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- 2022
- Article
Missing Novelty in Drug Development
By: Joshua Krieger, Danielle Li and Dimitris Papanikolaou
We provide evidence that risk aversion leads pharmaceutical firms to underinvest in radical innovation. We introduce a new measure of drug novelty based on chemical similarity and show that firms face a risk-reward trade-off: novel drug candidates are less likely to...
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- July 2021
- Teaching Note
The Carlyle Group: Carving Out Atotech
Teaching Note for HBS Case No. 321-153. On January 31, 2017, The Carlyle Group ("Carlyle") closed its $3.2 billion acquisition of Atotech, an international Specialty Chemicals and Equipment company. In Carlyle's Washington, DC headquarters, the US-based deal...
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- April 2021 (Revised December 2021)
- Case
The Carlyle Group: Carving Out Atotech
On January 31, 2017, The Carlyle Group ("Carlyle") closed its $3.2 billion acquisition of Atotech, an international Specialty Chemicals and Equipment company. In Carlyle's Washington, DC headquarters, the US-based deal team—Martin Sumner, Greg Nikodem, Tanaka Maswoswe...
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- March 2021 (Revised January 2023)
- Case
The Trouble with TCE
By: Vincent Pons, Rafael Di Tella and Galit Goldstein
Trichloroethylene, or TCE, was a chemical used by tens of thousands of businesses in the United States. It was an affordable tool for many. Yet, TCE had been associated with important health risks, including cancer and autoimmune disease. TCE potentially posed other...
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- September–October 2020
- Article
Social-Impact Efforts That Create Real Value
By: George Serafeim
Until the mid-2010s few investors paid attention to environmental, social, and governance (ESG) data—information about companies’ carbon footprints, labor policies, board makeup, and so forth. Today the data is widely used by investors. How can organizations create...
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Keywords:
Sustainability;
Sustainability Management;
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Disclosure;
ESG Disclosure Metrics;
ESG Ratings;
ESG Reporting;
Social Impact;
Impact Measurement;
Social Innovation;
Purpose;
Corporate Purpose;
Corporate Social Responsibility;
Strategy;
Social Enterprise;
Society;
Accounting;
Investment;
Environmental Sustainability;
Climate Change;
Corporate Strategy;
Mission and Purpose;
Corporate Social Responsibility and Impact;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
North America;
Europe;
Japan;
Australia
- July 2020
- Case
Amanda and Kristen: Mented Cosmetics
By: Steven Rogers, Jeffrey J. Bussgang and Alterrell Mills
The co-founders (Black HBS alumnae) of an e-commerce beauty startup explore the unmet needs within the beauty industry. This case study examines the entrepreneurial opportunities that come from identifying an underserved market, specifically within the Black community...
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Keywords:
Brands and Branding;
Competition;
Customers;
Disruption;
Disruptive Innovation;
Distribution Channels;
Entrepreneurship;
Finance;
Macroeconomics;
Marketing;
Marketing Channels;
Marketing Communications;
Marketing Strategy;
Mission and Purpose;
Organizational Culture;
Product Design;
Product Development;
Product Positioning;
Sales;
Social Issues;
Social Marketing;
Business Startups;
Strategic Planning;
Strategy;
Supply Chain Management;
Venture Capital;
Beauty and Cosmetics Industry;
Beauty and Cosmetics Industry;
Beauty and Cosmetics Industry;
Beauty and Cosmetics Industry;
Beauty and Cosmetics Industry;
Beauty and Cosmetics Industry;
North and Central America;
United States;
New York (city, NY);
New York (state, US)
- February 2020 (Revised February 2022)
- Case
Sustainable Product Management at Solvay
By: George Serafeim, Vincent Dessain and Mette Fuglsang Hjortshoej
In November 2019, Ilham Kadri, CEO of Solvay, a Belgian specialty chemicals and advanced materials group, with annual revenues of more than €10 billion in 2018, announced the group’s mid-term strategy, eight months after she took the helm as Solvay’s 11th CEO. The case...
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Keywords:
Sustainability;
Sustainable Business And Innovation;
Sustainability Management;
Sustainable Development;
Management Accounting;
Innovation;
Carbon Emissions;
Sustainability Reporting;
Sustainability Targets;
Target-setting;
Product;
Management;
Transformation;
Growth and Development Strategy;
Climate Change;
Environmental Sustainability;
Chemical Industry;
Europe;
Belgium
- January 2020
- Case
SK Group: Social Progress Credits
By: George Serafeim, Ethan Rouen and David Freiberg
SK Group was one of the largest companies South Korea. A family-run conglomerate consisting of around 120 subsidiaries and employing more than 100,000, SK was tightly knit into the fabric of Korean society. SK viewed their future success as contingent upon the strength...
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Keywords:
Impact;
Impact Investing;
Impact Measurement;
Social Value;
Social Development;
Conglomerates;
Measurement Of Purpose;
ESG;
ESG (Environmental, Social, Governance) Performance;
Capital Markets;
Innovation;
Environmental Impact;
Collaboration;
Social Enterprise;
Social and Collaborative Networks;
Social Issues;
Measurement and Metrics;
Value Creation;
Cooperation;
Environmental Sustainability;
Employment;
Accounting;
Energy Industry;
Energy Industry;
Energy Industry;
South Korea
- January 2020 (Revised July 2020)
- Case
Chemours (A)
By: David G. Fubini and David Lane
The July 2015 spin-off of DuPont’s performance chemicals division as the independent company Chemours burdened new CEO Mark Vergnano and his team with perilous challenges. Despite market-leading offerings in several areas, the company faced a glutted market for its...
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- October 2019
- Case
A Conversation with Ellen J. Kullman, Chairman & CEO of DuPont, 2009-2015
By: Lynn S. Paine and Will Hurwitz
Ellen J. Kullman, the retired Chairman and CEO of DuPont, describes how she guided the storied science and technology company through a contentious proxy battle with activist investor Trian Partners, which acquired DuPont shares in 2013 and sought to break up the...
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- September 2019
- Case
Shell: A Company of Opportunity?
By: 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...
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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;
Chemical Industry;
Chemical Industry;
Chemical Industry;
United Kingdom;
Netherlands
- 2019
- White Paper
Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy
By: George Serafeim, T. Robert Zochowski and Jennifer Downing
Reimagining capitalism is an imperative. We need to create a more inclusive and sustainable form of capitalism that works for every person and the planet. Massive environmental damage, growing income and wealth disparity, stress, and depression within developed...
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- March 2019
- Article
Economics of Converting Renewable Power to Hydrogen
By: Gunther Glenk and Stefan Reichelstein
The recent sharp decline in the cost of renewable energy suggests that the production of hydrogen from renewable power through a power-to-gas process might become more economical. Here we examine this alternative from the perspective of an investor who considers a...
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Keywords:
Sustainability;
Clean Technology;
Renewable Energy;
Energy Storage;
Sustainability Management;
Sustainable Business;
Synergies;
Green Hydrogen;
Green Technology;
Environment;
Decarbonization;
Carbon Emissions;
Carbon Abatement;
Energy;
Accounting;
Decision Making;
Economics;
Environmental Management;
Growth and Development;
Management;
Operations;
Science;
Transportation;
Battery Industry;
Battery Industry;
Battery Industry;
Battery Industry;
Battery Industry;
Battery Industry;
Battery Industry;
Battery Industry;
Battery Industry;
Battery Industry;
Battery Industry;
Battery Industry;
Battery Industry;
Africa;
Asia;
Europe;
North and Central America;
South America;
Middle East
- December 2017 (Revised December 2018)
- Case
OCP Group
By: Kristin Fabbe, Forest Reinhardt, Natalie Kindred and Alpana Thapar
This case explores the strategy of OCP Group, the 95% state-owned Moroccan firm charged with managing the North African country’s vast reserves of phosphate. Phosphate was one of the most vital macronutrients for plant health, along with nitrogen and potassium, and...
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- 2017
- Working Paper
Creating the Market for Organic Wine: Sulfites, Certification, and Green Values
By: Geoffrey Jones and Emily Grandjean
This working paper examines the history of organic wine, which provides a case study of failed category creation. The modern organic wine industry emerged during the 1970s in the United States and Western Europe, but it struggled to gain traction compared to other...
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- April 2017 (Revised August 2018)
- Case
The U.S. Shale Revolution: Global Rebalancing?
By: Laura Alfaro and Richard H.K. Vietor
The American shale revolution has upended oil and gas markets for nearly a decade. Prices have risen then plunged, production has surged and then waned, LNG has boomed, and technology and productivity have improved. The U.S. energy policy, under the Obama...
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- March 2017 (Revised May 2018)
- Case
Edwin Land: The Art and Science of Innovation
By: Tom Nicholas, Christopher Stanton and Matthew Preble
Throughout the second half of the 20th century, Polaroid first invented—and then continuously reinvented—the field of instant photography. Under the leadership of its mercurial founder Edwin Land, the company regularly released new instant cameras and films, often...
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Keywords:
Instant Photography;
Company History;
Change Management;
Disruption;
Forecasting and Prediction;
Entrepreneurship;
Business History;
Innovation Strategy;
Disruptive Innovation;
Innovation and Management;
Intellectual Property;
Patents;
Product Marketing;
Brands and Branding;
Product Launch;
Product Development;
Chemical Industry;
Chemical Industry;
United States
- December 2016 (Revised April 2017)
- Case
BASF: Co-Creating Innovation (A)
By: V. Kasturi Rangan, Emilie Billaud and Vincent Dessain
In 2016, BASF's chief executive officer and chief technology officer reflected on the co-creation innovation program started almost 18 months ago as part of BASF's 150th anniversary celebration. Five hundred project ideas had been created, of which 100 had already...
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- July 2016
- Case
'Golden Leash' Pay for Directors at The Dow Chemical Company
By: Ian Gow, Suraj Srinivasan and Neeraj Goyal
In November 2014, The Dow Chemical Company was faced with the prospect of a proxy battle with prominent hedge fund and activist investor Third Point Management. The activist had criticized Dow’s recent performance and advocated that the company split itself to maximize...
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- May 25, 2016
- Comment
How Consumers and Businesses are Reshaping Public Health
By: John A. Quelch
Healthcare and education are two issues in which citizens around the world, rich and poor, are passionately interested. It has long been appreciated that the way that a society treats its youngest and oldest members says much about its moral maturity. Economic...
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Keywords:
Healthcare;
Consumer Power;
Innovation In Healthcare Delivery;
Mobile Healthcare;
Transition;
Transformation;
Trends;
Customer Satisfaction;
Customer Value and Value Chain;
Health Care and Treatment;
Information;
Collaborative Innovation and Invention;
Independent Innovation and Invention;
Innovation and Management;
Innovation Leadership;
Management;
Marketing;
Markets;
Planning;
Problems and Challenges;
Biotechnology Industry;
Biotechnology Industry;
Biotechnology Industry;
Biotechnology Industry;
Biotechnology Industry;
Biotechnology Industry;
Biotechnology Industry;
Biotechnology Industry;
Biotechnology Industry;
Biotechnology Industry;
Biotechnology Industry;
Biotechnology Industry;
South America;
North and Central America;
Middle East;
Europe;
Asia