Describing the strategy formulation process: Case “Shoulders of Giants"
Suhonen, Elja-Ilari (2017)
Suhonen, Elja-Ilari
Haaga-Helia ammattikorkeakoulu
2017
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2017110916810
https://urn.fi/URN:NBN:fi:amk-2017110916810
Tiivistelmä
This product-oriented Bachelor’s Thesis is based on a real-life startup development case of Shoulders of Giants Oy Ltd (SoG) which describes the strategy formulation process between Q1/2016-Q2/2017. The objective of this Thesis is to demonstrate the roadmap of an early stage startup entrepreneur by providing an example of EdTech startup’s strategy formulation process where the approach on strategy shifts from the CEO’s centralized strategic planning towards collective problem-solving where small changes and actions will produce a major shift in strategic direction over time. The study also demonstrates how clarifying startup’s vision and product mission is related to strategic planning for the future of development.
Founding Shoulders of Giants Oy Ltd. in 2016 emerged from understanding the core economic problems that higher educational institutions are dealing with both in Finland and globally. During the recent years in Finland, there has been a growing pressure towards educational institutions to provide more cost-effective and personalized learning solutions but at the same time, governments are narrowing down their financing constantly. Due to this dilemma, resources of schools remains limited, while the number of students keeps on growing constantly. The situation does not occur only in Finland; All schools prefer to take in more students if they would have capabilities to do that, meaning enough teachers and the right learning management solutions.
The last two chapters of the development project discuss the latest considerations made in SoG’s strategic planning during Q1-Q2/2017 and suggests changes to the process and taken actions through retrospective reflection. Primary data collection method for conducting the study consists of work diary which is qualitatively analyzed in self-reflective cycles where planned and implemented actions are followed with reflections on the processes of change and re-planning. The chosen approach is qualitative action research because findings and insights of the study are reflected on actions executed by the author (CEO) and SoG’s development team. The discussed theories aim to provide new strategic insights and perspectives in reflection to taken actions and planning procedures in SoG’s business development.
The research chapters describe the whole process of SoG’s startup development between Q1-Q4/2016 in order to formulate the startup’s initial strategy. The author also refers to the current state of development (Q1-Q2/2017) in some of the research chapters to clarify further strategic considerations in product development. Ultimately the study provides a retrospective roadmap of how strategies emerge in startup organizations and suggests possible changes and re-plannings for the formulation process. The end result of this development project demonstrates the latest considerations in SoG’s strategic planning that were made between Q1-Q2/2017 and demonstrates re-defined strategic framework for further business planning.
Founding Shoulders of Giants Oy Ltd. in 2016 emerged from understanding the core economic problems that higher educational institutions are dealing with both in Finland and globally. During the recent years in Finland, there has been a growing pressure towards educational institutions to provide more cost-effective and personalized learning solutions but at the same time, governments are narrowing down their financing constantly. Due to this dilemma, resources of schools remains limited, while the number of students keeps on growing constantly. The situation does not occur only in Finland; All schools prefer to take in more students if they would have capabilities to do that, meaning enough teachers and the right learning management solutions.
The last two chapters of the development project discuss the latest considerations made in SoG’s strategic planning during Q1-Q2/2017 and suggests changes to the process and taken actions through retrospective reflection. Primary data collection method for conducting the study consists of work diary which is qualitatively analyzed in self-reflective cycles where planned and implemented actions are followed with reflections on the processes of change and re-planning. The chosen approach is qualitative action research because findings and insights of the study are reflected on actions executed by the author (CEO) and SoG’s development team. The discussed theories aim to provide new strategic insights and perspectives in reflection to taken actions and planning procedures in SoG’s business development.
The research chapters describe the whole process of SoG’s startup development between Q1-Q4/2016 in order to formulate the startup’s initial strategy. The author also refers to the current state of development (Q1-Q2/2017) in some of the research chapters to clarify further strategic considerations in product development. Ultimately the study provides a retrospective roadmap of how strategies emerge in startup organizations and suggests possible changes and re-plannings for the formulation process. The end result of this development project demonstrates the latest considerations in SoG’s strategic planning that were made between Q1-Q2/2017 and demonstrates re-defined strategic framework for further business planning.