When we undertook to develop the New Ventures Case Series, we wanted to ensure that we captured the most common clutch points that entrepreneurs face. The case in this issue is that of Wrapped Apps, a company facing at least three such challenges simultaneously. It is a complex and challenging case that forces students to integrate strategy, financing and marketing to find a solution. Wrapped Apps is an Ottawa software company whose technology is capable of turning any desktop computer application into a hosted web service, available 'on demand' through any computer with an internet connection. The software-as-a-service industry, to which the company belongs, is large and rapidly growing. Their technology for webenabling software is leading edge, having been developed through nearly five years of intensive research and development. But with a product finally in hand, Wrapped Apps is facing an uphill battle in converting its unrivaled technology into a robust stream of revenues. Their business model relies on simultaneous uptake by two segments of customers, who each provide a critical input to the overall software-as-a-service offering. Coordinating these customer-suppliers is difficult, and neither appear to be responding as expected to the company's value proposition. Meanwhile, the company's CTO is calling for a new version of Wrapped Apps' platform, and the newly hired sales and marketing lieutenant wants to build a sales force and outsource marketing. Spending pressures are intense; the company's cash reserves are quickly dwindling. For educators in entrepreneurship and new venture management, this case is useful in the following four ways: 1. It deals with organizational change in a startup moving from an R&D orientation to a product and sales focus. 2. It illustrates the challenges associated with marketing products which threaten to disrupt existing value chains and business models. 3. It provides the basis for a discussion of coordination issues in technological services where customers serve a dual role as both customer and supplier. 4. It forces students to develop a financing strategy that will assure short-term survival while setting the foundation for longer-term growth. The authors would like to thank the principals at Wrapped Apps for their time, candor and assistance in developing this case, as well as Moira Jackson for her careful editing and helpful suggestions. This case was developed with the support of the CIBC Curriculum Development Fund. The case, along with others in our New Ventures Case Series, is available with additional appendices and a complete teaching note for use by management educators. Inquiries from educators are welcomed by email at qcbv@business.queensu.ca. Lorsque nous avons entrepris la tache de developper le New Ventures Case Series (Serie traitant de cas de nouvelles entreprises), nous voulions nous assurer de bien illustrer les > les plus communs auxquels font face les entrepreneurs. Dans le present numero, nous examinons le cas de Wrapped Apps, une entreprise qui fait face a trois de ces defis simultanement. Ce cas est complexe et pose de multiples problemes, obligeant les etudiants a integrer strategie, financement et marketing afin de trouver une solution. Wrapped Apps est une compagnie informatique situee a Ottawa qui a mis au point une technologie permettant a n'importe quelle application informatique pour ordinateur de bureau a se transformer en service internet disponible sur demande a partir de n'importe quel ordinateur ayant acces a internet. L'industrie du SaaS (software-as-a-service), dont Wrapped Apps fait partie, est de grande envergure et continue de prendre rapidement de l'expansion. C'est grace a cinq ans de recherche et de developpement intenses que Wrapped Apps a reussi a mettre au point une technologie de fine pointe permettant d'acceder a des logiciels via le Web. …