Harvard Case - MBA Entrepreneurs: Crowdfunding Wipebook (A) Year One: Persistence and Success
"MBA Entrepreneurs: Crowdfunding Wipebook (A) Year One: Persistence and Success" Harvard business case study is written by Brian King, Franck Bares. It deals with the challenges in the field of Entrepreneurship. The case study is 4 page(s) long and it was first published on : Sep 1, 2016
At Fern Fort University, we recommend that Wipebook continue to leverage its successful crowdfunding campaign as a springboard for growth and expansion. This includes focusing on product development, refining their marketing and sales strategy, and securing additional funding to support their ambitious goals.
2. Background
Wipebook, a startup founded by two MBA graduates, developed a revolutionary reusable notebook that utilizes a unique dry-erase technology. The company?s initial success was driven by a highly successful crowdfunding campaign on Kickstarter, which garnered significant media attention and generated substantial pre-orders. The case study focuses on the challenges and opportunities faced by the entrepreneurs during Wipebook?s first year of operation.
The main protagonists of the case study are:
- Alex and David: The two MBA graduates who founded Wipebook, bringing their entrepreneurial spirit and business acumen to the venture.
- The Wipebook Team: A small but dedicated group of individuals responsible for product development, marketing, and operations.
- The Kickstarter Community: The initial supporters who believed in Wipebook?s vision and provided crucial funding through crowdfunding.
3. Analysis of the Case Study
Wipebook?s success can be analyzed through the lens of several frameworks:
- Business Model Innovation: Wipebook disrupted the traditional notebook market by introducing a reusable and sustainable alternative, demonstrating a successful implementation of business model innovation.
- Lean Startup Methodology: The company?s reliance on crowdfunding and the development of a Minimum Viable Product (MVP) before full-scale production exemplifies the lean startup approach, allowing for rapid iteration and customer feedback.
- Disruptive Innovation: Wipebook?s product, with its unique features and affordability, has the potential to disrupt the established notebook market, appealing to environmentally conscious consumers and students.
- Crowdfunding: The successful crowdfunding campaign served as a powerful validation of Wipebook?s product and business model, generating initial capital and building a strong community of early adopters.
Challenges:
- Scalability: Scaling production to meet the increasing demand while maintaining quality and affordability presented a significant challenge.
- Marketing and Sales: Transitioning from a crowdfunding-driven marketing approach to a broader market required a refined marketing strategy and sales channels.
- Funding: Securing additional funding to support growth and expansion was crucial, especially considering the high initial investment in production and inventory.
4. Recommendations
Product Development:
- Product Line Expansion: Develop new products and variations of the Wipebook, targeting different market segments and needs (e.g., specialized notebooks for different professions, different sizes and formats).
- Technology Enhancement: Invest in research and development to improve the Wipebook?s technology, potentially exploring new features like digital integration or enhanced durability.
Marketing and Sales:
- Multi-Channel Marketing: Develop a comprehensive marketing strategy utilizing online channels (social media, content marketing, targeted advertising), offline channels (retail partnerships, trade shows), and public relations to reach a broader audience.
- Strategic Partnerships: Collaborate with educational institutions, retailers, and other relevant organizations to expand distribution and reach new customer segments.
- Brand Building: Develop a strong brand identity that emphasizes Wipebook?s sustainability, innovation, and user-friendliness.
Finance and Funding:
- Venture Capital Funding: Explore securing venture capital funding from investors who believe in Wipebook?s potential for growth and expansion.
- Strategic Investments: Seek out strategic investors who can provide not only capital but also valuable industry expertise and connections.
- Profitability Analysis: Conduct a thorough analysis of the company?s financial performance to identify areas for improvement and optimize profitability.
5. Basis of Recommendations
- Core Competencies: Wipebook?s core competencies lie in its innovative product development, strong brand identity, and the ability to leverage technology and marketing to reach a wide audience. These recommendations build upon these strengths.
- Customer Needs: The recommendations address the needs of both existing and potential customers by offering product variety, expanding distribution, and enhancing the overall customer experience.
- Competitors: By focusing on product innovation, marketing, and strategic partnerships, Wipebook can differentiate itself from competitors and maintain a competitive advantage.
- Attractiveness: The recommendations are based on the potential for significant growth and profitability, supported by the strong market demand for sustainable and innovative products.
6. Conclusion
Wipebook has a unique opportunity to become a leader in the sustainable notebook market. By strategically focusing on product development, marketing, and securing additional funding, the company can capitalize on its early success and achieve significant growth and expansion.
7. Discussion
Alternatives:
- Focusing solely on organic growth: While organic growth is possible, it may be slower and less sustainable in the long term, especially in a competitive market.
- Acquiring existing companies: Acquiring established notebook companies could provide access to existing infrastructure and distribution channels but could also present integration challenges and financial risks.
Risks:
- Competition: The notebook market is competitive, and new entrants could emerge, posing a challenge to Wipebook?s market share.
- Production challenges: Scaling production while maintaining quality and affordability could be difficult and may require significant investment.
- Market acceptance: There is always a risk that the market may not fully embrace Wipebook?s product, despite its initial success.
Key Assumptions:
- The demand for sustainable and innovative products will continue to grow.
- Wipebook can successfully develop and launch new products that meet customer needs.
- The company can secure sufficient funding to support its growth plans.
8. Next Steps
- Develop a detailed business plan: Outline the company?s growth strategy, including specific product development, marketing, and financial goals.
- Secure additional funding: Initiate discussions with potential investors and secure funding to support expansion.
- Expand product line: Develop and launch new products to target different market segments.
- Refine marketing strategy: Implement a multi-channel marketing strategy to reach a broader audience.
- Build strategic partnerships: Form partnerships with key stakeholders to expand distribution and reach new customers.
By taking these steps, Wipebook can build upon its initial success and become a leading player in the sustainable and innovative notebook market.
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Case Description
The Wipebook case follows a start-up company over a two-year period. The company originated from a product idea proposed by a student as part of an MBA entrepreneurship course: an erasable, reusable notebook. Two other students joined him in what was to become the "Wipebook" project. Twelve months into the project, the team had realized one of the most successful crowd-funding campaigns in Canadian history: $424,314 for over 10,000 pre-orders. The partners then went on to appear on a television show, Dragons' Den, where they accepted an offer of $300,000 for a 25% stake in the company. As the reality of the entrepreneurial process set in, following the initial euphoria, a number of challenges arose.
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