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After completion of this case study, students will be able to describe the funding path for start-ups, including the amounts and profiles of the usual investors or sources of funds, according to the moment in their life cycle and the characteristics of the initiative; highlight the challenges faced by start-up founders in weak entrepreneurial ecosystems and risky institutional environments; and argue in favor of or against different modes and typical instruments of venture capital (VC) investments in the early stages of new businesses, each of them different regarding dilutions, valuation potential, depth of negotiations and term sheets.

Asistensi, a technology and telemedicine start-up founded in 2020 in Venezuela by three entrepreneurs (Andrés Simón González-Silén, Luis Enrique Velásquez and Armando Baquero), raised US$3m in less than a year in a seed round in which it attracted the attention of professional VC funds such as Mountain Nazca, Alma Mundi Ventures and 468 Capital. Everything was set for launching operations in Mexico and the Dominican Republic in April 2021. However, a series of difficulties led to higher expenditure than planned, prompting the entrepreneurs to seek additional capital. The decision on the financial instrument to be associated with the potential valuation and shareholder dilution figures has been posed as a dilemma.

The case study focuses on understanding the start-up financing process. It can be used effectively in management- and finance-related subjects for graduate students taking introductory topics in entrepreneurship and entrepreneurial finance, as well as introductory executive education courses in entrepreneurship, entrepreneurial finance and VC.

Teaching notes are available for educators only.

CSS3: Entrepreneurship

The contribution of the present case lies in the critical view that every business actor should exercise – be it general manager, middle management, supervisor or executive – when building a strong organizational culture in corrupt political environments.

The purpose of this case study is to explore the dilemma in which Marcelo Odebrecht, once CEO of Odebrecht, found/determined whether to continue with the business model established by the founders of Odebrecht or take a new path for the organization. After exploring the corrupt acts of Odebrecht and the scope of Operation Lava Jato, the reader can reflect on the importance of organizational culture (according to the three levels proposed by Schein) in the face of the emergence of corruption. By generating discussions about organizational culture, business ethics, political culture and corruption, the organizational culture of Odebrecht is problematized in relation to its real behavior.

Students of administration, business and international business undergraduates and graduates, as well as members of senior management in companies in the infrastructure sector. Also, given the plurality of possible readings, it is recommended that the case also be used in courses or specializations in organizational psychology, organizational sociology or organizational anthropology.

Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

CSS 5: International Business.

“Suitable for MBA, Executive MBA, GEMBA, and executive education programs, this case uses CEMEX, a global cement producer based in Mexico, to set the stage for unfolding an analysis of a growth through acquisition strategy. It offers a discussion about the firm's overall strategy to acquire on a global scale instead of growing organically and provides an opportunity to introduce basic financial, marketing, and operational terms that can be explored in subsequent classes. The material includes a PMI process that further allows discussion on that technique.

The case opens with a conference call and another barrage of questions for CEO Lorenzo Zambrano about his bid to buy the Australia-based Rinker Group in October 2006. Until this point, CEMEX has had a long-standing habit of buying businesses in emerging markets; this acquisition would be a departure from that strategy. If the deal goes through, it would be the single largest acquisition in CEMEX's history, and it would be among its few forays into a developed market other than the neighboring United States. The company has grown exponentially and successfully. Why would this effort be any different? Was the acquisition a good idea or not? And if it was, how would Zambrano and his leadership team convince Wall Street and others of that?”