Harvard Case - CareerWise Colorado
"CareerWise Colorado" Harvard business case study is written by Rawi Abdelal, Joseph B. Fuller, Matthew Preble. It deals with the challenges in the field of Entrepreneurship. The case study is 34 page(s) long and it was first published on : Mar 19, 2019
At Fern Fort University, we recommend that CareerWise Colorado (CWC) pursue a multifaceted growth strategy focused on expanding its reach, enhancing its program offerings, and solidifying its financial sustainability. This strategy involves a combination of strategic partnerships, program diversification, and targeted fundraising initiatives.
2. Background
CareerWise Colorado is a non-profit organization dedicated to addressing the skills gap in Colorado by connecting high school students with apprenticeships and career pathways. The organization faces challenges in scaling its operations, securing funding, and demonstrating its impact. The case study focuses on CWC?s decision to expand its program offerings and its need for a comprehensive financial strategy to support this growth.
The main protagonists of the case study are:
- Joni Kerschner: CEO of CareerWise Colorado, who is passionate about the organization?s mission and committed to its expansion.
- The Board of Directors: Responsible for overseeing the organization?s strategic direction and financial health.
- Potential funders: Individuals and organizations who are interested in supporting CWC?s mission but require evidence of impact and financial sustainability.
3. Analysis of the Case Study
The case study can be analyzed through the lens of a strategic framework, focusing on CWC?s mission, vision, and goals in the context of the external environment and its internal capabilities.
Strengths:
- Strong mission and impact: CWC addresses a critical societal issue, the skills gap, and has demonstrated success in connecting students with meaningful career opportunities.
- Partnerships: CWC has established strong relationships with businesses, schools, and government agencies, creating a robust ecosystem for its programs.
- Experienced leadership: Joni Kerschner and the Board of Directors possess a deep understanding of the organization?s needs and the challenges it faces.
Weaknesses:
- Limited funding: CWC relies heavily on grants and donations, making it vulnerable to funding fluctuations.
- Scaling challenges: Expanding the program to reach more students requires significant resources and operational efficiency.
- Lack of data-driven impact measurement: CWC needs to strengthen its data collection and analysis capabilities to demonstrate its value proposition to stakeholders.
Opportunities:
- Growing demand for skilled workers: The skills gap is widening, creating an increasing need for CWC?s services.
- Government support for workforce development: State and federal initiatives provide opportunities for funding and collaboration.
- Technological advancements: Utilizing technology for program delivery, data analysis, and communication can enhance efficiency and impact.
Threats:
- Economic downturn: A recession could impact business participation in apprenticeship programs.
- Competition from other workforce development organizations: CWC needs to differentiate itself and demonstrate its unique value proposition.
- Changes in government policy: Shifts in funding priorities or regulations could affect CWC?s operations.
Financial Analysis:
- Revenue streams: CWC relies heavily on grants and donations, requiring diversification to ensure financial stability.
- Cost structure: The organization needs to optimize its cost structure to maximize efficiency and minimize reliance on external funding.
- Capital budgeting: CWC needs to prioritize investments in program expansion and technology to enhance its impact and reach.
4. Recommendations
To address the challenges and capitalize on the opportunities, CWC should implement the following recommendations:
1. Expand Program Offerings:
- Diversify into new sectors: Explore high-demand industries beyond traditional trades, such as healthcare, technology, and renewable energy.
- Develop customized programs: Tailor programs to meet the specific needs of different industries and regions.
- Offer hybrid learning models: Combine traditional apprenticeships with online learning to enhance flexibility and accessibility.
2. Strengthen Financial Sustainability:
- Increase fundraising efforts: Develop a comprehensive fundraising strategy targeting individuals, foundations, corporations, and government agencies.
- Explore social impact investing: Partner with impact investors who seek to generate both financial returns and social good.
- Develop a fee-for-service model: Offer paid programs to businesses that require specialized training for their workforce.
3. Enhance Impact Measurement:
- Develop robust data collection systems: Track student outcomes, program impact, and employer satisfaction.
- Utilize data analytics: Analyze data to identify trends, measure ROI, and inform program improvements.
- Publish impact reports: Communicate CWC?s achievements to stakeholders and potential funders.
4. Build Strategic Partnerships:
- Collaborate with industry leaders: Partner with businesses to develop relevant training programs and create career pathways.
- Engage with educational institutions: Work with high schools, colleges, and universities to integrate apprenticeship opportunities into curriculum.
- Foster relationships with government agencies: Leverage government initiatives and funding opportunities to expand program reach.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with CWC?s core mission of addressing the skills gap and providing students with career pathways.
- External customers and internal clients: The recommendations consider the needs of students, employers, and funders, ensuring a win-win situation.
- Competitors: The recommendations differentiate CWC by offering a unique combination of program offerings, partnerships, and impact measurement.
- Attractiveness ? quantitative measures: The recommendations are expected to increase program participation, improve financial sustainability, and demonstrate a positive ROI.
Assumptions:
- The demand for skilled workers will continue to grow.
- Businesses will be willing to invest in apprenticeship programs.
- Government funding for workforce development will remain stable.
- CWC will be able to attract qualified staff and partners.
6. Conclusion
By implementing these recommendations, CareerWise Colorado can position itself for sustainable growth and increased impact. The organization can expand its reach, enhance its program offerings, and solidify its financial stability while addressing the critical skills gap in Colorado.
7. Discussion
Alternative Options:
- Merging with another workforce development organization: This could provide access to resources and expertise but could also lead to loss of autonomy and potential conflicts.
- Focusing solely on traditional trades: This would limit CWC?s reach and potential impact in a rapidly evolving job market.
- Reliance on government funding: This approach could make CWC vulnerable to political changes and funding cuts.
Risks and Key Assumptions:
- Economic downturn: A recession could impact business participation in apprenticeship programs.
- Competition: Other workforce development organizations could emerge, challenging CWC?s market share.
- Government policy changes: Shifts in funding priorities or regulations could affect CWC?s operations.
8. Next Steps
- Develop a detailed implementation plan: Define specific actions, timelines, and resource requirements for each recommendation.
- Secure funding: Seek grants, donations, and impact investments to support program expansion and financial sustainability.
- Build strategic partnerships: Establish collaborations with key stakeholders in education, industry, and government.
- Monitor and evaluate progress: Regularly track key performance indicators and adjust the strategy as needed.
By taking these steps, CareerWise Colorado can achieve its mission of addressing the skills gap and creating a brighter future for Colorado?s workforce.
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Case Description
CareerWise Colorado (CWC) is an organization that equips high school students with the skills to build successful careers through apprenticeships. Founded in 2016, the young organization has attracted interest from different groups and civic leaders from across the U.S., some of whom want to replicate CWC's model, and others who want CWC to bring and then operate its program in their localities. Noel Ginsburg, CWC's founder and CEO, and Ashley Carter, COO, now have to decide how, when, and where to grow CWC. They both believe in CWC's apprenticeship model's widespread applicability, but so far it is still a relatively small-with just over 200 active apprentices spread across two cohorts; all of whom live in Colorado-and unproven entity. As of late 2018, no apprentices had yet completed the three year program. They did not want to scale the program too soon, but Ginsburg and Carter also did not want to miss out on the attractive opportunities being presented to them. How should they scale this organization?
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