IMD business school for management and leadership courses

Awards & Honors
Report
NatWest Group and IMD: Igniting the transformation to a future-oriented learning organization

In 2022, the NatWest Executive Committee (ExCo) shifted its strategy to focus increasingly on growth. The previous 15 years had been spent on restructuring and reshaping following a government recapitalisation in 2008. For the ExCo to transform NatWest into a future-ready bank, it embarked on a four-retreat engagement with IMD to help it develop…

Organizational Learning Organizational Change Business Transformation Innovation
EFMD Excellence in Practice Awards 2025 Gold Award – Leadership Development Category
By Martin Fellenz, Goutam Challagalla, Howard H. Yu, Nancy Lane, Drazen Raguz and Victoria Kemanian
EFMD Excellence in Practice Awards, 2025
NatWest Group and IMD: Igniting the transformation to a future-oriented learning organization
By Martin Fellenz Goutam Challagalla Howard H. Yu Nancy Lane Drazen Raguz and Victoria Kemanian
EFMD Excellence in Practice Awards, 2025
Summary
In 2022, the NatWest Executive Committee (ExCo) shifted its strategy to focus increasingly on growth. The previous 15 years had been spent on restructuring and reshaping following a government recapitalisation in 2008. For the ExCo to transform NatWest into a future-ready bank, it embarked on a four-retreat engagement with IMD to help it develop…
EFMD Excellence in Practice Awards 2025 Gold Award – Leadership Development Category
Copyright ©2025
Copyright owner External Copyright
Available Languages English
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Case Study
Not so black and white: Grupo Inca’s black alpaca dilemma (B)

Picking up where Case A ends, Case B reveals that Grupo Inca decided to innovate internally and develop a new fabric from the rare black alpaca fiber. After nearly three years of effort, the Inoue brothers’ dream of creating a luxury collection from undyed black alpaca fiber became a reality. The collaboration between the Inoue brothers, Incalpa…

Social Innovation Business Ethics Sustainability
2024 EFMD Case Writing Competition Award – Responsible Business Category
By Vanina Farber, Carolina Duran Silva, Baris Silahcioglu, Hugo ten Zijthoff and Shih-Han Huang
Case reference: IMD-7-2610, © 2024
Not so black and white: Grupo Inca’s black alpaca dilemma (B)
By Vanina Farber Carolina Duran Silva Baris Silahcioglu Hugo ten Zijthoff and Shih-Han Huang
Case reference: IMD-7-2610 ©2024
Summary
Picking up where Case A ends, Case B reveals that Grupo Inca decided to innovate internally and develop a new fabric from the rare black alpaca fiber. After nearly three years of effort, the Inoue brothers’ dream of creating a luxury collection from undyed black alpaca fiber became a reality. The collaboration between the Inoue brothers, Incalpa…
2024 EFMD Case Writing Competition Award – Responsible Business Category
Reference IMD-7-2610
Copyright ©2024
Copyright owner IMD Copyright
Organization Grupo Inca
Industry Manufacturing, Textile
Available Languages English
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Professors honored by The Case Centre among the top 50 best-selling case authors (2023/2024)
Kamran Kashani
Kamran Kashani
Emeritus Professor
Peter Killing
Peter Killing
Emeritus Professor
Dominique Turpin
Dominique Turpin
Emeritus Professor
Stefan Michel
Stefan Michel
Professor
Carlos Cordon
Carlos Cordon
Professor
Case Study
Not so black and white: Grupo Inca’s black alpaca dilemma (A)

Grupo Inca, a conglomerate that owned Peru’s leading textile business with a long history of working with alpaca fleece, was at a crossroads regarding the conservation and commercialization of black alpaca fiber. Historically, black alpacas were as common as their lighter-colored counterparts, but market preferences drove them to near extinction…

Social Innovation Business Ethics Sustainability
2024 EFMD Case Writing Competition Award – Responsible Business Category; The Case Centre Awards and Competitions Winner 2025 – Outstanding Compact Case
By Vanina Farber, Carolina Duran Silva, Baris Silahcioglu, Hugo ten Zijthoff and Shih-Han Huang
Case reference: IMD-7-2609, © 2024
Not so black and white: Grupo Inca’s black alpaca dilemma (A)
By Vanina Farber Carolina Duran Silva Baris Silahcioglu Hugo ten Zijthoff and Shih-Han Huang
Case reference: IMD-7-2609 ©2024
Summary
Grupo Inca, a conglomerate that owned Peru’s leading textile business with a long history of working with alpaca fleece, was at a crossroads regarding the conservation and commercialization of black alpaca fiber. Historically, black alpacas were as common as their lighter-colored counterparts, but market preferences drove them to near extinction…
2024 EFMD Case Writing Competition Award – Responsible Business Category; The Case Centre Awards and Competitions Winner 2025 – Outstanding Compact Case
Reference IMD-7-2609
Copyright ©2024
Copyright owner IMD Copyright
Organization Grupo Inca
Industry Manufacturing, Textile
Available Languages English
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Case Study
Moon Creative Lab: Mitsui’s venture studio

This case follows the steps taken by Kaichi Yokoyama, Moon Creative Lab’s CEO, to establish the entity as a pioneering venture studio and entrepreneurial talent development entity within the Mitsui Group. As a corporate venture, the story began in 2018 when Kaichi embarked on a mission to reshape Mitsui’s deeply entrenched traditions and pursue …

Entrepreneurship Venture Capital
2024 EFMD Case Writing Competition Award – Continuous Improvement: The Journey to Excellence Category
By Benoit F. Leleux, Jim Pulcrano, Adam Hansson Tönning, Alexandra Loboda, Anette Papuga and Daisuke Shinohara
Case reference: IMD-7-2544, © 2024
Moon Creative Lab: Mitsui’s venture studio
By Benoit F. Leleux Jim Pulcrano Adam Hansson Tönning Alexandra Loboda Anette Papuga and Daisuke Shinohara
Case reference: IMD-7-2544 ©2024
Summary
This case follows the steps taken by Kaichi Yokoyama, Moon Creative Lab’s CEO, to establish the entity as a pioneering venture studio and entrepreneurial talent development entity within the Mitsui Group. As a corporate venture, the story began in 2018 when Kaichi embarked on a mission to reshape Mitsui’s deeply entrenched traditions and pursue …
2024 EFMD Case Writing Competition Award – Continuous Improvement: The Journey to Excellence Category
Reference IMD-7-2544
Copyright ©2024
Copyright owner IMD Copyright
Organization Moon Creative Lab, Mitsui Group
Industry Finance and Insurance, Venture Capital
Available Languages English
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Case Study
AMAG: Creating its own future in a disrupted automotive industry

AMAG is Switzerland’s premier automotive retail and service company, holding exclusive rights to import Volkswagen Group car brands such as Audi, Volkswagen, Skoda, Cupra and Seat. In 2022 AMAG had 7,300 employees and a revenue of CHF 4.4 billion. The electrification of the automotive industry and the introduction of the agency model by the Volk…

Strategy Business Transformation
The Case Centre Awards and Competitions Winner 2025 – Outstanding Case Writer; 2024 John Molson MBA International Case Writing Competition – 2nd prize
By Stefan Michel, Daniel Gerber, Vikas Munjal, David Rivière, Stephan Thalmann and Esther Lind
Case reference: IMD-7-2498, © 2023
AMAG: Creating its own future in a disrupted automotive industry
By Stefan Michel Daniel Gerber Vikas Munjal David Rivière Stephan Thalmann and Esther Lind
Case reference: IMD-7-2498 ©2023
Summary
AMAG is Switzerland’s premier automotive retail and service company, holding exclusive rights to import Volkswagen Group car brands such as Audi, Volkswagen, Skoda, Cupra and Seat. In 2022 AMAG had 7,300 employees and a revenue of CHF 4.4 billion. The electrification of the automotive industry and the introduction of the agency model by the Volk…
The Case Centre Awards and Competitions Winner 2025 – Outstanding Case Writer; 2024 John Molson MBA International Case Writing Competition – 2nd prize
Reference IMD-7-2498
Copyright ©2023
Copyright owner IMD Copyright
Organization AMAG Group
Industry Automotive
Available Languages English
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Case Study
Nespresso: Strategy reset for growth: The youth market

Nespresso, the global leading brand in portioned coffee, is facing an existential threat. The company’s current market base, which consists primarily of aging consumers, is likely to decline in the medium to long term. To compensate for the certain shortfall, the company needs to attract young coffee drinkers among Millennials and Generation Z, …

Marketing Strategy Sustainability
The Case Centre Awards and Competitions Winner 2025 – Overall Award
By Kamran Kashani and Goutam Challagalla
Case reference: IMD-7-2479, © 2023
Nespresso: Strategy reset for growth: The youth market
By Kamran Kashani and Goutam Challagalla
Case reference: IMD-7-2479 ©2023
Summary
Nespresso, the global leading brand in portioned coffee, is facing an existential threat. The company’s current market base, which consists primarily of aging consumers, is likely to decline in the medium to long term. To compensate for the certain shortfall, the company needs to attract young coffee drinkers among Millennials and Generation Z, …
The Case Centre Awards and Competitions Winner 2025 – Overall Award
Reference IMD-7-2479
Copyright ©2023
Copyright owner IMD Copyright
Organization Nespresso
Industry Consumer Goods, Coffee
Available Languages English
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Case Study
Future-proofing HEINEKEN: The EverGreen strategy

Dolf van den Brink, CEO of HEINEKEN, left the company’s global headquarters in Amsterdam for a company retreat. Over the next three days, the entire executive team would gather to discuss the company’s future. The preliminary results for 2022, presented during the recent two-day Capital Markets Event, were positive, and the company’s progress on…

Digital Disruption Sustainability Global Business Leadership Strategy
The Case Centre Awards and Competitions 2025 – Strategy and General Management Category; 2023 EFMD Case Writing Competition Award – Continuous Improvement: The Journey to Excellence Category
Best-selling Case Study
By Niccolò Pisani and Inès Augier
Case reference: IMD-7-2423, © 2023
Future-proofing HEINEKEN: The EverGreen strategy
By Niccolò Pisani and Inès Augier
Case reference: IMD-7-2423 ©2023
Summary
Dolf van den Brink, CEO of HEINEKEN, left the company’s global headquarters in Amsterdam for a company retreat. Over the next three days, the entire executive team would gather to discuss the company’s future. The preliminary results for 2022, presented during the recent two-day Capital Markets Event, were positive, and the company’s progress on…
The Case Centre Awards and Competitions 2025 – Strategy and General Management Category; 2023 EFMD Case Writing Competition Award – Continuous Improvement: The Journey to Excellence Category
Best-selling Case Study
Reference IMD-7-2423
Copyright ©2023
Copyright owner IMD Copyright
Organization HEINEKEN
Industry Consumer Goods, Beer
Available Languages English
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Article
Sight unseen: The visibility paradox of entrepreneurship in an informal economy

In many informal economies, entrepreneurs face a visibility paradox: increasing visibility to resource-granting stakeholders simultaneously increases exposure to resource-extracting stakeholders. To investigate this phenomenon, we leverage a unique, hand-collected, small-area census dataset of firms in the township of Delft in Cape Town, South A…

Entrepreneurship
2024 Best Paper Award – Journal of Business Venturing / Lazaridis Institute
By Robert S. Nason, Siddharth Vedula, Joel Bothello, Sophie Bacq and Andrew Charman
in Journal of Business Venturing
March 2024, vol. 39, no. 2, 106364, https://doi.org/10.1016/j.jbusvent.2023.106364
Sight unseen: The visibility paradox of entrepreneurship in an informal economy
By Robert S. Nason Siddharth Vedula Joel Bothello Sophie Bacq and Andrew Charman
in Journal of Business Venturing March 2024, vol. 39, no. 2, 106364, https://doi.org/10.1016/j.jbusvent.2023.106364
Summary
In many informal economies, entrepreneurs face a visibility paradox: increasing visibility to resource-granting stakeholders simultaneously increases exposure to resource-extracting stakeholders. To investigate this phenomenon, we leverage a unique, hand-collected, small-area census dataset of firms in the township of Delft in Cape Town, South A…
2024 Best Paper Award – Journal of Business Venturing / Lazaridis Institute
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Book
Your strategy needs a strategy: How to choose and execute the right approach

You think you have a winning strategy. But do you? Executives are bombarded with bestselling ideas and best practices for achieving competitive advantage, but many of these ideas and practices contradict each other. Should you aim to be big or fast? Should you create a blue ocean, be adaptive, play to win–or forget about a sustainable competiti…

Strategy Leadership General Management
Featured in BookAuthority’s list of the best business strategy audiobooks of all time
By Martin Reeves, Knut Bjarne Haanaes and Janmejaya Sinha
Published by Harvard Business Review Press, © 2015
Your strategy needs a strategy: How to choose and execute the right approach
By Martin Reeves Knut Bjarne Haanaes and Janmejaya Sinha
Published by Harvard Business Review Press ©2015
Summary
You think you have a winning strategy. But do you? Executives are bombarded with bestselling ideas and best practices for achieving competitive advantage, but many of these ideas and practices contradict each other. Should you aim to be big or fast? Should you create a blue ocean, be adaptive, play to win–or forget about a sustainable competiti…
Featured in BookAuthority’s list of the best business strategy audiobooks of all time
Copyright ©2015
Available Languages English
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Book
Care, dare, share: The secure base coach

In response to the increasing demands of today’s fast-paced, adverse environments, Care, Dare, Share: The Secure Base Coach was developed to help individuals, teams, and organizations thrive. This guide focuses on a transformative approach to coaching that emphasizes resilience, creativity, and adaptive thinking. The playbook provides practical …

Coaching Talent Management Organizational Learning
Entered into THE BUSINESS BOOK AWARDS 2025 in partnership with Pathway Group
By Susan Goldsworthy
Published by International Institute for Management Development, © 2024
Care, dare, share: The secure base coach
By Susan Goldsworthy
Published by International Institute for Management Development ©2024
Summary
In response to the increasing demands of today’s fast-paced, adverse environments, Care, Dare, Share: The Secure Base Coach was developed to help individuals, teams, and organizations thrive. This guide focuses on a transformative approach to coaching that emphasizes resilience, creativity, and adaptive thinking. The playbook provides practical …
Entered into THE BUSINESS BOOK AWARDS 2025 in partnership with Pathway Group
Copyright ©2024
Copyright owner IMD Copyright
Available Languages English
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Book
The family business book

Families are the most prevalent type of business owners in any global economy. But succeeding across generations is tricky, and only a few continue to prosper across generations. The Family Business Book is your comprehensive guide to building a strategy for your entrepreneurial family to prosper now and thrive across generations into the future…

Family Business Global Business Entrepreneurship
Entered into THE BUSINESS BOOK AWARDS 2025 in partnership with Pathway Group
By Alfredo De Massis and Emanuela Rondi
Published by Pearson Education, © 2024
The family business book
By Alfredo De Massis and Emanuela Rondi
Published by Pearson Education ©2024
Summary
Families are the most prevalent type of business owners in any global economy. But succeeding across generations is tricky, and only a few continue to prosper across generations. The Family Business Book is your comprehensive guide to building a strategy for your entrepreneurial family to prosper now and thrive across generations into the future…
Entered into THE BUSINESS BOOK AWARDS 2025 in partnership with Pathway Group
Copyright ©2024
Copyright owner External Copyright
Available Languages English
Contact

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Article
Family control, political risk and employment security: A cross-national study

Combining insights from the socioemotional wealth and institutional perspectives, we hypothesize that firms controlled by families offer greater job security to employees relative to non-family firms, and this positive employment effect is amplified in riskier institutional environments around the world. Using an unbalanced panel of 3181 listed …

Family Business
Journal of Management Studies Top Cited Article Award
By Luis R. Gomez-Mejia, Maria J. Sanchez-Bueno, Ivan Miroshnychenko, Robert M. Wiseman, Fernando Muñoz-Bullón and Alfredo De Massis
in Journal of Management Studies
September 2024, vol. 61, no. 6, pp. 2338-2372, https://doi.org/10.1111/joms.12970
Family control, political risk and employment security: A cross-national study
By Luis R. Gomez-Mejia Maria J. Sanchez-Bueno Ivan Miroshnychenko Robert M. Wiseman Fernando Muñoz-Bullón and Alfredo De Massis
in Journal of Management Studies September 2024, vol. 61, no. 6, pp. 2338-2372, https://doi.org/10.1111/joms.12970
Summary
Combining insights from the socioemotional wealth and institutional perspectives, we hypothesize that firms controlled by families offer greater job security to employees relative to non-family firms, and this positive employment effect is amplified in riskier institutional environments around the world. Using an unbalanced panel of 3181 listed …
Journal of Management Studies Top Cited Article Award
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Case Study
bKash: Financial technology innovation for emerging markets

The founder of bKash Limited (bKash), a successful mobile financial services (MFS) model pioneered in Bangladesh, built the company from scratch, targeting services at the lower socioeconomic segment of society and eventually acquiring 26 million customers. bKash has had a positive impact on the lives of countless poor people and has gained worl…

Innovation Finance Technology Management Emerging Market
2023-2024 Ivey Publishing Best Seller Award (11th among 25 expert cases)
By Ishtiaq Pasha Mahmood, Marleen Dieleman and Narmin Tartila
© 2017
bKash: Financial technology innovation for emerging markets
By Ishtiaq Pasha Mahmood Marleen Dieleman and Narmin Tartila
©2017
Summary
The founder of bKash Limited (bKash), a successful mobile financial services (MFS) model pioneered in Bangladesh, built the company from scratch, targeting services at the lower socioeconomic segment of society and eventually acquiring 26 million customers. bKash has had a positive impact on the lives of countless poor people and has gained worl…
2023-2024 Ivey Publishing Best Seller Award (11th among 25 expert cases)
Copyright ©2017
Copyright owner External Copyright
Organization bKash
Industry Finance and Insurance
Available Languages English
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Case Study
National Payments Corporation of India: Cutting-edge Fintech ecosystem innovation in India

In recent years, India had experienced a digital revolution, emerging as a forerunner in cashless payments and, in the process, dramatically raising the level of financial inclusion in the country. The National Payments Corporation of India (NPCI), established in 2008 with the mandate to improve national payment systems, became a global gold sta…

Finance Economics
2023-2024 Ivey Publishing Best Seller Award (11th among 25 expert cases)
By Marleen Dieleman, Ishtiaq Pasha Mahmood and Sadat Reza
© 2021
National Payments Corporation of India: Cutting-edge Fintech ecosystem innovation in India
By Marleen Dieleman Ishtiaq Pasha Mahmood and Sadat Reza
©2021
Summary
In recent years, India had experienced a digital revolution, emerging as a forerunner in cashless payments and, in the process, dramatically raising the level of financial inclusion in the country. The National Payments Corporation of India (NPCI), established in 2008 with the mandate to improve national payment systems, became a global gold sta…
2023-2024 Ivey Publishing Best Seller Award (11th among 25 expert cases)
Copyright ©2021
Copyright owner External Copyright
Organization National Payments Corporation of India
Industry Finance and Insurance, Financial Services
Available Languages English
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Article
Acquisition relatedness in family firms: Do the environment and the institutional context matter?

Research on the acquisition behaviour of family firms has produced conflicting theoretical arguments and mixed empirical findings on their propensity to acquire related or unrelated targets. While previous work has mainly focused on firm-level variables, this study examines the environment in which family firms operate and the institutional cont…

Family Business Mergers and Acquisitions
Journal of Management Studies Top Cited Article Award
By Michele Pinelli, Francesco Chirico, Alfredo De Massis and Alessandro Zattoni
in Journal of Management Studies
June 2024, vol. 61, no. 4, pp. 1562-1589, https://doi.org/10.1111/joms.12932
Acquisition relatedness in family firms: Do the environment and the institutional context matter?
By Michele Pinelli Francesco Chirico Alfredo De Massis and Alessandro Zattoni
in Journal of Management Studies June 2024, vol. 61, no. 4, pp. 1562-1589, https://doi.org/10.1111/joms.12932
Summary
Research on the acquisition behaviour of family firms has produced conflicting theoretical arguments and mixed empirical findings on their propensity to acquire related or unrelated targets. While previous work has mainly focused on firm-level variables, this study examines the environment in which family firms operate and the institutional cont…
Journal of Management Studies Top Cited Article Award
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