Harvard Case - The Black New Venture Competition
"The Black New Venture Competition" Harvard business case study is written by Karen Mills, Jeffrey J. Bussgang, Martin Sinozich, Gabriella Elanbeck. It deals with the challenges in the field of Entrepreneurship. The case study is 24 page(s) long and it was first published on : Sep 29, 2020
At Fern Fort University, we recommend that Black New Venture Competition (BNVC) focus on refining its current structure and expanding its reach to attract a wider pool of diverse and high-potential entrepreneurs. This will be achieved through a combination of strategic partnerships, targeted marketing efforts, and a robust evaluation process that prioritizes both financial viability and social impact.
2. Background
The Black New Venture Competition (BNVC) is a non-profit organization dedicated to fostering entrepreneurship within the Black community. Founded in 2000, BNVC has been instrumental in supporting Black entrepreneurs by providing them with access to capital, mentorship, and networking opportunities. The case study focuses on BNVC?s challenges in attracting a diverse pool of applicants and securing funding for its operations.
The main protagonists of the case study are:
- BNVC Board of Directors: Responsible for overseeing the organization?s strategy and financial management.
- BNVC Staff: Dedicated to running the competition, providing support to participants, and securing funding.
- Black Entrepreneurs: The target audience for the competition, seeking funding and guidance to launch their ventures.
3. Analysis of the Case Study
The case study highlights several key challenges facing BNVC:
- Limited Reach: The competition struggles to attract a diverse pool of applicants, potentially limiting its impact on the Black entrepreneurial ecosystem.
- Funding Constraints: BNVC faces financial challenges in sustaining its operations and providing adequate support to participants.
- Lack of Awareness: The competition?s brand awareness needs improvement to attract a wider audience and potential sponsors.
- Evaluation Process: The current evaluation process may not adequately assess the social impact of ventures, limiting the competition?s ability to support businesses that address critical social issues.
To analyze these challenges, we can apply a SWOT analysis framework:
Strengths:
- Strong Mission: BNVC?s mission to support Black entrepreneurs is well-defined and resonates with its target audience.
- Experienced Team: The organization boasts a dedicated team with experience in entrepreneurship and competition management.
- Established Network: BNVC has built a network of mentors, investors, and industry experts who can provide valuable support to participants.
Weaknesses:
- Limited Reach: The competition?s reach is restricted, hindering its ability to attract a diverse pool of applicants.
- Funding Constraints: BNVC faces financial challenges, limiting its resources to support participants and expand its operations.
- Lack of Brand Awareness: The competition?s brand awareness is limited, impacting its ability to attract sponsors and participants.
Opportunities:
- Growing Entrepreneurial Ecosystem: The Black entrepreneurial ecosystem is expanding, offering BNVC a larger pool of potential participants.
- Increased Focus on Social Impact: There is a growing demand for businesses that address social issues, presenting an opportunity for BNVC to focus on ventures with a social impact.
- Strategic Partnerships: BNVC can leverage partnerships with corporations, foundations, and other organizations to expand its reach and secure funding.
Threats:
- Competition from Other Programs: BNVC faces competition from other entrepreneurship programs targeting diverse communities.
- Economic Downturn: A potential economic downturn could impact the availability of funding for BNVC and its participants.
- Changing Demographics: Shifts in demographics could impact the availability of potential participants for the competition.
4. Recommendations
To address the challenges and capitalize on opportunities, BNVC should implement the following recommendations:
1. Expand Reach and Diversity:
- Strategic Partnerships: Partner with organizations like minority business development centers, universities, and community groups to reach a wider pool of potential applicants.
- Targeted Marketing: Develop targeted marketing campaigns to reach specific demographics within the Black community, highlighting the competition?s benefits and impact.
- Online Presence: Enhance BNVC?s online presence through a user-friendly website, social media engagement, and online advertising to increase visibility and attract applicants.
2. Enhance Evaluation Process:
- Social Impact Assessment: Incorporate a robust assessment of social impact alongside financial viability in the evaluation process. This will ensure that the competition supports ventures addressing critical social issues within the Black community.
- Expert Judges: Recruit a diverse panel of judges with expertise in entrepreneurship, social impact, and relevant industry sectors to provide comprehensive feedback to participants.
- Mentorship Program: Develop a comprehensive mentorship program that pairs participants with experienced entrepreneurs and industry experts to provide guidance and support throughout the competition.
3. Secure Sustainable Funding:
- Corporate Sponsorships: Seek corporate sponsorships from companies committed to diversity and inclusion, highlighting the competition?s positive impact on the Black community.
- Foundation Grants: Explore funding opportunities from foundations focused on entrepreneurship, social impact, and supporting minority-owned businesses.
- Venture Capital Investment: Explore partnerships with venture capital firms interested in investing in high-potential Black-owned businesses.
4. Enhance Brand Awareness:
- Public Relations Campaign: Launch a public relations campaign to raise awareness of the competition and its impact on the Black entrepreneurial ecosystem.
- Media Outreach: Engage with media outlets, including newspapers, magazines, and online platforms, to showcase the competition?s success stories and impact.
- Social Media Marketing: Utilize social media platforms to engage with potential participants, sponsors, and the broader Black community, highlighting the competition?s value and impact.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of BNVC?s strengths, weaknesses, opportunities, and threats. They address the core challenges identified in the case study and are consistent with BNVC?s mission to support Black entrepreneurs. The recommendations consider the needs of external customers (Black entrepreneurs) and internal clients (BNVC staff and board members). They also acknowledge the competition from other entrepreneurship programs and the importance of attracting a diverse pool of participants.
The recommendations are supported by quantitative measures, such as:
- Increased participation: A successful marketing campaign and partnerships could significantly increase the number of applicants, leading to a larger pool of diverse and high-potential ventures.
- Enhanced funding: Securing corporate sponsorships and foundation grants could provide BNVC with the financial resources to expand its operations, support participants, and increase its impact.
- Improved social impact: By incorporating a social impact assessment into the evaluation process, BNVC can prioritize ventures that address critical social issues within the Black community, leading to a more significant positive impact.
6. Conclusion
By implementing these recommendations, BNVC can overcome its current challenges and achieve its mission to support Black entrepreneurs. The organization can expand its reach to attract a diverse pool of applicants, secure sustainable funding, and enhance its brand awareness. This will enable BNVC to become a leading force in fostering entrepreneurship within the Black community and driving positive social and economic change.
7. Discussion
Other alternatives not selected include:
- Focusing solely on financial viability: This approach could limit the competition?s impact on social issues and fail to attract entrepreneurs focused on addressing social challenges.
- Relying solely on government grants: This approach could create dependency and limit BNVC?s ability to secure sustainable funding.
- Ignoring the competition: This approach would leave BNVC vulnerable to losing potential participants and sponsors to other entrepreneurship programs.
The risks associated with the recommended approach include:
- Failure to attract sufficient funding: Despite efforts to secure sponsorships and grants, BNVC may struggle to secure adequate funding to support its operations and participants.
- Limited impact on social issues: While the competition prioritizes social impact, it may not be able to effectively support ventures addressing complex social challenges.
- Lack of commitment from partners: Partner organizations may not fully commit to the competition, limiting its reach and impact.
The key assumptions underlying the recommendations include:
- The Black entrepreneurial ecosystem will continue to grow: The recommendations rely on the assumption that the Black entrepreneurial ecosystem will continue to expand, providing a larger pool of potential participants for the competition.
- Corporations and foundations will be willing to support BNVC: The recommendations assume that corporations and foundations will be willing to invest in BNVC?s mission and support its initiatives.
- The evaluation process can effectively assess social impact: The recommendations assume that the evaluation process can effectively assess the social impact of ventures, ensuring that the competition prioritizes businesses addressing critical social issues.
8. Next Steps
To implement these recommendations, BNVC should take the following steps:
- Develop a strategic plan: The board of directors should develop a comprehensive strategic plan outlining the organization?s goals, objectives, and key initiatives.
- Secure funding: BNVC should prioritize securing funding through corporate sponsorships, foundation grants, and venture capital investment.
- Build partnerships: The organization should establish strategic partnerships with key organizations to expand its reach and access a diverse pool of applicants.
- Refine evaluation process: BNVC should refine its evaluation process to incorporate a robust assessment of social impact alongside financial viability.
- Enhance marketing efforts: The organization should launch targeted marketing campaigns to increase brand awareness and attract potential participants.
These steps should be implemented within a timeline of 12-18 months to ensure that BNVC can effectively address its challenges and achieve its mission. Regular monitoring and evaluation will be crucial to track progress and make adjustments as needed.
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Case Description
Black entrepreneurs encounter many unique obstacles when raising capital to start and grow a business. During their second year at Harvard Business School (HBS), MBA students Kimberly Foster and Tyler Simpson decided to do something to make a difference for early-stage Black technology entrepreneurs seeking funding. In just four months, they created the inaugural Black New Venture Competition (BNVC), which attracted 300 applicants and became the largest student-led business plan competition for Black entrepreneurs in the U.S. Over the course of the competition, Foster and Simpson were able to begin to identify some of the biases and frictions in the evaluation and funding of early-stage Black ventures. Was there bias in the selection rubric? What would happen when these Black founders faced traditional white VC investors in their next funding round? Now Foster and Simpson needed to decide what to keep and what to change for future iterations of the BNVC. Were they, and their successors, even thinking big enough for BNVC 2.0?
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