Description
This presentation explain corporate entrepreneurship.
1
EFE Course Calendar for the Class of July 2016
Period 3 Professor Credit
Corporate Entrepreneurship
Michelle Rogan (FBL)
Jay (Yi-Jub) Kim (SGP)
1.0
0.5
Entrepreneurial Field Studies
Raomal Perera (FBL)
Paul Kewene-Hite (SGP)
1.0
Family and Privately Owned Businesses
Randel Carlock/Morten Bennedsen (FBL)
Randel Carlock/Morten Bennedsen (SGP)
1.0
New Business Ventures
Henning Piezunka (FBL)
Hongwei Xu (SGP)
1.0
Winning in Emerging Markets
Xiaowei Rose Luo (FBL)
Stephen Mezias (SGP)
1.0
0.5
Period 3 Break Professor Credit
Building Business in China Hongwei Xu (FBL/SGP) 0.5
Building Business in India Balagopal Vissa (FBL/SGP) 0.5
Period 4 Professor Credit
Business Planning Workshop: A Lean Start-Up
Approach
Raomal Perera (FBL)
Virginia Cha (SGP)
0.5
Media and Internet Stephen Mezias (SGP) 0.5
Private Equity Vikas Aggarwal (FBL)
Claudia Zeisberger (SGP)
1.0
Realising Entrepreneurial Potential
1
Ivana Naumovska (FBL)
Timothy Bovard (SGP)
1.0
Social Entrepreneurship and Innovation Steve Mezias (FBL)
Steve Mezias (SGP)
0.5
Technology Venturing Practicum Bill Magill (FBL)
Virginia Cha (SGP)
0.5
Period 4 Break Professor Credit
Building Business in China Hongwei XU (FBL/SGP) 0.5
Building Business in Silicon Valley Virginia Cha (FBL/SGP) 0.5
Period 5 Professor Credit
Entrepreneurship in Action Jason Davis & Bala Vissa (FBL)
Jason Davis & Bala Vissa (SGP)
1.0
Leveraged Buyouts Michael Prahl (FBL)
David Lai (SGP)
0.5
Managing Corporate Turnarounds Joost de Haas (FBL)
Claudia Zeisberger (SGP)
0.5
Your First Hundred Days
2
Adrian Johnson, Douglas Rosefsky, Antoine
Duvauchelle (FBL)
Paul Kewene-Hite, Ash Singh (SGP)
1.0
1
Project presentations take place in P5
2
Strongly recommended to take REP in P4
2
Which Electives Should I Take?
??? Very important for the career track
Launching
a New Venture
Acquiring
a Business
Venture Capital/
Private Equity
General
Management/ Family
Business
?? Important for the career track
? Useful for the career track
- Not relevant for the career track
Corporate Entrepreneurship FBL/SGP ?? ? - ???
Entrepreneurial Field Studies FBL/SGP ??? ?? ?? ???
Family and Privately Owned Businesses FBL/SGP - ? ?? ???
New Business Ventures FBL/SGP ??? - ?? ?
Winning in Emerging Markets FBL/SGP ??? ?? - ???
Building Businesses in China FBL/SGP ?? ?? ? ???
Building Businesses in India FBL/SGP ??? ? ??? ??
Business Planning Workshop: A Lean Start-Up Approach FBL/SGP ??? ? ?? ?
Media and Internet SGP ? - - ???
Private Equity FBL/SGP ? ?? ??? ?
Realising Entrepreneurial Potential
1
FBL/SGP - ??? ?? ?
Social Entrepreneurship and Innovation FBL/SGP ??? - ? ??
Technology Venturing Practicum FBL/SGP ??? ? ??? ??
Building Businesses in China FBL/SGP ?? ?? ? ???
Building Businesses in Silicon Valley FBL/SGP ??? ? ??? ?
Entrepreneurship in Action FBL/SGP ??? ?? ?? ???
Leveraged Buy-Outs FBL/SGP - ??? ??? ?
Managing Corporate Turnarounds FBL/SGP ? ??? ??? ???
Your First Hundred Days
2
FBL/SGP - ??? ? ??
1
Project presentations take place in P5
2
Strongly recommended to take REP in P4
Career Track
5
BUILDING BUSINESSES IN CHINA
Introduction to the current and emerging issues in China’s dynamic environment
Campus Professor Period Credit
FBL & SGP
(Fieldtrip)
Hongwei Xu
Between P3 and P4
Between P4 and P5
0.5
Summary
This course introduces students to the unique challenges and opportunities faced by entrepreneurs who build businesses in
China, with particular attention to the political, economic and social context. It is designed for those who want to understand
what kind of great enterprises will come out of China in the next 10 or 20 years, and why some entrepreneurs build successful
businesses in China and others don’t. It is appropriate not only for those who are considering starting companies themselves
but also for those who want to understand how the current entrepreneurial activities in China will shape the investment
opportunities in China and the global competitive advantage of China’s firms in the near future.
Course overview
China has emerged as a world economic super power, forcing all players to consider new economic models. This fieldtrip
provides an opportunity to learn about the unique opportunities and obstacles faced by entrepreneurs in China, who will play
an even bigger role in China’s economy in the future.
During your visit, you will be exposed to a wide variety of entrepreneurs and executives who are building companies in China.
They will discuss with you a particular aspect of building businesses in China, and you can learn from them through interaction,
discussion, and questioning. You will also have an opportunity to meet with alumni to gain additional insights into living and
working in China.
Ideal for careers in:
? Business development in or related to China
? Consulting
? Venture Capital
Other details
? Fieldtrip
6
BUILDING BUSINESSES IN INDIA
Learning how businesses are being built and developed in the Indian context
Campus Professor Period Credit
FBL & SGP
(Fieldtrip)
Bala Vissa Between P3 and P4 0.5
Summary
The course will enable you to develop deep insight into three questions:
? What opportunities and obstacles face those who would build a company in India? How does an entrepreneur build a
growth venture in India?
? How does the context shape growth ventures coming out of India? What characteristics and mind-sets will you encounter
in the next great generation of Indian companies that grow out of today’s ventures?
? What ideas can you borrow from India’s entrepreneurs that can help you build a company or work effectively with
company builders wherever you go in your career?
The best way to address these three questions is to go to India, meet the people active in the Indian entrepreneurial
community, and learn through interaction, discussion, questioning. We will spend a week in India - initially in Bangalore (India’s
tech venturing capital) and then travel to Gurgaon (a suburb of New Delhi & an emerging entrepreneurial hotbed) during the
break between periods, interacting with key players.
Course overview
India has a centuries old entrepreneurial tradition among certain ethnic and social groups. Entrepreneurship was ingrained in
one’s family, and many of India’s greatest enterprises in the modern era are still family enterprises. Yet starting in the 1980s
and 1990s, a new strand in the thread of Indian entrepreneurship emerged. As the regulatory structure of India’s economy
changed, entrepreneurs such as Narayana Murthy began building companies like Infosys in order to exploit the country’s
remarkable pool of human capital, and they often fused ideas from East and West as they built their companies. Today, India’s
business landscape is far richer because a new generation of entrepreneurs has emerged, some of whom came from families
with a rich entrepreneurial heritage and others who did not.
India has emerged as one of the world’s hotbeds of growth entrepreneurship, a trend that is accelerating thanks to several
factors. Non-resident Indians (NRI’s) who left the country are returning as investors and/or executives, both because India
offers an outstanding pool of affordable talent and because they want to help build the country of their birth. Multinational
firms have located many facilities in India, so there is a growing pool of experienced managers who know how a global
enterprise operates. Entrepreneurial ecosystems are flourishing, both established centres such as Bangalore, Delhi and
Mumbai and fast-growing hubs such as Pune, Hyderabad and Chennai.
Building Businesses in India is designed for those who want to understand what kind of companies will come out of India’s
entrepreneurial explosion, how the Indian context will shape the great enterprises that are founded in India over the next ten
or twenty years. It is suitable for those who are considering starting companies themselves, who want to understand what kind
of advantages and opportunities India will offer.
Ideal for careers in:
? New Ventures
? Business development
? General management
? Management Consulting
Other details:
? Case studies with guest speakers from companies covered
in cases
? Extensive access to guest speaker
7
BUILDING BUSINESSES IN SILICON VALLEY
Learning how to succeed as an entrepreneur in Silicon Valley
Campus Professor Period Credit
FBL & SGP
(Fieldtrip)
Virginia Cha Between P4 and P5 0.5
Summary
Silicon Valley is the most influential place for entrepreneurship in the world, and it operates to a large extent according to its
own sets of rules, which are starting to be adopted in other entrepreneurship pools elsewhere. It is more a culture than a
place. How can you “break into” entrepreneurship, be successful in building a business and succeed as an entrepreneur,
general or functional manager, or venture capitalist there? The purpose of this course is to offer insights into that question.
The only way to fully understand Silicon Valley is to be there and interact face-to-face with some of its key actors. Hence this
entire mini-elective takes place in Silicon Valley. Each day will include a mix of lecture/guest speaking sessions and a field trip
(for a total of 12 sessions), and each session will be hosted and run by a key Silicon Valley actor - an entrepreneur, a venture
capitalist, an executive in a large company, or by Professor Cha herself. Through INSEAD’s connections in Silicon Valley,
participants will get to meet players in the region. The course will focus on Internet, ecommerce, social media, and hardware
technologies, although its lessons are universal. An engineering background is not necessarily needed to enrol. A strong
motivation to be in technology businesses, to understand and collaborate with “techies”, to engage with Silicon Valley guest
speakers are required.
Course overview
Silicon Valley essentially consists of four types of actors that together comprise its “eco-system”:
? Entrepreneurs
? Venture capitalists
? Large companies
? Professional services firms (especially law firms and management consultants)
Important to note: The course is part of P4 bidding, requires a short 3-line motivation statement and takes place towards the
end of the P4-P5 break. Students are responsible for getting to Silicon Valley (including visa several weeks before the trip),
booking a hotel room, and for all costs associated with the trip.
Ideal for careers in:
? Entrepreneurship
? Large innovative companies
? Turnaround
? Venture Capital
Other details:
? Course takes place in San Francisco/Silicon Valley
? Open to students at both campuses
? Nearly all sessions of the course will be hosted and run by a SV
executive
? No paper or exam, but active participation is required
? Networking event and on-site visit at one or two companies in SV
? Interviews and outside company meetings are not allowed during
course hours and are recommended to take place the week before or
after the course
8
BUSINESS PLANNING WORKSHOP: A LEAN START-UP APPROACH
A guide to Building a Great Company
Campus Professor Period Credit
FBL Raomal Perera P4 0.5
SGP Virginia Cha P4 0.5
Summary
The Business Planning Workshop will help you learn the key tools for building a successful startup or a new business inside of a
corporation and at a minimum help to reduce the risk of failure. The mini-elective uses the concepts taught by Steve Blank in
his Lean Launchpad class. The Osterwalder’s Business Model Canvas and Blank’s Customer Development tools are used in class.
It is ideal for students hoping to pursue careers in entrepreneurship. The course is designed as a stand-alone elective but is also
a natural complement to Effective Fundraising for Entrepreneurs, Entrepreneurship in Action, New Business Ventures and
Realising Entrepreneurial Potential.
Course overview
You will learn the key steps you need to follow when developing a business. We will start with SEARCH. The steps in the
Customer Development process: how to identify and engage the first customers for your product, and how to gather, evaluate
and use their feedback to make your product, marketing and business model far stronger. The focus will be on SEARCH. i.e.
PLANNING comes BEFORE THE PLAN.
The course will give you the tools needed to develop an idea into a fundable high potential business (whether a startup, an
existing venture, or a new business inside of a corporation). BPW is designed to develop practical skills to help you find the
right business model to build a REPEATABLE SCALABLE business.
The Business Planning Workshop is NOT about “writing a business plan”. We will laterally process through the details that
make a business viable, achieving understanding, and then reflecting that thinking and understanding in documents that are a
persuasive and focused defence of, and advocacy for, the business. We will use the Osterwalder Business Model Canvas to
develop your business model.
Most “business plans” are glorified reports with STATIC data, opinions and pie charts. The average “plan” shows little execution
planning and critical thinking, let alone defensible math driven forecasts for results and returns. Most plans are dusted off to
send to an investor, and then ignored until they are dusted off in a hurry later on. On the other-hand, using the Osterwalder
Business Model Canvas, it will be a live document that keeps track of your hypotheses and confirmation of the facts. Whether
you intend to create a new business, or refine and evolve an existing business, if you are planning the business activities of a
small venture, a business unit of a large mature corporation or a hungry entrepreneur this workshop will help you achieve
insight and perspective into the planning of a business.
Ideal for careers in:
? New Ventures
? Venture Capital
? Corporates
Other details:
? Guest speakers
? Continuous feedback on projects
? Regular meetings with Entrepreneurs in Residence
? Final project: Lessons Learnt presentation; Here’s What
We Thought; “Here’s What We Did; “Here’s What
Happened; A Progress Graph.
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CORPORATE ENTREPRENEURSHIP
Learning how to successfully build a new business inside a corporation
Campus Professor Period Credit
FBL Michelle Rogan P3 1
SGP Jay (Ji-Yub) Kim P3 0.5
Summary
This course helps students recognize and overcome the challenges unique to building a new business inside an established
firm. Creating a successful new business inside a corporation is often a critical early step in the careers of many successful
corporate executives. Thus, this course is ideal for students planning to work in established firms where they will be expected
to identify and build new businesses or to provide support for new businesses, as well as students who plan to work for
consultancies advising these firms.
Course overview
Corporate entrepreneurship is in essence about building new businesses inside established firms. This includes starting new
lines of business or new product units, setting up new practice areas, beginning offices in new geographies, managing spin-offs,
or creating new joint ventures—as well as establishing processes to ensure the successful development of new businesses.
This course is designed to help students recognize and overcome the challenges they will face when building new businesses
inside established firms. Corporate entrepreneurship is important for firms because it is the key to achieving sustainable
growth. Moreover, successfully building a new business for the firm can make a manager’s career—but a failure to do so can
break a career. Thus, in short, this course is about how to start a new business inside a corporation without “getting yourself
killed in the process.”
Corporate entrepreneurs trying to build a business inside an established firm encounter a set of challenges that are different
from those faced by entrepreneurs. Examples of the challenges we address in his course include the followings:
? You need resources to build the new business but getting the resources involves taking them away from existing
business activities. How can you make sure you will get the resources you need to build the business?
? You want to make sure that the culture and processes of the existing business do not encumber the new business.
What are the more appropriate organizational design and structural arrangements for the new business that can
shield it from the politics of the parent firm but allows it to draw critical resources from the parent?
? The types of employees that will excel at starting a new business inside a firm—i.e., corporate entrepreneurs—are
often different from those that perform well at running the existing business. Do you have what it takes to be a
corporate entrepreneur? How do you select, manage, and motivate corporate entrepreneurs?
Ideal for careers in:
? General Management
? Business Development
? Management Consulting
Other details:
? Case analysis and discussion
? Guest speakers
? Simulation
10
ENTREPRENEURIAL FIELD STUDIES
Develop an entrepreneurship-related project
Campus Professor Period Credit
FBL Raomal Perera P3 1
SGP Paul Kewene-Hite P3 1
Summary
This elective provides a forum for students interested in conducting their own entrepreneurship-related project, alone or in
teams of two. Projects can include a venture feasibility study for a start-up, evaluation of an existing company in conjunction
with a venture capital or private equity firm, or original research with an entrepreneurship theme. The common element is
that the work should provide original value and include some element of field research (e.g. focus groups, interviews, surveys,
etc.).
Course overview
The course works like an independent study in that there are no formal class sessions. Rather, enrolees work directly with the
professor to frame the project and to check in once or twice during the term to ensure that the project is progressing.
Field studies should involve original field research and should speak to some aspect of entrepreneurship: start-up, venture
capital, private equity, turnaround/buyout, corporate entrepreneurship, or family enterprise.
Course participants are welcome to choose and work on their own project. Indeed, this is the option commonly pursued. If you
would like to do a field studies project but have not identified a suitable subject, the Professor may suggest a collection of pre-
approved projects submitted by alumni, selected INSEAD partners, and professors.
Each field study should demonstrate that the project team member(s) have created original value and application to a specific
situation. This usually involves the application of frameworks, models, theories or methods encountered in prior courses, or
found in the literature, to a study question or problem at hand. It may also involve the original creation of such a framework,
model or method, tailored to the relevant entrepreneurship context.
Ideally, field studies not only allow course participants to solve a problem, but also enable them to establish contacts with
important industry professionals.
Deliverables for internal projects are negotiated with the professor. Deliverables for external projects are negotiated with the
external professionals who have submitted a project proposal.
Ideal for careers in:
? New Ventures
? Venture Capital/Private Equity
? General Management
? Consulting
11
ENTREPRENEURSHIP IN ACTION
Experiencing venture management in a new business start-up: A simulation
Campus Professor Period Credit
FBL Jason Davis and Balagopal Vissa P5 1
SGP Jason Davis and Balagopal Vissa P5 1
Summary
Entrepreneurship in Action uses a business simulation that puts participants in the shoes of an entrepreneurial team that is
competing in a consumer durable market. The course objective is to simulate the management of a new venture in the critical
second-round financing stage. The simulation begins after the successful launch of the company has demonstrated the
existence and growth potential of a market, but before the business is established enough for an IPO or some other ‘exit’
vehicle for the initial investors and/or founders. During the course of the simulation, entrepreneurial teams develop their
company’s strategy, including brand and market positioning, physical and human capital and manage operations in order to
sustain profitable growth in an increasingly competitive market.
Course overview
The highlight of this course is its relentless focus on action – participants take dozens of strategic and tactical decisions under
enormous time pressure, significant uncertainty and intense competition to build their business.
Using the SIGMA Challenge
TM
, participants will be immersed in an intensive business simulation that covers the different
aspects of entrepreneurship in an international business setting. This course uses several techniques to accurately replicate the
“pressure-cooker” environment that is typical of start-ups. First, the course is short and intense, lasting four days, anchored
around a single weekend. Second, the class “sessions” run for a long time, sometimes lasting up-to 12 hours. Third, decision
periods are time compressed and require immediate action in the face of uncertainty and ambiguity. Fourth, at all points in
time, the management team needs to manage its cash position carefully to avoid getting into bankruptcy.
This environment enables participants to learn, experientially, the key skills and competencies that will let them hit the ground
running when they execute their own venture idea or join a high-growth venture’s management team.
Ideal for careers in:
? New Ventures
? Private Equity
? Business development
? Consulting
? General Management
Other details:
? Simulation based
? No final project but long days (just like in a real start-up!)
12
FAMILY AND PRIVATELY OWNED BUSINESSES
The unique dynamics and strategy of family firms
Campus Professor Period Credit
FBL Morten Bennedsen and Randel Carlock P3 1
SGP Morten Bennedsen and Randel Carlock P3 1
Summary
Family Business Management explores the how unique management, leadership, and governance challenges of a family firm
arise from a set of key assets and constraints that are similar across firms, countries and cultures. The course applies thinking
from multiple disciplines of economics and management research to address the fundamental decisions of ownership,
succession, and exit in family firms. It uses a variety of teaching approaches that include case studies, lectures, benchmarking,
exercises, class discussion, and guest speakers (depending on availability), and aims to deliver a set of tools to identify and
execute efficient management and governance strategies that improve the well-being of the firms and the families behind the
firms.
An important benefit from taking the course is the interaction between participants who have a family business background
and participants who do not. The course is of interest to anyone who seeks a role in family business management or finance,
including:
? Individuals who are members of families who operate a business
? Individuals with an interest in a career that includes employment in family businesses or other closely held firms, or
consulting, banking, or other advisory roles for them
? Individuals with an interest in taking ownership or governance roles in family businesses, including buying or selling
family firms either through a future management buy-in or through working in investment banking and/or private
equity
Course overview
Business schools have now recognised that family-controlled firms are both the prevalent form of business organisation
around the world and that they create unique competitive advantages and challenges. Well-known companies like
Bertelsmann, BMW, Cargill, Michelin, Tetra Laval, Hermes, Roche, Wendel, LVMH, GAP, Peugeot, Ford, Heineken, the Swire
Group, Henkel, Kikkoman, Timken, Wal-Mart, Solvay, Lego, Yamaha have a family or families as controlling shareholder. They
represent one third of the S&P 500 list in the US, between 80 and 90% in Europe and over 90% of the businesses in Asia, Latin
America and the Middle East. Family firms are the most common firms participating in mergers and acquisitions all over the
world.
The key points covered in this course include specific family business content but also process thinking that applies in any
context:
? Acquiring long term planning tools to analyse and improving the sustainability of the current ownership and
management structure of a family firm.
? Understanding the unique dynamics of family firms and the recurrent themes of family dynamics, business strategy,
governance, ownership, finance, succession, and conflict.
? Developing new personal insights about you, your family of origin and your career (whether you are from a family
business or not).
? Sharing experiences and interacting with other participants, guest speakers about the opportunities and challenges
that family firms face, including challenges of family members or non-family employee, consultants, professionals or
service providers working with a business family.
Ideal for careers planning:
? Family members working or considering
careers or ownership roles
? Non-family executives working in family
controlled firms
? Investment banking and private equity
? Consultants serving family firms
Other details:
? All INSEAD case studies from US, Europe and Asia.
? Benchmarking family firms for long term planning: both
participants own firms and as outside analysts of other
firms.
? Family Enterprise Day where students and families ineract.
? Guest speakers from leading firms
? Final project: Consulting style project based
on an actual case
? Global perspective
13
LEVERAGED BUY-OUTS
Buying into entrepreneurship: Learning some of the strategies for success in a buy-out
Campus Professor Period Credit
FBL Michael Prahl P5 0.5
SGP David Lai P5 0.5
Summary
This elective provides an introduction to the principles of leveraged buy-outs. It explores the main value creation strategies
involved in successful leveraged buy-outs, and helps students evaluate the risks and rewards involved in each of them. The
course has a strong practical focus, covering specific examples from the real world of buy-outs. There will be a heavy emphasis
on case studies. Ideal for students seeking a career in private equity, corporate finance, management consulting or investment
banking, but has overall relevance for those working in industry giving the increasing importance of private equity as an asset
class.
Course overview
This elective provides the opportunity to examine all aspects of leveraged buy-outs from both the point of view of the equity
provider and other stakeholders – the management team, the banks, and the vendor. The course contains a strong flavour of
the practical aspects of doing buy-outs both through the case-based nature of the programme and the use of visiting speakers
who have been involved in the cases directly.
The introductory phase of the course will briefly cover how buy-outs work including mechanics and key issues, and will provide
some contextual background to the industry to help participants understand the realities of buy-outs. This part will in
particular emphasise that, in an increasingly “perfect market”, it is imperative that buy-outs must be based on a well-thought-
out value creation hypothesis.
The specific cases in the course will illustrate some of the different value creation strategies implemented, using real life
examples and focussing in detail on the key issues involved. In each of them, the class will work together to explore the risks
and returns involved in each of the potential investments, and attempt to develop a common framework for analysing buy-out
investments. To get most value from the course, you must read and be prepared for the discussions, both in terms of havi ng
completed the well-targeted preparation work and having an attitude determined to join the class discussions.
While the cases illustrate different aspects of the buy-out model they are also getting increasingly complex as the course
progresses, culminating in a final practical team exercise. This last case will require the teams to submit a well thought out
investment recommendation with a high degree of granularity around investment thesis, structuring and post investment
value creation plan.
Ideal for careers in:
? Private equity
? Investment banking
? Business development
? General management
? Management consulting
Other details:
? Case studies and analysis
? Guest speakers
? LBO investment recommendation
14
MANAGING CORPORATE TURNAROUNDS
When times are good, nearly everyone can lead…
Campus Professor Period Credit
FBL Joost de Haas P5 0.5
SGP Claudia Zeisberger P5 0.5
Summary
This course introduces students to the challenges of managing critical turnaround situations in corporations globally. It is
known for its clear link to the Turnaround industry through recent case studies and the involvement of industry experts as
guest speakers in class. The course not only teaches how to handle turnaround situations, but reveals the critical points in any
company and thus making the lessons learned applicable to regular business practice as well.
To consistently preserve shareholder value throughout the ups and downs of the business cycle, it is vital to understand the
reasons why companies slide into decline and what the mechanics of executing a successful turnaround are.
The course builds on the earlier classes in the MBA programme, is a natural follow on to courses in Entrepreneurship and
Private Equity and is particularly relevant for those who are interested in working with investors in struggling companies or the
management of distressed assets, and possibly (financial) consultants.
Course setting & overview
The current global economic crisis and recession will lead to a substantial increase in turnaround activities and demand for
turnaround management expertise. The turnaround industry continues to attract new players such as private equity and
hedge funds and is set to grow as the downturn plays out over the next two years.
The course discusses turnaround management by introducing the relevant theories, concepts & strategies with a close eye on
best-practices in the industry. It gives up-to-date insights into the various stages and processes of turnaround management
through the use of case studies and discussions with guest speakers from the industry and will be, where possible, set within
the context of the present economic environment.
The following topics will be covered:
? The turnaround profession – who, what and how
? Turnaround management process – typical stages of a turnaround
? The role of Special Situations investment vehicles
? Managing internal and external stakeholders throughout the process:
? High level overview over the legal & financial aspects (Chapter 11 & bankruptcy laws)
? Marketing & operational aspects
? Change management & HR issues
? Communication with stakeholders
Ideal for careers in:
? Entrepreneurship
? Consulting
? Private Equity & Venture Capital
? Distressed assets
Useful links:
http://centres.insead.edu/global-pr...itiatives/turnaround-distressed-investing.cfm
http://centres.insead.edu/global-pr...es/documents/Turnaround-nowwithsimulation.pdf
15
MEDIA AND INTERNET
The New Rules of Game in the Digital World
Campus Professor Period Credit
SGP Stephen Mezias P4 0.5
Summary
The media industry is in the midst of a fundamental transition from analogue to digital business models. The focus of the
course will be on developing strategies to help media companies to create rather than destroy value during this shift and
increase their “share of wallet” in both consumer and business (advertiser) markets. Key levers are industry restructuring,
business model and content innovation, true end-consumer orientation, and multi-channel, digitalized distribution platforms.
In addition to discussing the media industry sector by sector, the course will focus on those core competences that will be
needed to succeed in the future and apply them to the different media sectors. For each topic, specific tools and frameworks
will be introduced to analyze the situations and generate courses of action.
Course overview
The course will be taught in 8 sessions, each with a specific functional and industry focus. In the first half of the session the
professor will discuss the overall industry dynamics and key functional skills, in the second half the guest speaker will apply
these insights to his/her specific company situation. We will have a class discussion around potential courses of actions.
16
NEW BUSINESS VENTURES
Learning to build a business from scratch
Campus Professor Period Credit
FBL Henning Piezunka P3 1
SGP Hongwei Xu P3 1
Summary
This course assists students in understanding how to convert an entrepreneurial idea into an up-and-running revenue
generating business. This is achieved through the analysis of key decisions that need to be taken to get the venture off the
ground, as well as a discussion of frameworks and mind-set that entrepreneurs should adopt. Students will form a venture
team, develop a business idea and finally pitch the idea to a panel of real angel investors. Historically, a number of projects
have gone on to become real ventures.
This course is ideal for students who would like to start their own businesses at some point during their careers, students who
intend to work with start-ups as employees, venture capitalists, consultants, fund managers as well as business developers in
large enterprises. You will finish the course with the blueprint to start a new venture.
This course is also helpful for those students who don’t know if they are interested in pursuing an entrepreneurial career, but
want to better understand what that would entail.
Course overview
This course is designed to equip students with the tools required to set up a new business venture. Below are some of the
questions the course will explore:
? How do you develop the initial idea for a venture? How do you test an innovative idea and ensure it isn’t too early for
the market, or isn’t too risky? How can you successfully replicate ideas you have seen thrive in another market?
? Often, the management team is the most valuable resource that the new venture has. What kind of employees should
the venture attract and how do you constructively manage the predictable tensions that start-up teams face?
? An entrepreneurial team that wants to implement a venture idea could have many different ways of entering the
market and positioning the venture. How do you pick the most promising entry strategy and devise a high-growth
business model?
The main pedagogical objectives of the course are:
? Experience the process: initiate the process of launching a business by working with your team on the Venture Design
for a business opportunity.
? Acquire the tools: learn the frameworks and insights that guide and foster the creation of new ventures.
? Meet practice: learn from the experiences of seasoned entrepreneurs and early stage investors.
? Manage your entrepreneurial career: how do you position yourself to work in entrepreneurial ventures and manage a
career as an entrepreneur?
By the end of the course students will be able to develop a concept for a start-up business, design a compelling business
model, recruit the necessary team, and embark with confidence on their entrepreneurial journey.
17
PRIVATE EQUITY
Venture, growth and buyout investing
Campus Professor Period Credit
FBL Vikas Aggarwal P4 1
SGP Claudia Zeisberger P4 1
Summary
The private equity industry, which includes partnerships specializing in venture capital, growth equity and leveraged buyouts,
has grown significantly in size and influence in recent decades, and a strong understanding of this industry is thus important for
globally-oriented entrepreneurs and managers. This course is targeted at students interested in careers with venture capital
and buyout firms, entrepreneurial start-ups, high growth corporations, investment funds, and consulting firms, as well as
students interested in making personal investments in privately-held firms.
Course overview
This is an introductory survey course designed to give you a balanced overview of the private equity industry. We will cover
both early-stage (venture capital) and later-stage (growth and buyout) investments. The goal is to enable you to hit the ground
running if you work in or with a private equity firm. By the end of the course you should understand:
? The structure of the private equity industry and the incentives that drive its players
? The role of limited partners (LPs) and the dynamics of the fundraising process
? How private equity investors think about and evaluate different investment types
? How to read a term sheet and evaluate its different components
? How different types of private equity firms create value for their portfolio companies
? Recent trends and developments in the industry
This is not a course on valuation, modelling, or other purely financial aspects of private equity. Rather, it is an applied course
that targets a balance between the qualitative and quantitative aspects of private equity management.
This balance promotes a synthesis of the various functional courses taken at INSEAD, in entrepreneurship, strategy, marketing,
finance and OB. Other entrepreneurship courses, as well as some of the advanced finance courses, can be a useful
complement.
While in-depth finance knowledge is not a prerequisite, you should feel comfortable with, and have a sound understanding of,
basic finance and accounting techniques. The focus, however, is on private equity firms and their organizational and
managerial challenges, as well as on their investment and value creation strategies, not on finance theory.
Ideal for careers in:
? Private equity and venture capital
? Start-ups and other entrepreneurial firms
? Established companies that ally with or
seek to acquire start-ups
? Growth capital and buyout firms
? Professional services (e.g., consulting)
? Investment management
Other details:
? Excellent opportunities for networking in
the private equity industry
? Potential for ‘real-life’ projects with leading
firms in the industry
? High-profile guest speakers
18
REALISING ENTREPRENEURIAL POTENTIAL
Entrepreneurship through Acquisition
Campus Professor Period Credit
FBL Ivana Naumovska P4 1
SGP Timothy Bovard P4 1
Summary
This course is for students who, rather than launching a new venture, wish to become entrepreneurs by acquiring an existing
business. Known as Entrepreneurship through Acquisition, it is a form of entrepreneurship whereby one buys a small to
medium-sized business to run, grow and develop as its CEO. Through a series of case studies, students will get a realistic view
of this exciting path to entrepreneurship, while fully understanding the challenges and success strategies of doing so. As part of
the course students do a project, which entails finding a company they could potentially acquire and present the investment
proposal to a panel of real investors. Over the past few years, at about two REP participants per year acquire a company within
24 months of leaving INSEAD. And some projects have even led to participants to make offers for a business during the course.
The course is ideal for students wanting to buy and run their own business, those wishing to work in private equity, and anyone
who will be involved in company acquisitions during their career – but, in the past, it has also been found useful by students
with no such aspirations. One recent participant commented: “the course helped tie in and consolidate a lot of the other stuff
I’ve learnt whilst being at INSEAD.”
Course overview
This course looks at the world of acquiring existing companies for oneself, through a series of case studies and classroom
discussions that bring to life the strategies to do so successfully. Many of the cases are based on INSEAD alumni who have gone
out and “done it” and join us in class to provide added context and insight. We examine the process of entrepreneurship
through acquisition in a very detailed manner, learning from the successes and failures of our case protagonists. We will cover
the following topics:
? Building a search process, assessing and valuing targets, and selecting a company to buy
? Financing and structuring the deal.
? Due diligence, valuations, and managing transactions
? Post-acquisition issues of turnarounds, buyouts and build-ups, while examining management challenges.
? Creating value for you and your investors, and exiting your business
Finally, the course project, starting with organising a search process to find a company to acquire, and ending with a
presentation of an investment proposal to a panel of investors, provides an excellent opportunity to put the knowledge into
practice, and potentially become a real entrepreneur.
By the end of the course, participants should be fully aware of entrepreneurship through acquisition as a career option, should
have a firm grasp of what is involved in this are of entrepreneurship, and most importantly, should have been able to assess his
or her own comfort with it.
Ideal for careers in:
? Entrepreneurship
? Private equity
? Business development
? General management of SME’s
Other details:
? Case studies
? Financial/analytical exercises
? Numerous guest speakers
? Final project (presentations in P5): Investment proposal presentations to
potential investors seeking their backing in your proposed acquisition of a
company you will run as CEO.
19
SOCIAL ENTREPRENEURSHIP
Understanding and engaging with the world of social entrepreneurship
Campus Professor Period Credit
FBL Stephen Mezias P4 0.5
SGP Stephen Mezias P4 0.5
Summary
This course is aimed at MBAs students who want to understand the key trends and innovations shaping the field of social
entrepreneurship and impact investing worldwide. We will focus on topics such as business model innovation, managing
organizations simultaneously for profit and for impact, the merits of social versus commercial markets and the emerging area
of impact investing.
The course provides a toolkit for students to understand social entrepreneurship and allow them to discuss and develop their
own ideas for value creation in society, as well as improving their positioning and competencies for a rewarding career in social
impact. During the sessions, we will discuss how social entrepreneurship can contribute to your personal search for a more
meaningful career and a positive impact in the world. Given the engagement required to follow this course, auditors are not
allowed.
Course Overview
Social entrepreneurs are becoming a driving force for societal change and business innovation, leading the growing field of
social entrepreneurship. Social entrepreneurship is an approach to solving problems in society that is focused on value creation
instead of value capture. It can occur in different organizational contexts and touches upon different sectors. The course will
focus on advanced topics in social entrepreneurship.
In Singapore, the course is built on research and cases developed by faculty at many institutions, including INSEAD; this
knowledge has been distilled from the work of literally hundreds of social entrepreneurs over many years. We will also read a
collection of short articles that discuss key ideas in social entrepreneurship.
Specifically, the sessions in Singapore will focus on:
Session 1: The Double Bottom Line
Session 2: Creating Positive Social Impact
Session 3: Business Model Innovation at the Base of the Pyramid
Session 4: Sourcing Products from Dispersed BOP producers
Session 5: Private Business and Access to Healthcare at the Base of the Pyramid
Session 6: Inspiration and Commitment as Key Resources for Social Enterprise
Session 7: Impact Investing
Session 8: Funding High Impact Entrepreneurs
In Fontainebleau, the course is based on the social entrepreneurship bootcamp methodology: Participants will spend an
intense 48 hours over a weekend designing a social venture and pitching it to a panel of impact investors at the end.
You don’t need to have an idea for a social venture to attend the Fontainebleau class, as you can work in a team with one of
your colleagues ideas and learn about the methodology on how to build impact ventures. If you indeed have plans to become a
social entrepreneur, this course will be very useful to allow you to move forward with the design and implementation of your
social impact venture and connecting you with potential investors.
20
TECHNOLOGY VENTURING PRACTICUM
Technology innovation from raw concept to market introduction
Campus Professor Period Credit
FBL Bill Magill P4 0.5
SGP Virginia Cha P4 0.5
Summary
This course focuses on the steps and considerations involved in developing a technology innovation from raw concept to
market introduction. It is designed for MBA students interested in entrepreneurship and technology commercialization and
provides the essential tools for the commercialization process for science-based startups. The TVP courses in Fontainebleau
and Singapore both focus on the model creation of real innovations but have slight differences in structure.
Course overview
The course title – Technology Venturing Practicum (TVP) – reflects the experiental-learning, workshop nature of this offering.
On the Fontainebleau campus technology innovations from accelerator partners around Europe will be invited into the course
and over 8 sessions MBA teams will develop and validate compelling commercialisation plans for their innovations. The
Business Model Canvas will help frame your team’s understanding of the innovation’s true value promise, product design and
evolution, market fit and size, and partner and customer profiles. The span of the course will give you time to validate
assumptions and strengthen the model and mentors will be available for sanity checks. Business models will be presented in
Class 8 in front of angel/VC investor judges.
The course work will be complemented by speakers on the topics of IP and tech transfer, open innovation within large
corporate labs, and the processes of product and market discover. Ample class time will also be reserved for teamwork on the
models creations. TVP projects in past classes have spanned across a variety of technology domains including medical systems
and pharma, energy and renewables, SAAS and the internet, semiconductor design, robotics, novel materials, and other. In all
cases the innovations are being groomed for real start-up creation.
TVP in Singapore uses the Lean Start-Up model to teach the technology venturing process. MBA participants will partner with
active, early-stage technology entrepreneurs to jointly discover the product-market fit, and to develop the go-to-market
strategy, using the lean startup methodology. The course consists of 6 plenary sessions where venture capitalists and industry
professionals will share their expertise in technology venturing and 2 Tutorial sessions where each team receives focused
attention from Professor Cha in their on-going customer discovery process. The key topics of Value Proposition, Customer
Discovery, Business Model Canvas, Product Market Fit, Using Analytics to Validate New Businesses will be covered in the
plenary sessions.
At the end of course, each team will have developed a comprehensive commercialization plan that can serve as the foundation
for the project’s business plan or investment pitch materials.
Ideal for careers in:
? Tech-based start-ups
? Venture Capital
? Business development advisory
Other details:
? Guest speakers on IP/patents, open innovation, product design and
market strategy
? Work done in student teams
? Mentors for bootcamp guidance
? Class-room collaboration
? Commercialization plan presentations: Pitches on plan details to invited
bootcamp judges, who are either experienced technology entrepreneurs
or investors in tech start-ups.
21
WINNING IN EMERGING MARKETS
How to develop winning strategies in emerging markets
Campus Professor Period Credit
FBL Xiaowei (Rose) Luo P3 1
SGP Stephen Mezias P3 0.5
Summary
The objective of this course is to provide start-up and corporate entrepreneurs with a clear understanding of the unique
challenges and practical strategies in emerging markets, through the cutting-edge research, corporate case studies, hands-on
projects, and guest speakers. This course will help you gain critical knowledge and skills in developing winning strategies in
emerging markets.
Course overview
Emerging markets, examples of which are the BRIC countries (Brazil, Russia, India, and China) and many others, represent the
fastest growing business opportunities in the 21st century. The BRIC countries now contribute about half of global
consumption growth. In particular, China contributes almost 30% of global consumption growth, almost double that of the
United States. Emerging markets are what both multinational and start-up firms cannot afford to miss.
How do you build a business in an emerging market, be it a corporate venture or a start-up? How do you know whether the
strategies you typically use in mature markets are going to be effective in emerging markets? What are the unique challenges
in emerging markets? How can you overcome these challenges and turn them into value propositions for your growth
ventures?
This course is to address these questions. You will be challenged by and learn the cutting edge of entrepreneurship. It will
provide you with a clear understanding of the major management challenges and practical strategies in emerging economies,
through the frontier of research, corporate case studies, projects, and guest speakers. You will learn the foundational
framework and tools to analyse the opportunities and risks in emerging markets, develop critical thinking, and practice
assessing and designing strategies in a wide range of business issues crucial to building growth ventures.
Given the breadth of emerging economies, we will focus on China (about half of the cases) while also discussing other
emerging markets such as Brazil, Russian, India, Indonesia, and Turkey. The assumption is that despite the diverse
environments in these emerging economies, firms share some common risks and opportunities posed by the market transition.
The course is targeted towards students with relatively less work experience in emerging markets, and is a highly
recommended precursor to fieldtrip courses on doing business in emerging markets (such as China, India, and Brazil).
This course is well-suited for the following career goals: (1) to build businesses (corporate ventures or new start-ups) inside
emerging markets; and (2) to equip those who want to work with such corporate and start-up entrepreneurs. Business
managers who work in consulting, investment banking, private equity, and business development functions within
multinational companies frequently need to find the best entrepreneurs as suppliers, partners, or channels. Therefore they
need to be able to assess the potential outcomes of the strategies employed by these entrepreneurs in emerging markets.
Ideal for careers in:
? Entrepreneurship in Emerging Markets
? General management
? Management consulting
Other details:
? Case analysis and discussion
22
YOUR FIRST HUNDRED DAYS
You wanted to own a company, so you bought one, now it’s yours….
But do you really have what it takes to run it? Welcome to the toughest 100 days of your life.
Campus Professor Period Credit
FBL
Adrian Johnson, Douglas Rosefsky,
Antoine Duvauchelle
P5 1
SGP Paul Kewene-Hite, Ash Singh P5 1
Summary
This elective is intended to provide a taste of what it is like to assume managerial control of a company you and your team of
fellow managers have just bought. To this extent, it is a logical follow-on to the Realising Entrepreneurial Potential course.
Course overview
After a preliminary session during which you will sign all the contracts, covenants etc. associated with your acquisition, the
course really gets under way as you walk into your new company to take over the reins. It then takes you through a series of
events and crises simulating what you might well experience in the real world. Your mission, along with your management
team colleagues, will vary according to the event. Sometimes you will simply have to state what you as a management team
propose to do. At other times, you will actually have to go and do it. Above all, you will need to react to each situation in such a
way as to ensure that the buyout will succeed in the long run.
Your conduit of communication with whomever you wish to communicate with, including course management, will be special
dedicated email addresses.
This is not a ‘simulation exercise’ involving the taking of decisions and the feeding of those decisions into a computer
programme. It is more in the nature of a ‘reality show’, attempting to give you the sensation that you actually are living
through the first hundred days in your newly acquired company, and as such there will be many surprises along the way.
The entire course will be done with participants split into management teams. Indeed, if you wish to take the course, you need
to have organised yourselves into groups of five before signing up, as the sign-up process will be done by group. The teams
must apply as a management team – with each person signing up to take on a specific role in the company, which they will stay
in throughout the duration of the course.
Ideal for careers in:
? New Ventures
? Private equity
? Business development
? General management
? Management consulting
23
Entrepreneurship and Family Enterprise (EFE) Faculty
Resident Faculty
Vikas A. Aggarwal
(United States)
Assistant Professor of
Entrepreneurship and Family
Enterprise
Teaching
Private Equity; Entrepreneurial Field
Studies
Building Business in India
Philip Anderson
(United States)
Professor of Entrepreneurship
The INSEAD Alumni Fund Chaired
Professor of Entrepreneurship
Teaching
Entrepreneurship; Venture
Capital/Private Equity; Innovation and
Creativity; Managing Technological
Change; Change Management;
Leadership; Managing Growth
Morten Bennedsen
(Danemark)
Professor of Economics and
Political Science; The André and
Rosalie Hoffmann Chaired
Professor of Family Enterprise;
Academic Director, Wendel
International Centre for Family
Enterprise; Co-Director of the
Hoffman Research Fund
Teaching
Governance of Family Firms; Family
Business Management; Corporate
Governance; Corporate Finance; Applied
Microeconomics; Contract Theory.
Randel Carlock
(United States)
Senior Affiliate Professor of
Entrepreneurship and Family
Enterprise; The Berghmans Lhoist
Chaired Professor of
Entrepreneurial Leadership
Teaching
MBA Electives: Family Business
Management and Entrepreneurial
Leadership.
Executive Education: Coaching and
Consulting for Change; Family Enterprise
Challenge; Entrepreneurial Leadership
Program: Leading Privately-Owned Firms
Jason Davis
(United States)
Associate Professor of
Entrepreneurship and Family
Enterprise
Teaching
Innovation; Entrepreneurship;
Collaboration; Networks; Leadership;
Strategy in Dynamic Markets.
Vibba Gaba
(India)
Associate Professor of
Entrepreneurship
Teaching
Learning to Lead; Leading
Successful Change; Leading
Organizations, Leadership &
Change, Introduction to
Organization Theory
Henrich Greve
(Norway)
Professor of Entrepreneurship; The
INSEAD Chaired Professor of
Organization and Management
Theory; Coordinator,
Entrepreneurship and Family
Enterprise Area
Teaching
Organisational Theory;
Entrepreneurship; Research Methods
Paul Kewene-Hite
(United States)
Affiliate Professor of
Entrepreneurship and Family
Enterprise
Teaching
Business Planning Workshop, Your First
Hundred Days
Ji-Yub (Jay) Kim
(Republic of Korea)
Assistant Professor of
Entrepreneurship and Family
Enterprise
Teaching
Corporate Entrepreneurship; Strategic
Management; Global Strategy
Xiaowei Rose Luo
(United States)
Associate Professor of
Entrepreneurship and Family
Enterprise
Teaching
Entrepreneurial Strategies in Emerging
Markets; Organisational Design and
Effectiveness; Strategic Human Resources
Management; Organisation Theory.
24
Stephen J. Mezias
(United States)
Professor of Entrepreneurship
and Family Enterprise; The Abu
Dhabi Commercial Bank
Chaired Professor in
International Management;
Academic Director, Abu Dhabi
Campus
Teaching
Building Business in the Middle East;
Entrepreneurial Field Studies;
Managing Media Companies; Social
Entrepreneurship and Innovation;
Emerging Markets
Ivana Naumovska
(Macedonia)
Professor of Entrepreneurship
and Family Enterprise
Teaching
Realising Entrepreneurial Potential
Michael Pich
(United States)
Senior Affiliate Professor of
Operations Management and
Entrepreneurship and Family
Enterprise. Dean of Executive
Education
Teaching
Process and Operations
Management; Strategic R&D
Management; Learning and
Innovation; Project and Process
Management; Use of Business
Simulations in Corporate education
Henning Piezunka
(Germany)
Assistant Professor of
Entrepreneurship and Family
Enterprise
Teaching
New Business Ventures
Michelle Rogan
(United States)
Assistant Professor of
Entrepreneurship and Family
Enterprise
Teaching
Corporate Entrepreneurship
Stanislav Shekshnia
(Russian Federation)
Affiliate Professor of
Entrepreneurship and Family
Enterprise
Teaching
Leadership; Leadership Coaching;
Organizational Culture; Intercultural
Management; Social Capital; World-
Class Companies
Balagopal Vissa
(India)
Associate Professor of
Entrepreneurship. Area Chair
Entrepreneurship and Family
Enterprise Area.
Teaching
Managing New Ventures, Expert in
using simulation based approaches to
teach Entrepreneurship
Hongwei Xu
(China)
Assistant Professor of
Entrepreneurship and Family
Enterprise
Teaching
New Business Ventures; Building
Business in China
Claudia Zeisberger
(Germany)
Affiliate Professor of Decision
Sciences, Program Director
Centre for Decision Making
and Risk Analysis (CDMRA);
Academic Co-Director Global
Private Equity Initiative (GPEI)
Teaching
Private Equity & Venture Capital,
Hedge Funds, Alternative Investmens,
Managing Corporate Yurnarounds;
Risk Management (Integrated Risk
Management; Market Risk: VR &
Investor, Due Diligence); Conflict
Mangement in teams; Developing
People
25
Visiting Faculty
Timothy Bovard
(United States)
Adjunct Professor of Entrepreneurship
Teaching
Realising Entrepreneurial Potential
Christine Blondel
(France)
Adjunct Professor
Teaching
FAME Programme
Virginia Cha
(Singapore)
Adjunct Professor of Entrepreneurship
Teaching
Technology Venturing Practicum
Business Planning Workshop
Joost de Haas
(Netherlands)
Adjunct Professor
Teaching
Managing Corporate Turnarounds
Antoine Duvauchelle
(France/USA)
Adjunct Professor of Entrepreneurship
Teaching
Your First Hundred Days
Adrian Johnson
(United Kingdom)
Adjunct Professor of Entrepreneurship
Teaching
Your First Hundred Days
David Lai
(Singapore)
Adjunct Professor of Entrepreneurship
and Family Enterprise
Teaching
Leveraged Buyouts
Bill Magill
(United States)
Adjunct Professor of Entrepreneurship
and Family Enterprise
Teaching
Technology Venturing Practicum
Raomal Perera
(Sri Lanka)
Adjunct Professor of Entrepreneurship
and Family Enterprise
Teaching
Entrepreneurial Field Studies
Business Planning Workshop
Douglas Rosefsky
(United States)
Adjunct Professor of Entrepreneurship
Teaching
Your First Hundred Days
Filipe Santos
(Portugal)
Visiting Professor of Entrepreneurship
Teaching
New Venture Creation and Growth; Social
Entrepreneurship; Strategic in High-
Technology Sectors; Market Space-Creation
Ash Singh
(Canada)
Adjunct Professor of Entrepreneurship
Teaching
Your First Hundred Days
Graham Wrigley
(United Kingdom)
Adjunct Professor of Entrepreneurship
and Family Enterprise
Teaching
Leveraged Buyouts
Contact
Isabelle Seyrig
Area Administrative Manager
[email protected]
doc_557016559.pdf
This presentation explain corporate entrepreneurship.
1
EFE Course Calendar for the Class of July 2016
Period 3 Professor Credit
Corporate Entrepreneurship
Michelle Rogan (FBL)
Jay (Yi-Jub) Kim (SGP)
1.0
0.5
Entrepreneurial Field Studies
Raomal Perera (FBL)
Paul Kewene-Hite (SGP)
1.0
Family and Privately Owned Businesses
Randel Carlock/Morten Bennedsen (FBL)
Randel Carlock/Morten Bennedsen (SGP)
1.0
New Business Ventures
Henning Piezunka (FBL)
Hongwei Xu (SGP)
1.0
Winning in Emerging Markets
Xiaowei Rose Luo (FBL)
Stephen Mezias (SGP)
1.0
0.5
Period 3 Break Professor Credit
Building Business in China Hongwei Xu (FBL/SGP) 0.5
Building Business in India Balagopal Vissa (FBL/SGP) 0.5
Period 4 Professor Credit
Business Planning Workshop: A Lean Start-Up
Approach
Raomal Perera (FBL)
Virginia Cha (SGP)
0.5
Media and Internet Stephen Mezias (SGP) 0.5
Private Equity Vikas Aggarwal (FBL)
Claudia Zeisberger (SGP)
1.0
Realising Entrepreneurial Potential
1
Ivana Naumovska (FBL)
Timothy Bovard (SGP)
1.0
Social Entrepreneurship and Innovation Steve Mezias (FBL)
Steve Mezias (SGP)
0.5
Technology Venturing Practicum Bill Magill (FBL)
Virginia Cha (SGP)
0.5
Period 4 Break Professor Credit
Building Business in China Hongwei XU (FBL/SGP) 0.5
Building Business in Silicon Valley Virginia Cha (FBL/SGP) 0.5
Period 5 Professor Credit
Entrepreneurship in Action Jason Davis & Bala Vissa (FBL)
Jason Davis & Bala Vissa (SGP)
1.0
Leveraged Buyouts Michael Prahl (FBL)
David Lai (SGP)
0.5
Managing Corporate Turnarounds Joost de Haas (FBL)
Claudia Zeisberger (SGP)
0.5
Your First Hundred Days
2
Adrian Johnson, Douglas Rosefsky, Antoine
Duvauchelle (FBL)
Paul Kewene-Hite, Ash Singh (SGP)
1.0
1
Project presentations take place in P5
2
Strongly recommended to take REP in P4
2
Which Electives Should I Take?
??? Very important for the career track
Launching
a New Venture
Acquiring
a Business
Venture Capital/
Private Equity
General
Management/ Family
Business
?? Important for the career track
? Useful for the career track
- Not relevant for the career track
Corporate Entrepreneurship FBL/SGP ?? ? - ???
Entrepreneurial Field Studies FBL/SGP ??? ?? ?? ???
Family and Privately Owned Businesses FBL/SGP - ? ?? ???
New Business Ventures FBL/SGP ??? - ?? ?
Winning in Emerging Markets FBL/SGP ??? ?? - ???
Building Businesses in China FBL/SGP ?? ?? ? ???
Building Businesses in India FBL/SGP ??? ? ??? ??
Business Planning Workshop: A Lean Start-Up Approach FBL/SGP ??? ? ?? ?
Media and Internet SGP ? - - ???
Private Equity FBL/SGP ? ?? ??? ?
Realising Entrepreneurial Potential
1
FBL/SGP - ??? ?? ?
Social Entrepreneurship and Innovation FBL/SGP ??? - ? ??
Technology Venturing Practicum FBL/SGP ??? ? ??? ??
Building Businesses in China FBL/SGP ?? ?? ? ???
Building Businesses in Silicon Valley FBL/SGP ??? ? ??? ?
Entrepreneurship in Action FBL/SGP ??? ?? ?? ???
Leveraged Buy-Outs FBL/SGP - ??? ??? ?
Managing Corporate Turnarounds FBL/SGP ? ??? ??? ???
Your First Hundred Days
2
FBL/SGP - ??? ? ??
1
Project presentations take place in P5
2
Strongly recommended to take REP in P4
Career Track
5
BUILDING BUSINESSES IN CHINA
Introduction to the current and emerging issues in China’s dynamic environment
Campus Professor Period Credit
FBL & SGP
(Fieldtrip)
Hongwei Xu
Between P3 and P4
Between P4 and P5
0.5
Summary
This course introduces students to the unique challenges and opportunities faced by entrepreneurs who build businesses in
China, with particular attention to the political, economic and social context. It is designed for those who want to understand
what kind of great enterprises will come out of China in the next 10 or 20 years, and why some entrepreneurs build successful
businesses in China and others don’t. It is appropriate not only for those who are considering starting companies themselves
but also for those who want to understand how the current entrepreneurial activities in China will shape the investment
opportunities in China and the global competitive advantage of China’s firms in the near future.
Course overview
China has emerged as a world economic super power, forcing all players to consider new economic models. This fieldtrip
provides an opportunity to learn about the unique opportunities and obstacles faced by entrepreneurs in China, who will play
an even bigger role in China’s economy in the future.
During your visit, you will be exposed to a wide variety of entrepreneurs and executives who are building companies in China.
They will discuss with you a particular aspect of building businesses in China, and you can learn from them through interaction,
discussion, and questioning. You will also have an opportunity to meet with alumni to gain additional insights into living and
working in China.
Ideal for careers in:
? Business development in or related to China
? Consulting
? Venture Capital
Other details
? Fieldtrip
6
BUILDING BUSINESSES IN INDIA
Learning how businesses are being built and developed in the Indian context
Campus Professor Period Credit
FBL & SGP
(Fieldtrip)
Bala Vissa Between P3 and P4 0.5
Summary
The course will enable you to develop deep insight into three questions:
? What opportunities and obstacles face those who would build a company in India? How does an entrepreneur build a
growth venture in India?
? How does the context shape growth ventures coming out of India? What characteristics and mind-sets will you encounter
in the next great generation of Indian companies that grow out of today’s ventures?
? What ideas can you borrow from India’s entrepreneurs that can help you build a company or work effectively with
company builders wherever you go in your career?
The best way to address these three questions is to go to India, meet the people active in the Indian entrepreneurial
community, and learn through interaction, discussion, questioning. We will spend a week in India - initially in Bangalore (India’s
tech venturing capital) and then travel to Gurgaon (a suburb of New Delhi & an emerging entrepreneurial hotbed) during the
break between periods, interacting with key players.
Course overview
India has a centuries old entrepreneurial tradition among certain ethnic and social groups. Entrepreneurship was ingrained in
one’s family, and many of India’s greatest enterprises in the modern era are still family enterprises. Yet starting in the 1980s
and 1990s, a new strand in the thread of Indian entrepreneurship emerged. As the regulatory structure of India’s economy
changed, entrepreneurs such as Narayana Murthy began building companies like Infosys in order to exploit the country’s
remarkable pool of human capital, and they often fused ideas from East and West as they built their companies. Today, India’s
business landscape is far richer because a new generation of entrepreneurs has emerged, some of whom came from families
with a rich entrepreneurial heritage and others who did not.
India has emerged as one of the world’s hotbeds of growth entrepreneurship, a trend that is accelerating thanks to several
factors. Non-resident Indians (NRI’s) who left the country are returning as investors and/or executives, both because India
offers an outstanding pool of affordable talent and because they want to help build the country of their birth. Multinational
firms have located many facilities in India, so there is a growing pool of experienced managers who know how a global
enterprise operates. Entrepreneurial ecosystems are flourishing, both established centres such as Bangalore, Delhi and
Mumbai and fast-growing hubs such as Pune, Hyderabad and Chennai.
Building Businesses in India is designed for those who want to understand what kind of companies will come out of India’s
entrepreneurial explosion, how the Indian context will shape the great enterprises that are founded in India over the next ten
or twenty years. It is suitable for those who are considering starting companies themselves, who want to understand what kind
of advantages and opportunities India will offer.
Ideal for careers in:
? New Ventures
? Business development
? General management
? Management Consulting
Other details:
? Case studies with guest speakers from companies covered
in cases
? Extensive access to guest speaker
7
BUILDING BUSINESSES IN SILICON VALLEY
Learning how to succeed as an entrepreneur in Silicon Valley
Campus Professor Period Credit
FBL & SGP
(Fieldtrip)
Virginia Cha Between P4 and P5 0.5
Summary
Silicon Valley is the most influential place for entrepreneurship in the world, and it operates to a large extent according to its
own sets of rules, which are starting to be adopted in other entrepreneurship pools elsewhere. It is more a culture than a
place. How can you “break into” entrepreneurship, be successful in building a business and succeed as an entrepreneur,
general or functional manager, or venture capitalist there? The purpose of this course is to offer insights into that question.
The only way to fully understand Silicon Valley is to be there and interact face-to-face with some of its key actors. Hence this
entire mini-elective takes place in Silicon Valley. Each day will include a mix of lecture/guest speaking sessions and a field trip
(for a total of 12 sessions), and each session will be hosted and run by a key Silicon Valley actor - an entrepreneur, a venture
capitalist, an executive in a large company, or by Professor Cha herself. Through INSEAD’s connections in Silicon Valley,
participants will get to meet players in the region. The course will focus on Internet, ecommerce, social media, and hardware
technologies, although its lessons are universal. An engineering background is not necessarily needed to enrol. A strong
motivation to be in technology businesses, to understand and collaborate with “techies”, to engage with Silicon Valley guest
speakers are required.
Course overview
Silicon Valley essentially consists of four types of actors that together comprise its “eco-system”:
? Entrepreneurs
? Venture capitalists
? Large companies
? Professional services firms (especially law firms and management consultants)
Important to note: The course is part of P4 bidding, requires a short 3-line motivation statement and takes place towards the
end of the P4-P5 break. Students are responsible for getting to Silicon Valley (including visa several weeks before the trip),
booking a hotel room, and for all costs associated with the trip.
Ideal for careers in:
? Entrepreneurship
? Large innovative companies
? Turnaround
? Venture Capital
Other details:
? Course takes place in San Francisco/Silicon Valley
? Open to students at both campuses
? Nearly all sessions of the course will be hosted and run by a SV
executive
? No paper or exam, but active participation is required
? Networking event and on-site visit at one or two companies in SV
? Interviews and outside company meetings are not allowed during
course hours and are recommended to take place the week before or
after the course
8
BUSINESS PLANNING WORKSHOP: A LEAN START-UP APPROACH
A guide to Building a Great Company
Campus Professor Period Credit
FBL Raomal Perera P4 0.5
SGP Virginia Cha P4 0.5
Summary
The Business Planning Workshop will help you learn the key tools for building a successful startup or a new business inside of a
corporation and at a minimum help to reduce the risk of failure. The mini-elective uses the concepts taught by Steve Blank in
his Lean Launchpad class. The Osterwalder’s Business Model Canvas and Blank’s Customer Development tools are used in class.
It is ideal for students hoping to pursue careers in entrepreneurship. The course is designed as a stand-alone elective but is also
a natural complement to Effective Fundraising for Entrepreneurs, Entrepreneurship in Action, New Business Ventures and
Realising Entrepreneurial Potential.
Course overview
You will learn the key steps you need to follow when developing a business. We will start with SEARCH. The steps in the
Customer Development process: how to identify and engage the first customers for your product, and how to gather, evaluate
and use their feedback to make your product, marketing and business model far stronger. The focus will be on SEARCH. i.e.
PLANNING comes BEFORE THE PLAN.
The course will give you the tools needed to develop an idea into a fundable high potential business (whether a startup, an
existing venture, or a new business inside of a corporation). BPW is designed to develop practical skills to help you find the
right business model to build a REPEATABLE SCALABLE business.
The Business Planning Workshop is NOT about “writing a business plan”. We will laterally process through the details that
make a business viable, achieving understanding, and then reflecting that thinking and understanding in documents that are a
persuasive and focused defence of, and advocacy for, the business. We will use the Osterwalder Business Model Canvas to
develop your business model.
Most “business plans” are glorified reports with STATIC data, opinions and pie charts. The average “plan” shows little execution
planning and critical thinking, let alone defensible math driven forecasts for results and returns. Most plans are dusted off to
send to an investor, and then ignored until they are dusted off in a hurry later on. On the other-hand, using the Osterwalder
Business Model Canvas, it will be a live document that keeps track of your hypotheses and confirmation of the facts. Whether
you intend to create a new business, or refine and evolve an existing business, if you are planning the business activities of a
small venture, a business unit of a large mature corporation or a hungry entrepreneur this workshop will help you achieve
insight and perspective into the planning of a business.
Ideal for careers in:
? New Ventures
? Venture Capital
? Corporates
Other details:
? Guest speakers
? Continuous feedback on projects
? Regular meetings with Entrepreneurs in Residence
? Final project: Lessons Learnt presentation; Here’s What
We Thought; “Here’s What We Did; “Here’s What
Happened; A Progress Graph.
9
CORPORATE ENTREPRENEURSHIP
Learning how to successfully build a new business inside a corporation
Campus Professor Period Credit
FBL Michelle Rogan P3 1
SGP Jay (Ji-Yub) Kim P3 0.5
Summary
This course helps students recognize and overcome the challenges unique to building a new business inside an established
firm. Creating a successful new business inside a corporation is often a critical early step in the careers of many successful
corporate executives. Thus, this course is ideal for students planning to work in established firms where they will be expected
to identify and build new businesses or to provide support for new businesses, as well as students who plan to work for
consultancies advising these firms.
Course overview
Corporate entrepreneurship is in essence about building new businesses inside established firms. This includes starting new
lines of business or new product units, setting up new practice areas, beginning offices in new geographies, managing spin-offs,
or creating new joint ventures—as well as establishing processes to ensure the successful development of new businesses.
This course is designed to help students recognize and overcome the challenges they will face when building new businesses
inside established firms. Corporate entrepreneurship is important for firms because it is the key to achieving sustainable
growth. Moreover, successfully building a new business for the firm can make a manager’s career—but a failure to do so can
break a career. Thus, in short, this course is about how to start a new business inside a corporation without “getting yourself
killed in the process.”
Corporate entrepreneurs trying to build a business inside an established firm encounter a set of challenges that are different
from those faced by entrepreneurs. Examples of the challenges we address in his course include the followings:
? You need resources to build the new business but getting the resources involves taking them away from existing
business activities. How can you make sure you will get the resources you need to build the business?
? You want to make sure that the culture and processes of the existing business do not encumber the new business.
What are the more appropriate organizational design and structural arrangements for the new business that can
shield it from the politics of the parent firm but allows it to draw critical resources from the parent?
? The types of employees that will excel at starting a new business inside a firm—i.e., corporate entrepreneurs—are
often different from those that perform well at running the existing business. Do you have what it takes to be a
corporate entrepreneur? How do you select, manage, and motivate corporate entrepreneurs?
Ideal for careers in:
? General Management
? Business Development
? Management Consulting
Other details:
? Case analysis and discussion
? Guest speakers
? Simulation
10
ENTREPRENEURIAL FIELD STUDIES
Develop an entrepreneurship-related project
Campus Professor Period Credit
FBL Raomal Perera P3 1
SGP Paul Kewene-Hite P3 1
Summary
This elective provides a forum for students interested in conducting their own entrepreneurship-related project, alone or in
teams of two. Projects can include a venture feasibility study for a start-up, evaluation of an existing company in conjunction
with a venture capital or private equity firm, or original research with an entrepreneurship theme. The common element is
that the work should provide original value and include some element of field research (e.g. focus groups, interviews, surveys,
etc.).
Course overview
The course works like an independent study in that there are no formal class sessions. Rather, enrolees work directly with the
professor to frame the project and to check in once or twice during the term to ensure that the project is progressing.
Field studies should involve original field research and should speak to some aspect of entrepreneurship: start-up, venture
capital, private equity, turnaround/buyout, corporate entrepreneurship, or family enterprise.
Course participants are welcome to choose and work on their own project. Indeed, this is the option commonly pursued. If you
would like to do a field studies project but have not identified a suitable subject, the Professor may suggest a collection of pre-
approved projects submitted by alumni, selected INSEAD partners, and professors.
Each field study should demonstrate that the project team member(s) have created original value and application to a specific
situation. This usually involves the application of frameworks, models, theories or methods encountered in prior courses, or
found in the literature, to a study question or problem at hand. It may also involve the original creation of such a framework,
model or method, tailored to the relevant entrepreneurship context.
Ideally, field studies not only allow course participants to solve a problem, but also enable them to establish contacts with
important industry professionals.
Deliverables for internal projects are negotiated with the professor. Deliverables for external projects are negotiated with the
external professionals who have submitted a project proposal.
Ideal for careers in:
? New Ventures
? Venture Capital/Private Equity
? General Management
? Consulting
11
ENTREPRENEURSHIP IN ACTION
Experiencing venture management in a new business start-up: A simulation
Campus Professor Period Credit
FBL Jason Davis and Balagopal Vissa P5 1
SGP Jason Davis and Balagopal Vissa P5 1
Summary
Entrepreneurship in Action uses a business simulation that puts participants in the shoes of an entrepreneurial team that is
competing in a consumer durable market. The course objective is to simulate the management of a new venture in the critical
second-round financing stage. The simulation begins after the successful launch of the company has demonstrated the
existence and growth potential of a market, but before the business is established enough for an IPO or some other ‘exit’
vehicle for the initial investors and/or founders. During the course of the simulation, entrepreneurial teams develop their
company’s strategy, including brand and market positioning, physical and human capital and manage operations in order to
sustain profitable growth in an increasingly competitive market.
Course overview
The highlight of this course is its relentless focus on action – participants take dozens of strategic and tactical decisions under
enormous time pressure, significant uncertainty and intense competition to build their business.
Using the SIGMA Challenge
TM
, participants will be immersed in an intensive business simulation that covers the different
aspects of entrepreneurship in an international business setting. This course uses several techniques to accurately replicate the
“pressure-cooker” environment that is typical of start-ups. First, the course is short and intense, lasting four days, anchored
around a single weekend. Second, the class “sessions” run for a long time, sometimes lasting up-to 12 hours. Third, decision
periods are time compressed and require immediate action in the face of uncertainty and ambiguity. Fourth, at all points in
time, the management team needs to manage its cash position carefully to avoid getting into bankruptcy.
This environment enables participants to learn, experientially, the key skills and competencies that will let them hit the ground
running when they execute their own venture idea or join a high-growth venture’s management team.
Ideal for careers in:
? New Ventures
? Private Equity
? Business development
? Consulting
? General Management
Other details:
? Simulation based
? No final project but long days (just like in a real start-up!)
12
FAMILY AND PRIVATELY OWNED BUSINESSES
The unique dynamics and strategy of family firms
Campus Professor Period Credit
FBL Morten Bennedsen and Randel Carlock P3 1
SGP Morten Bennedsen and Randel Carlock P3 1
Summary
Family Business Management explores the how unique management, leadership, and governance challenges of a family firm
arise from a set of key assets and constraints that are similar across firms, countries and cultures. The course applies thinking
from multiple disciplines of economics and management research to address the fundamental decisions of ownership,
succession, and exit in family firms. It uses a variety of teaching approaches that include case studies, lectures, benchmarking,
exercises, class discussion, and guest speakers (depending on availability), and aims to deliver a set of tools to identify and
execute efficient management and governance strategies that improve the well-being of the firms and the families behind the
firms.
An important benefit from taking the course is the interaction between participants who have a family business background
and participants who do not. The course is of interest to anyone who seeks a role in family business management or finance,
including:
? Individuals who are members of families who operate a business
? Individuals with an interest in a career that includes employment in family businesses or other closely held firms, or
consulting, banking, or other advisory roles for them
? Individuals with an interest in taking ownership or governance roles in family businesses, including buying or selling
family firms either through a future management buy-in or through working in investment banking and/or private
equity
Course overview
Business schools have now recognised that family-controlled firms are both the prevalent form of business organisation
around the world and that they create unique competitive advantages and challenges. Well-known companies like
Bertelsmann, BMW, Cargill, Michelin, Tetra Laval, Hermes, Roche, Wendel, LVMH, GAP, Peugeot, Ford, Heineken, the Swire
Group, Henkel, Kikkoman, Timken, Wal-Mart, Solvay, Lego, Yamaha have a family or families as controlling shareholder. They
represent one third of the S&P 500 list in the US, between 80 and 90% in Europe and over 90% of the businesses in Asia, Latin
America and the Middle East. Family firms are the most common firms participating in mergers and acquisitions all over the
world.
The key points covered in this course include specific family business content but also process thinking that applies in any
context:
? Acquiring long term planning tools to analyse and improving the sustainability of the current ownership and
management structure of a family firm.
? Understanding the unique dynamics of family firms and the recurrent themes of family dynamics, business strategy,
governance, ownership, finance, succession, and conflict.
? Developing new personal insights about you, your family of origin and your career (whether you are from a family
business or not).
? Sharing experiences and interacting with other participants, guest speakers about the opportunities and challenges
that family firms face, including challenges of family members or non-family employee, consultants, professionals or
service providers working with a business family.
Ideal for careers planning:
? Family members working or considering
careers or ownership roles
? Non-family executives working in family
controlled firms
? Investment banking and private equity
? Consultants serving family firms
Other details:
? All INSEAD case studies from US, Europe and Asia.
? Benchmarking family firms for long term planning: both
participants own firms and as outside analysts of other
firms.
? Family Enterprise Day where students and families ineract.
? Guest speakers from leading firms
? Final project: Consulting style project based
on an actual case
? Global perspective
13
LEVERAGED BUY-OUTS
Buying into entrepreneurship: Learning some of the strategies for success in a buy-out
Campus Professor Period Credit
FBL Michael Prahl P5 0.5
SGP David Lai P5 0.5
Summary
This elective provides an introduction to the principles of leveraged buy-outs. It explores the main value creation strategies
involved in successful leveraged buy-outs, and helps students evaluate the risks and rewards involved in each of them. The
course has a strong practical focus, covering specific examples from the real world of buy-outs. There will be a heavy emphasis
on case studies. Ideal for students seeking a career in private equity, corporate finance, management consulting or investment
banking, but has overall relevance for those working in industry giving the increasing importance of private equity as an asset
class.
Course overview
This elective provides the opportunity to examine all aspects of leveraged buy-outs from both the point of view of the equity
provider and other stakeholders – the management team, the banks, and the vendor. The course contains a strong flavour of
the practical aspects of doing buy-outs both through the case-based nature of the programme and the use of visiting speakers
who have been involved in the cases directly.
The introductory phase of the course will briefly cover how buy-outs work including mechanics and key issues, and will provide
some contextual background to the industry to help participants understand the realities of buy-outs. This part will in
particular emphasise that, in an increasingly “perfect market”, it is imperative that buy-outs must be based on a well-thought-
out value creation hypothesis.
The specific cases in the course will illustrate some of the different value creation strategies implemented, using real life
examples and focussing in detail on the key issues involved. In each of them, the class will work together to explore the risks
and returns involved in each of the potential investments, and attempt to develop a common framework for analysing buy-out
investments. To get most value from the course, you must read and be prepared for the discussions, both in terms of havi ng
completed the well-targeted preparation work and having an attitude determined to join the class discussions.
While the cases illustrate different aspects of the buy-out model they are also getting increasingly complex as the course
progresses, culminating in a final practical team exercise. This last case will require the teams to submit a well thought out
investment recommendation with a high degree of granularity around investment thesis, structuring and post investment
value creation plan.
Ideal for careers in:
? Private equity
? Investment banking
? Business development
? General management
? Management consulting
Other details:
? Case studies and analysis
? Guest speakers
? LBO investment recommendation
14
MANAGING CORPORATE TURNAROUNDS
When times are good, nearly everyone can lead…
Campus Professor Period Credit
FBL Joost de Haas P5 0.5
SGP Claudia Zeisberger P5 0.5
Summary
This course introduces students to the challenges of managing critical turnaround situations in corporations globally. It is
known for its clear link to the Turnaround industry through recent case studies and the involvement of industry experts as
guest speakers in class. The course not only teaches how to handle turnaround situations, but reveals the critical points in any
company and thus making the lessons learned applicable to regular business practice as well.
To consistently preserve shareholder value throughout the ups and downs of the business cycle, it is vital to understand the
reasons why companies slide into decline and what the mechanics of executing a successful turnaround are.
The course builds on the earlier classes in the MBA programme, is a natural follow on to courses in Entrepreneurship and
Private Equity and is particularly relevant for those who are interested in working with investors in struggling companies or the
management of distressed assets, and possibly (financial) consultants.
Course setting & overview
The current global economic crisis and recession will lead to a substantial increase in turnaround activities and demand for
turnaround management expertise. The turnaround industry continues to attract new players such as private equity and
hedge funds and is set to grow as the downturn plays out over the next two years.
The course discusses turnaround management by introducing the relevant theories, concepts & strategies with a close eye on
best-practices in the industry. It gives up-to-date insights into the various stages and processes of turnaround management
through the use of case studies and discussions with guest speakers from the industry and will be, where possible, set within
the context of the present economic environment.
The following topics will be covered:
? The turnaround profession – who, what and how
? Turnaround management process – typical stages of a turnaround
? The role of Special Situations investment vehicles
? Managing internal and external stakeholders throughout the process:
? High level overview over the legal & financial aspects (Chapter 11 & bankruptcy laws)
? Marketing & operational aspects
? Change management & HR issues
? Communication with stakeholders
Ideal for careers in:
? Entrepreneurship
? Consulting
? Private Equity & Venture Capital
? Distressed assets
Useful links:
http://centres.insead.edu/global-pr...itiatives/turnaround-distressed-investing.cfm
http://centres.insead.edu/global-pr...es/documents/Turnaround-nowwithsimulation.pdf
15
MEDIA AND INTERNET
The New Rules of Game in the Digital World
Campus Professor Period Credit
SGP Stephen Mezias P4 0.5
Summary
The media industry is in the midst of a fundamental transition from analogue to digital business models. The focus of the
course will be on developing strategies to help media companies to create rather than destroy value during this shift and
increase their “share of wallet” in both consumer and business (advertiser) markets. Key levers are industry restructuring,
business model and content innovation, true end-consumer orientation, and multi-channel, digitalized distribution platforms.
In addition to discussing the media industry sector by sector, the course will focus on those core competences that will be
needed to succeed in the future and apply them to the different media sectors. For each topic, specific tools and frameworks
will be introduced to analyze the situations and generate courses of action.
Course overview
The course will be taught in 8 sessions, each with a specific functional and industry focus. In the first half of the session the
professor will discuss the overall industry dynamics and key functional skills, in the second half the guest speaker will apply
these insights to his/her specific company situation. We will have a class discussion around potential courses of actions.
16
NEW BUSINESS VENTURES
Learning to build a business from scratch
Campus Professor Period Credit
FBL Henning Piezunka P3 1
SGP Hongwei Xu P3 1
Summary
This course assists students in understanding how to convert an entrepreneurial idea into an up-and-running revenue
generating business. This is achieved through the analysis of key decisions that need to be taken to get the venture off the
ground, as well as a discussion of frameworks and mind-set that entrepreneurs should adopt. Students will form a venture
team, develop a business idea and finally pitch the idea to a panel of real angel investors. Historically, a number of projects
have gone on to become real ventures.
This course is ideal for students who would like to start their own businesses at some point during their careers, students who
intend to work with start-ups as employees, venture capitalists, consultants, fund managers as well as business developers in
large enterprises. You will finish the course with the blueprint to start a new venture.
This course is also helpful for those students who don’t know if they are interested in pursuing an entrepreneurial career, but
want to better understand what that would entail.
Course overview
This course is designed to equip students with the tools required to set up a new business venture. Below are some of the
questions the course will explore:
? How do you develop the initial idea for a venture? How do you test an innovative idea and ensure it isn’t too early for
the market, or isn’t too risky? How can you successfully replicate ideas you have seen thrive in another market?
? Often, the management team is the most valuable resource that the new venture has. What kind of employees should
the venture attract and how do you constructively manage the predictable tensions that start-up teams face?
? An entrepreneurial team that wants to implement a venture idea could have many different ways of entering the
market and positioning the venture. How do you pick the most promising entry strategy and devise a high-growth
business model?
The main pedagogical objectives of the course are:
? Experience the process: initiate the process of launching a business by working with your team on the Venture Design
for a business opportunity.
? Acquire the tools: learn the frameworks and insights that guide and foster the creation of new ventures.
? Meet practice: learn from the experiences of seasoned entrepreneurs and early stage investors.
? Manage your entrepreneurial career: how do you position yourself to work in entrepreneurial ventures and manage a
career as an entrepreneur?
By the end of the course students will be able to develop a concept for a start-up business, design a compelling business
model, recruit the necessary team, and embark with confidence on their entrepreneurial journey.
17
PRIVATE EQUITY
Venture, growth and buyout investing
Campus Professor Period Credit
FBL Vikas Aggarwal P4 1
SGP Claudia Zeisberger P4 1
Summary
The private equity industry, which includes partnerships specializing in venture capital, growth equity and leveraged buyouts,
has grown significantly in size and influence in recent decades, and a strong understanding of this industry is thus important for
globally-oriented entrepreneurs and managers. This course is targeted at students interested in careers with venture capital
and buyout firms, entrepreneurial start-ups, high growth corporations, investment funds, and consulting firms, as well as
students interested in making personal investments in privately-held firms.
Course overview
This is an introductory survey course designed to give you a balanced overview of the private equity industry. We will cover
both early-stage (venture capital) and later-stage (growth and buyout) investments. The goal is to enable you to hit the ground
running if you work in or with a private equity firm. By the end of the course you should understand:
? The structure of the private equity industry and the incentives that drive its players
? The role of limited partners (LPs) and the dynamics of the fundraising process
? How private equity investors think about and evaluate different investment types
? How to read a term sheet and evaluate its different components
? How different types of private equity firms create value for their portfolio companies
? Recent trends and developments in the industry
This is not a course on valuation, modelling, or other purely financial aspects of private equity. Rather, it is an applied course
that targets a balance between the qualitative and quantitative aspects of private equity management.
This balance promotes a synthesis of the various functional courses taken at INSEAD, in entrepreneurship, strategy, marketing,
finance and OB. Other entrepreneurship courses, as well as some of the advanced finance courses, can be a useful
complement.
While in-depth finance knowledge is not a prerequisite, you should feel comfortable with, and have a sound understanding of,
basic finance and accounting techniques. The focus, however, is on private equity firms and their organizational and
managerial challenges, as well as on their investment and value creation strategies, not on finance theory.
Ideal for careers in:
? Private equity and venture capital
? Start-ups and other entrepreneurial firms
? Established companies that ally with or
seek to acquire start-ups
? Growth capital and buyout firms
? Professional services (e.g., consulting)
? Investment management
Other details:
? Excellent opportunities for networking in
the private equity industry
? Potential for ‘real-life’ projects with leading
firms in the industry
? High-profile guest speakers
18
REALISING ENTREPRENEURIAL POTENTIAL
Entrepreneurship through Acquisition
Campus Professor Period Credit
FBL Ivana Naumovska P4 1
SGP Timothy Bovard P4 1
Summary
This course is for students who, rather than launching a new venture, wish to become entrepreneurs by acquiring an existing
business. Known as Entrepreneurship through Acquisition, it is a form of entrepreneurship whereby one buys a small to
medium-sized business to run, grow and develop as its CEO. Through a series of case studies, students will get a realistic view
of this exciting path to entrepreneurship, while fully understanding the challenges and success strategies of doing so. As part of
the course students do a project, which entails finding a company they could potentially acquire and present the investment
proposal to a panel of real investors. Over the past few years, at about two REP participants per year acquire a company within
24 months of leaving INSEAD. And some projects have even led to participants to make offers for a business during the course.
The course is ideal for students wanting to buy and run their own business, those wishing to work in private equity, and anyone
who will be involved in company acquisitions during their career – but, in the past, it has also been found useful by students
with no such aspirations. One recent participant commented: “the course helped tie in and consolidate a lot of the other stuff
I’ve learnt whilst being at INSEAD.”
Course overview
This course looks at the world of acquiring existing companies for oneself, through a series of case studies and classroom
discussions that bring to life the strategies to do so successfully. Many of the cases are based on INSEAD alumni who have gone
out and “done it” and join us in class to provide added context and insight. We examine the process of entrepreneurship
through acquisition in a very detailed manner, learning from the successes and failures of our case protagonists. We will cover
the following topics:
? Building a search process, assessing and valuing targets, and selecting a company to buy
? Financing and structuring the deal.
? Due diligence, valuations, and managing transactions
? Post-acquisition issues of turnarounds, buyouts and build-ups, while examining management challenges.
? Creating value for you and your investors, and exiting your business
Finally, the course project, starting with organising a search process to find a company to acquire, and ending with a
presentation of an investment proposal to a panel of investors, provides an excellent opportunity to put the knowledge into
practice, and potentially become a real entrepreneur.
By the end of the course, participants should be fully aware of entrepreneurship through acquisition as a career option, should
have a firm grasp of what is involved in this are of entrepreneurship, and most importantly, should have been able to assess his
or her own comfort with it.
Ideal for careers in:
? Entrepreneurship
? Private equity
? Business development
? General management of SME’s
Other details:
? Case studies
? Financial/analytical exercises
? Numerous guest speakers
? Final project (presentations in P5): Investment proposal presentations to
potential investors seeking their backing in your proposed acquisition of a
company you will run as CEO.
19
SOCIAL ENTREPRENEURSHIP
Understanding and engaging with the world of social entrepreneurship
Campus Professor Period Credit
FBL Stephen Mezias P4 0.5
SGP Stephen Mezias P4 0.5
Summary
This course is aimed at MBAs students who want to understand the key trends and innovations shaping the field of social
entrepreneurship and impact investing worldwide. We will focus on topics such as business model innovation, managing
organizations simultaneously for profit and for impact, the merits of social versus commercial markets and the emerging area
of impact investing.
The course provides a toolkit for students to understand social entrepreneurship and allow them to discuss and develop their
own ideas for value creation in society, as well as improving their positioning and competencies for a rewarding career in social
impact. During the sessions, we will discuss how social entrepreneurship can contribute to your personal search for a more
meaningful career and a positive impact in the world. Given the engagement required to follow this course, auditors are not
allowed.
Course Overview
Social entrepreneurs are becoming a driving force for societal change and business innovation, leading the growing field of
social entrepreneurship. Social entrepreneurship is an approach to solving problems in society that is focused on value creation
instead of value capture. It can occur in different organizational contexts and touches upon different sectors. The course will
focus on advanced topics in social entrepreneurship.
In Singapore, the course is built on research and cases developed by faculty at many institutions, including INSEAD; this
knowledge has been distilled from the work of literally hundreds of social entrepreneurs over many years. We will also read a
collection of short articles that discuss key ideas in social entrepreneurship.
Specifically, the sessions in Singapore will focus on:
Session 1: The Double Bottom Line
Session 2: Creating Positive Social Impact
Session 3: Business Model Innovation at the Base of the Pyramid
Session 4: Sourcing Products from Dispersed BOP producers
Session 5: Private Business and Access to Healthcare at the Base of the Pyramid
Session 6: Inspiration and Commitment as Key Resources for Social Enterprise
Session 7: Impact Investing
Session 8: Funding High Impact Entrepreneurs
In Fontainebleau, the course is based on the social entrepreneurship bootcamp methodology: Participants will spend an
intense 48 hours over a weekend designing a social venture and pitching it to a panel of impact investors at the end.
You don’t need to have an idea for a social venture to attend the Fontainebleau class, as you can work in a team with one of
your colleagues ideas and learn about the methodology on how to build impact ventures. If you indeed have plans to become a
social entrepreneur, this course will be very useful to allow you to move forward with the design and implementation of your
social impact venture and connecting you with potential investors.
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TECHNOLOGY VENTURING PRACTICUM
Technology innovation from raw concept to market introduction
Campus Professor Period Credit
FBL Bill Magill P4 0.5
SGP Virginia Cha P4 0.5
Summary
This course focuses on the steps and considerations involved in developing a technology innovation from raw concept to
market introduction. It is designed for MBA students interested in entrepreneurship and technology commercialization and
provides the essential tools for the commercialization process for science-based startups. The TVP courses in Fontainebleau
and Singapore both focus on the model creation of real innovations but have slight differences in structure.
Course overview
The course title – Technology Venturing Practicum (TVP) – reflects the experiental-learning, workshop nature of this offering.
On the Fontainebleau campus technology innovations from accelerator partners around Europe will be invited into the course
and over 8 sessions MBA teams will develop and validate compelling commercialisation plans for their innovations. The
Business Model Canvas will help frame your team’s understanding of the innovation’s true value promise, product design and
evolution, market fit and size, and partner and customer profiles. The span of the course will give you time to validate
assumptions and strengthen the model and mentors will be available for sanity checks. Business models will be presented in
Class 8 in front of angel/VC investor judges.
The course work will be complemented by speakers on the topics of IP and tech transfer, open innovation within large
corporate labs, and the processes of product and market discover. Ample class time will also be reserved for teamwork on the
models creations. TVP projects in past classes have spanned across a variety of technology domains including medical systems
and pharma, energy and renewables, SAAS and the internet, semiconductor design, robotics, novel materials, and other. In all
cases the innovations are being groomed for real start-up creation.
TVP in Singapore uses the Lean Start-Up model to teach the technology venturing process. MBA participants will partner with
active, early-stage technology entrepreneurs to jointly discover the product-market fit, and to develop the go-to-market
strategy, using the lean startup methodology. The course consists of 6 plenary sessions where venture capitalists and industry
professionals will share their expertise in technology venturing and 2 Tutorial sessions where each team receives focused
attention from Professor Cha in their on-going customer discovery process. The key topics of Value Proposition, Customer
Discovery, Business Model Canvas, Product Market Fit, Using Analytics to Validate New Businesses will be covered in the
plenary sessions.
At the end of course, each team will have developed a comprehensive commercialization plan that can serve as the foundation
for the project’s business plan or investment pitch materials.
Ideal for careers in:
? Tech-based start-ups
? Venture Capital
? Business development advisory
Other details:
? Guest speakers on IP/patents, open innovation, product design and
market strategy
? Work done in student teams
? Mentors for bootcamp guidance
? Class-room collaboration
? Commercialization plan presentations: Pitches on plan details to invited
bootcamp judges, who are either experienced technology entrepreneurs
or investors in tech start-ups.
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WINNING IN EMERGING MARKETS
How to develop winning strategies in emerging markets
Campus Professor Period Credit
FBL Xiaowei (Rose) Luo P3 1
SGP Stephen Mezias P3 0.5
Summary
The objective of this course is to provide start-up and corporate entrepreneurs with a clear understanding of the unique
challenges and practical strategies in emerging markets, through the cutting-edge research, corporate case studies, hands-on
projects, and guest speakers. This course will help you gain critical knowledge and skills in developing winning strategies in
emerging markets.
Course overview
Emerging markets, examples of which are the BRIC countries (Brazil, Russia, India, and China) and many others, represent the
fastest growing business opportunities in the 21st century. The BRIC countries now contribute about half of global
consumption growth. In particular, China contributes almost 30% of global consumption growth, almost double that of the
United States. Emerging markets are what both multinational and start-up firms cannot afford to miss.
How do you build a business in an emerging market, be it a corporate venture or a start-up? How do you know whether the
strategies you typically use in mature markets are going to be effective in emerging markets? What are the unique challenges
in emerging markets? How can you overcome these challenges and turn them into value propositions for your growth
ventures?
This course is to address these questions. You will be challenged by and learn the cutting edge of entrepreneurship. It will
provide you with a clear understanding of the major management challenges and practical strategies in emerging economies,
through the frontier of research, corporate case studies, projects, and guest speakers. You will learn the foundational
framework and tools to analyse the opportunities and risks in emerging markets, develop critical thinking, and practice
assessing and designing strategies in a wide range of business issues crucial to building growth ventures.
Given the breadth of emerging economies, we will focus on China (about half of the cases) while also discussing other
emerging markets such as Brazil, Russian, India, Indonesia, and Turkey. The assumption is that despite the diverse
environments in these emerging economies, firms share some common risks and opportunities posed by the market transition.
The course is targeted towards students with relatively less work experience in emerging markets, and is a highly
recommended precursor to fieldtrip courses on doing business in emerging markets (such as China, India, and Brazil).
This course is well-suited for the following career goals: (1) to build businesses (corporate ventures or new start-ups) inside
emerging markets; and (2) to equip those who want to work with such corporate and start-up entrepreneurs. Business
managers who work in consulting, investment banking, private equity, and business development functions within
multinational companies frequently need to find the best entrepreneurs as suppliers, partners, or channels. Therefore they
need to be able to assess the potential outcomes of the strategies employed by these entrepreneurs in emerging markets.
Ideal for careers in:
? Entrepreneurship in Emerging Markets
? General management
? Management consulting
Other details:
? Case analysis and discussion
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YOUR FIRST HUNDRED DAYS
You wanted to own a company, so you bought one, now it’s yours….
But do you really have what it takes to run it? Welcome to the toughest 100 days of your life.
Campus Professor Period Credit
FBL
Adrian Johnson, Douglas Rosefsky,
Antoine Duvauchelle
P5 1
SGP Paul Kewene-Hite, Ash Singh P5 1
Summary
This elective is intended to provide a taste of what it is like to assume managerial control of a company you and your team of
fellow managers have just bought. To this extent, it is a logical follow-on to the Realising Entrepreneurial Potential course.
Course overview
After a preliminary session during which you will sign all the contracts, covenants etc. associated with your acquisition, the
course really gets under way as you walk into your new company to take over the reins. It then takes you through a series of
events and crises simulating what you might well experience in the real world. Your mission, along with your management
team colleagues, will vary according to the event. Sometimes you will simply have to state what you as a management team
propose to do. At other times, you will actually have to go and do it. Above all, you will need to react to each situation in such a
way as to ensure that the buyout will succeed in the long run.
Your conduit of communication with whomever you wish to communicate with, including course management, will be special
dedicated email addresses.
This is not a ‘simulation exercise’ involving the taking of decisions and the feeding of those decisions into a computer
programme. It is more in the nature of a ‘reality show’, attempting to give you the sensation that you actually are living
through the first hundred days in your newly acquired company, and as such there will be many surprises along the way.
The entire course will be done with participants split into management teams. Indeed, if you wish to take the course, you need
to have organised yourselves into groups of five before signing up, as the sign-up process will be done by group. The teams
must apply as a management team – with each person signing up to take on a specific role in the company, which they will stay
in throughout the duration of the course.
Ideal for careers in:
? New Ventures
? Private equity
? Business development
? General management
? Management consulting
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Entrepreneurship and Family Enterprise (EFE) Faculty
Resident Faculty
Vikas A. Aggarwal
(United States)
Assistant Professor of
Entrepreneurship and Family
Enterprise
Teaching
Private Equity; Entrepreneurial Field
Studies
Building Business in India
Philip Anderson
(United States)
Professor of Entrepreneurship
The INSEAD Alumni Fund Chaired
Professor of Entrepreneurship
Teaching
Entrepreneurship; Venture
Capital/Private Equity; Innovation and
Creativity; Managing Technological
Change; Change Management;
Leadership; Managing Growth
Morten Bennedsen
(Danemark)
Professor of Economics and
Political Science; The André and
Rosalie Hoffmann Chaired
Professor of Family Enterprise;
Academic Director, Wendel
International Centre for Family
Enterprise; Co-Director of the
Hoffman Research Fund
Teaching
Governance of Family Firms; Family
Business Management; Corporate
Governance; Corporate Finance; Applied
Microeconomics; Contract Theory.
Randel Carlock
(United States)
Senior Affiliate Professor of
Entrepreneurship and Family
Enterprise; The Berghmans Lhoist
Chaired Professor of
Entrepreneurial Leadership
Teaching
MBA Electives: Family Business
Management and Entrepreneurial
Leadership.
Executive Education: Coaching and
Consulting for Change; Family Enterprise
Challenge; Entrepreneurial Leadership
Program: Leading Privately-Owned Firms
Jason Davis
(United States)
Associate Professor of
Entrepreneurship and Family
Enterprise
Teaching
Innovation; Entrepreneurship;
Collaboration; Networks; Leadership;
Strategy in Dynamic Markets.
Vibba Gaba
(India)
Associate Professor of
Entrepreneurship
Teaching
Learning to Lead; Leading
Successful Change; Leading
Organizations, Leadership &
Change, Introduction to
Organization Theory
Henrich Greve
(Norway)
Professor of Entrepreneurship; The
INSEAD Chaired Professor of
Organization and Management
Theory; Coordinator,
Entrepreneurship and Family
Enterprise Area
Teaching
Organisational Theory;
Entrepreneurship; Research Methods
Paul Kewene-Hite
(United States)
Affiliate Professor of
Entrepreneurship and Family
Enterprise
Teaching
Business Planning Workshop, Your First
Hundred Days
Ji-Yub (Jay) Kim
(Republic of Korea)
Assistant Professor of
Entrepreneurship and Family
Enterprise
Teaching
Corporate Entrepreneurship; Strategic
Management; Global Strategy
Xiaowei Rose Luo
(United States)
Associate Professor of
Entrepreneurship and Family
Enterprise
Teaching
Entrepreneurial Strategies in Emerging
Markets; Organisational Design and
Effectiveness; Strategic Human Resources
Management; Organisation Theory.
24
Stephen J. Mezias
(United States)
Professor of Entrepreneurship
and Family Enterprise; The Abu
Dhabi Commercial Bank
Chaired Professor in
International Management;
Academic Director, Abu Dhabi
Campus
Teaching
Building Business in the Middle East;
Entrepreneurial Field Studies;
Managing Media Companies; Social
Entrepreneurship and Innovation;
Emerging Markets
Ivana Naumovska
(Macedonia)
Professor of Entrepreneurship
and Family Enterprise
Teaching
Realising Entrepreneurial Potential
Michael Pich
(United States)
Senior Affiliate Professor of
Operations Management and
Entrepreneurship and Family
Enterprise. Dean of Executive
Education
Teaching
Process and Operations
Management; Strategic R&D
Management; Learning and
Innovation; Project and Process
Management; Use of Business
Simulations in Corporate education
Henning Piezunka
(Germany)
Assistant Professor of
Entrepreneurship and Family
Enterprise
Teaching
New Business Ventures
Michelle Rogan
(United States)
Assistant Professor of
Entrepreneurship and Family
Enterprise
Teaching
Corporate Entrepreneurship
Stanislav Shekshnia
(Russian Federation)
Affiliate Professor of
Entrepreneurship and Family
Enterprise
Teaching
Leadership; Leadership Coaching;
Organizational Culture; Intercultural
Management; Social Capital; World-
Class Companies
Balagopal Vissa
(India)
Associate Professor of
Entrepreneurship. Area Chair
Entrepreneurship and Family
Enterprise Area.
Teaching
Managing New Ventures, Expert in
using simulation based approaches to
teach Entrepreneurship
Hongwei Xu
(China)
Assistant Professor of
Entrepreneurship and Family
Enterprise
Teaching
New Business Ventures; Building
Business in China
Claudia Zeisberger
(Germany)
Affiliate Professor of Decision
Sciences, Program Director
Centre for Decision Making
and Risk Analysis (CDMRA);
Academic Co-Director Global
Private Equity Initiative (GPEI)
Teaching
Private Equity & Venture Capital,
Hedge Funds, Alternative Investmens,
Managing Corporate Yurnarounds;
Risk Management (Integrated Risk
Management; Market Risk: VR &
Investor, Due Diligence); Conflict
Mangement in teams; Developing
People
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Visiting Faculty
Timothy Bovard
(United States)
Adjunct Professor of Entrepreneurship
Teaching
Realising Entrepreneurial Potential
Christine Blondel
(France)
Adjunct Professor
Teaching
FAME Programme
Virginia Cha
(Singapore)
Adjunct Professor of Entrepreneurship
Teaching
Technology Venturing Practicum
Business Planning Workshop
Joost de Haas
(Netherlands)
Adjunct Professor
Teaching
Managing Corporate Turnarounds
Antoine Duvauchelle
(France/USA)
Adjunct Professor of Entrepreneurship
Teaching
Your First Hundred Days
Adrian Johnson
(United Kingdom)
Adjunct Professor of Entrepreneurship
Teaching
Your First Hundred Days
David Lai
(Singapore)
Adjunct Professor of Entrepreneurship
and Family Enterprise
Teaching
Leveraged Buyouts
Bill Magill
(United States)
Adjunct Professor of Entrepreneurship
and Family Enterprise
Teaching
Technology Venturing Practicum
Raomal Perera
(Sri Lanka)
Adjunct Professor of Entrepreneurship
and Family Enterprise
Teaching
Entrepreneurial Field Studies
Business Planning Workshop
Douglas Rosefsky
(United States)
Adjunct Professor of Entrepreneurship
Teaching
Your First Hundred Days
Filipe Santos
(Portugal)
Visiting Professor of Entrepreneurship
Teaching
New Venture Creation and Growth; Social
Entrepreneurship; Strategic in High-
Technology Sectors; Market Space-Creation
Ash Singh
(Canada)
Adjunct Professor of Entrepreneurship
Teaching
Your First Hundred Days
Graham Wrigley
(United Kingdom)
Adjunct Professor of Entrepreneurship
and Family Enterprise
Teaching
Leveraged Buyouts
Contact
Isabelle Seyrig
Area Administrative Manager
[email protected]
doc_557016559.pdf