Case Studies Collection - IMD business school for management and leadership courses

Case Study

LanzaTech: Scaling carbon to value

The case places students in the role of LanzaTech’s founder, Dr Sean Simpson, in April 2012. The company was built on the radical idea of using proprietary microbes to capture and convert carbon-rich waste gases from heavy industry (like steel mills) into fuel-grade ethanol. LanzaTech has just achieved a massive technological breakthrough: provi…

Entrepreneurship Sustainability Innovation

By Anieke Wierenga, Christine Ruf and Murat Tarakci

LanzaTech: Scaling carbon to value

By Anieke Wierenga Christine Ruf and Murat Tarakci
Case reference: IMD-2741 ©2026

Summary

The case places students in the role of LanzaTech’s founder, Dr Sean Simpson, in April 2012. The company was built on the radical idea of using proprietary microbes to capture and convert carbon-rich waste gases from heavy industry (like steel mills) into fuel-grade ethanol. LanzaTech has just achieved a massive technological breakthrough: proving its proprietary gas-to-ethanol fermentation process works at an industrial demonstration scale with a major Chinese steel mill. Despite this scientific success, the company is struggling to generate revenues. From its earliest days, investors had put the company onto a path that emphasized technology development and securing a portfolio of patents. Dr Simpson’s dilemma is not about whether the technology works, but rather how to build a profitable business model around it. Simpson must re-evaluate the company’s entire commercialization strategy.

Reference IMD-2741

Copyright owner IMD Copyright

Organization LanzaTech

Industry Energy, Biofuels;Services, Environmental Services

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Entrepreneurship

Sustainability

Innovation

Browse all topics

Case Study

On Running: Greenwash alert

ZURICH (SWITZERLAND), 14 JUNE 2024. The sustainability team at On had been on high alert as TV journalists were once again investigating some of its sustainability claims. Founded in 2010 by former Swiss Ironman champion Olivier Bernhard, the company rapidly gained a reputation among professional athletes, in particular triathletes, for its prop…

Sustainability Crisis Management Entrepreneurship

By Benoit F. Leleux and Dina Zubkova

On Running: Greenwash alert

By Benoit F. Leleux and Dina Zubkova
Case reference: IMD-7-2604 ©2026

Summary

ZURICH (SWITZERLAND), 14 JUNE 2024. The sustainability team at On had been on high alert as TV journalists were once again investigating some of its sustainability claims. Founded in 2010 by former Swiss Ironman champion Olivier Bernhard, the company rapidly gained a reputation among professional athletes, in particular triathletes, for its proprietary cushioning technology. On’s sales grew exponentially, as did its reputation, particularly when Swiss tennis legend Roger Federer became a significant shareholder and company advocate in 2019. Listed on the NYSE, the company reported CHF 1.79 billion in revenues in 2023. Its impact reports vaunted its ambition to “be the thought and action leader on sustainability in the sportswear industry.” The TV program tore apart the sustainability claims of the Cloudneo Cyclon, On’s first running shoe with a circular claim and 100% recyclability. Having investigated the firm’s supply chain, the journalists identified high risk manufacturing practices in the heart of Marseille (France), underpaid Vietnamese workers and recyclability that was still a distant dream. The sustainability team now has to enter crisis management mode and craft a proper response to journalists’ serious allegations.

Reference IMD-7-2604

Copyright owner IMD Copyright

Organization On

Industry Consumer Goods, Sports Footwear

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Sustainability

Crisis Management

Entrepreneurship

Browse all topics

Case Study

Confronting Elon Musk? Nia vs. Tesla

The case follows Kristin Hull, founder and CIO of Nia Impact Capital, a mission-driven investment firm in California, as she faces a pivotal decision in July 2025: Should she file a shareholder resolution against Tesla, Inc.? Hull and Nia have engaged Tesla for over five years on issues of human capital management, workplace equity and board ove…

Sustainability Corporate Governance Diversity and Equity and Inclusion Decision Making

By Vanina Farber and María Helena Jaén

Case Study

Green or greenwashing? A 95 million dollar sustainability paradox for Michelin and BNP Paribas

The Tropical Landscapes Finance Facility Sustainability Bond (TLFF I) was initially celebrated as a best-in-class example of sustainable finance. Issued in 2018, this $95 million financial instrument aimed to create a promising future: sustainable natural rubber plantations in Indonesia that balanced ecological preservation, local livelihoods an…

Sustainability Stakeholder Management Crisis Management Social Innovation

By Vanina Farber and Shih-Han Huang

Case Study

Indian Hotels Company Limited: Fast track to structured sustainability via Paathya

In late 2021, Puneet Chhatwal, CEO of Indian Hotels Company Limited (IHCL), found himself grappling with a new challenge beyond the impressive growth numbers the company had achieved since his tenure began in 2017 – sustainability. Having led IHCL, the hospitality arm of the Tata Group, through one of its most transformative periods, including a…

Leadership Sustainability Strategy

By Florian Hoos, Manojkumar Selvaraj, Harsha Doddihal and Peter Damyanov

Case Study

HP Amplify Impact A: Channeling partners for change

The A case in this two-part series outlines the challenges Isabella Phoenix faced in designing a global sustainability program for HP’s vast network of channel partners in just 12 weeks with only one team member and limited resources. The initiative aimed to help embed sustainability in HP global partners’ strategies, many of whom lacked the res…

Sustainability Leadership

By Heather Cairns-Lee, Julia Katharina Binder and Valerie Keller-Birrer

Case Study

HP Amplify Impact B: From launch to legacy

The B case outlines how, by early 2025, Isabella Phoenix’s initial vision for HP’s Amplify Impact sustainability program had grown into a global initiative involving 4,800 partners in 48 countries. The program surpassed its goals, enrolling 59 of HP partners vs. a 50 target and contributing to billions of dollars in sustainability-influenced sal…

Sustainability Leadership

By Heather Cairns-Lee, Julia Katharina Binder and Valerie Keller-Birrer

Case Study

Candles Killer: Lighting up the world at the bottom of the pyramid

Shenzhen Power-Solution (SPS), founded in 2009 in China as an entrepreneurial venture, disrupted traditional lighting markets in African villages with its flagship product, Candles Killer. This solar lamp, priced under $5, replaces hazardous kerosene lamps and has an optimized design (9 components, water-bottle stands). The candles killer solar …

Sustainability Customer Centricity Innovation Strategy

By Winter Nie and Yunfei Feng

Case Study

The new protein buzz: Can Legendary Foods Africa feed the world with insects?

The case describes Legendary Foods Africa, a food-tech company founded in 2020 in Ghana by Canadian entrepreneur Shobhita Soor. Legendary Foods Africa is focused on farming, processing and selling palm weevil larvae products for human consumption. Palm weevil larvae, a traditional local food, are rich in protein, healthy fats and essential nutri…

Entrepreneurship Sustainability Social Innovation

By Sophie Bacq, Valerie Keller-Birrer and Ruth Shalom Kinyua

Case Study

dss+: Carving out a sustainability consulting leader

The case examines the entrepreneur-led carve out and buyout of dss+, DuPont’s safety and sustainability consulting division, by Gyrus Capital and dss+ management team. dss+ (formerly “DuPont Sustainable Solutions”) played a pivotal role in high-risk industries such as oil, gas, and chemicals, providing critical consulting services at a time when…

Finance Entrepreneurship Sustainability

By Benoit F. Leleux, Giorgio Pignalosa, Larissa Margot Bieler, Mojisola Onabanjo Akinkunmi and Nicolas Campodonico

dss+: Carving out a sustainability consulting leader

By Benoit F. Leleux Giorgio Pignalosa Larissa Margot Bieler Mojisola Onabanjo Akinkunmi and Nicolas Campodonico
Case reference: IMD-7-2639 ©2025

Summary

The case examines the entrepreneur-led carve out and buyout of dss+, DuPont’s safety and sustainability consulting division, by Gyrus Capital and dss+ management team. dss+ (formerly “DuPont Sustainable Solutions”) played a pivotal role in high-risk industries such as oil, gas, and chemicals, providing critical consulting services at a time when global regulatory pressure on operational safety and sustainability was intensifying. Gyrus Capital, a mid-market private equity specialist, came together with the management team to engineer the buyout, based on the firm’s strong and predictable revenue streams, long-term client relationships and specialized expertise in safety and sustainability consulting. What emerged out of the 2019 transaction was an independent sustainability consulting powerhouse with over 1,500 consultants around the world. By 2024, dss+ was still expanding rapidly in terms of staff and domains of expertise, not to mention geography, and had to respond to quickly evolving external and internal demands, with clients increasingly expected to be served globally on a full range of sustainability-related services. With a strong sense of purpose (saving lives and creating a sustainable future), a potent pitch line (Protect. Transform. Sustain), over 750 clients on 1,800 projects across 41 countries, a global team of 1,500 people and plenty of organic growth across 7 core industries, the company was clearly heading for the stars. Yet, new questions loomed: Was it time to start managing that wild growth, deepening competitive advantages and building functional moats? How would dss+ remain competitive? Was it time to put a few new initiatives on high octane fuel: Leadership? Digital transformation? Global growth? Some totally new ideas?

Reference IMD-7-2639

Copyright owner IMD Copyright

Organization dss+, Gyrus Capital, Inflexion

Industry Services, Environmental Services;Healthcare, Health and Medical Services;Services, Public Safety;Business Management Services, Consultancy

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Finance

Entrepreneurship

Sustainability

Browse all topics

Case Study

Brookfield Asset Management Catalytic Transition Fund

Brookfield’s Catalytic Transition Fund is a case study in how the financial industry can spearhead sustainable development. Brookfield Asset Management announced an initial closing of $2.4 billion for the Catalytic Transition Fund, marking a significant milestone toward the target of raising up to $5 billion for deployment to clean energy and tr…

Finance Economics Sustainability

By Arturo Bris and Raphaël Jean Luigi Grieco

Brookfield Asset Management Catalytic Transition Fund

By Arturo Bris and Raphaël Jean Luigi Grieco
Case reference: IMD-2652 ©2024

Summary

Brookfield’s Catalytic Transition Fund is a case study in how the financial industry can spearhead sustainable development. Brookfield Asset Management announced an initial closing of $2.4 billion for the Catalytic Transition Fund, marking a significant milestone toward the target of raising up to $5 billion for deployment to clean energy and transition assets in emerging markets. $1 billion of capital was provided by ALTÉRRA, the world’s largest private investment vehicle for climate finance based in the United Arab Emirates, with the purpose of mobilizing investment at scale to finance a new climate economy. The fund is focused on deploying capital into clean energy and transition assets in emerging markets in South and Central America, South and Southeast Asia, the Middle East, and Eastern Europe. This strategic partnership will help drive clean energy investment into emerging markets, where investment needs to increase sixfold over current levels to reach the $1.6 trillion required annually by the early 2030s in line with global net zero targets.

Reference IMD-2652

Copyright owner IMD Copyright

Organization Brookfield Asset Management

Industry Finance and Insurance, Private Equity

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Finance

Economics

Sustainability

Browse all topics

Case Study

Sea2see: Seastainable vision

BARCELONA, JANUARY 2023. What started in 2016 as a humble entrepreneurial attempt to contribute to a more sustainable future had turned into a solid eyewear brand present in major Western markets. François van den Abeele was even more excited by the rapid development of the Sea2see Foundation, which he set up in Ghana. But success brought its ow…

Entrepreneurship Family Business General Management Global Business Marketing Sustainability

By Benoit F. Leleux and Thomas Brochier

Sea2see: Seastainable vision

By Benoit F. Leleux and Thomas Brochier
Case reference: IMD-7-2564 ©2024

Summary

BARCELONA, JANUARY 2023. What started in 2016 as a humble entrepreneurial attempt to contribute to a more sustainable future had turned into a solid eyewear brand present in major Western markets. François van den Abeele was even more excited by the rapid development of the Sea2see Foundation, which he set up in Ghana. But success brought its own new questions and issues. From the start, he had relied on the superb craftmanship and dedication of an Italian frame manufacturer. Over time that relationship had turned into a mutual dependency: He was now one of its major clients but, reciprocally, had developed a key supplier risk. What if something happened to that relationship? Should he develop a broader set of suppliers and, if so, how could that be done without antagonizing a great working relationship? Recycling very much set the stage for the brand’s sustainability claims, but it also took massive amounts of time to manage. As other companies started to develop their own fishing net recycling supply chains, did it still make sense to invest so much time in the upstream phase or should he pour his energy into his beloved brand? Finally, maybe it was also time to revisit the growth/profitability dilemma and open up the capital to increase the speed of growth, all for the benefit of the environment as impact fed on scale.

Reference IMD-7-2564

Copyright owner IMD Copyright

Organization Sea2see

Industry Consumer Goods, Optical Products

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Entrepreneurship

Family Business

General Management

Global Business

Marketing

Sustainability

Browse all topics

Case Study

IG4 Capital: Private equity with a purpose

SEPTEMBER 2023, SÃO PAULO (BRAZIL). Gustavo Buffara was painstakingly putting the finishing touches on the IG4 Private Equity Fund III presentation. Co-founded by Gustavo in 2016, IG4 Capital had grown to become a leading force in private equity in Latin America with a unique value proposition that focused on private equity special situations. W…

Finance Emerging Market Entrepreneurship Sustainability

By Benoit F. Leleux and Arthur de Bonis

Case Study

Rede Mulher Empreendedora: Navigating mission integrity and financial sustainability

The case focuses on Rede Mulher Empreendedora (RME), Brazil’s largest support platform for female entrepreneurship, and its founder, Ana Fontes. Founded in 2010, RME had grown into a significant network by 2023, impacting the livelihoods of over 12 million women in Brazil, a country with substantial gender disparities. The platform offers initia…

Entrepreneurship Sustainability Diversity and Equity and Inclusion

By Vanina Farber, María Helena Jaén, Jose Mello, Lilian de Miranda, Patricia Araripe, Peter Munk Laursen and Rabia Chishti

Case Study

Not so black and white: Grupo Inca’s black alpaca dilemma (B)

Picking up where Case A ends, Case B reveals that Grupo Inca decided to innovate internally and develop a new fabric from the rare black alpaca fiber. After nearly three years of effort, the Inoue brothers’ dream of creating a luxury collection from undyed black alpaca fiber became a reality. The collaboration between the Inoue brothers, Incalpa…

Social Innovation Business Ethics Sustainability

2024 EFMD Case Writing Competition Award – Responsible Business Category

By Vanina Farber, Carolina Duran Silva, Baris Silahcioglu, Hugo ten Zijthoff and Shih-Han Huang