Harvard Case - GoFundMe: The Giving Layer of the Internet
"GoFundMe: The Giving Layer of the Internet" Harvard business case study is written by Scott Duke Kominers, Allison M. Ciechanover. It deals with the challenges in the field of Entrepreneurship. The case study is 22 page(s) long and it was first published on : Mar 20, 2018
At Fern Fort University, we recommend that GoFundMe continue its growth strategy by focusing on strategic partnerships, international expansion, and leveraging technology and analytics to enhance its platform and user experience. Additionally, we advise that GoFundMe explore avenues for diversification, such as offering financial products and services to its user base, while maintaining its core values of community and social impact.
2. Background
GoFundMe, founded in 2010, has become a leading platform for crowdfunding, connecting individuals and communities to raise money for personal causes, medical expenses, disaster relief, and more. The company?s success is attributed to its user-friendly interface, strong community focus, and ability to tap into the growing trend of online giving. The case study highlights GoFundMe?s rapid growth, its evolving business model, and the challenges it faces as it seeks to maintain its position as a market leader.
The main protagonists of the case study are the founders, Brad Damphousse and Andy Ballesteros, who are grappling with key decisions regarding the company?s future. They are considering options like going public, expanding internationally, and diversifying their product offerings.
3. Analysis of the Case Study
This case study can be analyzed through the lens of several frameworks, including:
- Porter?s Five Forces: The analysis reveals a highly competitive market with many players vying for market share. The threat of new entrants is high due to the low barriers to entry in the online crowdfunding space. The bargaining power of buyers is moderate, as users can easily switch platforms. The threat of substitutes is also moderate, as other fundraising methods exist. However, GoFundMe?s strong brand recognition and user base give it a competitive advantage.
- SWOT Analysis: GoFundMe possesses significant strengths such as a strong brand, a large and engaged user base, and a user-friendly platform. However, it also faces weaknesses like competition from other platforms and potential regulatory challenges. Opportunities include international expansion, diversification of product offerings, and leveraging technology to enhance user experience. Threats include increased competition, regulatory changes, and potential security breaches.
- Business Model Canvas: GoFundMe?s business model is based on a two-sided marketplace where individuals seeking funding connect with donors. Revenue is generated through transaction fees. The case study explores the potential for expanding this model by offering additional services such as financial products and partnerships with non-profit organizations.
4. Recommendations
- Strategic Partnerships: GoFundMe should actively pursue strategic partnerships with non-profit organizations, charities, and financial institutions. These partnerships can provide access to new user segments, enhance brand credibility, and create opportunities for cross-promotional activities.
- International Expansion: GoFundMe should prioritize international expansion, particularly in markets with high internet penetration and a growing middle class. This expansion can be achieved through localized versions of the platform, partnerships with local organizations, and targeted marketing campaigns.
- Technology and Analytics: GoFundMe should invest in technology and analytics to improve its platform, personalize user experience, and enhance fraud detection capabilities. This includes leveraging data to identify user needs, optimize marketing campaigns, and develop new product features.
- Diversification: GoFundMe should explore avenues for diversification by offering financial products and services to its user base, such as micro-loans, investment opportunities, and financial planning tools. This diversification can create new revenue streams and enhance user engagement.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: GoFundMe?s core competencies lie in its user-friendly platform, strong community focus, and ability to connect people with causes. The recommendations align with the company?s mission by expanding its reach, enhancing user experience, and creating new opportunities for social impact.
- External Customers and Internal Clients: The recommendations address the needs of both donors and fundraisers by providing them with a more robust platform, expanded reach, and new financial services.
- Competitors: The recommendations aim to differentiate GoFundMe from its competitors by leveraging its strengths in community, technology, and social impact.
- Attractiveness: The recommendations are expected to drive growth, increase revenue, and enhance user engagement. While quantitative measures like NPV and ROI are difficult to assess at this stage, the potential for significant growth and market share expansion is evident.
6. Conclusion
GoFundMe is at a pivotal point in its journey. By focusing on strategic partnerships, international expansion, technology and analytics, and diversification, the company can solidify its position as a leader in the crowdfunding space and create a lasting impact on the way people give and receive support.
7. Discussion
Other alternatives not selected include:
- Going Public: While an IPO could provide access to capital, it could also lead to increased scrutiny, pressure to meet investor expectations, and potential loss of control for the founders.
- Acquisition: Being acquired by a larger company could provide resources and expertise, but it could also lead to a loss of independence and a potential shift in focus.
Key assumptions of the recommendations include:
- Continued growth of the online giving market.
- Ability to successfully navigate regulatory challenges.
- Successful implementation of technology and analytics initiatives.
8. Next Steps
To implement these recommendations, GoFundMe should:
- Develop a strategic plan: Define specific goals, timelines, and resource allocation for each recommendation.
- Build partnerships: Identify and engage with potential partners in key markets.
- Invest in technology: Develop a roadmap for technology upgrades and data analytics initiatives.
- Monitor progress: Track key metrics and adjust strategies as needed.
By taking these steps, GoFundMe can continue to grow its business, expand its reach, and make a positive impact on the world.
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Case Description
By 2017, GoFundMe is the world's largest social fundraising platform. Gross donation volume is growing rapidly yet the number of monthly campaign starts is relatively flat. The CEO contemplates a variety of growth initiatives.
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