Harvard Case - Back to the Roots Ventures (BTTR)
"Back to the Roots Ventures (BTTR)" Harvard business case study is written by Jorge Calderon, Nishant Bagadia. It deals with the challenges in the field of Entrepreneurship. The case study is 24 page(s) long and it was first published on : Jun 10, 2015
At Fern Fort University, we recommend that Back to the Roots Ventures (BTTR) pursue a multi-pronged growth strategy focused on strategic partnerships, product diversification, and international expansion, while maintaining its commitment to environmental sustainability and social responsibility. This strategy will leverage BTTR?s core competencies in entrepreneurship, innovation, and product development, while addressing the challenges of scaling the business and capitalizing on emerging market opportunities.
2. Background
Back to the Roots Ventures (BTTR) is a successful startup founded by three entrepreneurs who were passionate about sustainable agriculture and bringing fresh food back to the urban consumer. The company initially gained traction with its innovative mushroom-growing kits, leveraging the power of disruptive innovation to tap into a new market segment. BTTR?s success has been driven by its strong entrepreneurial spirit, product innovation, and effective marketing strategy. However, the company faces challenges as it seeks to scale its operations and navigate the complexities of growing a business.
The case study focuses on the company?s decision-making process regarding its next steps. BTTR is considering several options, including:
- Going public: This would provide access to significant capital for expansion but also introduce new challenges related to corporate governance and investor expectations.
- Acquiring a competitor: This could provide a faster route to market dominance but also involve significant financial risks and potential integration challenges.
- Expanding into new product lines: This could diversify the business and reduce reliance on a single product, but also require significant investment in research and development and marketing.
- Focusing on international expansion: This could unlock significant growth potential but also present challenges related to cultural differences, regulatory hurdles, and logistics.
3. Analysis of the Case Study
To analyze BTTR?s situation, we can utilize the Porter?s Five Forces framework to assess the competitive landscape:
- Threat of new entrants: The mushroom-growing kit market is relatively niche, but there is a growing threat from other startups and established players entering the sustainable agriculture space.
- Bargaining power of buyers: Consumers have a wide range of choices for fresh produce, making them relatively price-sensitive. However, BTTR?s unique product offering and strong brand appeal provide some leverage.
- Bargaining power of suppliers: BTTR relies on a limited number of suppliers for its raw materials, which could potentially give suppliers some bargaining power. However, BTTR?s commitment to ethical sourcing and sustainable practices can help mitigate this risk.
- Threat of substitute products: Consumers can easily switch to other sources of fresh produce, making BTTR vulnerable to competition from traditional grocery stores and online retailers.
- Competitive rivalry: The mushroom-growing kit market is becoming increasingly competitive, with new entrants and established players vying for market share.
Furthermore, BTTR should consider the following factors:
- Financial performance: While BTTR has been profitable, its growth has been limited by its reliance on a single product and its bootstrapped funding model.
- Market potential: The market for urban agriculture and sustainable food solutions is rapidly expanding, offering significant growth opportunities.
- Competitive advantage: BTTR?s unique product offering, strong brand, and commitment to sustainability provide a competitive advantage.
- Management team: BTTR has a strong and experienced management team with a proven track record in entrepreneurship and innovation.
4. Recommendations
Based on the analysis, we recommend that BTTR pursue the following multi-pronged growth strategy:
1. Strategic Partnerships:
- Collaborate with retailers: Partner with grocery stores, farmers? markets, and online retailers to expand distribution channels and reach a wider customer base.
- Form alliances with NGOs: Partner with environmental organizations and community gardens to promote sustainable agriculture and increase brand awareness.
- Develop co-branding initiatives: Partner with complementary brands in the food and beverage industry to cross-promote products and reach new customer segments.
2. Product Diversification:
- Expand into new product categories: Develop new product lines based on the company?s core expertise in sustainable agriculture, such as hydroponic kits, vertical farming systems, or edible insect products.
- Offer subscription services: Provide recurring revenue streams by offering subscription boxes with fresh produce, growing kits, or other related products.
- Develop educational resources: Create online courses, workshops, and other educational resources to empower consumers to grow their own food and promote sustainable practices.
3. International Expansion:
- Focus on emerging markets: Target countries with growing urban populations, high demand for fresh produce, and a strong interest in sustainable agriculture.
- Adapt products and marketing: Tailor product offerings and marketing campaigns to meet the specific needs and preferences of different markets.
- Establish local partnerships: Collaborate with local businesses, NGOs, and government agencies to facilitate market entry and build brand awareness.
4. Maintain Focus on Sustainability and Social Responsibility:
- Continue to prioritize environmental sustainability: Use eco-friendly materials, reduce waste, and promote responsible sourcing practices.
- Invest in social impact initiatives: Support local communities, promote food security, and empower farmers through educational programs and partnerships.
- Communicate sustainability efforts: Highlight the company?s commitment to sustainability through transparent reporting, marketing campaigns, and community engagement.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies: BTTR?s core competencies in entrepreneurship, innovation, and product development are essential for success in the growing market for sustainable agriculture.
- External customers and internal clients: BTTR?s target customers are environmentally conscious consumers who value fresh, local, and sustainable food. The company?s employees are passionate about its mission and committed to its values.
- Competitors: BTTR?s competitors include traditional grocery stores, online retailers, and other startups in the sustainable agriculture space. The company?s unique product offering, strong brand, and commitment to sustainability provide a competitive advantage.
- Attractiveness: The market for urban agriculture and sustainable food solutions is rapidly expanding, offering significant growth potential. BTTR?s proposed growth strategy is expected to generate attractive returns on investment.
- Assumptions: The success of these recommendations depends on several assumptions, including the continued growth of the sustainable agriculture market, the company?s ability to successfully develop and launch new products, and the availability of funding for expansion.
6. Conclusion
By pursuing a multi-pronged growth strategy focused on strategic partnerships, product diversification, and international expansion, while maintaining its commitment to environmental sustainability and social responsibility, BTTR can capitalize on the growing market for sustainable agriculture and achieve long-term success. This strategy will leverage the company?s core competencies, address its challenges, and position it for continued growth and profitability.
7. Discussion
While the recommended strategy offers the best path forward, other alternatives exist:
- Going public: This could provide significant capital but also introduce new challenges and risks.
- Acquiring a competitor: This could provide a faster route to market dominance but also involve significant financial risks and integration challenges.
- Focusing solely on product diversification: This could diversify the business but might not be sufficient to achieve the desired growth.
- Focusing solely on international expansion: This could unlock significant growth potential but also present challenges related to cultural differences, regulatory hurdles, and logistics.
The key assumptions underlying the recommended strategy include:
- Continued growth of the sustainable agriculture market: The market for urban agriculture and sustainable food solutions is expected to continue growing, but this is not guaranteed.
- Successful product development and launch: BTTR?s ability to develop and launch new products that resonate with consumers is crucial to its success.
- Availability of funding for expansion: BTTR will need to secure funding to support its growth initiatives, which may be challenging in a competitive funding environment.
8. Next Steps
To implement the recommended strategy, BTTR should take the following steps:
- Develop a detailed business plan: Outline the specific goals, strategies, and financial projections for each growth initiative.
- Secure funding: Explore various funding options, including venture capital, angel investing, crowdfunding, and bank loans.
- Build a strong team: Recruit talented individuals with expertise in product development, marketing, international business, and sustainability.
- Establish strategic partnerships: Identify and cultivate relationships with key partners in retail, NGOs, and other industries.
- Develop new products and services: Invest in research and development to create innovative and sustainable products that meet the needs of consumers.
- Expand into new markets: Conduct thorough market research and develop tailored strategies for international expansion.
- Monitor progress and adapt: Regularly review the progress of the growth strategy and make adjustments as needed based on market conditions and performance metrics.
By taking these steps, BTTR can position itself for continued growth and success in the rapidly evolving market for sustainable agriculture.
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Case Description
This case study focuses on Back to the Roots (BTTR), a company started by two founders while they were still students at the University of California at Berkeley. It takes place in 2014, five years after Alejandro ""Alex"" Velez and Nikhil Arora formed a partnership based on their mutual interest in creating economic value and social impact through commercial solutions. Over this period, BTTR has evolved from a test bed of youthful inquisitiveness to an award-winning and recognizable brand. Since inception, BTTR's management has either modified or significantly pivoted the company's business design at least five times, with their most recent success stemming from a suite of Sustainable Do-it-Yourself Products. Having just raised their first round of professional investment capital, BTTR is at an inflection point, preparing to enter BTTR into the very competitive cereal CPG category. This multi-faceted case has a broad set of applications across entrepreneurship and strategy, with a particularly unique view of the intersection between commercial solutions and social purpose. It demonstrates the non-linear path that most start-ups take in finding the value propositions and offerings that resonate with their intended stakeholders. While one of the primary goals of developing this case study was to clarify how to use a business planning tool like the Impact Canvas (see socialblueprint.org or other similar business model canvases), this narrative can also catalyze a more general discussion about best practices in primary and secondary data gathering and how to prioritize information to support strategic decisions. Additionally, this case offers a unique illustration of bootstrapping a company from a college setting to an investable and scalable company.
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