash Flow Tool

    Joseph B. Fuller and Christopher Payton

    DaVita Healthcare Partners Inc. (DaVita) is one of the U.S.'s leading dialysis providers, a process whereby persons with end-stage renal disease (ESRD) are connected to a machine that performs the functions of a healthy kidney. Kent Thiry, DaVita's CEO, has expanded the company's scope of activities since he first arrived in 1999. He initially focused on consolidating the company's dialysis business, which included acquiring the company's primary U.S. competitor, before expanding into related businesses such as pharmacy services for people with ESRD. In the 2010s, Thiry again broadened DaVita's scope by moving into primary care via the acquisition of Health Care Partners (HCP, a company that owned medical practices and health care facilities) and by forming Paladina Health (Paladina), a company that sells primary care services to self-insured employers. Thiry's strategic decisions reflect several considerations, including his belief that value- and performance-based reimbursement will become the norm in the U.S. health care system, a commitment to extending DaVita's ability to execute on its mission, and DaVita being excessively reliant on a single medical condition for revenue. The latter concern is partially explained by DaVita running out of logical growth vehicles within kidney care/dialysis (i.e., there are no more sizeable competitors or companies to buy) and, in the longer term, the potential reduction in ESRD patients due to innovations in the treatment of the underlying problems (e.g., diabetes) that lead to ESRD.

    Keywords: Intrapreneurship; entrepreneurial organizations; startup management; Startup; strategic planning; strategic positioning; corporate strategy; corporate entrepreneurship; Corporate Entrepreneurship; Corporate Strategy; Business Startups; Strategic Planning; Competitive Strategy; Health Industry; United States;

    Citation:

    Fuller, Joseph B., and Christopher Payton. "Intrapreneurship at DaVita HealthCare Partners: Cash Flow Tool." Harvard Business School Spreadsheet Supplement 317-703, January 2017.  View Details
  24. Saudi Aramco and Corporate Venture Capital

    Joseph B. Fuller, Matthew Rhodes-Kropf and Nathaniel Burbank

    Saudi Aramco launched an internal venture capital arm in 2011, which promptly became the world's largest investor in energy related startups. In choosing to proceed, the company's New Business Development unit (NPD) wrestled with a number of challenges. How should the fund be structured, as a fully independent, venture capital partnership or as a business unit? How should it be governed, and how should the investment committee function? Could mechanisms be developed that ensured the expertise of Saudi Aramco's famously conservative engineering resources could be harnessed in the investment process and its business units enlisted to work with portfolio companies? How could the fund be structured to reflect Saudi Aramco's role in modernizing the economy of Saudi Arabia? The case provides a vehicle for discussing the basics of corporate venture capital and the challenges large corporations face in participating in the world of startups. It also describes how certain industries, like energy, are poorly suited to the investment profile of traditional venture capitalists. The product development cycle is too long and the capital required to develop and test products too great for ordinary, general partnerships to sustain. The case also introduces interesting themes in the role of parastatals in contributing to national economic competitiveness.

    Keywords: Venture Capital; Corporate Entrepreneurship; Energy Industry; Saudi Arabia;

    Citation:

    Fuller, Joseph B., Matthew Rhodes-Kropf, and Nathaniel Burbank. "Saudi Aramco and Corporate Venture Capital." Harvard Business School Case 816-068, January 2016. (Revised October 2016.)  View Details
  25. Terrapin Laboratory

    Richard G. Hamermesh and Joseph B. Fuller

    Describes the formation and rapid growth of a drug testing company. The company needs to decide whether to enter the painkiller testing market, in addition to growing its drug treatment center business. The associated teaching materials provide students the opportunity to weigh the attractiveness of alternative mechanisms for financing the company's expansion.

    Keywords: Business growth; entrepreneurial management; entrepreneurship; growth strategy; Market entry; venture capital; Growth Management; Expansion; Financing and Loans; Health Care and Treatment; Health Testing and Trials; Business Startups; Pharmaceutical Industry; Health Industry;

    Citation:

    Hamermesh, Richard G., and Joseph B. Fuller. "Terrapin Laboratory." Harvard Business School Case 315-098, March 2015. (Revised September 2016.)  View Details
  26. Terrapin Laboratory

    Joseph B. Fuller and Andrew Otazo

    This teaching plan accompanies the case "Terrapin Laboratory," HBS No. 315-098. That case describes the formation and rapid growth of a drug testing company. The company needs to decide whether to enter the painkiller testing market, in addition to growing its drug treatment center business. The associated teaching materials provide students the opportunity to weigh the attractiveness of alternative mechanisms for financing the company’s expansion.

    Keywords: Business growth; entrepreneurial management; entrepreneurship; growth strategy; Market entry; venture capital; Venture Capital; Market Entry and Exit; Entrepreneurship; Health Testing and Trials; Growth and Development Strategy; Pharmaceutical Industry;

    Citation:

    Fuller, Joseph B., and Andrew Otazo. "Terrapin Laboratory." Harvard Business School Teaching Plan 316-183, June 2016.  View Details
  27. Terrapin Laboratory: Exercise

    Joseph B. Fuller and Christopher Payton

    In this exercise, we examine the capital requirements of Terrapin Laboratory as they contemplate entering into a new market segment. The company is faced with two potential financing options which have different effects on the ownership structure of the company. Working through the implications of these two proposed transactions, you will then use your analysis to recommend a course of action to Terrapin's two senior executives.

    Keywords: Business growth; entrepreneurial management; entrepreneurship; growth strategy; Market entry; venture capital; Venture Capital; Market Entry and Exit; Entrepreneurship; Health Testing and Trials; Growth and Development Strategy; Pharmaceutical Industry;

    Citation:

    Fuller, Joseph B., and Christopher Payton. "Terrapin Laboratory: Exercise." Harvard Business School Spreadsheet Supplement 317-704, January 2017.  View Details
  28. La-Z-Boy (A)

    Joseph B. Fuller and Natalie Kindred

    Kurt Darrow, CEO of La-Z-Boy furniture, must decide whether to continue an overhaul of the company's strategy in the face of a collapse in demand during the great recession. Having pared back La-Z-Boy's portfolio of brands and manufacturing network, he intends to reposition the company as a branded retailer of furniture and home fashions. Just as management is poised to implement a new strategy that involves a heavy investment in brand advertising, a complete overhaul of the retail organization, and a fundamentally new manufacturing system, the industry experiences a catastrophic downturn. Should he continue to invest in a highly speculative strategy or rein in investment and preserve cash?

    Keywords: retail; manufacturing; organizational transformations; reorganization; furniture industry; corporate strategy; home fashion; turnaround; portfolio rationalization; globalization of supply chain; brand repositioning; Business Growth and Maturation; Brands and Branding; Competitive Strategy; Vertical Integration; Retail Industry; Manufacturing Industry; Consumer Products Industry; United States;

    Citation:

    Fuller, Joseph B., and Natalie Kindred. "La-Z-Boy (A)." Harvard Business School Case 317-034, October 2016.  View Details
  29. Mahindra Lifespace Developers' Venture into Affordable Housing

    Joseph B. Fuller and Monica Baraldi

    Mahindra Lifespace Developers Limited (MLDL) was the infrastructure and real estate arm of the Mahindra Group, an Indian conglomerate with revenues of $16.5 billion in 2014. Employing 400 experts in land acquisition, design, project management, sales and marketing, and financial structuring, MLDL in 2011 had begun to explore India’s affordable housing space, establishing an ambitious goal of eventually managing 10 projects with 15,000 residential units at any given time. In 2013, MLDL began debating potential locations. MLDL Managing Director Anita Arjundas and her commercially oriented team chose Mumbai and Chennai as preferred sites for the first two pilot projects. At the time, the two cities were highly industrialized locations with significant demand for affordable housing.

    Keywords: corporate entrepreneurship; Housing; business conglomerates; social entrepreneurship; Business Conglomerates; Business Startups; Development Economics; Developing Countries and Economies; Corporate Entrepreneurship; Social Entrepreneurship; Housing; Emerging Markets; Business and Government Relations; Human Needs; Social Issues; Urban Development; Real Estate Industry; India;

    Citation:

    Fuller, Joseph B., and Monica Baraldi. "Mahindra Lifespace Developers' Venture into Affordable Housing." Harvard Business School Teaching Note 317-029, August 2016.  View Details
  30. Mahindra Tool: Project Economics

    Joseph B. Fuller and Christopher Payton

    The case describes Mahindra Lifespace Developers’ (MLDL), a unit of Indian conglomerate Mahindra and Mahindra, foray into the affordable housing segment. MLDL sees a huge opportunity in selling apartments to the burgeoning population of urban workers, which is badly underserved. Hoping to draw on skills developed in building higher end residential projects and industrial parks, MLDL aims to have fifteen projects of one thousand units each under construction when it reaches scale. MLDL’s CEO, Anita Arjundas, launches two projects to test the business hypothesis. The results are discouraging. What lessons can she draw from the results? Were the tests sufficiently definitive for her to alter her strategy and endure what she describes as a “bitter defeat.” The case provides a vehicle for discussing how to develop and assess tests in high fixed costs, long lead time environments. It also describes a large corporation’s efforts to develop a major new, entrepreneurial business and the challenges involved in implementation. The case also touches on interesting issues of a leading company's role in addressing a glaring societal need.

    Keywords: corporate entrepreneurship; Housing; business conglomerates; social entrepreneurship; Business Conglomerates; Business Startups; Development Economics; Developing Countries and Economies; Corporate Entrepreneurship; Social Entrepreneurship; Housing; Emerging Markets; Business and Government Relations; Human Needs; Social Issues; Urban Development; Real Estate Industry; India;

    Citation:

    Fuller, Joseph B., and Christopher Payton. "Mahindra Tool: Project Economics." Harvard Business School Spreadsheet Supplement 317-701, July 2016.  View Details
  31. HourlyNerd

    Jill Avery and Joseph Fuller

    HourlyNerd, a two-sided marketplace platform for matching freelance consultants with small companies looking for help, struggles to define a growth plan for the future. The company, started as a class project in HBS' FIELD 3 course, is assessing three growth paths: shifting its target from small- and medium-sized businesses to enterprise customers, expanding into new verticals to become the Amazon of freelance labor, and transforming its business model from a marketplace to software-as-a-service (SaaS). Each of the three paths was risky and required financial and human resource investment. Could and should the fledgling startup change its business model? Could it fundamentally change the way companies purchased consulting services? Or, should the founders play it safe by remaining focused on executing their original business model—a proven winner?

    Keywords: entrepreneurship; Startup; lean startup; two sided markets; venture capital; Entrepreneurship; Strategy; Business Startups; Venture Capital; Consulting Industry; United States;

    Citation:

    Avery, Jill, and Joseph Fuller. "HourlyNerd." Harvard Business School Case 316-134, January 2016. (Revised July 2017.)  View Details
  32. Jim Sharpe: Operational Cash Flow Tool

    Joseph B. Fuller, Shikhar Ghosh and Christopher Payton

    In this exercise, you will examine the cash flow implications of different operating model assumptions and the effect that this has on financing decisions.

    Keywords: Cash Flow; Financing and Loans;

    Citation:

    Fuller, Joseph B., Shikhar Ghosh, and Christopher Payton. "Jim Sharpe: Operational Cash Flow Tool." Harvard Business School Exercise 816-070, February 2016.  View Details
  33. Intuit: Turbo Tax PersonalPro - A Tale of Two Entrepreneurs

    Shikhar Ghosh, Joseph Fuller and Michael Roberts

    The case provides a vehicle for teaching about both corporate intrapreneurship and the use of lean startup methods. It tells the story of a product manager within Intuit who develops an idea for a new product that spans two of the company's existing business units—professional tax software, sold to accountants and the consumer-focused TurboTax product. The new product—TurboTax Personal Pro—connects consumers with professional accountants online, allowing them to have their taxes prepared by a professional. The cycle of product development transpires within the larger, corporate context of Intuit, where founder Scott Cook has been attempting to transform the enterprise into a leaner, more innovative company. As the project unfolds, many of the barriers that inhibit innovative in large companies—conflicting incentives, competition over decision rights, the inflexibility of core processes—are revealed. The case also describes in detail the lean startup methods used by the new product team, but in a resource-rich environment, unlike an entrepreneurial firm.

    Keywords: Business Units; Business or Company Management; Software; Accounting; Product Development; Financial Services Industry;

    Citation:

    Ghosh, Shikhar, Joseph Fuller, and Michael Roberts. "Intuit: Turbo Tax PersonalPro - A Tale of Two Entrepreneurs." Harvard Business School Case 816-048, September 2015. (Revised March 2016.)  View Details
  34. Intuit: Turbo Tax PersonalPro - A Tale of Two Entrepreneurs

    Joseph Fuller, Shikhar Ghosh and Monica Baraldi

    Teaching Note for HBS No. 816-048. The case tells the story of a product manager within Intuit who develops an idea for a new product that spans two of the company's existing business units—professional tax software, sold to accountants, and the consumer focused TurboTax product. The new product —TurboTax Personal Pro—connects consumers with professional accountants online, allowing them to have their taxes prepared by a professional. The cycle of product development transpires within the larger, corporate context of Intuit, where founder Scott Cook has been attempting to transform the enterprise into a leaner, more innovative company. The case describes in detail the lean startup methods used by the new product team, and how their attempts bump up against the existing, entrenched systems and processes of the larger enterprise.

    Keywords: Business Units; Business or Company Management; Software; Accounting; Product Development; Financial Services Industry;

    Citation:

    Fuller, Joseph, Shikhar Ghosh, and Monica Baraldi. "Intuit: Turbo Tax PersonalPro - A Tale of Two Entrepreneurs." Harvard Business School Teaching Note 319-045, October 2018. (Revised May 2019.)  View Details
  35. Hövding: The Airbag for Cyclists

    Joseph B. Fuller and Emilie Billaud

    In 2012, Anna Haupt and Terese Alstin, co¬founders of the Hövding company, reflect on the evolution of their venture and the way forward. Since 2005, Haupt and Alstin had been working on a new type of bicycle helmet—an "airbag for cyclists." What had begun as a thesis had grown into a seven-year journey of research and development, including raising over $10 million of venture capital. The product had been granted Europe's CE certification in 2011 and had been launched simultaneously in Sweden and Norway. Yet, a year later, the company had still not reached the break¬even point. To help them establish a commercialization strategy, the Hövding board had prevailed upon the founders to hire a professional CEO. But surrendering management control was an emotional process for Haupt and Alstin, while the CEO struggled to assert his leadership and build the company's commercial capabilities. Should Haupt and Alstin collaborate with their CEO despite their misgivings, or should they step away from the company they had dedicated seven years to building?

    Keywords: Business Startups; Entrepreneurship; Transition; Leadership; Conflict Management; Bicycle Industry; Sweden; Europe;

    Citation:

    Fuller, Joseph B., and Emilie Billaud. "Hövding: The Airbag for Cyclists." Harvard Business School Case 315-056, February 2015. (Revised September 2016.)  View Details
  36. MuMaté Tool: Evaluating Financing Alternatives

    Joseph B. Fuller

    "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; Business Startups; Equity;

    Citation:

    Fuller, Joseph B. "MuMaté Tool: Evaluating Financing Alternatives." Harvard Business School Spreadsheet Supplement 315-701, February 2015.  View Details
  37. Loki Capital Management

    Joseph B. Fuller, Shikhar Ghosh and Matthew Preble

    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 profits—were too onerous. Alternatively he could raise the working capital from family, friends and an interested investor, 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; hedge funds; equity split; fundraising; investor clientele; Team building; human resource management; Human Capital; Human Resources; Equity; Financial Services Industry; United States;

    Citation:

    Fuller, Joseph B., Shikhar Ghosh, and Matthew Preble. "Loki Capital Management." Harvard Business School Case 814-049, March 2014. (Revised February 2015.)  View Details
  38. GenapSys: Business Models for the Genome

    Richard G. Hamermesh, Joseph B. Fuller and Matthew Preble

    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; life sciences; business model; innovation & entrepreneurship; Health Care and Treatment; Genetics; Business Strategy; Biotechnology Industry; Pharmaceutical Industry; Technology Industry; Health Industry; Medical Devices and Supplies Industry; United States;

    Citation:

    Hamermesh, Richard G., Joseph B. Fuller, and Matthew Preble. "GenapSys: Business Models for the Genome." Harvard Business School Case 814-050, January 2014. (Revised December 2014.)  View Details
  39. MuMaté: Funding Growth

    Shikhar Ghosh, Joseph B. Fuller, Thomas R. Eisenmann, Alex Godden and Andrew Sandoe

    Keywords: Startup; venture capital; Business Startups; Financing and Loans; Consumer Products Industry; United States;

    Citation:

    Ghosh, Shikhar, Joseph B. Fuller, Thomas R. Eisenmann, Alex Godden, and Andrew Sandoe. "MuMaté: Funding Growth." Harvard Business School Case 814-063, January 2014. (Revised December 2014.)  View Details
  40. Steven Carpenter at Cake Financial (Abridged)

    Thomas R. Eisenmann, Joseph B. Fuller and Shikhar Ghosh

    Steven Carpenter reflects on the successes and failures of his recent venture, Cake Financial. Carpenter had just sold the four-year-old startup and was at work on a new business plan. But first, he wanted to understand why Cake Financial, a service that allowed users to access their brokerage accounts on one platform and also see how other users were investing, had not been widely adopted by customers despite positive receptions from technology and financial observers. The startup had also received financial support from prominent angel investors. Carpenter asked himself what he should have done differently with the technology supporting the platform, and how Cake should have better targeted customers and responded to their unique needs. He also wondered whether he had made the right decisions about when, and from whom, to seek funding at various stages of the company's growth.

    Keywords: Corporate Entrepreneurship; Business or Company Management; Business Model; Growth and Development Strategy; Business Strategy; Internet; Financial Services Industry; Web Services Industry;

    Citation:

    Eisenmann, Thomas R., Joseph B. Fuller, and Shikhar Ghosh. "Steven Carpenter at Cake Financial (Abridged)." Harvard Business School Case 814-054, January 2014.  View Details
  41. Maricopa, Inc.: Finding the Right Treatment for Growth

    William A. Sahlman, Thomas R. Eisenmann, Joseph B. Fuller and Shikhar Ghosh

    The founders of Maricopa, Inc., a startup that sold proprietary hair-care products directly to salons, were preparing a board presentation to address the young company's inability to meet financial projections. While the products had caught on with customers, the financial shortcomings raised some questions about the company's business plan. The company had gone through much of its cash and needed additional funding to continue operating.

    At the same time, two VC investors were deciding how to proceed with their investments in Maricopa. The larger VC firm questioned Maricopa's management's decisions and was hesitant to further fund the company. However the Maricopa investment was much more important to the smaller VC firm, and its representative on Maricopa's board worked hard to convince her counterpart from the larger firm that while the firm had struggled, it was a young startup with strong potential. Without the larger firm investing again in Maricopa, the business was at risk of going under.

    Keywords: Business Startups; Financial Condition; Venture Capital; Financial Strategy; Financing and Loans; Expansion; Planning; Fashion Industry; Iowa;

    Citation:

    Sahlman, William A., Thomas R. Eisenmann, Joseph B. Fuller, and Shikhar Ghosh. "Maricopa, Inc.: Finding the Right Treatment for Growth." Harvard Business School Case 314-065, January 2014.  View Details
  42. The Entrepreneurial Manager: Course Overview, 2015 Winter Term

    Richard G. Hamermesh, Thomas Eisenmann and Joseph B. Fuller

    Course overview of The Entrepreneurial Manager.

    Keywords: Entrepreneurship; Management; Business Education;

    Citation:

    Hamermesh, Richard G., Thomas Eisenmann, and Joseph B. Fuller. "The Entrepreneurial Manager: Course Overview, 2015 Winter Term." Harvard Business School Course Overview Note 814-064, December 2013. (Revised March 2015.)  View Details