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Abstract
HRNet was founded in 1998 in London by two young entrepreneurs. The company has grown rapidly, employing 80 people in the UK, France and Germany, thanks to two rounds of financing, 4 million euros in 1998 and 11 million euros in March 2001. It developed and sells ''Netrecruiter'', a very easy to use turnkey software package that speeds up, reduces costs and improves quality in the recruitment process. Targeting SME''s, the chosen business model is ASP. At the start of 2002, the company posted a 2001 negative result of 6.5 million euros, though its forecast in March 2001 was a positive EBITDA of 2 million euros. The investors sack the management team and as interim CEO, the students are asked to assess the situation and propose a credible plan to reach breakeven in 2003. The following issues have to be dealt with in the context of an Internet turmoil: (1) targets; (2) business model; (3) partners; (4) how to drastically reduce costs; and (5) the launch of a new product the company is developing. The teaching note is available as a paper copy or a PowerPoint file.
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Abstract
HRNet was founded in 1998 in London by two young entrepreneurs. The company has grown rapidly, employing 80 people in the UK, France and Germany, thanks to two rounds of financing, 4 million euros in 1998 and 11 million euros in March 2001. It developed and sells ''Netrecruiter'', a very easy to use turnkey software package that speeds up, reduces costs and improves quality in the recruitment process. Targeting SME''s, the chosen business model is ASP. At the start of 2002, the company posted a 2001 negative result of 6.5 million euros, though its forecast in March 2001 was a positive EBITDA of 2 million euros. The investors sack the management team and as interim CEO, the students are asked to assess the situation and propose a credible plan to reach breakeven in 2003. The following issues have to be dealt with in the context of an Internet turmoil: (1) targets; (2) business model; (3) partners; (4) how to drastically reduce costs; and (5) the launch of a new product the company is developing. The teaching note is available as a paper copy or a PowerPoint file.
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