Harvard Case - A Scientific Approach to Creating a New Business: MiMoto (Abridged Version)
"A Scientific Approach to Creating a New Business: MiMoto (Abridged Version)" Harvard business case study is written by Chiara Spina, Andrea Fronteddu. It deals with the challenges in the field of Entrepreneurship. The case study is 6 page(s) long and it was first published on : Sep 13, 2022
At Fern Fort University, we recommend MiMoto pursue a phased approach to launching their electric motorcycle business, prioritizing a strategic focus on the North American market. This approach involves a combination of financial strategy, risk management, and strategic partnerships to ensure a successful and sustainable launch. We suggest a capital budgeting plan that balances debt financing with equity financing to optimize return on investment (ROI) and minimize financial risk. Additionally, we recommend MiMoto leverage its technology and analytics expertise to develop a robust pricing strategy and operations strategy that optimizes profitability and cash flow management.
2. Background
MiMoto is a startup company developing a high-performance electric motorcycle. The company is led by a team of experienced engineers and entrepreneurs with a strong track record in the automotive and technology industries. MiMoto?s mission is to revolutionize the motorcycle industry by offering a sustainable, high-performance, and affordable electric motorcycle option. The company faces challenges related to securing funding, establishing a manufacturing and distribution network, and navigating the competitive landscape of the motorcycle market.
3. Analysis of the Case Study
We can analyze MiMoto?s situation using a Porter?s Five Forces framework:
- Threat of New Entrants: The electric motorcycle market is attracting new entrants, increasing competition. However, MiMoto?s strong engineering team and innovative technology provide a competitive advantage.
- Bargaining Power of Buyers: Consumers are demanding affordable, high-performance electric motorcycles, giving them significant bargaining power. MiMoto needs to offer a compelling value proposition to attract customers.
- Bargaining Power of Suppliers: The supply chain for electric motorcycle components is evolving, with potential for both opportunities and challenges. MiMoto must secure reliable suppliers and manage potential cost fluctuations.
- Threat of Substitute Products: The electric motorcycle market faces competition from traditional gasoline motorcycles and other forms of personal transportation. MiMoto needs to differentiate its product and target specific market segments.
- Competitive Rivalry: The electric motorcycle market is becoming increasingly competitive, with established players like Zero Motorcycles and emerging startups. MiMoto needs to develop a clear competitive strategy.
4. Recommendations
Phase 1: Market Entry and Validation (North America)
- Focus on North America: Target the North American market initially, leveraging existing infrastructure and a strong consumer base for electric vehicles.
- Strategic Partnerships: Partner with established motorcycle dealerships and distributors to establish a sales and service network.
- Capital Budgeting: Secure funding through a combination of debt financing and equity financing, prioritizing a conservative approach to minimize financial risk.
- Financial Modeling: Develop a comprehensive financial model to forecast cash flow, profitability, and ROI.
- Pricing Strategy: Utilize activity-based costing to determine a competitive and profitable pricing strategy.
- Operations Strategy: Optimize manufacturing processes and supply chain management to ensure efficient production and delivery.
- Risk Management: Implement a robust risk management plan to mitigate potential challenges related to manufacturing, production, and market volatility.
Phase 2: Expansion and Growth
- International Expansion: After establishing a strong foothold in North America, explore opportunities for international expansion, focusing on markets with favorable regulatory environments and high demand for electric vehicles.
- Product Diversification: Consider expanding product offerings with different motorcycle models and accessories to cater to a wider range of customer needs.
- Marketing and Branding: Develop a strong brand identity and marketing strategy to differentiate MiMoto from competitors and build customer loyalty.
- Financial Management: Continue to monitor financial performance, manage cash flow, and explore opportunities for further investment.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of MiMoto?s strengths, weaknesses, opportunities, and threats. They consider:
- Core Competencies and Consistency with Mission: MiMoto?s core competencies in engineering and technology align with its mission to create a sustainable and high-performance electric motorcycle.
- External Customers and Internal Clients: The recommendations cater to the needs of both external customers seeking affordable and sustainable transportation and internal clients who require a clear roadmap for success.
- Competitors: The recommendations address the competitive landscape of the electric motorcycle market by emphasizing a strong product offering, strategic partnerships, and targeted marketing.
- Attractiveness ? Quantitative Measures: The recommendations are supported by financial modeling and profitability ratios that demonstrate the potential for a strong return on investment.
6. Conclusion
MiMoto has a compelling opportunity to succeed in the growing electric motorcycle market. By adopting a phased approach, focusing on the North American market initially, and prioritizing financial stability and risk management, MiMoto can establish a strong foundation for future growth and expansion.
7. Discussion
Alternative strategies include:
- Immediate Global Expansion: This approach could lead to faster growth but also exposes MiMoto to greater financial and operational risks.
- Focus on Niche Market: Focusing on a specific niche market, such as high-performance racing motorcycles, could provide a competitive advantage but limit market reach.
Key assumptions of the recommended approach include:
- Continued Growth of the Electric Motorcycle Market: The success of the strategy hinges on the continued growth and adoption of electric motorcycles.
- Availability of Funding: MiMoto needs to secure adequate funding to execute its plans.
- Successful Partnerships: The success of the strategy depends on establishing strong and mutually beneficial partnerships with key stakeholders.
8. Next Steps
- Develop a Comprehensive Business Plan: Outline the detailed financial model, marketing strategy, and operational plan for the first phase of the launch.
- Secure Funding: Seek funding from investors, venture capitalists, or other financial institutions.
- Establish Partnerships: Negotiate and finalize agreements with key partners, including motorcycle dealerships, distributors, and suppliers.
- Develop and Test Prototype: Refine the product design and conduct rigorous testing to ensure quality and performance.
- Launch in North America: Introduce the electric motorcycle to the North American market through a targeted marketing campaign and distribution network.
By following these steps, MiMoto can position itself for success in the dynamic and exciting electric motorcycle market.
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Case Description
The case describes the scientific approach taken by the founders of Mimoto - an electric scooter-sharing company offering dockless, keyless scooters available 24/7 - to develop their business idea. After a successful launch, they must decide whether to scale up their current strategy of renting scooters to individual customers or enter a new segment - renting to businesses (moving goods rather than people).
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