In 2004, the United States Agency for International Development (USAID) concluded a 4-year, 10 million dollar contract with the University of Delaware to create the Sarajevo Graduate School of Business, the first Association to Advance Collegiate Schools of Business [AACSB]-accredited business school in Southeast Europe. This case study examines inconsistencies in the school's mission and goals, the structure and operation of the joint venture between Delaware and the University of Sarajevo, the fit between Delaware's MBA program and the local environment, pricing in an emerging market, the impact of the school's business model on its sustainability, challenges of market estimation and new product introduction, and the realism of USAID's goal of cultural change. The article concludes with an up-to-date epilogue and summary of conclusions that pertain generally to organizational strategies in emerging markets. (Contains 3 figures and 4 tables.)