Harvard Case - EverTrue: Mobile Technology Development (A)
"EverTrue: Mobile Technology Development (A)" Harvard business case study is written by William R. Kerr, Alexis Brownell. It deals with the challenges in the field of Entrepreneurship. The case study is 25 page(s) long and it was first published on : Jan 23, 2013
At Fern Fort University, we recommend that EverTrue prioritize product development and market expansion by focusing on disruptive innovation within the higher education fundraising space. This involves leveraging their existing technology and analytics capabilities to create a mobile-first platform that offers personalized experiences for donors and institutions. By adopting a lean startup methodology and growth hacking strategies, EverTrue can achieve scalability and rapid growth while maintaining a strong focus on customer discovery and product-market fit.
2. Background
EverTrue is a tech startup founded in 2011 by two entrepreneurs, Mike and Peter, with the goal of revolutionizing higher education fundraising. Their initial product, a mobile app, aimed to connect alumni with their alma maters through personalized content and engagement tools. EverTrue?s success was driven by its innovative approach to leveraging data and technology to enhance donor relationships. However, as the company grew, it faced challenges in scaling its operations and expanding its market reach.
3. Analysis of the Case Study
EverTrue?s success hinges on its ability to navigate the complex landscape of higher education fundraising. The company operates within a highly competitive market with established players and evolving donor expectations. To analyze the case, we can utilize the following frameworks:
1. Porter?s Five Forces:
- Threat of New Entrants: High. The market is attractive to tech startups with innovative solutions.
- Bargaining Power of Buyers: High. Institutions have significant leverage due to their large budgets and diverse needs.
- Bargaining Power of Suppliers: Low. EverTrue relies on readily available technology and talent.
- Threat of Substitutes: Moderate. Traditional fundraising methods and other technology solutions pose a threat.
- Competitive Rivalry: High. The market is crowded with established players and emerging startups.
2. SWOT Analysis:
Strengths:
- Strong team with deep expertise in technology and fundraising.
- Innovative mobile-first approach.
- Data-driven platform with powerful analytics capabilities.
- Strong customer relationships with leading universities.
Weaknesses:
- Limited marketing and sales resources.
- Challenges in scaling operations and expanding market reach.
- Potential for competition from larger tech companies.
Opportunities:
- Growing demand for technology-driven fundraising solutions.
- Increasing adoption of mobile devices in higher education.
- Potential for international expansion.
Threats:
- Economic downturn impacting fundraising budgets.
- Competition from established players and emerging startups.
- Technological advancements disrupting the fundraising landscape.
3. Business Model Canvas:
EverTrue?s business model relies on a subscription-based revenue model, offering its platform to higher education institutions. The company?s value proposition lies in its ability to enhance donor engagement, improve fundraising efficiency, and provide valuable insights into donor behavior.
4. Growth Strategy:
EverTrue needs to adopt a multi-pronged growth strategy that focuses on:
- Product Innovation: Continuously developing new features and functionalities to stay ahead of the competition.
- Market Expansion: Targeting new segments within higher education and exploring international markets.
- Strategic Partnerships: Collaborating with leading fundraising organizations and technology providers.
- Marketing and Sales: Investing in targeted marketing campaigns and building a strong sales team.
4. Recommendations
To achieve sustainable growth, EverTrue should implement the following recommendations:
1. Focus on Disruptive Innovation:
- Develop a mobile-first platform that provides a seamless and personalized experience for donors.
- Leverage artificial intelligence (AI) and machine learning (ML) to personalize donor interactions and predict giving behavior.
- Create a data-driven ecosystem that connects donors, institutions, and fundraising professionals.
2. Adopt a Lean Startup Methodology:
- Develop a minimum viable product (MVP) and iterate based on user feedback.
- Utilize A/B testing and growth hacking to optimize user engagement and conversion rates.
- Focus on customer discovery and understanding the needs of both donors and institutions.
3. Prioritize Market Expansion:
- Target new segments within higher education, such as community colleges and private schools.
- Explore international markets with a high potential for growth.
- Leverage strategic partnerships to expand reach and brand awareness.
4. Invest in Marketing and Sales:
- Develop a targeted marketing strategy that reaches potential customers through digital channels.
- Build a strong sales team with expertise in higher education fundraising.
- Leverage content marketing and thought leadership to establish EverTrue as an industry leader.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: EverTrue?s core competencies lie in its technology and analytics capabilities.
- External Customers: The company?s target customers are higher education institutions and donors.
- Competitors: EverTrue faces competition from both established players and emerging startups.
- Attractiveness: The higher education fundraising market is attractive due to its size and growth potential.
- Assumptions: The recommendations assume a continued growth in the demand for technology-driven fundraising solutions and a willingness of institutions to adopt innovative approaches.
6. Conclusion
EverTrue has the potential to become a dominant player in the higher education fundraising market. By focusing on disruptive innovation, adopting a lean startup methodology, and prioritizing market expansion, the company can achieve sustainable growth and solidify its position as a leader in the industry.
7. Discussion
Alternatives:
- Acquiring a competitor: This could provide access to new markets and technologies. However, it would require significant capital investment and could lead to integration challenges.
- Focusing solely on product development: This could lead to a strong product but might not be sufficient to achieve market dominance.
- Partnering with a larger tech company: This could provide access to resources and expertise but could limit EverTrue?s control over its technology and brand.
Risks:
- Competition: The market is highly competitive, and larger tech companies could enter the space.
- Technology disruption: Rapid technological advancements could render EverTrue?s platform obsolete.
- Economic downturn: A recession could impact fundraising budgets and reduce demand for EverTrue?s services.
Key Assumptions:
- The demand for technology-driven fundraising solutions will continue to grow.
- Higher education institutions will be willing to adopt innovative approaches.
- EverTrue can successfully develop and market its platform to new segments.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Disruptive Innovation | Strong competitive advantage, high growth potential | High risk, requires significant investment |
| Lean Startup Methodology | Faster iteration, reduced risk | Requires strong execution, may not be suitable for all products |
| Market Expansion | Increased market share, diversification | Requires significant resources, potential for cultural challenges |
| Strategic Partnerships | Access to resources and expertise, expanded reach | Loss of control, potential for conflict |
8. Next Steps
- Develop a detailed product roadmap: Define the key features and functionalities of the mobile-first platform.
- Conduct user research: Gather feedback from donors and institutions to inform product development.
- Build a strong marketing and sales team: Develop a targeted marketing strategy and recruit experienced sales professionals.
- Secure funding: Seek venture capital or other forms of financing to support growth initiatives.
- Establish key partnerships: Collaborate with leading fundraising organizations and technology providers.
By implementing these recommendations and taking a proactive approach to managing risks, EverTrue can position itself for continued success in the dynamic and evolving higher education fundraising market.
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Case Description
Brent Grinna is evaluating different options for the technology development of his start-up's iPhone app, including hiring local programmers, finding a CTO, or outsourcing. He only has a little over two months before he presents his alumni networking app to Brown University, in the hope that they will adopt it and fund his company, EverTrue. He lacks the technical knowledge necessary to make the prototype himself, and so has to quickly decide on the best option. He is considering multiple ways to find a developer, including hiring a local programmer or making use of a local app-development company; using an outsourcing platform like oDesk; contracting with Dashfire, a friend's company that charges low fees for product development in exchange for equity; or finding and hiring a CTO or technical co-founder. Grinna must weigh issues like cost, speed of development, equity retention, proximity and ease of collaboration, and control of intellectual property. The case further provides an opportunity for discussing the business models of global firms like oDesk and Dashfire.
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