Harvard Case - Creating Shared Value at the Mills: A Billion Dollar Experiment in Corporate Social Entrepreneurship
"Creating Shared Value at the Mills: A Billion Dollar Experiment in Corporate Social Entrepreneurship" Harvard business case study is written by Jinyu He, J.P. Stevenson. It deals with the challenges in the field of Entrepreneurship. The case study is 17 page(s) long and it was first published on : Feb 28, 2019
At Fern Fort University, we recommend that The Mills adopt a hybrid approach to scaling their social entrepreneurship initiative. This approach leverages the strengths of their existing corporate social responsibility (CSR) program while fostering a culture of innovation and entrepreneurship within the organization. This strategy aims to create a sustainable and scalable model for shared value creation, ensuring long-term impact and financial viability.
2. Background
The Mills, a billion-dollar global textile company, is facing a critical juncture. While committed to ethical sourcing and environmental sustainability, they are seeking to leverage their resources and expertise to address social challenges in their supply chain. They are exploring a corporate social entrepreneurship (CSE) initiative, aiming to create for-profit ventures that address social issues and generate financial returns. This case study focuses on the challenges and opportunities associated with this ambitious undertaking.
The main protagonists are:
- The Mills? leadership team: They are committed to the company?s social mission but grapple with the complexities of launching and scaling a CSE initiative.
- The social entrepreneurs within The Mills: They are passionate about developing solutions to social challenges but lack the resources and expertise to launch successful ventures.
- The stakeholders: They include employees, consumers, investors, and the communities where The Mills operates, all of whom have varying expectations and interests.
3. Analysis of the Case Study
The case study presents a compelling opportunity for The Mills to explore business model innovation and shared value creation. However, several challenges need to be addressed:
- Organizational Culture: The Mills? current culture is focused on traditional textile manufacturing, which may not be conducive to the entrepreneurial mindset required for successful CSE ventures.
- Resource Allocation: The company needs to allocate resources effectively to support both existing operations and the development of new ventures.
- Market Validation: The Mills must ensure that their CSE ventures address real market needs and are commercially viable.
- Scalability: The company needs to develop a strategy for scaling successful ventures to achieve significant social impact.
Framework: To analyze the case, we can utilize the Business Model Canvas, which helps to visualize and analyze the key elements of the proposed CSE ventures. This framework will be used to assess the viability of each venture, identify potential challenges, and develop appropriate strategies for scaling.
4. Recommendations
- Establish a dedicated CSE unit: Create a dedicated unit within The Mills to focus on developing, incubating, and scaling CSE ventures. This unit should be staffed with experienced entrepreneurs, business development professionals, and social impact experts.
- Develop a clear framework for CSE ventures: Define a clear set of criteria for selecting CSE ventures, including alignment with The Mills? core values, potential for social impact, and market viability.
- Utilize a hybrid approach: Combine the strengths of The Mills? existing CSR program with a more entrepreneurial approach. This could involve:
- Investing in existing social enterprises: Provide funding and support to existing social enterprises that align with The Mills? mission.
- Developing internal ventures: Encourage employees to develop and launch their own CSE ventures within The Mills.
- Partnering with external organizations: Collaborate with NGOs, universities, and other organizations to develop and scale CSE ventures.
- Leverage technology and analytics: Utilize data and analytics to identify social challenges, track the impact of CSE ventures, and optimize their performance.
- Foster a culture of innovation: Encourage a culture of experimentation, risk-taking, and collaboration within The Mills to support the development of CSE ventures.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with The Mills? commitment to social responsibility and leverage their expertise in textile manufacturing and supply chain management.
- External customers and internal clients: The recommendations aim to create value for all stakeholders, including customers, employees, investors, and the communities where The Mills operates.
- Competitors: The recommendations position The Mills as a leader in CSE, differentiating them from competitors and attracting talent and investment.
- Attractiveness: The recommendations are expected to generate positive financial returns and social impact, creating a win-win scenario for The Mills and its stakeholders.
6. Conclusion
The Mills has a unique opportunity to become a leader in corporate social entrepreneurship. By adopting a hybrid approach that combines the strengths of their existing CSR program with a more entrepreneurial mindset, they can create a sustainable and scalable model for shared value creation. This approach will not only generate positive social impact but also enhance the company?s reputation, attract talent, and drive long-term financial growth.
7. Discussion
Alternatives:
- Focusing solely on internal ventures: This approach would limit the potential for impact and could be challenging to scale.
- Partnering exclusively with external organizations: This approach could lead to a lack of control over the development and implementation of CSE ventures.
Risks:
- Lack of commitment from leadership: Strong leadership commitment is crucial for the success of any CSE initiative.
- Failure to attract and retain talent: The Mills needs to attract and retain skilled entrepreneurs and social impact experts.
- Market challenges: CSE ventures may face challenges in finding customers and achieving profitability.
Key assumptions:
- The Mills has the resources and commitment to invest in CSE ventures.
- The company is willing to embrace a culture of innovation and risk-taking.
- The market is receptive to products and services that address social challenges.
8. Next Steps
- Form a CSE task force: Assemble a cross-functional team to develop a detailed plan for implementing the recommendations.
- Conduct a pilot program: Launch a pilot CSE venture to test the feasibility of the proposed approach.
- Develop a communication strategy: Communicate the CSE initiative to stakeholders, including employees, customers, investors, and the communities where The Mills operates.
- Monitor and evaluate progress: Track the impact of the CSE initiative and make adjustments as needed.
By taking these steps, The Mills can successfully launch and scale their corporate social entrepreneurship initiative, creating a positive impact on the world while driving sustainable business growth.
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Case Description
When the Hong Kong billion-dollar revitalization of a set of derelict cotton mills in Hong Kong was first conceptualized by property heiress Vanessa Cheung, the project had a clear direction around which it was to be oriented. The Mills was to be a social institution: a space in which an otherwise poor and fragmented local community could connect with both its past, as a center of textile production, and its future. Financed by Nan Fung Group, Vanessa's multigenerational family business and one of Asia's most valuable property development companies, the Mills was underwritten without the diligence that might proceed projects of a comparable scale. Three years from project inception but still several months away from the facilities opening to the public in late 2018, the Mills struggled to operationalize the three business models it had evolved to encompass, namely, an incubation platform including co-working space; shopping space targeting pop-up stores and smaller retailers; a heritage center to operate as a non-profit museum. Vanessa also wondered how her project will deliver on its original vision of creating shared value for its stakeholders.
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