Harvard Case - Team Wikispeed: Developing Hardware the Software Way
"Team Wikispeed: Developing Hardware the Software Way" Harvard business case study is written by Martin Kupp, Linus Dahlander, Eric Morrow. It deals with the challenges in the field of Entrepreneurship. The case study is 12 page(s) long and it was first published on : Nov 8, 2013
At Fern Fort University, we recommend that Wikispeed adopt a hybrid approach to its growth strategy, leveraging its innovative, open-source hardware development model while exploring strategic partnerships and potential acquisitions to expand its reach and impact. This strategy will allow Wikispeed to capitalize on its core strengths in disruptive innovation and community engagement while mitigating risks associated with scaling a complex manufacturing operation.
2. Background
The case study focuses on Wikispeed, a company founded by Joe Justice, a serial entrepreneur with a passion for sustainable transportation. Wikispeed?s mission is to revolutionize the automotive industry by developing an open-source, highly efficient, and affordable electric car. The company embraces a ?software-like? approach to hardware development, utilizing online collaboration, open-source design, and community engagement to accelerate innovation and drive down costs.
The main protagonists of the case study are Joe Justice, the founder and CEO of Wikispeed, and the company?s team of passionate engineers and designers. They face the challenge of scaling their innovative model while navigating the complexities of the automotive industry and securing the necessary funding for further development and production.
3. Analysis of the Case Study
Strategic Analysis:
- Disruptive Innovation: Wikispeed?s open-source, modular design approach represents a disruptive innovation in the automotive industry, challenging traditional car manufacturers with its focus on affordability, efficiency, and customization.
- Lean Startup Methodology: The company?s iterative development process, utilizing online collaboration and community feedback, aligns with the lean startup methodology, allowing for rapid prototyping, market validation, and continuous improvement.
- Business Model Innovation: Wikispeed?s open-source model disrupts the traditional closed-loop manufacturing process, creating a collaborative ecosystem of designers, engineers, and manufacturers. This fosters innovation, reduces costs, and potentially increases market reach.
Financial Analysis:
- Bootstrapping: Wikispeed initially relied heavily on bootstrapping, utilizing limited resources and leveraging community support to fund its early development phases.
- Venture Capital: As the company matured, attracting venture capital became crucial for scaling operations and expanding production.
- Crowdfunding: Wikispeed successfully utilized crowdfunding platforms to engage with its community and raise funds for specific projects, demonstrating strong brand loyalty and community support.
Marketing Analysis:
- Entrepreneurial Marketing: Wikispeed effectively leveraged its unique story, community engagement, and open-source platform to generate significant media attention and build brand awareness.
- Viral Marketing: The company?s open-source model facilitated viral marketing through online communities, attracting enthusiasts and potential collaborators.
- Content Marketing: Wikispeed actively engaged in content marketing, sharing technical documentation, design files, and educational resources to build a strong online presence and foster a passionate community.
4. Recommendations
1. Strategic Partnerships:
- Collaborate with established automotive manufacturers: Partner with larger companies to leverage their manufacturing capabilities, distribution networks, and brand recognition.
- Seek partnerships with technology companies: Explore collaborations with tech companies specializing in electric vehicle technology, battery management systems, and software development.
- Joint ventures with universities and research institutions: Collaborate with academic institutions to access cutting-edge research, talent pools, and potential funding opportunities.
2. Selective Acquisitions:
- Acquire smaller, specialized companies: Consider acquiring companies with complementary technologies, manufacturing expertise, or established supply chains.
- Focus on strategic acquisitions: Prioritize acquisitions that align with Wikispeed?s core mission and enhance its competitive advantage.
3. Continued Community Engagement:
- Maintain and expand the open-source platform: Continue fostering an active online community, encouraging collaboration and innovation.
- Develop educational programs: Offer workshops, online courses, and technical documentation to empower individuals and organizations to build their own Wikispeed-based vehicles.
- Create a global network of Wikispeed enthusiasts: Establish regional chapters and events to foster a sense of community and promote the adoption of Wikispeed technology.
4. Targeted Market Segmentation:
- Focus on specific market segments: Identify niche markets where Wikispeed?s unique value proposition resonates, such as environmentally conscious consumers, DIY enthusiasts, and emerging markets.
- Develop tailored marketing campaigns: Create targeted marketing campaigns that address the specific needs and preferences of each identified market segment.
5. Strategic Funding:
- Diversify funding sources: Explore a combination of venture capital, crowdfunding, government grants, and strategic partnerships to secure the necessary resources.
- Develop a robust financial model: Create a detailed financial plan that outlines revenue projections, cost structure, and funding requirements to attract investors.
5. Basis of Recommendations
This recommendation considers the following:
- Core competencies and consistency with mission: The proposed strategy leverages Wikispeed?s core competencies in open-source innovation, community engagement, and disruptive technology while remaining consistent with its mission of revolutionizing the automotive industry.
- External customers and internal clients: The strategy addresses the needs of both external customers seeking affordable, sustainable transportation and internal clients, including engineers and designers, by providing opportunities for collaboration and growth.
- Competitors: The proposed strategy positions Wikispeed to compete effectively with traditional automotive manufacturers by leveraging its unique open-source model, community engagement, and disruptive innovation.
- Attractiveness - quantitative measures: While specific financial projections are not provided in the case study, the proposed strategy aims to increase market reach, improve profitability, and attract investors through strategic partnerships and acquisitions.
6. Conclusion
By embracing a hybrid approach that leverages its open-source model, cultivates strategic partnerships, and explores selective acquisitions, Wikispeed can achieve sustainable growth while maintaining its commitment to disruptive innovation and community engagement. This strategy positions the company to become a leader in the rapidly evolving electric vehicle market and contribute to a more sustainable future.
7. Discussion
Alternatives:
- Focusing solely on organic growth: While organic growth is possible, it may be slow and require significant capital investment.
- Pursuing a traditional manufacturing model: This would require significant capital investment and potentially compromise Wikispeed?s innovative, open-source approach.
Risks:
- Loss of control: Partnering with larger companies or acquiring smaller companies may lead to a loss of control over the company?s vision and direction.
- Cultural clashes: Integrating different company cultures and management styles can be challenging.
- Integration difficulties: Merging operations and systems can be complex and time-consuming.
Key Assumptions:
- The market for affordable, sustainable electric vehicles will continue to grow.
- Wikispeed?s open-source model will remain attractive to both consumers and partners.
- The company will be able to secure the necessary funding for its growth strategy.
8. Next Steps
Timeline:
- Year 1: Establish strategic partnerships, explore potential acquisitions, and develop a detailed financial model.
- Year 2: Implement initial partnerships, acquire a key company, and launch targeted marketing campaigns.
- Year 3: Expand production capacity, establish a global network of enthusiasts, and explore new market segments.
Key Milestones:
- Secure funding for strategic partnerships and acquisitions.
- Identify and finalize key partnerships.
- Complete due diligence and finalize acquisition agreements.
- Launch targeted marketing campaigns for specific market segments.
- Expand production capacity to meet increasing demand.
- Establish a global network of Wikispeed enthusiasts.
By implementing these recommendations and closely monitoring progress, Wikispeed can successfully navigate the complexities of the automotive industry and achieve its ambitious goals of revolutionizing transportation and creating a more sustainable future.
Hire an expert to write custom solution for HBR Entrepreneurhsip case study - Team Wikispeed: Developing Hardware the Software Way
- Launching Steering Green Company Case Greenfield Software
- Powers Internet Edition Google Apple Facebook Amazon Microsoft
- Corporates Coinnovate Startups Bmw Startup Garage
- Disruption Detroit Ford Silicon Valley Beyond
- Grab Building Leading Oo Technology Company Southeast Asia
- Local Motors Designed Crowd Built Customer
- Innovation Collaborative Partnerships Creating Msn News Ipad App Vanceinfo Technologies
- Ath Technologies Making Numbers
- Renaultnissanmitsubishi Strategic Alliance Past Accomplishments Future Challenges
- Amazon Apple Facebook Google
- Driving Future Autonomous Vehicles Will Change Industries Strategy
- Exploratory Study Capabilities Assets Smalltomedium Software Enterprise
Case Description
In 2008 Joe Justice saw the announcement for the Progressive Insurance X Prize-a $10 million prize aimed at the (im)possibility to build a 100 miles per gallon (mpg) car to road-legal safety specifications. Joe persuaded his wife to use their college grad savings of $5,000 to pay the registration fee. He started the work alone but blogged about what he was doing and what he was learning. Through social networking tools like Facebook and WordPress bloggers who shared his interest learned about his project. Some of these people joined Joe in his endeavor to tackle the challenge. Only three months later, Wikispeed had been formed. It counted 44 members in four countries, and had a functioning prototype which was entered in the X Prize competition. In 2010 they came in 10th in the mainstream class, outrunning more than one hundred other cars from well-funded companies and universities around the world. Following the press reaction to the success of team Wikispeed in 2011 they were invited to showcase their concept car at the Detroit auto show, the largest motor show in the world. Their car, the SGT01, was put on display in Cobo Hall right next to Ford and Chevrolet. Wikispeed was contacted by more than a hundred people who were interested in joining the team as well as in ordering the prototype. By 2013, more than five hundred people had joined team Wikispeed. They had also sold nine prototypes. The immediate issue of the case study is the decision whether the team should use a pair of existing axles, cut and welded them together to the right length for the next iteration of their prototype or develop their own pair of axles from scratch. More fundamentally, this case study looks at the way team Wikispeed used tools from the world of software development, such as modularity, which they call object-oriented architecture, scrum, and extreme manufacturing (XM) to organize their innovation efforts.
🎓 Struggling with term papers, essays, or Harvard case studies? Look no further! Fern Fort University offers top-quality, custom-written solutions tailored to your needs. Boost your grades and save time with expertly crafted content. Order now and experience academic excellence! 🌟📚 #MBA #HarvardCaseStudies #CustomEssays #AcademicSuccess #StudySmart Write my custom case study solution for Harvard HBR case - Team Wikispeed: Developing Hardware the Software Way
Hire an expert to write custom solution for HBR Entrepreneurhsip case study - Team Wikispeed: Developing Hardware the Software Way
Team Wikispeed: Developing Hardware the Software Way FAQ
What are the qualifications of the writers handling the "Team Wikispeed: Developing Hardware the Software Way" case study?
Our writers hold advanced degrees in their respective fields, including MBAs and PhDs from top universities. They have extensive experience in writing and analyzing complex case studies such as " Team Wikispeed: Developing Hardware the Software Way ", ensuring high-quality, academically rigorous solutions.
How do you ensure confidentiality and security in handling client information?
We prioritize confidentiality by using secure data encryption, access controls, and strict privacy policies. Apart from an email, we don't collect any information from the client. So there is almost zero risk of breach at our end. Our financial transactions are done by Paypal on their website so all your information is very secure.
What is Fern Fort Univeristy's process for quality control and proofreading in case study solutions?
The Team Wikispeed: Developing Hardware the Software Way case study solution undergoes a rigorous quality control process, including multiple rounds of proofreading and editing by experts. We ensure that the content is accurate, well-structured, and free from errors before delivery.
Where can I find free case studies solution for Harvard HBR Strategy Case Studies?
At Fern Fort University provides free case studies solutions for a variety of Harvard HBR case studies. The free solutions are written to build "Wikipedia of case studies on internet". Custom solution services are written based on specific requirements. If free solution helps you with your task then feel free to donate a cup of coffee.
I’m looking for Harvard Business Case Studies Solution for Team Wikispeed: Developing Hardware the Software Way. Where can I get it?
You can find the case study solution of the HBR case study "Team Wikispeed: Developing Hardware the Software Way" at Fern Fort University.
Can I Buy Case Study Solution for Team Wikispeed: Developing Hardware the Software Way & Seek Case Study Help at Fern Fort University?
Yes, you can order your custom case study solution for the Harvard business case - "Team Wikispeed: Developing Hardware the Software Way" at Fern Fort University. You can get a comprehensive solution tailored to your requirements.
Can I hire someone only to analyze my Team Wikispeed: Developing Hardware the Software Way solution? I have written it, and I want an expert to go through it.
🎓 Struggling with term papers, essays, or Harvard case studies? Look no further! Fern Fort University offers top-quality, custom-written solutions tailored to your needs. Boost your grades and save time with expertly crafted content. Order now and experience academic excellence! 🌟📚 #MBA #HarvardCaseStudies #CustomEssays #AcademicSuccess #StudySmart Pay an expert to write my HBR study solution for the case study - Team Wikispeed: Developing Hardware the Software Way
Where can I find a case analysis for Harvard Business School or HBR Cases?
You can find the case study solution of the HBR case study "Team Wikispeed: Developing Hardware the Software Way" at Fern Fort University.
Which are some of the all-time best Harvard Review Case Studies?
Some of our all time favorite case studies are -
Can I Pay Someone To Solve My Case Study - "Team Wikispeed: Developing Hardware the Software Way"?
Yes, you can pay experts at Fern Fort University to write a custom case study solution that meets all your professional and academic needs.
Do I have to upload case material for the case study Team Wikispeed: Developing Hardware the Software Way to buy a custom case study solution?
We recommend to upload your case study because Harvard HBR case studies are updated regularly. So for custom solutions it helps to refer to the same document. The uploading of specific case materials for Team Wikispeed: Developing Hardware the Software Way ensures that the custom solution is aligned precisely with your needs. This helps our experts to deliver the most accurate, latest, and relevant solution.
What is a Case Research Method? How can it be applied to the Team Wikispeed: Developing Hardware the Software Way case study?
The Case Research Method involves in-depth analysis of a situation, identifying key issues, and proposing strategic solutions. For "Team Wikispeed: Developing Hardware the Software Way" case study, this method would be applied by examining the case’s context, challenges, and opportunities to provide a robust solution that aligns with academic rigor.
"I’m Seeking Help with Case Studies,” How can Fern Fort University help me with my case study assignments?
Fern Fort University offers comprehensive case study solutions, including writing, analysis, and consulting services. Whether you need help with strategy formulation, problem-solving, or academic compliance, their experts are equipped to assist with your assignments.
Achieve academic excellence with Fern Fort University! 🌟 We offer custom essays, term papers, and Harvard HBR business case studies solutions crafted by top-tier experts. Experience tailored solutions, uncompromised quality, and timely delivery. Elevate your academic performance with our trusted and confidential services. Visit Fern Fort University today! #AcademicSuccess #CustomEssays #MBA #CaseStudies
How do you handle tight deadlines for case study solutions?
We are adept at managing tight deadlines by allocating sufficient resources and prioritizing urgent projects. Our team works efficiently without compromising quality, ensuring that even last-minute requests are delivered on time
What if I need revisions or edits after receiving the case study solution?
We offer free revisions to ensure complete client satisfaction. If any adjustments are needed, our team will work closely with you to refine the solution until it meets your expectations.
How do you ensure that the case study solution is plagiarism-free?
All our case study solutions are crafted from scratch and thoroughly checked using advanced plagiarism detection software. We guarantee 100% originality in every solution delivered
How do you handle references and citations in the case study solutions?
We follow strict academic standards for references and citations, ensuring that all sources are properly credited according to the required citation style (APA, MLA, Chicago, etc.).