Twenty-five years ago, at the dawn of the Internet revolution, Bertelsmann asked INSEAD for support in Preparing for Opportunities (PFO), by embedding a culture of entrepreneurial leadership across its businesses. The resulting one-week programme has evolved over the years but is still built on the original three central pillars: strategic innovation; leading change to implement strategic innovation; and measuring the value of the implementation. After 47 deliveries and more than 1,400 participants, PFO has itself become a company institution.