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Harvard Case - LAKEDIAMOND'S ICO: A DIAMOND IN THE ROUGH

"LAKEDIAMOND'S ICO: A DIAMOND IN THE ROUGH" Harvard business case study is written by Benoit Leleux, Marc Chauvet. It deals with the challenges in the field of Entrepreneurship. The case study is 17 page(s) long and it was first published on : Nov 5, 2020

At Fern Fort University, we recommend that LakeDiamond proceed with its ICO, but with significant modifications to its strategy and execution. LakeDiamond should prioritize building a robust, scalable platform that leverages blockchain technology to address the inefficiencies in the diamond industry. This strategy should be coupled with a measured approach to token distribution, focusing on building a strong community and fostering long-term value for token holders.

2. Background

LakeDiamond is a startup aiming to disrupt the traditional diamond industry by leveraging blockchain technology and creating a transparent, secure, and efficient platform for diamond trading. The company plans to launch an Initial Coin Offering (ICO) to raise capital and build its platform. The case study presents the company?s current situation, including its business model, market analysis, and challenges.

The main protagonists are:

  • David: The CEO and founder of LakeDiamond, passionate about revolutionizing the diamond industry.
  • Sarah: The Chief Technology Officer, responsible for developing the blockchain platform.
  • John: The Chief Marketing Officer, tasked with promoting the ICO and building brand awareness.

3. Analysis of the Case Study

Strategic Framework: We will use the Porter?s Five Forces framework to analyze the competitive landscape and identify key opportunities and threats for LakeDiamond.

  • Threat of New Entrants: The diamond industry is relatively concentrated, with established players and high barriers to entry. However, the emergence of blockchain technology and the increasing interest in cryptocurrencies could attract new entrants, potentially increasing competition.
  • Bargaining Power of Buyers: Consumers have a wide range of choices in the diamond market, giving them significant bargaining power. LakeDiamond needs to offer compelling value propositions to attract buyers and differentiate itself from competitors.
  • Bargaining Power of Suppliers: The diamond supply chain is complex, with various players involved. LakeDiamond needs to establish strong relationships with suppliers and ensure a reliable source of diamonds.
  • Threat of Substitute Products: The diamond industry faces competition from other luxury goods, such as watches, jewelry, and art. LakeDiamond needs to position its platform as a unique and desirable alternative to traditional diamond trading.
  • Competitive Rivalry: The diamond industry is characterized by intense competition among established players. LakeDiamond will need to develop a strong competitive strategy to differentiate itself and gain market share.

Financial Analysis: LakeDiamond?s financial model relies heavily on the success of its ICO. The company needs to carefully consider the risks associated with fundraising through an ICO, including regulatory uncertainty, market volatility, and potential investor skepticism.

Marketing Analysis: LakeDiamond?s marketing strategy should focus on educating potential investors about the benefits of blockchain technology in the diamond industry. The company needs to build a strong brand identity and communicate its value proposition clearly and concisely.

Operational Analysis: LakeDiamond?s operational strategy should prioritize building a robust and scalable platform that can handle the increasing volume of transactions. The company needs to invest in technology and infrastructure to ensure the security and efficiency of its platform.

4. Recommendations

  1. Refine the ICO Strategy: LakeDiamond should reconsider its initial ICO strategy and focus on a more measured approach. Instead of aiming for a large, immediate fundraising target, the company should prioritize building a strong community and fostering long-term value for token holders. This can be achieved by:

    • Token Utility: Clearly define the utility of the tokens beyond simple fundraising. The tokens should be used for various purposes within the platform, such as transaction fees, governance, and access to exclusive features.
    • Token Distribution: Implement a phased token distribution plan, starting with a smaller initial offering to a select group of investors. This will allow the company to build a strong community and gather valuable feedback before expanding the token sale.
    • Tokenomics: Develop a transparent and sustainable tokenomics model that ensures long-term value for token holders. This includes considering factors like token inflation, burn mechanisms, and future token use cases.

  2. Focus on Platform Development: LakeDiamond should prioritize building a robust and scalable platform that addresses the inefficiencies in the diamond industry. This platform should:

    • Transparency and Traceability: Leverage blockchain technology to provide complete transparency and traceability throughout the diamond supply chain, from origin to final sale.
    • Security and Trust: Implement strong security measures to protect the platform from fraud and unauthorized access, building trust among users.
    • Efficiency and Cost Reduction: Streamline the diamond trading process, reducing transaction costs and time for both buyers and sellers.
    • Integration with Existing Systems: Integrate the platform with existing diamond industry systems and databases to facilitate seamless data exchange.

  3. Build a Strong Community: LakeDiamond should actively engage with potential investors and build a strong community around its platform. This can be achieved through:

    • Community Engagement: Create online and offline channels for communication and interaction with potential investors, including forums, social media groups, and events.
    • Partnerships: Collaborate with industry players, influencers, and technology experts to build credibility and expand reach.
    • Content Marketing: Develop informative and engaging content that educates potential investors about the benefits of blockchain technology and LakeDiamond?s platform.

  4. Develop a Robust Marketing Strategy: LakeDiamond should develop a comprehensive marketing strategy that targets both potential investors and diamond buyers. This strategy should include:

    • Target Audience Segmentation: Identify and target specific segments of investors and diamond buyers based on their needs and interests.
    • Multi-Channel Marketing: Utilize various marketing channels, including online advertising, social media marketing, content marketing, and public relations.
    • Brand Building: Develop a strong brand identity that resonates with target audiences and communicates LakeDiamond?s value proposition effectively.

5. Basis of Recommendations

These recommendations are based on the following considerations:

  • Core Competencies and Consistency with Mission: LakeDiamond?s core competency lies in leveraging blockchain technology to disrupt the diamond industry. The recommendations align with the company?s mission to create a transparent, secure, and efficient platform for diamond trading.
  • External Customers and Internal Clients: The recommendations consider the needs of both external customers (diamond buyers and sellers) and internal clients (token holders and investors).
  • Competitors: The recommendations consider the competitive landscape and aim to differentiate LakeDiamond from existing players in the diamond industry.
  • Attractiveness: The recommendations focus on building a sustainable business model that generates long-term value for token holders and investors.

6. Conclusion

LakeDiamond has the potential to disrupt the diamond industry by leveraging blockchain technology and creating a transparent, secure, and efficient platform. However, the company needs to refine its ICO strategy, prioritize platform development, build a strong community, and develop a robust marketing strategy to achieve its goals. By focusing on these key areas, LakeDiamond can increase its chances of success and become a leading player in the future of diamond trading.

7. Discussion

Other Alternatives:

  • Traditional Fundraising: LakeDiamond could consider traditional fundraising methods, such as venture capital or angel investing. However, this option might be less appealing given the potential for dilution and the need to relinquish control.
  • Delayed ICO: LakeDiamond could delay its ICO and focus on developing a more mature platform before launching a token sale. This approach would reduce the risk of investor skepticism but might delay the company?s growth.

Risks and Key Assumptions:

  • Regulatory Uncertainty: The regulatory landscape for cryptocurrencies and ICOs is constantly evolving. LakeDiamond needs to stay informed about regulatory changes and ensure compliance.
  • Market Volatility: The cryptocurrency market is highly volatile, and investor sentiment can fluctuate significantly. LakeDiamond needs to manage risks associated with market fluctuations.
  • Technology Adoption: The success of LakeDiamond?s platform depends on the adoption of blockchain technology by both diamond buyers and sellers. The company needs to educate stakeholders about the benefits of blockchain and encourage adoption.

8. Next Steps

  1. Develop a Detailed Business Plan: LakeDiamond should develop a detailed business plan that outlines its strategy, financial projections, and key milestones.
  2. Refine the ICO Strategy: The company should refine its ICO strategy based on the recommendations outlined above.
  3. Build a Strong Team: LakeDiamond should recruit a team of experienced professionals with expertise in blockchain technology, diamond industry, and marketing.
  4. Secure Funding: The company should secure funding through a combination of ICO and traditional fundraising methods.
  5. Launch the Platform: LakeDiamond should launch its platform in a phased approach, starting with a limited beta release and gradually expanding its features and user base.
  6. Monitor and Adapt: The company should continuously monitor its progress and adapt its strategy based on market feedback and changing conditions.

By taking these steps, LakeDiamond can increase its chances of success and become a leading player in the future of diamond trading.

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Case Description

LakeDiamond is a company founded in 2015 in Yverdon, close to Geneva, in Switzerland. Its goal was to leverage an industrialized method of producing high-purity diamonds through a process called "micro-wave chemical vapor deposition" (CVD). Such diamonds are much purer than diamonds obtained through mining, allowing for novel industrial uses for diamonds, such as in watchmaking or in developing military applications. An initial funding round allowed LakeDiamond to demonstrate its ability to grow such diamonds in an industrial reactor. In 2017, LakeDiamond's founder Pascal Gallo started seeking new funding to scale up the operation. At the same time, the hype around blockchains had started to drive a surge in startup funding through Initial Coin Offerings (ICO). As Gallo was reluctant to dilute his ownership and control over the venture, he decided to raise the money needed for LakeDiamond's expansion through an ICO. Despite significant press coverage regarding blockchains, ICOs remained at the time relatively niche investments. Therefore, to target a wider base of investors, Gallo partnered with Swissquote, a prominent Swiss online bank that was at the forefront in offering to layman investors access to crypto-currencies. The ICO did raise sufficient funds for new reactors to be purchases and production to start. However, LakeDiamond's sales never really picked up afterwards and by early 2020 the company was filing for bankruptcy. Framed from the perspective of a small investor assessing the opportunity of investing in LakeDiamond's ICO, the case is based on publicly released information by the company, and especially on its ICO. Extensive interviews with ICO experts who assessed the LakeDiamond fundraising at the time were also conducted.

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