Retaining entrepreneurial spirit during hypergrowth at sportswear brand On (A)
On Wednesday 15 September 2021, about 100 On team members were going to jog to the NYSE to mark the running shoe brand’s first day as a publicly traded company. One of few unicorns in Switzerland, On had been founded in January 2010 by running enthusiasts David Allemann and Caspar Coppetti, together with former professional athlete Olivier Bernhard. It was one of the fastest-growing global sports brands. In a decade, On had grown from a small start-up, operating out of an old church, to a multinational company employing almost 900 people. It was known across the world, not least thanks to tennis star Roger Federer, who had joined On as an investor and partner. Culture, or “spirit” as it was called at On, was particularly important for the running shoe company. The origin story of On defined the company and was still deeply reflected in present and future aspirations. It had all started with a crazy idea to glue pieces of garden hose to an old sneaker. The highly entrepreneurial mindset – referred to as “explorer spirit” – permeated the company’s DNA and was one of the key reasons for its success. The five partners believed it was crucial to maintain that spirit as the organization grew. By going public, the company aimed to secure funding for further global expansion. The funds raised would give the company the resources it needed to fulfil its dreams and help it reach the size required to play in the big league and compete with global players like Nike or Asics. The IPO was a major milestone for On but being a public company would also come with new obligations and increased expectations, from both the public and shareholders. The five partners were aware of the potential risk this represented to the company’s culture.
- Corporate culture, with a focus on start-up culture
- Strengths and weaknesses of entrepreneurial culture
- Benefits and risks of going public
- Impact of growth and an IPO on company culture
On, Consumer Goods, Sportswear
2021-2023
Cranfield University
Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]
Harvard Business School Publishing
60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]
NUCB Business School
1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]
IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.
Research Information & Knowledge Hub for additional information on IMD publications
- Retaining entrepreneurial spirit during hypergrowth at sportswear brand On (A)
- Retaining entrepreneurial spirit during hypergrowth at sportswear brand On (B)
- Retaining entrepreneurial spirit during hypergrowth at sportswear brand On (A)
- Retaining entrepreneurial spirit during hypergrowth at sportswear brand On (B)
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
in I by IMD
Research Information & Knowledge Hub for additional information on IMD publications
in I by IMD
Research Information & Knowledge Hub for additional information on IMD publications
in I by IMD
Research Information & Knowledge Hub for additional information on IMD publications
in I by IMD
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
in I by IMD
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications