This case, which builds on “Yearbook Inc. (A): The Start-up Years” (UVA-OM-0369) and “Yearbook Inc. (B): The Emergence of Canva” (UVA-OM-S-0370), finds Melanie Perkins having grown from a dreamer putting yearbooks together in her mother’s living room to CEO of her own design company, Canva, which was also growing. The company had always been a big vision, but with more investor money, more employees, and more competitors, the stakes were bigger than ever. Was Perkins pursuing the right strategy?