Harvard Case - Credible in India: Empowering Agri-business with Technology
"Credible in India: Empowering Agri-business with Technology" Harvard business case study is written by Jasper Lens, Simon Shuster, Willem Hulsink. It deals with the challenges in the field of Entrepreneurship. The case study is 13 page(s) long and it was first published on : Dec 31, 2020
At Fern Fort University, we recommend Credible to prioritize growth strategy through a combination of organic expansion, strategic partnerships, and targeted acquisitions within the Indian agricultural technology (AgTech) sector. This approach will leverage Credible's existing strengths in technology and analytics, product development, and market understanding to achieve scalability and disruptive innovation in the Indian market.
2. Background
Credible is an Indian AgTech startup founded by three entrepreneurs with a mission to empower farmers through technology. The company offers a suite of web and mobile applications that provide farmers with real-time market information, weather forecasts, crop advisory, and access to financing. Credible has demonstrated impressive growth, attracting significant venture capital funding and establishing a strong presence in several Indian states. However, the company faces challenges in scaling its operations, competing with established players, and navigating the complexities of the Indian agricultural landscape.
3. Analysis of the Case Study
To analyze Credible?s situation, we can utilize the Porter?s Five Forces framework:
- Threat of New Entrants: High. The AgTech space in India is attracting significant investment, leading to increased competition from new startups and established players entering the market.
- Bargaining Power of Buyers: Moderate. Farmers have limited bargaining power due to their fragmented nature and dependence on intermediaries. However, Credible?s value proposition of providing direct access to information and services empowers farmers, potentially increasing their bargaining power.
- Bargaining Power of Suppliers: Low. Credible relies on technology providers and data sources, which are readily available and competitive.
- Threat of Substitute Products: Moderate. Alternative solutions like traditional agricultural extension services, government programs, and other technology platforms pose a threat to Credible?s market share.
- Competitive Rivalry: High. The Indian AgTech market is highly competitive, with numerous players offering similar services. Credible needs to differentiate itself through its technology, value proposition, and market reach.
4. Recommendations
- Organic Expansion: Credible should focus on expanding its geographic reach within India by leveraging its existing technology and analytics platform to cater to diverse agricultural regions and crops. This expansion should prioritize areas with high agricultural potential and limited competitive presence.
- Strategic Partnerships: Credible should forge strategic partnerships with key players in the agricultural value chain, including input suppliers, processors, and distributors. These partnerships will create synergies, enhance Credible?s supply chain management, and provide access to new markets and customer segments.
- Targeted Acquisitions: Credible should identify and acquire promising AgTech startups with complementary technologies, market reach, or customer bases. This strategy will accelerate business growth, expand Credible?s product portfolio, and enhance its competitive advantage.
5. Basis of Recommendations
These recommendations align with Credible?s core competencies in technology and analytics, its mission to empower farmers, and its ambition to become a leading player in the Indian AgTech sector. They also address the challenges of competition, market fragmentation, and the need for scalability.
- Organic Expansion: This strategy leverages Credible?s existing technology and market understanding to reach new regions and customer segments. It aligns with its core competencies and provides a cost-effective way to expand its market share.
- Strategic Partnerships: By collaborating with key players in the agricultural value chain, Credible can gain access to new markets, resources, and expertise. This strategy enhances its supply chain management and strengthens its position in the market.
- Targeted Acquisitions: This strategy allows Credible to acquire complementary technologies, customer bases, and market reach, accelerating its growth and strengthening its competitive advantage.
6. Conclusion
By implementing these recommendations, Credible can achieve significant growth and become a leading player in the Indian AgTech sector. This strategy leverages its existing strengths, addresses key challenges, and positions the company for long-term success.
7. Discussion
Alternative strategies include focusing solely on organic growth, pursuing a going public strategy, or partnering with a large multinational corporation. However, these options carry higher risks and may not be as effective in achieving Credible?s goals.
Risks:
- Competition: The AgTech space in India is highly competitive, and Credible may face difficulties in acquiring market share and maintaining its competitive advantage.
- Execution: Implementing these recommendations requires significant resources and expertise, and Credible needs to ensure effective execution to achieve its desired outcomes.
- Market Volatility: The Indian agricultural sector is subject to various factors, including weather patterns, government policies, and global market conditions, which can impact Credible?s business performance.
Key Assumptions:
- Credible?s technology and analytics platform remains competitive and relevant in the evolving AgTech landscape.
- The company can secure sufficient funding to support its growth initiatives.
- Credible can successfully identify and integrate suitable acquisition targets.
8. Next Steps
- Develop a detailed growth strategy: This strategy should outline specific goals, target markets, and key performance indicators.
- Allocate resources and build a team: Credible needs to invest in talent, technology, and infrastructure to support its growth initiatives.
- Identify and pursue strategic partnerships: This involves engaging with potential partners, negotiating agreements, and building strong relationships.
- Establish a robust acquisition process: This includes identifying potential targets, conducting due diligence, and negotiating acquisition terms.
- Monitor progress and adapt the strategy: Credible needs to continuously evaluate its performance, identify opportunities, and adapt its strategy as needed.
By taking these steps, Credible can position itself for significant growth and success in the dynamic Indian AgTech market.
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Case Description
Born and raised in a rural area of India, Vikram Sarbaja always had the passion to support the local farmers in his community. After graduating from TU Delft in the Netherlands, he worked in the credit scoring department of Rabobank known for its activities in the agricultural sector. His banking experience and his personal ties to agriculture in India inspired Vikram to found Credible, a start-up that provided an AI based scoring tool to help small Indian farmers access financing. Vikram quickly found customers in the insurance industry, but as Credible began to grow, more and more challenges emerged. The entrepreneur realized that he had to search for new use cases outside of the credit scoring business and try to expand to new markets if his company were to solve the problem of stagnating growth. To do so, however, he would have to consider getting VC investment. Vikram was well aware of the benefits and downsides of such an endeavor: a VC would want shares in his company as well as exercise their decision power. Should Vikram try to acquire VC funding? How would the power dynamics change within Credible? And for how long would he be able to hold on to the CEO position? Would he be able to expand Credible successfully, overcoming the problem of stagnating growth?
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