Every year, 100’s and 100’s of business leaders experience a ST Masterclass. 2024 was no exception. From VC Executive Education in Switzerland, leading corporate strategy & transformation in the UK, ecosystem development in the Middle East and corporate innovation with global clients; here are our top 2024 Masterclasses – all built around the Strategy sims.

WHO: IMD

WHERE: Lausanne, Switzerland

DURATION: 2 days

WHY THE SIM?: Traditional VC education often lacks practical tools and frameworks that fund managers can immediately apply to real-world challenges. IMD, in partnership with Strategy Tools, piloted the Fund Manager! Simulation at their program Building Winning Portfolios to bridge this gap. The program, developed by Jim Pulcrano and Karl Schmedders, delivered hands-on training, and equipped participants with actionable tools like the LP stack, LP Prospecting Canvas and Fund Journey Map to address critical areas such as fund strategy, value creation, and exit planning.

By combining theory with practical application, the Fund Manager! experience provided participants with the skills and frameworks needed to close existing knowledge gaps, improve decision-making, and drive better fund performance in an increasingly competitive market.

OUTCOME: The 2-day Masterclass was a success, and participants left with:

• A deeper understanding of fund strategy and portfolio management.
• Practical tools and frameworks to optimize value creation.
• Actionable insights into structuring exits and improving fund performance.

Feedback highlighted the value of Strategy Tools’ frameworks in real-world applications, with participants achieving tangible improvements in their approach to fund management.

WHY IT MADE THE TOP 10 LIST: The Fund Manager! pilot at IMD marked the beginning of ST’s partnership with one of the world’s top business schools. It helped enhance VC skillsets and fostered a collaborative environment where fund managers could strategize, develop roadmaps, and tackle key challenges in the evolving VC landscape.

In 2025, IMD is running two on-campus Venture Capital Asset Management programs in collaboration with Strategy Tools. Chris, Scott, and Henrik will be back on campus in May and September. The next program starts May 8th. Read more and sign up

DELIVERY TEAM: Chris Rangen, Scott B. Newton, Henrik Amstutz 

Read the case study

WHO: Falak Startups

WHERE: Cairo, Egypt

DURATION: 3 days

WHY THE SIM?: Following the success of the first VC Fund Manager Masterclass in 2022, Falak Startups, in partnership with Strategy Tools and supported by EBRD and USAID, brought back the program to build on its impact. Traditional VC training in Egypt often lacks interactivity, practical tools, and tailored learning experiences. This edition was designed to bridge those gaps by delivering a highly interactive, hands-on learning environment.

The program equipped participants with actionable frameworks to improve fund strategy, value creation, and collaboration, further strengthening the regional investment landscape and fostering a network of engaged VCs.

OUTCOME: The 3-day Masterclass was a resounding success, with significant improvements over the 2022 edition:

• Enhanced venue to match the expectations of high-calibre participants.
• More comprehensive content with expert-led sessions, practical simulations, and fireside chats.
• Strong participant engagement through team-based competitions, presentations, and interactive discussions.

Participants praised the program for its unique, immersive format, highlighting its practical value, robust networking opportunities, and high level of engagement throughout the three days.

WHY IT MADE THE TOP 10 LIST: Building on the momentum from 2022, together with Falak Startups, we delivered an even stronger edition of the VC Fund Manager Masterclass: the upgraded format, extended duration, and enriched content raised the bar for VC training in Egypt.

The overwhelmingly positive feedback underscored its impact, with participants calling for the program to be held twice a year and expanded regionally. Falak’s continued partnership with Strategy Tools has proven instrumental in equipping VCs with the tools, insights, and connections to elevate the MENA startup ecosystem.

DELIVERY TEAM: Chris Rangen, Scott B. Newton, Henrik Amstutz, and Kyrre Lemvik + our Falak Startups partners in Egypt 

WHERE: Hult Ashridge Campus, just outside London 

DURATION: 2 days

WHY THE SIM?: Hult is using Transform! As one of the key pieces in a client-custom executive leadership development program. Transform! (financial services sector) is a perfect fit for the overall program. 

OUTCOME: Enable more strategic thinking, and more strategic leadership and expose the senior business leaders to key strategy-, leadership- and capital market topics they are not exposed to on a day-to-day basis. 

WHY IT MADE THE TOP 10 LIST: Running Transform! With senior business leaders is a truly unique experience. In just hours, we cover every angle of challenges, setbacks and surprises happening in the C-suite of a listed company.
Coming together as a team, handling the roles, and delivering on the transformation strategy, Transform truly puts people into the ‘shoes of a new management team’, putting them under the competitive pressure to lead, reinvent and transform a legacy company in the financial services sector.

Putting Transform! Into the hands of senior, experienced and ambitious business leaders is a perfect fit, with people learning at a very different pace from regular classroom lectures. 

DELIVERY TEAM: Chris Rangen 

WHO: Tiye Angels (Angel network) 

WHERE: Cairo, Egypt

DURATION: 2 days

WHY THE SIM?: In Egypt’s evolving angel investment ecosystem, significant gaps remain in investor education, collaboration, and understanding of critical tools and frameworks. The Scale Up! Angel Masterclass with Tiye Angels addressed these gaps by demystifying angel investing. The program equipped participants with a structured understanding of value creation, deal flow, and investment readiness while fostering a collaborative mindset often lacking in the region.

OUTCOME: The Masterclass delivered transformational outcomes:

• A 360-degree perspective on investing, shifting focus from purely entrepreneurial product creation to value creation and fundable business strategies.
• Increased confidence and ability to collaborate with other investors.
• Immediate real-world application, with Riham already implementing learnings to improve her own startup, Business Builder, while exploring new investment opportunities.

Participants praised the program’s unique ability to simplify complex VC and angel investing terminologies, creating clarity and actionable knowledge.

WHY IT MADE THE TOP 10 LIST: The Scale Up! Angel Masterclass stood out for its tangible impact on participants’ thinking, behaviour, and investment strategies. It bridged critical knowledge gaps, fostered a collaborative culture, and empowered participants to create meaningful change in the ecosystem.

Programs like this are vital to maturing the angel investing landscape in Egypt, equipping investors with tools, confidence, and collaboration to drive economic growth and innovation in the region.

DELIVERY TEAM: Chris Rangen, Henrik Amstutz, Kyrre Lemvik 

Read the case study

WHO: DNB Bank

WHERE: Norway

DURATION: 2 days

WHY THE SIM?: Norway’s largest bank, DNB, recognized a key challenge: startup clients were approaching the bank too late in their scale-up journeys, missing critical growth opportunities. While DNB’s advisors excelled in financial analysis, they felt like they could build on practical insights into startup financing, equity, and long-term growth strategies.

To bridge this gap, DNB partnered with Strategy Tools to deliver the Scale Up! Masterclass – a hands-on, immersive simulation guiding advisors through the founder’s journey from idea to exit. The program equipped DNB’s startup-focused team with the tools and frameworks to better understand and support scale-ups, positioning DNB as a true growth partner.

OUTCOME: The Scale Up! Masterclass had a significant impact on DNB’s advisors:

• A deeper understanding of the founder’s lifecycle, from fundraising to IPO.
• Enhanced ability to engage startups with strategic growth and financing advice.
• Improved cap table and valuation planning knowledge, enabling advisors to ask critical investor-focused questions.

Going through the simulation fostered practical, actionable skills, with advisors immediately applying insights to their client work. Participants highlighted the program’s effectiveness in transforming complex concepts into real-world solutions.

WHY IT MADE THE TOP 10 LIST: The Scale Up! Masterclass marked a turning point for DNB’s startup advisory team. By combining hands-on learning with deep insights into startup challenges, DNB advisors gained the confidence and skills to provide proactive, growth-oriented support to high-potential companies.

Key outcomes included:

• Enhanced strategic advisory for startups at critical growth stages.
• Strengthened DNB’s role as a key ecosystem enabler in Norway’s entrepreneurial landscape.
• Advisors adopting a long-term investor mindset, helping clients plan three capital rounds ahead.

The program reinforced DNB’s commitment to elevating the startup ecosystem, transforming its advisors from financial analysts into true growth partners for Norway’s founders.

DELIVERY TEAM: Chris Rangen, Henrik Amstutz, Kyrre Lemvik 

Read the case study

WHO: Founders Intelligence (part of Accenture)

WHERE: London, UK

DURATION: 2 days

WHY THE SIM?: Founders Intelligence (FI), a consulting firm specializing in entrepreneurial growth, works at the intersection of startups and corporates. Despite many team members having startup experience, FI recognized a need for deeper empathy and understanding of the founder’s journey to enhance their ability to advise corporate clients.

Partnering with Strategy Tools, FI brought the Scale Up! Masterclass to London to immerse their team in the complexities of scaling a startup—from fundraising and cap table management to investor dynamics and exit strategies.

OUTCOME: The 2-day Masterclass delivered transformational results for FI’s team:

• A hands-on understanding of startup challenges, from early-stage funding to IPO readiness.
• Practical skills in cap table math, investor strategy, and board dynamics.
• Improved team cohesion and empathy, enhancing collaboration and client engagement.

Participants highlighted the immersive, real-world simulation as eye-opening, fast-paced, and invaluable in upskilling their ability to navigate and advise on scaling ventures.

WHY IT MADE THE TOP 10 LIST: The Scale Up! Masterclass exceeded expectations for Founders Intelligence, blending team-building with practical, high-impact learning. The simulation energized the team, fostered greater empathy for startup founders, and equipped participants with the tools and confidence to drive client success.

Key highlights included:

• High-pressure pitch simulations, IPO strategies, and late-stage investor decision-making.
• Fast-paced learning that condensed years of startup experience into two days.
• Strengthened team motivation, creativity, and collaboration.

The Masterclass proved a powerful exercise in skill development and team empowerment, positioning Founders Intelligence as even stronger advisor for corporates engaging with startups.

DELIVERY TEAM: Chris Rangen, Scott B. Newton, Nir Melamud, Henrik Amstutz

Read the case study

WHO: Falak Innovation x Tamkeen

WHERE: Bahrain

DURATION: 3 days

WHY THE SIM?: Bahrain’s entrepreneurial ecosystem is growing, but startups face significant challenges in scaling, attracting investment, and navigating complex business strategies. To address this, Falak Innovation, supported by Bahrain’s government agency Tamkeen, partnered with Strategy Tools to deliver Bahrain’s first-ever Scale Up! Masterclass. A big shout-out to Suhail Algosabi, our partner in Bahrain. The program equipped Bahraini entrepreneurs with practical tools, strategic insights, and hands-on learning to tackle real-world growth challenges, from raising funds to developing sustainable exit strategies.

OUTCOME: The 3-day Masterclass delivered tangible outcomes:

• Deep understanding of fundraising processes, cap tables, and investor strategies.
• Immersive learning through simulations, team-based exercises, and pitch development.
• Enhanced networking and collaboration among Bahrain’s entrepreneurial community.

Participants praised the interactive format, with feedback averaging 9.8/10, highlighting the program’s ability to simplify complex concepts while fostering strategic thinking and actionable learning.

WHY IT MADE THE TOP 10 LIST: The Scale Up! Masterclass was a landmark success for Bahrain’s startup ecosystem. By combining local expertise from Falak Innovation and global insights from Strategy Tools, the program empowered participants to scale their ventures confidently.

Key achievements included:

• Strengthening Bahrain’s entrepreneurial capabilities with actionable tools and frameworks.
• Bridging knowledge gaps in scaling strategies, valuation, and investor readiness.
• Facilitating collaboration across diverse participants, from tech founders to traditional business owners.

The success of this inaugural program has laid the groundwork for future editions, with plans to expand the Masterclass regionally, further solidifying Bahrain’s position as a hub for innovation and entrepreneurial growth.

DELIVERY TEAM: Chris Rangen, Suhail Algosabi

Read the case study

WHO: ICAP – Innovation Cluster Accelerator Program, Washington State Department of Commerce 

WHERE: Seattle, Washington State, United States 

DURATION: 1 day

WHY THE SIM?: Over the past 4 years, Chris Rangen has been advising Washington State’s Cluster Accelerator Program on building out the #1 innovation cluster program in the United States. In February, a series of in-person workshops was held in Washington State, supporting the stakeholders and the ICAP cluster team.

During one of these internal ICAP workshops, the Supercluster! Simulation was used to create more engagement, more interaction and a deeper understanding of how clusters work. Using Supercluster, the participants battled it out using Canada, the US, Norway and China as their national superclusters. For anyone working with or learning how to build clusters and cluster programs, the Supercluster! Is a perfect working tool to experience cluster development in action!

OUTCOME: “Now, we really understand how clusters work”, was the key feedback from the group. 

• What are the key building blocks of a cluster 
• How to run cluster projects 
• What is a cluster business model 
• How to build and scale more clusters in the United States 

WHY IT MADE THE TOP 10 LIST:  The most impactful Supercluster session of the year!
Having 15+ economic development experts collaborating and competing in Supercluster is simply just incredible. 

DELIVERY TEAM: Chris Rangen

We would love to see more countries, states and regions run Supercluster! In 2025!

WHO: 2X Ignite GP Sprint 

WHERE: Cape Town, South Africa 

DURATION: 1 day (high-intensity pace) 

WHY THE SIM?:
In 2024 we ran the 3rd cohort of the 2X GP Sprint, Africa II. VC/PE/SME/Debt funds from all over Africa spent 6+ months going through the GP program. For the closing session, we decided to run the Scale Up! Sim at a record-accelerated pace. Effectively, we were saying, this is your ‘exam’. Hang on and enjoy.

We would never have been able to run this pace with regular founders, but as active investors, the teams here were able to just ‘do it’.  The participants were only experienced, emerging fund managers, investing with VC/PE/SME/debt strategies across Africa. 

OUTCOME: 

Considering this as a closing activity of the 2X GP Sprint, we aimed for a few key things: 

• Strengthened teamwork and collaboration across the cohort 
• Deeper understanding on the venture-backed ‘founder’s journey’
• Increased focus on the importance of ‘matching’ valuation to ARR throughout the journey; never let valuation rise too far from the 10X – 15X ARR valuation (one team did) 
• More attention on the exit side of the journey, and how ‘Valuation to ARR multiples will catch up with you’
• Key insights the fund managers could apply to their own investment work 

WHY IT MADE THE TOP 10 LIST: Running Scale Up! With an incredibly experienced, active team of participants is both a great learning, team building, collaboration and insights experience. The pace, the discussions, and the collaboration all made it a great session.

What really made it excellent, though, was the multiple key takeaway points people had, with ‘this is exactly what I am working on in real life’, or ‘this is sooo useful’ comments.  Overall, for the 2X GP Sprint cohort, we did the Fund Manager! With them in Johannesburg in March, and now the Scale Up! In December, showing how multiple sims can fit into the same program structure in a high-impact way.

DELIVERY TEAM: Chris Rangen & the 2X GP Sprint team

WHO: Women Venture Forward, Canadian Venture Capital & Private Equity Association (CVCA)

WHERE: Online / Canada

DURATION: 2 days

WHY THE SIM?:  In the competitive world of venture capital, aspiring fund managers face immense pressure to navigate fundraising, portfolio building, and market dynamics effectively. The Fund Manager Masterclass, delivered by Strategy Tools in collaboration with CVCA, provided an intensive and realistic hands-on learning experience to address these challenges. Participants developed key competencies in fund strategy, due diligence, deal structuring, and investment economics under time constraints, mirroring real-world conditions.

OUTCOME: 

• Participants crafted VC fund strategies, secured LP funding scenarios, and optimized portfolio construction.
• Key takeaways included the importance of active team coordination, the power law in fund economics, and the high-pressure dynamics of managing a VC fund.
• Teams delivered outstanding results, with highlights such as achieving a simulated 26.2X MOIC and 52.5% IRR while distributing $2.1B+ back to LPs.
• The experience fostered confidence, collaborative decision-making, and practical fund management skills critical to success in the venture capital landscape.

WHY IT MADE THE TOP 10 LIST: The Fund Manager Masterclass with CVCA earned its spot for its high-impact, real-world application and its ability to simulate the complexities of fund management within a compressed timeframe. It stood out by:

• Providing participants with an unparalleled, immersive experience to develop and test fund strategies.
• Equipping emerging fund managers with critical skills in a high-pressure, collaborative setting.
• Delivering tangible insights into portfolio construction, power law application, and fund economics.

This program exemplified how practical simulations can transform learning outcomes, preparing future VC leaders to excel in a challenging, fast-paced industry.

DELIVERY TEAM: Michal Badham, Stuart Morley, supported by Kyrre Lemvik