Harvard Case - Market for Judgement: Creative Destruction Lab
"Market for Judgement: Creative Destruction Lab" Harvard business case study is written by Karim R. Lakhani, Hong Luo, Laura Katsnelson. It deals with the challenges in the field of Strategy. The case study is 23 page(s) long and it was first published on : Jan 4, 2019
At Fern Fort University, we recommend a strategic partnership with Creative Destruction Lab (CDL) to enhance the University's entrepreneurial ecosystem, foster innovation, and drive economic growth. This partnership will involve CDL establishing a presence at Fern Fort University, leveraging their expertise in mentoring and accelerating high-growth startups, and providing access to their global network of investors and advisors.
2. Background
Creative Destruction Lab (CDL) is a non-profit organization dedicated to accelerating the growth of science-based startups. CDL operates globally, with programs in various locations, including Canada, the United States, and the United Kingdom. The organization's mission is to create a global network of entrepreneurs, mentors, investors, and researchers to drive innovation and economic growth.
The case study focuses on CDL's impact on the Canadian startup ecosystem. CDL's model involves a rigorous selection process, a structured mentorship program, and access to a network of investors and advisors. This approach has proven successful in helping startups scale their businesses, attract investment, and create jobs.
3. Analysis of the Case Study
This case study provides a compelling example of how a non-profit organization can drive innovation and economic growth through a structured approach to mentoring and accelerating startups. We can analyze CDL's success using several frameworks:
Porter's Five Forces: CDL operates within the competitive landscape of startup accelerators and incubators. Analyzing the forces reveals:
- Threat of New Entrants: High - The startup accelerator market is relatively easy to enter, with new players emerging regularly.
- Bargaining Power of Buyers: Low - Startups are typically eager to participate in accelerator programs and have limited bargaining power.
- Bargaining Power of Suppliers: Low - CDL's suppliers are primarily mentors and investors, who are typically motivated by the potential for high returns.
- Threat of Substitute Products: High - Startups have access to various resources and support systems, including university incubators, angel investors, and venture capital firms.
- Competitive Rivalry: High - The market is characterized by intense competition among accelerators and incubators, vying for the best startups and talent.
Value Chain Analysis: CDL's value chain can be broken down into key activities:
- Inbound Logistics: Sourcing mentors, investors, and startups through a rigorous selection process.
- Operations: Providing structured mentorship programs, workshops, and access to resources.
- Outbound Logistics: Connecting startups with investors and advisors, facilitating market entry, and supporting growth.
- Marketing & Sales: Promoting CDL's programs and attracting high-quality startups.
- Service: Providing ongoing support and guidance to startups throughout their journey.
SWOT Analysis: CDL's strengths include its strong brand reputation, experienced mentors, and established network. However, the organization faces challenges such as competition from other accelerators and the need to constantly adapt to evolving market trends.
Disruptive Innovation: CDL's approach to mentoring and accelerating startups can be considered a disruptive innovation. By providing a structured program that focuses on science-based startups, CDL is challenging the traditional model of venture capital investment and creating a new ecosystem for innovation.
4. Recommendations
Fern Fort University should pursue a strategic partnership with CDL to establish a presence on campus. This partnership should involve:
- CDL Establishing a Presence: CDL should establish a physical presence at Fern Fort University, providing access to its mentorship program, resources, and network.
- Joint Programs: Fern Fort University and CDL should collaborate to develop joint programs, such as workshops, seminars, and hackathons, to foster entrepreneurship and innovation among students and faculty.
- Access to CDL's Network: Fern Fort University should provide its students and faculty with access to CDL's network of mentors, investors, and advisors.
- Research Collaboration: Fern Fort University should explore research collaborations with CDL, leveraging the organization's expertise in science-based startups and its network of researchers.
5. Basis of Recommendations
This partnership aligns with Fern Fort University's mission to foster innovation and economic growth. The partnership will provide several benefits:
- Enhance Entrepreneurial Ecosystem: CDL's presence will enhance the entrepreneurial ecosystem at Fern Fort University, providing students and faculty with access to mentorship, resources, and networks.
- Drive Innovation: The partnership will drive innovation by fostering the development of science-based startups and promoting research collaboration.
- Economic Growth: The partnership will contribute to economic growth by creating jobs and supporting the development of new businesses.
The partnership is attractive due to:
- Strong Brand Reputation: CDL's strong brand reputation will enhance the prestige of Fern Fort University.
- Experienced Mentors: CDL's network of experienced mentors will provide valuable guidance to startups.
- Access to Investors: CDL's network of investors will provide access to capital for startups.
6. Conclusion
A strategic partnership with CDL presents a compelling opportunity for Fern Fort University to enhance its entrepreneurial ecosystem, foster innovation, and drive economic growth. By leveraging CDL's expertise and network, the University can create a thriving hub for science-based startups and contribute to the development of a more robust and innovative economy.
7. Discussion
Alternative options include:
- Developing an in-house accelerator program: This option would require significant investment and expertise, and it may be difficult to replicate CDL's success.
- Partnering with a different accelerator: While other accelerators exist, CDL offers a unique model focused on science-based startups and has a strong track record.
Key risks include:
- Competition from other accelerators: The market for startup accelerators is competitive, and Fern Fort University needs to ensure its partnership with CDL is mutually beneficial.
- Startup success rate: Not all startups succeed, and Fern Fort University needs to be prepared for some failures.
- Resource allocation: The University needs to allocate sufficient resources to support the partnership with CDL.
8. Next Steps
- Negotiate a partnership agreement: Fern Fort University should negotiate a formal partnership agreement with CDL, outlining the terms of the collaboration.
- Develop joint programs: Fern Fort University and CDL should work together to develop joint programs, such as workshops, seminars, and hackathons.
- Promote the partnership: Fern Fort University should promote the partnership with CDL to students, faculty, and the broader community.
- Monitor and evaluate the partnership: Fern Fort University should regularly monitor and evaluate the partnership to ensure it is meeting its objectives.
By taking these steps, Fern Fort University can successfully establish a strategic partnership with CDL and leverage its expertise to drive innovation and economic growth.
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