Harvard Case - Funding My Sisters' Place: Building a Sustainable Social Enterprise
"Funding My Sisters' Place: Building a Sustainable Social Enterprise" Harvard business case study is written by Janice Byrne, Sophie Bacq, Vania Sakelaris. It deals with the challenges in the field of Entrepreneurship. The case study is 8 page(s) long and it was first published on : Jul 19, 2022
At Fern Fort University, we recommend that My Sisters? Place pursue a hybrid funding strategy that combines social impact investing with traditional business financing to achieve sustainable growth and scalability. This approach leverages the organization?s social mission while ensuring financial viability for long-term impact.
2. Background
My Sisters? Place is a non-profit organization providing housing and support services to homeless women and children in the Boston area. Faced with growing demand and limited resources, the organization seeks to expand its services through a social enterprise model ? The Sisters? Place Bakery. This bakery will create job training and employment opportunities for women while generating revenue to support the organization?s core mission.
The case study focuses on Sarah, the founder and executive director of My Sisters? Place, navigating the challenges of establishing and funding the bakery. She faces crucial decisions regarding:
- Funding sources: Balancing social impact investing with traditional business financing.
- Business model: Balancing social mission with financial sustainability.
- Growth strategy: Balancing expansion with maintaining quality and impact.
3. Analysis of the Case Study
Strategic Framework: The case study can be analyzed through the lens of Social Entrepreneurship and Business Model Innovation.
Social Entrepreneurship: My Sisters? Place embodies the core principles of social entrepreneurship by addressing a pressing social issue (homelessness) through a market-based solution (the bakery). This approach aims to generate both social and financial returns, creating a sustainable model for impact.
Business Model Innovation: The bakery represents a disruptive innovation within the social services sector. By integrating a revenue-generating activity (bakery) with a social mission (women?s empowerment), My Sisters? Place creates a unique value proposition. This innovative model challenges traditional non-profit funding models and opens up new avenues for sustainability.
Key Challenges:
- Financial viability: Balancing the social mission with the need for profitability.
- Market competition: Competing with established bakeries while maintaining a social mission.
- Operational efficiency: Ensuring the bakery operates effectively and efficiently to generate revenue.
- Scaling the impact: Expanding the bakery model while maintaining quality and impact.
4. Recommendations
1. Hybrid Funding Strategy:
- Social Impact Investing: Seek investment from impact investors who prioritize social returns alongside financial returns. This could involve impact-focused venture capital firms, foundations, or individual investors.
- Traditional Business Financing: Explore traditional loans, grants, and equity financing from banks, government agencies, and private investors.
- Crowdfunding: Utilize online platforms to raise funds from a broader audience, leveraging the organization?s social mission and community support.
2. Business Model Optimization:
- Market Segmentation: Identify niche markets within the bakery industry, focusing on catering to specific customer segments (e.g., health-conscious consumers, corporate events).
- Product Differentiation: Develop unique bakery products that highlight the social mission and offer a competitive advantage.
- Value Proposition: Clearly articulate the bakery?s value proposition, emphasizing both the quality of products and the social impact generated.
3. Growth Strategy:
- Strategic Partnerships: Collaborate with local businesses, community organizations, and other social enterprises to expand reach and market access.
- Franchise Model: Explore franchising the bakery model to expand into new markets while maintaining quality and impact.
- Technology Integration: Utilize technology for online ordering, delivery, and marketing to enhance efficiency and reach.
5. Basis of Recommendations
1. Core Competencies and Mission Consistency: The hybrid funding strategy aligns with My Sisters? Place?s mission of providing support and empowerment to women. The bakery model leverages the organization?s existing expertise in social services while generating revenue to sustain its operations.
2. External Customers and Internal Clients: The bakery caters to both external customers (consumers) and internal clients (women seeking employment and training). The recommendations prioritize meeting the needs of both groups while ensuring financial sustainability.
3. Competitors: The recommendations address competitive challenges by emphasizing market segmentation, product differentiation, and strategic partnerships.
4. Attractiveness: The hybrid funding strategy offers a balanced approach, leveraging both social impact and financial returns. The business model optimization and growth strategy aim to maximize profitability and scalability.
Assumptions:
- The bakery will be able to generate sufficient revenue to cover operating costs and contribute to the organization?s mission.
- There will be a strong demand for the bakery?s products and services.
- The organization will be able to attract and retain qualified staff for the bakery.
6. Conclusion
My Sisters? Place has the potential to become a successful social enterprise by implementing a hybrid funding strategy, optimizing its business model, and pursuing a strategic growth plan. By leveraging the power of social impact investing, traditional business financing, and innovative business practices, the organization can achieve sustainable growth while creating meaningful social impact.
7. Discussion
Alternatives:
- Solely relying on social impact investing: This approach might be challenging to secure sufficient funding and could limit the organization?s growth potential.
- Solely relying on traditional business financing: This approach could compromise the organization?s social mission and potentially lead to financial instability.
Risks:
- Market competition: The bakery may face challenges from established bakeries.
- Operational efficiency: The bakery may struggle to achieve profitability due to operational inefficiencies.
- Scaling the impact: Expanding the bakery model may dilute the quality of services and impact.
Key Assumptions:
- The bakery will be able to generate sufficient revenue to cover operating costs and contribute to the organization?s mission.
- There will be a strong demand for the bakery?s products and services.
- The organization will be able to attract and retain qualified staff for the bakery.
8. Next Steps
Timeline:
- Year 1: Develop a detailed business plan, secure funding, and launch the bakery.
- Year 2: Focus on market penetration, product innovation, and operational efficiency.
- Year 3: Explore expansion opportunities through franchising or strategic partnerships.
Key Milestones:
- Secure funding from both social impact investors and traditional lenders.
- Develop a comprehensive marketing plan to reach target customers.
- Recruit and train staff for the bakery.
- Monitor financial performance and adjust operations as needed.
- Evaluate the impact of the bakery on women?s lives and the organization?s mission.
By implementing these recommendations, My Sisters? Place can successfully launch and grow its social enterprise bakery, creating a sustainable model for social impact and empowering women while addressing the critical issue of homelessness.
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Case Description
By the spring of 2021, My Sisters' Place, a safe, welcoming, and inclusive support centre for women in London, Ontario, had welcomed countless women to Buchan House, a historic Victorian mansion located in downtown London, that had been generously donated by a local family. While it had become a safe haven for so many people in the community, the building's age and heritage status also meant frequent and high maintenance costs, and the recent roofing repair bill was just another item on a long list of expenses. With strong community support, My Sisters' Place had many plans for future programs and initiatives, but the organization's manager was feeling a little overwhelmed by mounting financial needs, including the unexpected roof repair cost. As the manager of a not-for-profit social enterprise with limited funding, she understood that proceeding with the repair would translate into a painful cut somewhere-a reduction in services or in staff hours. Both would heavily impact the vulnerable population the organization was designed to serve, but the manager had to make a choice.
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