The case, and its accompanying pedagogical material, offers a unique perspective on CSR-based transformational entrepreneurship, looking at a startup company with a strong ethical purpose and objective, in this case the transformation of the cocoa supply chain towards a child-labor free, fair-trade, organic agriculture-based sourcing. The case follows the history of Tony’s Chocolonely, a Dutch producer of premium chocolate bars with a strong responsible footprint. It follows the footsteps of its founder, Teun van de Keuken (a.k.a. Tony) from journalist to social activist and ultimately entrepreneur with a strong sense of purpose and defined impact objectives. The 12-year journey led Tony’s Chocolonely chocolate bars to claim the number three spot in the Netherlands’s chocolate markets, with the products also sold in many other countries around the globe.
Legacy-driven innovation: Lessons from Europe’s family business ecosystems
Across various European regions, particularly in areas rich in small and medium-sized enterprises (SMEs), we find vibrant networks of family firms that contribute to both economic vitality and social resilience. These entrepreneurial ecosystem...
By
Alfredo De Massis and
Vittoria Magrelli
July-September 2025, vol. 2 issue 3, pp. 73-75
On Running: Greenwash alert
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
©2026
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
Walk, don’t talk: How to survive culture wars
Summary
Global brands expert suggests simple ways for businesses to walk the tightrope between buzz and backlash in today’s divisive cultural and political landscape.
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Hilti Fleet Management: Driving a global transformation
Summary
The case describes Hilti's transformation from a premium tool maker to a solution provider in commercial construction, while keeping its innovation leadership. Confronting industry pain points such as lost tools, downtime, safety risks and thin margins, Hilti created Fleet Management FM. This subscription bundles NURON tools, repairs, loaners, theft coverage, and Hilti's ON!Track asset management system into predictable monthly payments. IoT connectivity delivers real-time insights on utilization, battery health and maintenance. Moving towards end-to-end optimization E2E, FM digitally connects warehouses, vans and administrative processes, unlocking measurable productivity and margin improvement. FM also operationalizes circularity: productivity analyses right-size tool parks often by 2030 fewer assets, tools are refurbished or donated for a second life, and non-usable materials are recycled via a global network of local partners. The case illustrates how business model innovations with global coverage necessitate fundamental organizational transformations that can take many years. It allows students to develop concise, concrete and convincing value propositions in a B2B market environment. It also facilitates a discussion on solution readiness offering, supplier, contract, and customer and the identification of a sustainable competitive advantage based on the VRIO framework.
Reference
IMD-2697
Copyright
©2025
Copyright owner
IMD Copyright
Organization
Hilti
Industry
Manufacturing, Machinery
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
Five key insights from necessity entrepreneurs
Summary
There is another entrepreneurial world that is born not from opportunity but from necessity, and it has much to teach us.
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Oculis: Transforming ophthalmology a drop at a time
Summary
For the team at Oculis, the announcement of the new USD 100 million fundraising could not have come at a more opportune moment. The biopharmaceutical startup was founded in 2017 to transform ophthalmology by developing not only original delivery mechanisms but also groundbreaking treatments for eye diseases like Diabetic Macular Edema (DME). Established by seasoned industry experts, Oculis aimed to replace invasive eye treatments with more accessible, patient-friendly solutions such as topical eye drops. The initial research conducted in a laboratory in Iceland led to a pipeline of drug candidates, now at various stages of clinical testing. The firm continued to ramp up thanks to successive rounds of financing from top investors and partners, totaling more than USD 500 million at the end of 2024. However, it also faced some dramatic events, including the sudden death in early 2024 of its CTO. The company continued to scale, strategically balancing clinical advancements with regulatory milestones. The recent secondary offering on Nasdaq would accelerate the clinical development pipeline, in particular its novel neuroprotective candidate Prisosegtor (OCS-05), OCS-01, a topical eye drop for DME, and OCS-02, a topical biologic eye drop candidate for dry eye disease. Oculis now grappled with a number of strategic decisions, with two questions in particular concerning the team. Should it rely mostly on outsourcing production to a contract development and manufacturing organization (CDMO) or develop its own in-house manufacturing capabilities? There were strong benefits and drawbacks to both approaches. It faced a related dilemma with its product pipeline. Should it continue to rely on its own R&D, as in the past, or should it consider acquiring technologies outside, through M&A activities?
Reference
IMD-2692
Copyright
©2025
Copyright owner
IMD Copyright
Organization
Oculis
Industry
Healthcare, Pharmaceuticals
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
Clee Medical: Making brain surgery safer
Summary
Swiss startup Clee Medical is revolutionizing brain surgery with real-time imaging technology that boosts precision, safety, and patient outcomes.
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Research Information & Knowledge Hub for additional information on IMD publications
Ethnography in Entrepreneurship research: Promises, pitfalls, and practical pathways
Summary
We seek to make ethnography more intelligible and accessible to entrepreneurship scholars. We begin by defining ethnography and discussing the promises and challenges of conducting ethnographic studies in entrepreneurship. Next, we offer practical...
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The power of brand-led differentiation: What Vanzetti Engineering learned from luxury brands (B) (Video case)
Summary
This case series explores what companies can learn from luxury brands without becoming luxury brands themselves. The video B case features interviews with three Vanzetti Engineering executives: the marketing director, the CEO and owner and the chief commercial officer. With the shrinking of the automobile industry, the company has had to reposition itself in other industrial sectors where it is significantly smaller than the customers. Vanzetti Engineering embraced some of the codes of luxury branding according to what suited it and ignored others. The company discovered that although it was focused mostly on creating functional value, it had to dwell much more on emotional and societal value creation. The process of brand elevation required a complete cultural transformation, and one of the lessons from the case is that a brand is not a slogan but a way of being and of delivering value.
Reference
IMD-2696
Copyright
©2025
Copyright owner
IMD Copyright
Organization
Vanzetti Engineering
Industry
Construction and Engineering;Manufacturing
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
The power of brand-led differentiation: What Vanzetti Engineering learned from luxury brands (A)
Summary
Survey after survey shows that executives think their business is in danger of being commoditized. This means their company is not able to differentiate sufficiently to command higher market prices and profits. Luxury brands, by contrast, are the opposite of commodity. Their whole approach to branding is based on desirability. This case series explores what companies can learn from luxury brands without becoming luxury brands themselves. The written A case gives a short background on Vanzetti Engineering, which is facing intensifying competition in an evolving marketplace, and launches the first question for discussion.
Reference
IMD-2688
Copyright
©2025
Copyright owner
IMD Copyright
Organization
Vanzetti Engineering
Industry
Construction and Engineering;Manufacturing
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
Legacy-driven innovation: Lessons from Europe’s family business ecosystems
Summary
Across various European regions, particularly in areas rich
in small and medium-sized enterprises (SMEs), we find
vibrant networks of family firms that contribute to both
economic vitality and social resilience. These entrepreneurial
ecosystem...
Contact
Research Information & Knowledge Hub for additional information on IMD publications