Harvard Case - Curt Schilling's Next Pitch
"Curt Schilling's Next Pitch" Harvard business case study is written by Noam Wasserman, Jeffrey J. Bussgang, Rachel Gordon. It deals with the challenges in the field of Entrepreneurship. The case study is 30 page(s) long and it was first published on : Dec 18, 2009
At Fern Fort University, we recommend that Curt Schilling pursue a venture capital-backed approach to fund and grow his new gaming company, 38 Studios. This strategy leverages Schilling?s strong brand recognition and industry experience, while mitigating the financial risks associated with a bootstrapped approach.
2. Background
This case study focuses on Curt Schilling, a renowned baseball pitcher turned entrepreneur, seeking to launch a new gaming company, 38 Studios. He faces a critical decision: how to fund and grow his venture. Schilling?s passion for gaming and his strong personal brand are assets, but he lacks significant experience in the industry and faces a competitive market.
3. Analysis of the Case Study
Strategic Analysis:
- Competitive Landscape: The gaming industry is fiercely competitive, with established giants like Electronic Arts and Activision Blizzard dominating the market. 38 Studios faces an uphill battle to gain traction and compete on a large scale.
- Value Proposition: Schilling?s vision is to create high-quality, immersive games that appeal to a niche audience. However, the market for such games is uncertain, and success hinges on strong marketing and distribution strategies.
- Financial Viability: Bootstrapping is a risky option given the high costs of game development and marketing. Venture capital funding offers a more sustainable path, but requires a compelling pitch and a strong business plan.
Financial Analysis:
- Startup Costs: Game development is capital-intensive, requiring significant upfront investment in software development, talent acquisition, and marketing.
- Revenue Model: 38 Studios? revenue model is based on game sales and potential future expansions. However, the success of this model is dependent on the game?s popularity and market acceptance.
- Valuation: Schilling needs to determine a realistic valuation for his company to attract investors. This valuation should consider the potential market size, competitive landscape, and team experience.
Marketing Analysis:
- Target Audience: 38 Studios needs to identify its target audience and develop a marketing strategy that resonates with them. Schilling?s brand recognition can be leveraged to attract initial interest.
- Distribution Channels: The company needs to choose appropriate distribution channels, including digital platforms, retail stores, and potentially partnerships with other gaming companies.
- Marketing Budget: A significant portion of the funding will need to be allocated to marketing and promotion, especially in a crowded market.
4. Recommendations
- Secure Venture Capital Funding: Schilling should actively seek funding from venture capitalists specializing in the gaming industry. This will provide the necessary capital for game development, marketing, and team expansion.
- Develop a Compelling Business Plan: A well-structured business plan outlining the company?s vision, market strategy, financial projections, and exit strategy is crucial to attract investors.
- Focus on Niche Market: 38 Studios should target a specific niche market with a unique game concept that differentiates it from competitors. This allows for targeted marketing and a stronger value proposition.
- Leverage Schilling?s Brand: Schilling?s name recognition can be used to build brand awareness and generate initial interest. However, it?s important to avoid relying solely on his celebrity status and focus on the game?s quality.
- Build a Strong Team: 38 Studios needs to assemble a team of experienced game developers, marketers, and business professionals to ensure the success of the venture.
- Embrace Agile Development: Employing agile development methodologies allows for flexibility and rapid iteration, crucial in the fast-paced gaming industry.
5. Basis of Recommendations
These recommendations are based on:
- Core Competencies: Leveraging Schilling?s brand and experience, while focusing on a niche market, aligns with 38 Studios? core competencies.
- External Customers: The recommendations consider the target audience?s preferences and the competitive landscape within the gaming industry.
- Competitors: The recommendations address the need to differentiate from established competitors and create a unique value proposition.
- Attractiveness: The venture capital approach offers a higher chance of success, given the significant capital requirements and the potential for growth.
- Assumptions: The recommendations are based on the assumption that Schilling?s vision for the game is viable and that the team can execute the plan effectively.
6. Conclusion
By pursuing venture capital funding and focusing on a niche market, 38 Studios can overcome the challenges of a competitive gaming industry and achieve long-term success. Schilling?s passion and experience, coupled with a strong business plan and a talented team, provide a solid foundation for a successful venture.
7. Discussion
Alternatives:
- Bootstrapping: This option carries significant financial risk and limits the company?s growth potential.
- Crowdfunding: While potentially appealing to fans, crowdfunding may not generate sufficient capital for a large-scale game development project.
Risks:
- Market Acceptance: The game?s success depends on market acceptance, which is uncertain.
- Competition: The gaming industry is highly competitive, and 38 Studios needs to differentiate itself to gain traction.
- Execution: The success of the venture hinges on the team?s ability to execute the plan effectively.
Key Assumptions:
- The game concept is viable and will resonate with the target audience.
- The team can develop and market the game effectively.
- Venture capital funding can be secured on favorable terms.
8. Next Steps
- Develop a detailed business plan: Outline the company?s vision, market strategy, financial projections, and exit strategy.
- Pitch to venture capitalists: Present the business plan to investors specializing in the gaming industry.
- Secure funding: Negotiate favorable terms with investors and secure the necessary capital.
- Build a strong team: Recruit experienced game developers, marketers, and business professionals.
- Develop and market the game: Utilize agile development methodologies to create a high-quality game and launch a targeted marketing campaign.
By following these steps, Curt Schilling can navigate the challenging gaming industry and successfully launch 38 Studios. His entrepreneurial spirit, coupled with a strategic approach to funding and growth, positions him for a successful next pitch.
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Case Description
As his major-league pitching career was starting to wind down in 2006, baseball all-star Curt Schilling decided to become an entrepreneur. Looking to focus his tenacity and his passion for online role-playing games on a new challenge, he founded an online gaming venture, which later became known as 38 Studios. During the venture's first two years, he built a team of 70 people, including an executive team of business and industry veterans, and learned key lessons about the challenges faced by industry-changing entrepreneurs. Wanting to self-fund the venture initially, and later finding it hard to raise outside money, he put a substantial percentage of his net worth on the line to build 38 Studios. Now he is facing a critical acquisition decision that could either double his problems or help solve them.
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