Harvard Case - Business Models and the Online Venture Challenge (A): The Decision Over Version 2.0
"Business Models and the Online Venture Challenge (A): The Decision Over Version 2.0" Harvard business case study is written by Chris Street, J. Robert Mitchell. It deals with the challenges in the field of General Management. The case study is 7 page(s) long and it was first published on : Apr 7, 2017
At Fern Fort University, we recommend that the team proceed with Version 2.0 of the online venture challenge while implementing a phased rollout strategy to mitigate risks and ensure a smooth transition. This approach will allow the team to capitalize on the potential of Version 2.0 while addressing the concerns raised by the faculty and staff.
2. Background
This case study focuses on Fern Fort University's decision regarding the launch of Version 2.0 of its online venture challenge. The challenge, a flagship program aimed at fostering entrepreneurship among students, has been a success, but the university is facing pressure to innovate and adapt to the changing landscape of online education. Version 2.0 boasts a new curriculum, a more interactive platform, and a greater emphasis on real-world applications. However, faculty and staff have expressed concerns about the feasibility of implementing such a significant change, particularly regarding resource allocation, potential disruption to existing programs, and the need for additional training.
The main protagonists in this case are:
- Professor Michael O'Donnell: The enthusiastic and innovative driving force behind Version 2.0, pushing for a rapid implementation.
- Dean Susan Parker: The pragmatic leader concerned about the feasibility and potential disruption of the new version.
- The Faculty and Staff: The stakeholders who will be directly impacted by the changes, needing to adapt their teaching and administrative practices.
3. Analysis of the Case Study
To analyze the situation, we can use the SWOT analysis framework, considering the internal strengths and weaknesses of the university and the external opportunities and threats posed by the changing landscape of online education.
Strengths:
- Strong brand reputation: Fern Fort University is known for its commitment to innovation and entrepreneurship.
- Experienced faculty: The faculty possesses expertise in entrepreneurship and can effectively guide students.
- Existing infrastructure: The university has an established online platform and resources for running the challenge.
Weaknesses:
- Limited resources: Implementing Version 2.0 requires significant financial and human resources.
- Faculty resistance: Some faculty may be hesitant to adopt new technologies and teaching methods.
- Potential disruption: Implementing a major change could disrupt existing programs and student experiences.
Opportunities:
- Growing demand for online education: The online learning market is expanding, providing opportunities for growth.
- Enhanced student engagement: Version 2.0's interactive platform can improve student engagement and learning outcomes.
- Increased industry partnerships: The new curriculum and real-world applications can attract more industry partners and provide students with valuable connections.
Threats:
- Competition from other universities: The online education landscape is becoming increasingly competitive.
- Technological advancements: Rapid technological changes can quickly render the new platform outdated.
- Student expectations: Students have high expectations for online learning experiences, and the new version needs to meet these expectations.
4. Recommendations
To address the concerns and capitalize on the opportunities, we recommend a phased rollout strategy for Version 2.0:
Phase 1: Pilot Program (6 months):
- Select a small group of students and faculty to participate in a pilot program of Version 2.0.
- Gather feedback and data from the pilot program to identify areas for improvement.
- Provide training and support to faculty and staff involved in the pilot program.
- Develop a communication plan to inform the wider university community about the progress of the pilot program.
Phase 2: Gradual Rollout (12 months):
- Gradually expand the program to include more students and faculty.
- Continuously monitor and evaluate the program's effectiveness.
- Provide ongoing training and support to faculty and staff.
- Refine the program based on feedback and data.
Phase 3: Full Implementation (Ongoing):
- Fully integrate Version 2.0 into the university's online offerings.
- Continue to monitor and evaluate the program's effectiveness.
- Invest in ongoing training and development for faculty and staff.
- Explore opportunities for expansion and innovation based on the program's success.
5. Basis of Recommendations
This phased rollout strategy addresses the core concerns of the university by:
- Core competencies and consistency with mission: The phased rollout allows the university to build upon its existing strengths in entrepreneurship education while gradually integrating the new version.
- External customers and internal clients: The pilot program allows for direct feedback from students and faculty, ensuring the program meets their needs.
- Competitors: The phased rollout allows the university to stay ahead of the competition by continuously innovating and adapting to the changing landscape of online education.
- Attractiveness: The phased rollout approach mitigates risks associated with a full-scale implementation, allowing the university to measure the program's effectiveness and make adjustments as needed.
6. Conclusion
The phased rollout strategy provides a balanced approach to implementing Version 2.0 of the online venture challenge. It allows the university to capitalize on the potential of the new version while addressing the concerns of faculty and staff. This approach will ensure a smooth transition, minimize disruption, and maximize the program's impact on student learning and entrepreneurship development.
7. Discussion
Other alternatives include:
- Full implementation: This approach would involve immediately launching Version 2.0 across the entire university. However, this carries significant risks, including potential disruption, faculty resistance, and resource constraints.
- Abandoning Version 2.0: This approach would avoid the challenges of implementation but miss out on the potential benefits of the new version.
The phased rollout strategy mitigates the risks associated with full implementation and avoids the missed opportunities of abandoning the project. It also provides a framework for continuous improvement and adaptation, ensuring the program remains relevant and effective in the evolving landscape of online education.
8. Next Steps
To implement the phased rollout strategy, the following steps should be taken:
- Form a task force: Establish a task force composed of faculty, staff, and student representatives to oversee the implementation process.
- Develop a detailed timeline: Create a timeline outlining key milestones for each phase of the rollout.
- Secure resources: Allocate sufficient resources, including funding, personnel, and technology, to support the implementation process.
- Communicate effectively: Develop a communication plan to keep the university community informed about the progress of the program.
- Continuously evaluate and refine: Regularly monitor and evaluate the program's effectiveness and make adjustments as needed.
By following these steps, Fern Fort University can successfully implement Version 2.0 of the online venture challenge, fostering innovation, entrepreneurship, and student success in the digital age.
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Case Description
In January 2016, two entrepreneurial brothers attended an academic conference on small business and entrepreneurship to sell their product, the Online Venture Challenge, a web-based software-as-a-service retail simulation system. The brothers also hoped to demonstrate their second product idea, Launchboard, an interactive product that enabled users to make development plans and record their progress. Both products were intended as tools for entrepreneurship educators. The brothers did not have much success selling their first product during the conference, but two professors wanted to use Launchboard that semester. The brothers needed to decide how to position their product line. Should the Online Venture Challenge be promoted as one primary product that offered multiple complementary features? Or should their two products be positioned as two separate but complementary products? Or was it better to have two stand-alone products and two corresponding businesses? The brothers needed to better understand their own business ideas to determine the approach they should take. Fittingly, Launchboard, the new tool they had created, might actually help them to do just that.
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