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This case was researched using publicly available sources, including Mercury Systems financial filings and press releases, news stories about the seasoned equity offering, financial information from Bloomberg and industry information from IBISWorld Industry Reports and articles related to seasoned/secondary equity offerings, intangible asset valuation and the use of revolving lines of credit. Quotes are taken from Mercury financial reports and press releases and express the (optimistic) opinions of company executives.

Mercury Systems, a technology company in the aerospace and defense industry, announced a six million share seasoned stock offering in June 2019. This resulted in a 6% stock price decrease. A stock price decrease is a typical event when a firm announces the issuance of new common shares, but with Mercury Systems, there were concerns about how much money the firm needed to fund its strategy of growth through acquisitions. If internally generated funds were not sufficient, should the firm issue debt or have another seasoned equity issue? Students will look at the objectives and success of the most recent seasoned equity issue, determine future funds needs and how the firm should finance these needs.

This case is appropriate for undergraduate and graduate students in corporate finance electives. Typically, topics such as seasoned equity offerings are not covered in introductory courses, so this is recommended for finance electives. Even in advanced finance courses, sometimes there is insufficient time to cover seasoned equity offerings.

Alpha Design Technologies Private Limited (ADTL) was started in 2004 by Colonel H.S. Shankar after his retirement from services in the Indian Army and Bharat Electronics Limited (BEL). Aggressively growing the company from US$0.04m in 2004 to US$100m in 2022, he proved that age was not a barrier to success in entrepreneurship. His aspirations were to gain a greater presence in foreign markets through higher exports. After reading this case study, the students will be able to understand how the defence sector evolved in India and the role of private-sector enterprises; recognise the risks and opportunities in the changing dynamics of defence sector in India; believe that the ideas and capabilities of an entrepreneur increase with relevant previous experiences; appreciate the ambition and managerial capabilities of an entrepreneur even at the age of 60; apply Ajzen’s theory of planned behaviour on the entrepreneurial journey of Shankar and formulate strategies for growth.

Started in the year 2004, ADTL specialises in manufacturing defence-related products. ADTL was cofounded by Shankar, at the age of 60. His experience of working with the Indian Army and BEL in various capacities gave him the proficiency to start a venture on his own after his retirement. The ecosystem in India was favourable for ADTL as the Government opened up the defence sector for private players. Nevertheless, age was not a barrier for this senior citizen to tap the opportunity and work aggressively to grow his venture from US$0.04m in 2004 to US$100m in 2022. By 2023, ADTL had an employee strength of 1,200 including 650 engineers, and they emerged as a market leader in Software Defined Radio space. They manufactured around 200 different products for defence and space. ADTL exported 60% of the defence products to countries such as Israel, the USA and Germany. Moving forward, the dream for Shankar was to make a mark in the defence geography of the world through ADTL, by improving its export volumes and also through strategic alliances.

This case study can be taught to Master of Business Administration/postgraduate degree in management students as a part of the introductory course on entrepreneurship and strategy. This case study can be used specifically to make the students understand the role of private sector in the manufacturing of defence products after the liberalisation policy of the Government of India. The intention was not only to protect the nation from the threat posed by neighbouring countries but also to promote exports of defence products to other countries to improve foreign exchange earnings.

Teaching notes are available for educators only.

CSS 3: Entrepreneurship.

In many of today’s manufacturing industries, such as automobile, aerospace, defence, die and mould making, medical and electrical discharge machining (EDM) has emerged as an effective material removal process. In this process, a series of discontinuous electric discharges is used for removing material from the workpiece in the form of craters generating a replica of the tool into the workpiece in a dielectric environment. Appropriate selection of the tool electrode material and combination of input parameters is an important requirement for performance enhancement of an EDM process. This paper aims to optimize an EDM process using single-valued neutrosophic grey relational analysis using Cu-multi-walled carbon nanotube (Cu-MWCNT) composite tool electrode.

This paper proposes the application of grey relational analysis (GRA) in a single-valued neutrosophic fuzzy environment to identify the optimal parametric intermix of an EDM process while considering Cu-MWCNT composite as the tool electrode material. Based on Taguchi’s L9 orthogonal array, nine experiments are conducted at varying combinations of four EDM parameters, i.e. pulse-on time, duty factor, discharge current and gap voltage, with subsequent measurement of two responses, i.e. material removal rate (MRR) and tool wear rate (TWR). The electrodeposition process is used to fabricate the Cu-MWCNT composite tool.

It is noticed that both the responses would be simultaneously optimized at higher levels of pulse-on time (38 µs) and duty factor (8), moderate level of discharge current (5 A) and lower level of gap voltage (30 V). During bi-objective optimization (maximization of MRR and minimization of TWR) of the said EDM process, the achieved values of MRR and TWR are 243.74 mm³/min and 0.001034 g/min, respectively.

Keeping in mind the type of response under consideration, their measured values for each of the EDM experiments are expressed in terms of linguistic variables which are subsequently converted into single-valued neutrosophic numbers. Integration of GRA with single-valued neutrosophic sets would help in optimizing the said EDM process with the Cu-MWCNT composite tool while simultaneously considering truth-membership, indeterminacy membership and falsity-membership degrees in a human-centric uncertain decision-making environment.

This study has conducted exploratory research to understand who should comprise the members of a resilient supply chain for promoting an entrepreneurial ecosystem of a startup project and to determine the mechanisms for the balanced coexistence of all stakeholders. This is necessary to ensure mutual benefits for all stakeholders, each of whom has multidimensional interests. Additionally, this supply chain must be able to withstand any potential disruption risks.

This research has employed a mixed-design approach. In this context, the study conducted an extensive qualitative and quantitative investigation, including 30 interviews and a survey involving 180 potential stakeholders in this supply network, respectively in the capital city of Bangladesh, Dhaka. The analysis of the interviews utilized principles of matrix thinking, while structural equation modeling (SEM) through LISREL was employed to understand cause-and-effect relationships.

Network, platform and governance—these three independent constructs have the potential to contribute to the dependent construct, a resilient supply chain, aimed at promoting an entrepreneurial ecosystem for startup projects. It has been revealed that the management of such projects depends on the rules and regulations within the ecosystem. An excellent governance mechanism is essential for this purpose. To facilitate coexistence, the establishment of a platform is crucial, where cooperation among all members is mandatory.

For practitioners, three distinctive but closely interdependent issues are explored and resolved in this philanthropic study. It has unfolded the elements of any startup project with essential settings.

The identification of the structural dynamics of potential stakeholders within the entrepreneurial ecosystem of startups is largely absent in existing literature. Therefore, there is a need to comprehensively investigate the entire network, including their roles, responsibilities and associations. This study makes a significant and novel contribution to the existing literature. Academics and practitioners alike have ample opportunities to learn from this new aspect of relationships across three distinct areas: the entrepreneurial ecosystem, startup projects and the development of a resilient supply chain.

Additive manufacturing also known as 3D printing is an evolving advanced manufacturing technology critical for the new era of complex machinery and operating systems. Manufacturing systems are increasingly faced with risk of attacks not only by traditional malicious actors such as hackers and cyber-criminals but also by some competitors and organizations engaged in corporate espionage. This paper aims to elaborate a plausible risk practice of designing and demonstrate a case study for the compromised-based malicious for polymer 3D printing system.

This study assumes conditions when a machine was compromised and evaluates the effect of post compromised attack by studying its effects on tensile dog bone specimens as the printed object. The designed algorithm removed predetermined specific number of layers from the tensile samples. The samples were visually identical in terms of external physical dimensions even after removal of the layers. Samples were examined nondestructively for density. Additionally, destructive uniaxial tensile tests were carried out on the modified samples and compared to the unmodified sample as a control for various mechanical properties. It is worth noting that the current approach was adapted for illustrating the impact of cyber altercations on properties of additively produced parts in a quantitative manner. It concurrently pointed towards the vulnerabilities of advanced manufacturing systems and a need for designing robust mitigation/defense mechanism against the cyber altercations.

Density, Young’s modulus and maximum strength steadily decreased with an increase in the number of missing layers, whereas a no clear trend was observed in the case of % elongation. Post tensile test observations of the sample cross-sections confirmed the successful removal of the layers from the samples by the designed method. As a result, the current work presented a cyber-attack model and its quantitative implications on the mechanical properties of 3D printed objects.

To the best of the authors’ knowledge, this is the original work from the team. It is currently not under consideration for publication in any other avenue. The paper provides quantitative approach of realizing impact of cyber intrusions on deteriorated performance of additively manufactured products. It also enlists important intrusion mechanisms relevant to additive manufacturing.

Auxetic sandwich structures are gaining attention because of the negative Poisson’s ratio effect offered by these structures. Re-entrant core was one configuration of the auxetic structures. There is a growing concern about the design and behavior of re-entrant cores in aerospace, marine and protection applications. Several researchers proposed various designs of re-entrant core sandwiches with various materials. The purpose of this study is to review the most recent advances in re-entrant core sandwich structures. This review serves as a guide for researchers conducting further research in this wide field of study.

The re-entrant core sandwich structures were reviewed in terms of their design improvements, impact and quasi-static crushing responses. Several design improvements were reviewed including 2D cell, 3D cell, gradient, hierarchical and hybrid configurations. Some common applications of the re-entrant core sandwiches were given at the end of this paper with suggestions for future developments in this field.

Generally, the re-entrant configuration showed improved energy absorption and impact response among auxetic structures. The main manufacturing method for re-entrant core manufacturing was additive manufacturing. The negative Poisson’s ratio effect of the re-entrant core provided a wide area of research.

Generally, re-entrant cores were mentioned in the review articles as part of other auxetic structures. However, in this review, the focus was solely made on the re-entrant core sandwiches with their mechanics.

The case is derived from secondary sources, including publicly available reports and information about all companies directly or indirectly engaged in the industry. No primary sources were available.

This teaching case is designed for students to demonstrate their mastery of industry-level analysis in the emerging space tourism industry. It allows students to understand what constitutes the industry within the broader space sector and to apply analytical tools such as PESTEL and Porter’s Five Forces, with the option to discuss strategic groups. Students gain insights into how the industry is evolving within its broader environment and how companies could respond or differentiate themselves. Information is also provided for students to consider the broader social impact of a relatively new industry from the perspective of sustainable development.

The case is written for undergraduate and graduate students enrolled in strategic management courses. The case placement is ideally in conjunction with industry-level analytical frameworks such as Porter’s Five Forces, PESTEL analysis, strategic groups (optional) and industry life cycle. Most strategic management textbooks cover these concepts in the first few chapters. For example, “Strategic Management, 14th edition” by Hill, Schilling and Jones (2023) covers these topics in chapter 2. Given that space tourism is an embryonic industry dependent on technological innovation, instructors might also use this case in innovation or entrepreneurship-related courses. This case could also be used to address critical issues, such as sustainability, in tourism management courses.

The purpose of this study, most recent advancements in threedimensional (3D) printing have focused on the fabrication of components. It is typical to use different print settings, such as raster angle, infill and orientation to improve the 3D component qualities while fabricating the sample using a 3D printer. However, the influence of these factors on the characteristics of the 3D parts has not been well explored. Owing to the effect of the different print parameters in fused deposition modeling (FDM) technology, it is necessary to evaluate the strength of the parts manufactured using 3D printing technology.

In this study, the effect of three print parameters − raster angle, build orientation and infill − on the tensile characteristics of 3D-printed components made of three distinct materials − acrylonitrile styrene acrylate (ASA), polycarbonate ABS (PC-ABS) and ULTEM-9085 − was investigated. A variety of test items were created using a commercially accessible 3D printer in various configurations, including raster angle (0°, 45°), (0°, 90°), (45°, −45°), (45°, 90°), infill density (solid, sparse, sparse double dense) and orientation (flat, on-edge).

The outcome shows that variations in tensile strength and force are brought on by the effects of various printing conditions. In all possible combinations of the print settings, ULTEM 9085 material has a higher tensile strength than ASA and PC-ABS materials. ULTEM 9085 material’s on-edge orientation, sparse infill, and raster angle of (0°, −45°) resulted in the greatest overall tensile strength of 73.72 MPa. The highest load-bearing strength of ULTEM material was attained with the same procedure, measuring at 2,932 N. The tensile strength of the materials is higher in the on-edge orientation than in the flat orientation. The tensile strength of all three materials is highest for solid infill with a flat orientation and a raster angle of (45°, −45°). All three materials show higher tensile strength with a raster angle of (45°, −45°) compared to other angles. The sparse double-dense material promotes stronger tensile properties than sparse infill. Thus, the strength of additive components is influenced by the combination of selected print parameters. As a result, these factors interact with one another to produce a high-quality product.

The outcomes of this study can serve as a reference point for researchers, manufacturers and users of 3D-printed polymer material (PC-ABS, ASA, ULTEM 9085) components seeking to optimize FDM printing parameters for tensile strength and/or identify materials suitable for intended tensile characteristics.

The purpose of this study is analysis of deformation and vibrations of turbine blades produced by high electrolyte pressure during electrochemical machining.

An experimental setup was designed, experiments were conducted and the obtained results were compared with the finite element results. The deformations were measured according to various flow rates of electrolyte. In finite element calculations, the pressure distribution created by the electrolyte on the blade surface was obtained in the ANSYS® (A finite element analysis software) Fluent software and transferred to the static structural where the deformation analysis was carried out. Three different parameters were examined, namely blade thickness, blade material and electrolyte pressure on blade disk caused by mass flow rate. The deformation results were compared with the gap distances between cathode and anode.

Large deformations were obtained at the free end of the blade and the most curved part of it. The appropriate pressure values for the electrolyte to be used in the production of blisk blades were proposed numerically. It has been determined that high pressure applications are not suitable for gap distance lower than 0.5 mm.

When the literature is examined, it is required that the high speed flow of the electrolyte is desired in order to remove the parts that are separated from the anode from the machining area during electrochemical machining. However, the electrolyte flowing at high speeds causes high pressure in the blisk blades, excessive deformation and vibration of the machined part, and as a result, contact of the anode with the cathode. This study provides important findings for smooth electro chemical machining at high electrolyte flows.