1. Should Christoph Schmid accept the offer? Christoph Schmid was sitting in his home office finishing reading a report on biofuels issued by the European Commission. He had found that report surfing on the Internet looking for interesting ideas to build up a new business. Just two months earlier, in November 2004, he had left his last venture, Jazztel plc, as one of the five founding partners and CFO. Jazztel today is one of the largest telecom operators in Spain. It reaches annual revenues in excess of €400 million and is listed on the Spanish stock exchange. After crunching a few numbers on potential biodiesel economics that he extracted from the report, he gave a call to Antonio Carro, his former partner and CEO of Jazztel. Christoph thought that, in the context of rapidly escalating oil prices and heightened concern about global warming, much attention will finally be redirected to renewable sources of energy such as wind power, solar power, and biofuels to create an enormous business opportunity. Antonio was thrilled about the idea, and they started immediately to work and to identify key drivers of the biodiesel business.