Free Corporate Venture Capital at Eli Lilly Case Study Solution | Assignment Help

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Harvard Case - Corporate Venture Capital at Eli Lilly

"Corporate Venture Capital at Eli Lilly" Harvard business case study is written by Ron Laufer, David Lane, Richard G. Hamermesh. It deals with the challenges in the field of Entrepreneurship. The case study is 16 page(s) long and it was first published on : Feb 22, 2006

At Fern Fort University, we recommend that Eli Lilly continue its investment in corporate venture capital (CVC) but with a strategic shift towards a more focused and collaborative approach. This involves building a stronger internal ecosystem for innovation, fostering deeper partnerships with startups, and leveraging its existing resources to unlock greater value from its investments.

2. Background

Eli Lilly, a pharmaceutical giant, established its CVC arm, Lilly Ventures, in 2000 to invest in promising startups, particularly in the areas of biotechnology, diagnostics, and digital health. The case study highlights the company?s journey with CVC, showcasing both successes and challenges. While Lilly Ventures has made notable investments, the company is seeking to maximize the value of its CVC program and ensure it aligns with its overall strategic goals.

The main protagonists of the case study are:

  • John Lechleiter: Former CEO of Eli Lilly who initiated the CVC program.
  • Jan Lundberg: Head of Lilly Ventures, responsible for managing the CVC portfolio.
  • David Ricks: Current CEO of Eli Lilly, who is evaluating the effectiveness of the CVC program.

3. Analysis of the Case Study

Strategic Framework: We will analyze the case using the Resource-Based View (RBV) framework, focusing on Eli Lilly?s core competencies, resources, and capabilities.

Core Competencies: Eli Lilly possesses strong core competencies in pharmaceutical research, development, and manufacturing. These capabilities are crucial for evaluating and integrating promising technologies from startups.

Resources: The company has significant financial resources, a global network, and a strong reputation in the healthcare industry. These resources can be leveraged to support and guide startups.

Capabilities: Eli Lilly excels in product development, regulatory processes, and global marketing. These capabilities can be valuable for startups looking to scale their products and reach wider markets.

Challenges: The case study highlights several challenges faced by Eli Lilly?s CVC program:

  • Lack of a clear strategy: The CVC program lacked a defined strategic direction, leading to inconsistencies in investment decisions.
  • Limited internal collaboration: There was a lack of synergy between Lilly Ventures and other internal departments, hindering the integration of startup innovations.
  • Difficulty in identifying and evaluating promising startups: The company struggled to effectively identify and assess the potential of startups, leading to some unsuccessful investments.

4. Recommendations

1. Develop a Clear CVC Strategy:

  • Define strategic goals: Align CVC investments with Eli Lilly?s overall business strategy, focusing on areas like digital health, personalized medicine, and emerging technologies.
  • Establish investment criteria: Develop clear criteria for evaluating startups, considering factors like technology, market potential, team, and alignment with Eli Lilly?s strategic goals.
  • Prioritize investment areas: Focus on specific areas where CVC can create the most value, such as early-stage diagnostics, AI-driven drug discovery, or innovative delivery systems.

2. Foster a Collaborative Ecosystem:

  • Create internal innovation hubs: Establish dedicated teams within Eli Lilly to collaborate with startups, providing mentorship, technical expertise, and access to internal resources.
  • Develop strategic partnerships: Form partnerships with leading incubators, accelerators, and venture capital firms to gain access to a wider pool of promising startups.
  • Encourage cross-functional collaboration: Facilitate communication and knowledge sharing between Lilly Ventures and other departments like research, development, marketing, and manufacturing.

3. Maximize Value from Investments:

  • Develop exit strategies: Plan for potential exits, including acquisitions, IPOs, or strategic partnerships, to maximize returns on investment.
  • Provide mentorship and support: Offer startups access to Eli Lilly?s expertise, infrastructure, and global network to accelerate their growth and market penetration.
  • Leverage data and analytics: Utilize data and analytics to track the performance of investments, identify trends, and optimize future investments.

5. Basis of Recommendations

These recommendations are based on the following considerations:

  • Core competencies and consistency with mission: The recommendations align with Eli Lilly?s core competencies in pharmaceuticals and its mission to improve human health.
  • External customers and internal clients: The recommendations consider the needs of both external customers (patients) and internal clients (researchers, developers, and marketers).
  • Competitors: The recommendations take into account the competitive landscape in the pharmaceutical and healthcare industries, emphasizing the need for innovation and strategic partnerships.
  • Attractiveness: The recommendations are expected to enhance the financial performance of the CVC program by focusing on high-potential startups and maximizing the value of investments.

6. Conclusion

By implementing these recommendations, Eli Lilly can transform its CVC program into a strategic asset that drives innovation, strengthens its competitive position, and fuels long-term growth. A more focused and collaborative approach will enable the company to unlock the full potential of its CVC investments and contribute to its mission of improving human health.

7. Discussion

Alternatives:

  • Discontinuing the CVC program: This would be a significant strategic shift, potentially limiting Eli Lilly?s access to emerging technologies and innovation.
  • Maintaining the status quo: This would likely lead to continued challenges in maximizing the value of investments and achieving strategic alignment.

Risks and Key Assumptions:

  • Risk: The recommendations may require significant investment in building internal infrastructure and fostering collaborations.
  • Assumption: Eli Lilly?s commitment to innovation and its willingness to embrace change are crucial for the success of these recommendations.

8. Next Steps

  • Develop a detailed CVC strategy document: Define specific goals, investment criteria, and key performance indicators.
  • Establish a dedicated team: Recruit and train a team of professionals with expertise in venture capital, startup evaluation, and technology scouting.
  • Pilot a collaborative program: Initiate a pilot program with a few selected startups to test and refine the proposed approach.
  • Monitor and evaluate progress: Track the performance of the CVC program and make adjustments as needed to optimize its effectiveness.

By taking these steps, Eli Lilly can position itself as a leader in leveraging CVC to drive innovation and achieve strategic goals in the rapidly evolving healthcare landscape.

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Case Description

Reviews the role of corporate venture capital and its history at Eli Lilly. Also presents a challenging venture investment opportunity.

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