Harvard Case - Which Ecosystem for INSEAD VR Initiative?
"Which Ecosystem for INSEAD VR Initiative?" Harvard business case study is written by Andrew Shipilov, Brian Henry. It deals with the challenges in the field of Strategy. The case study is 11 page(s) long and it was first published on : May 2, 2021
At Fern Fort University, we recommend INSEAD pursue a hybrid ecosystem approach for its VR initiative, leveraging both internal resources and strategic partnerships. This approach will enable INSEAD to capitalize on its existing strengths in education and technology while accessing external expertise and resources to accelerate the development and deployment of its VR platform.
2. Background
This case study focuses on INSEAD's decision to launch a Virtual Reality (VR) initiative to enhance its executive education programs. The case explores the strategic considerations involved in choosing the right ecosystem for this initiative. The main protagonists are Professor David Dubois, the Director of INSEAD's Innovation Lab, and Professor Bruno Lanvin, the Dean of INSEAD. They are tasked with determining the best path forward for the VR initiative, considering various options and potential partners.
3. Analysis of the Case Study
Strategic Analysis:
- Competitive Advantage: INSEAD's VR initiative has the potential to provide a competitive advantage by offering a unique and engaging learning experience, enhancing its reputation as a leading business school.
- SWOT Analysis:
- Strengths: Strong brand reputation, global network, access to leading faculty, existing technology infrastructure.
- Weaknesses: Limited in-house VR expertise, potential for high development costs, risk of technological obsolescence.
- Opportunities: Growing demand for immersive learning experiences, potential for new revenue streams, partnerships with leading VR technology companies.
- Threats: Competition from other business schools, rapid technological advancements, potential for user adoption challenges.
- Porter's Five Forces:
- Threat of New Entrants: High, due to the relative ease of entry for technology-driven educational platforms.
- Bargaining Power of Buyers: Moderate, as students have choices in business schools but value quality and innovation.
- Bargaining Power of Suppliers: Moderate, as VR technology providers are evolving but INSEAD can leverage its size and reputation for negotiation.
- Threat of Substitutes: Moderate, as traditional learning methods still exist, but VR offers a distinct advantage.
- Competitive Rivalry: High, as other business schools are exploring VR and other innovative learning technologies.
- Value Chain Analysis: INSEAD's VR initiative can be analyzed along its value chain, identifying key activities where VR can enhance value creation. This includes:
- Inbound Logistics: Streamlining content development and delivery.
- Operations: Developing immersive simulations and interactive learning experiences.
- Outbound Logistics: Distributing VR content and supporting user access.
- Marketing & Sales: Promoting the VR initiative and attracting new students.
- Service: Providing technical support and user training.
Financial Analysis:
- Business Model Innovation: INSEAD needs to develop a sustainable business model for its VR initiative. This could include:
- Subscription-based access: Offering access to VR content on a monthly or annual basis.
- Bundling VR with existing programs: Including VR experiences as part of existing executive education programs.
- Developing VR-specific programs: Creating new, dedicated VR-based programs for specific industries or topics.
- Cost Analysis: INSEAD needs to carefully assess the costs associated with developing and deploying its VR platform, including:
- Hardware: Purchasing VR headsets and other equipment.
- Software: Licensing VR development software and content creation tools.
- Development: Hiring VR developers and content creators.
- Maintenance: Maintaining and updating the VR platform.
- Revenue Generation: INSEAD needs to identify potential revenue streams from its VR initiative. This could include:
- Tuition fees: Charging higher tuition for VR-enhanced programs.
- Content licensing: Licensing VR content to other institutions or organizations.
- Corporate partnerships: Partnering with companies to develop custom VR training programs.
Marketing Analysis:
- Market Segmentation: INSEAD needs to identify its target market for its VR initiative. This could include:
- Executive education students: Professionals seeking to enhance their skills and knowledge.
- Corporate clients: Companies seeking to train their employees in VR.
- General public: Individuals interested in exploring VR for personal learning and development.
- Marketing Strategy: INSEAD needs to develop a comprehensive marketing strategy to promote its VR initiative. This could include:
- Digital marketing: Using social media, online advertising, and search engine optimization to reach potential users.
- Public relations: Generating media coverage and building relationships with industry influencers.
- Events and webinars: Hosting events and webinars to showcase the VR initiative and its capabilities.
Operational Analysis:
- Technology and Analytics: INSEAD needs to invest in the right technology and analytics tools to support its VR initiative. This includes:
- VR hardware and software: Selecting the best VR hardware and software for its needs.
- Data analytics: Tracking user engagement and performance data to optimize the VR platform.
- Organizational Culture: INSEAD needs to foster a culture of innovation and experimentation to support its VR initiative. This includes:
- Encouraging collaboration: Encouraging collaboration between faculty, staff, and technology experts.
- Embracing change: Being open to new ideas and adapting to the rapidly evolving VR landscape.
4. Recommendations
INSEAD should pursue a hybrid ecosystem approach for its VR initiative, combining internal expertise and strategic partnerships. This approach will enable INSEAD to leverage its existing strengths while accessing external resources to accelerate the development and deployment of its VR platform.
Specific recommendations:
- Establish a dedicated VR team: Create a team of VR experts within INSEAD to manage the development, deployment, and ongoing operations of the VR platform. This team should include faculty, staff, and external consultants with expertise in VR technology, education, and user experience.
- Develop a strategic partnership with a leading VR technology provider: Partner with a company like HTC, Oculus, or Unity to access cutting-edge VR technology, development tools, and technical support. This partnership should be structured to ensure mutual benefit and alignment with INSEAD's strategic goals.
- Pilot VR programs with a focus on specific industries and topics: Start with pilot programs focused on specific industries or topics where VR can provide a significant value proposition. This will allow INSEAD to gather user feedback and refine its VR platform before scaling it to other programs.
- Develop a sustainable business model for the VR initiative: Explore different business models, including subscription-based access, bundling VR with existing programs, and developing VR-specific programs. This will ensure the long-term financial viability of the VR initiative.
- Invest in marketing and outreach to promote the VR initiative: Develop a comprehensive marketing strategy to reach target audiences, including executive education students, corporate clients, and the general public. This should include digital marketing, public relations, and events and webinars.
- Continuously monitor and adapt the VR platform: Regularly monitor user engagement, performance data, and industry trends to identify areas for improvement and adapt the VR platform accordingly.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The hybrid ecosystem approach leverages INSEAD's core competency in education while accessing external expertise in VR technology. This aligns with INSEAD's mission to provide world-class business education and innovation.
- External customers and internal clients: The recommendations consider the needs of both external customers (students and corporate clients) and internal clients (faculty and staff). The VR initiative is designed to enhance the learning experience for students and provide new opportunities for faculty to engage with students.
- Competitors: The recommendations take into account the competitive landscape and the need for INSEAD to differentiate itself from other business schools. The VR initiative offers a unique and engaging learning experience that can set INSEAD apart from its competitors.
- Attractiveness: The hybrid ecosystem approach offers a balance of cost-effectiveness and access to cutting-edge technology. The pilot program approach allows INSEAD to test the VR platform and refine it before scaling it to other programs.
6. Conclusion
By pursuing a hybrid ecosystem approach, INSEAD can leverage its existing strengths and access external expertise to develop and deploy a successful VR initiative. This initiative has the potential to enhance INSEAD's competitive advantage, attract new students and corporate clients, and position INSEAD as a leader in the field of immersive learning.
7. Discussion
Alternatives not selected:
- Fully internal development: This option would be more time-consuming and costly, as INSEAD would need to build its own VR expertise from scratch.
- Full outsourcing: This option would give INSEAD less control over the VR platform and its development.
- Joint venture: This option could be more complex and require greater coordination with a partner.
Risks and key assumptions:
- Technology obsolescence: VR technology is rapidly evolving, and INSEAD needs to ensure that its VR platform remains up-to-date.
- User adoption: There is a risk that students and faculty may not fully embrace the use of VR in their learning experiences.
- Cost overruns: The development and deployment of the VR platform could be more expensive than anticipated.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Hybrid Ecosystem | Leverage internal strengths, access external expertise, cost-effective | Requires coordination and management of multiple partners |
| Fully Internal Development | Complete control over the VR platform | Time-consuming, costly, limited expertise |
| Full Outsourcing | Access to expertise and resources, faster development | Less control, potential for vendor lock-in |
| Joint Venture | Shared risk and investment, access to complementary resources | Complex coordination, potential for conflicts |
8. Next Steps
- Form a VR task force: Establish a task force to develop a detailed plan for the VR initiative, including specific goals, timelines, and budget.
- Conduct a competitive analysis: Analyze the VR initiatives of other business schools to identify best practices and potential areas for differentiation.
- Select a VR technology partner: Conduct a thorough evaluation of potential VR technology partners and select the best fit for INSEAD's needs.
- Develop pilot VR programs: Design and develop pilot VR programs focused on specific industries or topics.
- Launch the VR initiative: Roll out the VR initiative to students and faculty, providing training and support.
- Monitor and evaluate the VR initiative: Continuously monitor user engagement, performance data, and industry trends to identify areas for improvement and adapt the VR platform accordingly.
Timeline:
- Month 1-3: Form a VR task force, conduct a competitive analysis, and select a VR technology partner.
- Month 4-6: Develop pilot VR programs and conduct user testing.
- Month 7-9: Launch the VR initiative and provide training and support to students and faculty.
- Month 10-12: Monitor and evaluate the VR initiative, making adjustments as needed.
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Case Description
The director of the INSEAD Virtual Reality Immersive Learning Initiative, Daniel Landau, must decide what brand of VR headsets to buy for the school and its four campuses. It comes down to a choice between VR devices made by Oculus or PICO Interactive: which is better suited for his small team to create content and deploy it from their hub? Since each brand is embedded in a unique ecosystem, Daniel must evaluate their respective roles and contributions to the goal of delivering an optimal immersive learning experience.
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