Cold Call

Launched in 2011, Duolingo grew into the most downloaded education app in the world. Its gamified approach to language learning and use of adaptive AI technology helped it reach 100 million monthly active users and a market capitalization approaching $15 billion by late 2024. The company also saw the potential of Gen AI to power innovative products beyond languages. CTO Severin Hacker envisioned a future in which AI would transform the app into an educational ecosystem, tapping into the $56 billion edtech market. HBS Senior Lecturer Jeffrey Rayport and coauthor Nicole Keller join host Brian Kenny to discuss the case “Duolingo: On a Streak” and the long-term benefits and risks of this diversification strategy.

In 1952, Palenstinian refugee Elia Nuqul started a trading business in Jordan. Nuqul Group subsequently grew into one of the country’s largest family businesses. Its flagship company, Fine Hygienic Holding (FHH), was a leader in hygienic paper products across the Middle East and North Africa. After Nuqul’s death in 2022, his son Ghassan and three siblings decided to split the Group’s assets so that each branch of the family could forge its own path. They were in discussions to finalize the details of the agreement. In this episode, FHH chairman Ghassan Nuqul and HBS Senior Lecturer Christina Wing join host Brian Kenny to discuss enduring family businesses, a founder’s  legacy, and how business decisions affect family ties in the case “Ghassan Nuqul and the Nuqul Group: Preserving a Father's Legacy.”

In 2021, Donna Lee and Duncan van Bergen founded Calyx Global to improve the quality of carbon credits sold in the voluntary carbon market. Organizations buy those credits for their decarbonization efforts to meet net-zero commitments. The startup had carefully avoided perceptions of conflicts of interest. But it was a challenging time for the industry. Lee and van Bergen had to decide whether tapping new revenue streams would jeopardize their trustworthy reputation. In this episode, HBS Professor Mike Toffel and Duncan van Bergen discuss the company’s business model, its approach to ratings, and the emerging competitive landscape in the case, “Calyx Global: Rating Carbon Credits.”

How important is it to maintain a happy workforce? With this question in mind, Lanco Medical Group, a small but fast-growing pharmaceutical distributor serving Latin America, designed their employee benefits and incentives program. But there were gaps between what leadership believed motivated employees and what employees truly valued. So, the organization collected data about those drivers. Priorities varied by age group, organizational role, and geographic locations. In this episode, HBS Professor Susanna Gallani discusses the case “Lanco Medical Group: Fostering Happiness for Growth” and the tensions between accommodating employees' preferences, maintaining fairness, and operating a manageable incentive program amid aggressive international growth targets.

Porsche has reigned as a leading sports and luxury car company for nearly 80 years. Central to the German automaker’s growth strategy is creating great products, such as the legendary 911 Carrera sports car. But the automotive industry is facing disruption and new competition. Company leadership is adapting Porsche’s product portfolio, recently adding the electric model Taycan. They’re also innovating new customer experiences like the “Track Your Dream” program. In this episode, Harvard Business School Professor Stefan Thomke explores the company’s bid to stay relevant and true to its legacy in the case “Porsche.”

Google formally announced the innovative video game service Stadia at the 2019 Game Developer Conference. The company invested substantial resources to support the demanding requirements of cloud gaming. But the early uptake by premium video gamers was disappointing. The leadership team faced a decision. Should they double down by refocusing Stadia on the casual gamer segment? Or should they pull the plug? In this episode, Harvard Business School Senior Lecturer Derek van Bever and coauthor Akshat Agrawal explore Google’s strategic choice in the case “Google Stadia: Game On or Game Over?”

Cold Call is celebrating its tenth year of distilling Harvard Business School case studies. To kick off the 2025 anniversary, the podcast’s production team has curated three favorite episodes from 2024. Host Brian Kenny recommends one on leadership with HBS Senior Lecturer Tony Mayo. Show producer Robin Passias selects an innovation episode with HBS Professor Frances Frei and entrepreneur Paul English. And audio engineer Craig McDonald highlights one on business model generation with HBS faculty member Jeffrey Rayport and football club cofounder Kara Nortman.

Artificial intelligence is changing how we live and work in ways large and small. And it's why today we’re sharing an episode of Harvard Business School’s Managing the Future of Work podcast. In the episode “Microsoft’s AI perspective: From chatbots to reengineering the organization” from February 21, 2024, HBS Professor Bill Kerr talks to Jared Spataro, Corporate Vice President of Modern Work and Business Applications at Microsoft. They discuss how the tech giant is experimenting its way from AI assistants to autonomous agents as it engages with stakeholders. The conversation also touches on the company’s relationship with OpenAI and ensuring the technology is employed responsibly.

In 2022, Deion Sanders, known as “Coach Prime,” was hired as head coach of the University of Colorado football team, which had only one winning season in the previous 15 years. Many observers were excited to have the two-time Super Bowl champion as CU’s new head coach. But some questioned whether Sanders had the experience needed to turn around a team in a highly competitive athletic conference. Others wondered whether his “old school” leadership style would be effective with today’s student-athletes. Still others doubted whether his approach would be sustainable. In this conversation with host Brian Kenny, Harvard Business School Senior Lecturer Hise Gibson discusses Sanders’ leadership style and effectiveness exhibited in the case study “Deion Sanders: The Prime Effect.”

One of the oldest Black-owned security firms in the U.S., Johnson Security Bureau credits much of its success to its status as a woman-owned, minority-owned family firm. To grow the business, however, CEO Jessica Johnson-Cope considers partnering with security firms in other states, something that threatens to weaken some of her company’s founding values. She also considers expanding the business into cybersecurity. In this conversation, Harvard Business School Senior Lecturer Henry McGee and CEO Jessica Johnson-Cope discuss the issues in the case “Johnson Security Bureau: Building Multigenerational Success.”

Entrepreneur Duke Rohlen creates California-based Ajax Health under a new model. Partnering with private equity firms, Rohlen considers a $1 billion bid to buy medical device maker Cordis. If Ajax’s bid is successful, they will invest an additional $300 million to fund an accelerator to develop innovative new products to drive growth. Is Cordis the right opportunity for Rohlen and his team? Ajax Health founder Duke Rohlen (HBS MBA 2001) and HBS Professor Regina Herzlinger join host Brian Kenny to discuss the key success factors for both start-up and established medical technology firms. The case “Ajax Health: A New Model for Medical Technology Innovation” showcases how to structure a firm—in any industry—to maximize innovation and financial returns by better aligning incentives for the different skill sets required.

In 1985, pop music superstar Michael Jackson instructed his attorney, John Branca, to bid for the Northern Songs music catalog, which contained the songs of the Beatles. In a challenging negotiation, Branca secured the rights to the collection. Over the next three decades, first as Jackson’s attorney and later as the executor of his estate, Branca undertook numerous complex negotiations to secure and expand Jackson’s music publishing empire until it became the largest music publishing company in the world. Harvard Business School professor James K. Sebenius joins host Brian Kenny and a live audience of Harvard Business School alumni to discuss how to deal with tough negotiators effectively and ethically.

With operations in 70 countries and 20,000 employees, Pernod Ricard is a leader in premium international spirits. The company had achieved its leadership position in the market largely through strategic acquisition and an ability to build and grow its brand over time. But pressure to continually expand its extensive brand portfolio in order to meet customer demand meant that its traditional analog processes were not allowing the company to effectively manage its huge portfolio of products. In response, the company launched four key digital programs (KDPs) aimed at using data and artificial intelligence to automate processes and enable data-driven decision-making.

Katie Holyfield and Taylor Matkins founded Lucky Ones Coffee in 2017, a coffee shop with a mission to create jobs in Park City, Utah, for people with intellectual and developmental disabilities. The company quickly earned strong support from the local community, and by early 2023, Holyfield and Matkins employed 17 people across two coffee shops. The two entrepreneurs must now decide how to grow their business to create more jobs and how to structure the business to ensure that it remains a sustainable and financially sound enterprise as it scales.

Sequoia Capital, a venture capital firm founded in 1972, grew to become one of the most storied venture capital firms in the world. The firm’s investment track record includes the names of some of the largest global companies. But the venture capital industry began facing new challenges in 2022, and investors were increasingly cautious. At that time Sequoia also began restructuring the firm and made other changes to their core identity. What would all of this mean for the future of Sequoia, and would the firm still be able to maintain their historical dominance?

Early in her career Brooke Boyarsky Pratt (MBA 2013) enjoyed considerable success in roles at McKinsey and Berkadia, a Berkshire Hathaway portfolio company. But a routine visit to the doctor in 2020, where she experienced weight stigma yet again, led her to address the problem of obesity care. Boyarsky Pratt had struggled with her weight since she was young. So when she started knownwell, an integrated weight and primary care provider that was designed to support people with obesity, it was a huge step for her both personally and professionally. In the spring of 2023, knownwell opened its first weight-inclusive clinic in the Boston area. But Boyarsky Pratt had to make a fundamental decision on how she wanted to grow the company. Should she grow slowly and build a small footprint of clinics in the Boston area over the next few years? Or should she scale fast to potentially help millions of people across the U.S.?

In 2017 Fawn Weaver launched a premium American whiskey brand, Uncle Nearest. It became the fastest growing and most awarded whiskey brand in America, despite the challenges Weaver faced as a Black woman and outsider to the spirits industry, which is capital-intensive, highly regulated, competitive, and male-dominated. In October 2023, Weaver announced plans to expand into cognac with the goal of building the next major alcoholic beverages conglomerate. But the company was still heavily reliant on capital. How could Weaver convince new investors that her plans for cognac would yield success?

In February 2023, U.S. Commerce Secretary Gina Raimondo was deciding whether or not to sign off on a Notice of Funding Opportunity (NOFO) for $39 billion in direct semiconductor manufacturing incentives. But this NOFO had several unconventional provisions: a pre-application (pre-app) to the actual application, upside sharing provisions to align incentives, and funding milestones so that only awardees making progress would receive additional funds. The funding had been made available through the U.S. Department of Commerce by the CHIPS (Creating Helpful Incentives to Produce Semiconductors) and Science Act passed a few months earlier. Raimondo’s team had proposed additional measures that would help the U.S. regain technological leadership while protecting taxpayer funds. Should Raimondo move forward with the “innovative” NOFO, despite the risks?

Angel City Football Club (ACFC) was founded in 2020 by venture capitalist Kara Nortman, entrepreneur Julie Uhrman, and actor and activist Natalie Portman. As outsiders to professional sports, the all-female founding team had rewritten the playbook for how to build a sports franchise by applying lessons from the tech and entertainment industries. The club’s early success was reflected in its market valuation of $250 million as of its sale in July 2024 — the highest in the National Women’s Soccer League. Equally important, ACFC had started to bend the curve toward greater pay equity in women’s sports — the club’s ultimate goal. But the founders knew there was much more to do to capitalize on the club’s momentum. As they developed ACFC’s first three-year strategic plan in 2024, they weighed the most effective ways to build value for the franchise. Was it better to allocate the incremental budget to investments in digital brand building or to investments in the on-field product?

In early 2023, Jeff Maggioncalda, CEO of Coursera, started developing the EdTech firm’s strategy for incorporating GenAI into their offerings. By early 2024, the firm had made significant progress in bringing four key capabilities to market, but GenAI was evolving quickly and Coursera needed to continuously improve its offerings. While the firm had been an early mover, competitors were adapting fast. Was Coursera taking full advantage of the opportunities presented by the technology? What more could it do to remain competitive?