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Published by:
Cranfield School of Management (2004)
Length:
6 pages
Data source:
Field research

Abstract

This is the fourth of a four-case series (804-065-1 to 804-068-1). Starting again in 1997, this time with a million pounds each, the twin brothers continued their business philosophy of ''finding something that frustrated them, to improve it and to start a business on the back of if'', and turned their attention to golf driving ranges. Within 3 years, following three rounds of business angel financing, they had succeeded in manufacturing golf balls with chips enclosed, to be used on golf driving ranges, where ''sensors'' could ''read'' the balls, enabling games to be played. The brothers had ''done to driving ranges what 10 pin bowling had done to skittle alleys'' (Case A). With worldwide patent protection, a £30 million ''roll-out'' of their ranges was financed in the UK by Henderson''s venture capital arm in 2003 with similar arrangements put in place in the USA and the Far East (Case B). There is a video ''804-065-3'' and a video on CD-ROM ''804-067-3'' available to accompany this case series.

Topics

Entrepreneurship; Small business growth; Business angels; Venture capital; Corporate acquisitions; Intrapreneurship; Exit strategies
Location:
Size:
BEM GBP5 million turnover, Top Golf GBP1.5 million turnover
Other setting(s):
1986-2003

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