All cases

February 2021

Valuing Privately Owned Companies: Valuation Techniques – Technical Note

By John Mullins, Robert M Johnson, Steve Pesenti

It is commonly said that the valuation of companies is more of an art than a science. The essence of this statement is that arriving at a valuation is a matter of judgment, balancing the consideration of various factors, rather than the mechanical application of a mathematical formula. This is espec...

February 2021

Finance for Entrepreneurial Companies: Financing Instruments – Technical Note

By John Mullins, Robert M Johnson, Steve Pesenti

Despite today’s growing attention to bootstrapping and the use of customer funding in the financing of new ventures, many new ventures, be they a startup or a plan to grow an existing business, will require some initial injection of capital to finance the fixed assets, working capital, and operati...

January 2021

Pharma UK: The Transdermal Technology – Compact Case

By Julian Birkinshaw

Pharma UK was the UK subsidiary of Pharma, a major international pharmaceuticals company with expertise in oncology, hormone replacement drugs and fertility. Pharma UK was responsible for selling drugs in the local marketplace. However, it also had 50 people in R&D, doing local development work ...

January 2021

Building an Agile Organisation at ING Bank Netherlands – Compact Case

By Julian Birkinshaw, Ken Mark

ING Group was established through a merger of three Dutch financial services firms in 1991. It expanded internationally into Europe and the Americas, and created a no-frills savings account business called ING Direct in the late 1990s. In 2007 it merged its two main subsidiary banks, Postbank with ...

January 2021

Costa Coffee: Project Marlow – Compact Case

By Julian Birkinshaw, Ken Mark

For Jim Slater, head of Costa Express in 2014, the biggest new growth opportunity was to roll out the company’s third-generation vending machine, called Marlow. The product had been developed in record time, but Slater faced several strategic and operational challenges in launching it....