Harvard Case - Common Ground Coworking: Building a Sustainable Coworking Social Enterprise
"Common Ground Coworking: Building a Sustainable Coworking Social Enterprise" Harvard business case study is written by Blair Winsor, Jennifer L. Smith, Jose Lam. It deals with the challenges in the field of Entrepreneurship. The case study is 15 page(s) long and it was first published on : Jun 1, 2018
At Fern Fort University, we recommend Common Ground Coworking pursue a hybrid growth strategy focused on strategic partnerships and targeted expansion into new markets, while maintaining its core values of social impact and environmental sustainability. This approach will allow Common Ground to leverage its existing strengths, build a strong brand, and achieve sustainable growth while staying true to its mission.
2. Background
Common Ground Coworking is a social enterprise founded by three entrepreneurs who saw a need for affordable and accessible coworking spaces that also fostered a sense of community and social impact. The company operates a successful coworking space in Portland, Oregon, offering a range of services including shared workspaces, meeting rooms, event spaces, and a strong community network. Common Ground is committed to environmental sustainability and social responsibility, incorporating these values into its operations and business model.
The case study focuses on the company?s decision point as it considers its future growth strategy. The founders are faced with the challenge of balancing their desire to expand and reach a wider audience with their commitment to maintaining their core values and social mission.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong community focus and social mission
- Experienced and passionate founders
- Sustainable business practices
- Positive brand reputation
- Strong local network and partnerships
- Flexible and adaptable business model
Weaknesses:
- Limited financial resources
- Dependence on a single location
- Potential for scalability challenges
- Lack of formal marketing and outreach strategy
Opportunities:
- Growing demand for coworking spaces
- Expanding into new markets (e.g., other cities, online platforms)
- Strategic partnerships with other organizations
- Leveraging technology and data analytics for growth
- Expanding service offerings (e.g., virtual coworking, online community)
Threats:
- Competition from established coworking companies
- Economic downturn impacting demand for coworking spaces
- Difficulty in maintaining social mission during rapid growth
- Challenges in scaling sustainability practices
Porter?s Five Forces Analysis:
- Threat of New Entrants: High. The coworking industry is relatively easy to enter, with low barriers to entry.
- Bargaining Power of Buyers: Moderate. Customers have a range of options for coworking spaces, but Common Ground?s unique social mission and community focus could differentiate it.
- Bargaining Power of Suppliers: Low. Suppliers of services like internet and utilities are generally not a significant factor in the coworking industry.
- Threat of Substitute Products: Moderate. Other options for remote work, such as home offices and cafes, could be considered substitutes.
- Competitive Rivalry: High. The coworking industry is highly competitive, with established players and new entrants constantly vying for market share.
Financial Analysis:
Common Ground?s financial situation is stable but limited. The company has been profitable, but its growth has been constrained by its reliance on bootstrapping and limited access to traditional financing.
Marketing Analysis:
Common Ground?s marketing efforts have been primarily focused on word-of-mouth and local outreach. This strategy has been successful in building a strong local community, but it has limited the company?s reach to a wider audience.
Operational Analysis:
Common Ground?s operations are efficient and sustainable. The company has implemented a range of practices to minimize its environmental impact and maximize its social impact.
4. Recommendations
- Develop a Hybrid Growth Strategy: Combine organic growth through targeted expansion into new markets with strategic partnerships to leverage resources and expand reach.
- Focus on Strategic Partnerships: Build partnerships with organizations that align with Common Ground?s mission, such as non-profits, universities, and businesses focused on social impact and sustainability. These partnerships can provide access to new markets, resources, and expertise.
- Targeted Expansion: Prioritize expansion into markets with a strong demand for coworking spaces and a supportive ecosystem for social enterprises. Conduct thorough market research to identify ideal locations and potential partners.
- Leverage Technology and Data Analytics: Implement a data-driven approach to marketing and operations. Utilize online platforms, social media, and data analytics to reach new customers, optimize marketing efforts, and improve operational efficiency.
- Develop a Strong Brand and Marketing Strategy: Create a compelling brand narrative that highlights Common Ground?s unique value proposition, social mission, and commitment to sustainability. Invest in targeted marketing campaigns to reach new audiences and build brand awareness.
- Expand Service Offerings: Explore new service offerings that meet the evolving needs of the coworking market, such as virtual coworking, online community platforms, and specialized workshops and events.
- Maintain Financial Discipline: Implement a robust financial management system to track expenses, manage cash flow, and secure funding for growth. Explore alternative financing options, such as impact investing, crowdfunding, and government grants.
- Strengthen Organizational Culture: Foster a culture of innovation, collaboration, and social responsibility. Empower employees to contribute to the company?s mission and create a positive and engaging work environment.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Common Ground?s strengths, weaknesses, opportunities, and threats, as well as the current market trends and competitive landscape. They are aligned with the company?s core values of social impact and environmental sustainability, and they are designed to achieve sustainable growth while maintaining its unique brand identity.
Key Assumptions:
- The demand for coworking spaces will continue to grow in the coming years.
- There are a number of potential markets that are suitable for Common Ground?s expansion.
- Strategic partnerships can provide valuable resources and access to new markets.
- Technology and data analytics can be effectively utilized to improve marketing and operations.
- Common Ground?s commitment to social impact and sustainability will continue to be a key differentiator in the market.
6. Conclusion
By pursuing a hybrid growth strategy focused on strategic partnerships and targeted expansion, Common Ground Coworking can achieve sustainable growth while staying true to its mission of social impact and environmental sustainability. This approach will allow the company to leverage its existing strengths, build a strong brand, and reach a wider audience while maintaining its unique value proposition.
7. Discussion
Alternative Options:
- Rapid Expansion: This approach could lead to faster growth but could also strain resources and dilute the company?s focus on its social mission.
- Focus on Existing Location: This approach could lead to greater profitability but would limit the company?s growth potential.
- Going Public: This option could provide access to significant capital but could also lead to a loss of control and a shift in focus away from the company?s social mission.
Risks:
- Competition: The coworking industry is highly competitive, and Common Ground may face challenges from established players and new entrants.
- Financial Strain: Rapid expansion could lead to financial strain and difficulty in maintaining profitability.
- Loss of Focus: The pursuit of growth could lead to a shift in focus away from the company?s social mission.
Key Assumptions:
- The demand for coworking spaces will continue to grow.
- Strategic partnerships will be successful in providing access to new markets and resources.
- The company will be able to maintain its commitment to social impact and sustainability during growth.
8. Next Steps
- Develop a detailed business plan: This plan should outline the company?s growth strategy, including specific market targets, partnership opportunities, and financial projections.
- Conduct market research: Identify potential markets for expansion and assess the competitive landscape.
- Develop a marketing plan: Create a comprehensive marketing strategy that includes online and offline channels, targeted campaigns, and brand building initiatives.
- Secure funding: Explore alternative financing options, such as impact investing, crowdfunding, and government grants.
- Build strategic partnerships: Identify and cultivate relationships with organizations that align with Common Ground?s mission.
- Implement a data-driven approach: Utilize technology and data analytics to improve marketing, operations, and decision-making.
- Monitor progress and adapt: Regularly assess the company?s progress and make adjustments to the growth strategy as needed.
By taking these steps, Common Ground Coworking can position itself for sustainable growth while staying true to its mission of social impact and environmental sustainability. This approach will allow the company to create a positive impact on its community and the world while building a successful and enduring business.
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Case Description
This case illustrates the challenges, particularly cash flow, experienced by a team of entrepreneurs as they deal with startup issues in a coworking social enterprise, Common Ground Coworking (CGC). CGC is located in the Canadian province of Newfoundland and Labrador and was created to fill an important gap in the province's startup ecosystem by providing a flexible, affordable workspace for early-stage startups and independent professionals to build their businesses amongst the ideas, inspiration, and support of fellow like-minded professionals. As a social enterprise, CGC was structured similarly to a for-profit business, but its mission was social. Instead of paying dividends to owners/shareholders, profits would be reinvested to support better services/amenities for members. The case is set in August 2014 just four months after CGC's opening, as Executive Director, Jennifer Smith seeks to deal with financial issues that threaten CGS's future. She had to decide what solutions were best to address the immediate and long-term financial issues faced by the organization.
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