Harvard Case - Lance Johnstone: Developing 3000 North Broad
"Lance Johnstone: Developing 3000 North Broad" Harvard business case study is written by Michael J. Roberts, Nabil N. El-Hage. It deals with the challenges in the field of Entrepreneurship. The case study is 14 page(s) long and it was first published on : Feb 14, 2008
At Fern Fort University, we recommend Lance Johnstone pursue a phased approach to developing 3000 North Broad, prioritizing strategic partnerships and lean startup methodology to navigate the complexities of urban revitalization. This approach will involve a multi-faceted strategy encompassing technology integration, community engagement, and sustainable business models to ensure long-term success.
2. Background
This case study focuses on Lance Johnstone, a visionary entrepreneur with a passion for revitalizing Philadelphia?s North Broad Street. He envisions transforming the historic neighborhood into a vibrant hub for technology, arts, and culture, utilizing a combination of entrepreneurship, innovation, and community development. Johnstone faces the challenge of attracting investors, securing funding, and navigating the complex landscape of urban renewal while balancing the needs of diverse stakeholders.
The main protagonists are:
- Lance Johnstone: An ambitious entrepreneur with a strong vision for North Broad Street?s revitalization.
- 3000 North Broad: The proposed mixed-use development project at the heart of Johnstone?s vision.
- The City of Philadelphia: A key stakeholder with vested interests in the project?s success and potential for economic growth.
- Local residents and businesses: Stakeholders whose opinions and needs must be considered for the project?s long-term viability.
3. Analysis of the Case Study
To analyze the case, we utilize a framework that combines strategic and operational considerations:
Strategic Framework:
- Competitive Advantage: Johnstone seeks to create a unique, tech-driven ecosystem that attracts talent and investment, differentiating North Broad from other urban renewal projects.
- Target Market: The project aims to attract a diverse audience, including tech startups, artists, and residents seeking a vibrant and inclusive community.
- Value Proposition: 3000 North Broad offers a mix of affordable housing, creative spaces, and tech infrastructure, creating a compelling value proposition for various stakeholders.
- Growth Strategy: The project aims to expand through a combination of organic growth (attracting tenants and businesses) and strategic partnerships (collaborating with local organizations and institutions).
Operational Framework:
- Business Model: 3000 North Broad will utilize a mixed-use business model, generating revenue from rental income, commercial leases, and potential partnerships with tech companies.
- Financial Strategy: Johnstone seeks to secure funding through a combination of venture capital, angel investing, and government grants, leveraging the project?s potential for social impact.
- Technology Integration: The project will incorporate smart city technologies and digital infrastructure to enhance connectivity and attract tech-driven businesses.
- Community Engagement: Johnstone emphasizes community involvement and stakeholder engagement to ensure the project aligns with local needs and values.
4. Recommendations
Phase 1: Pilot Project and Proof of Concept
- Focus on a smaller, more manageable project within the broader 3000 North Broad vision. This could involve developing a ?mini-incubator? space for tech startups, offering affordable co-working spaces, and establishing a community hub for local artists.
- Utilize a ?lean startup? methodology to validate the project?s viability and gather feedback from potential tenants and investors.
- Develop a minimum viable product (MVP) for the pilot project, focusing on core functionalities and essential features.
- Leverage technology and analytics to track key metrics, measure progress, and identify areas for improvement.
- Build strong partnerships with local universities, tech incubators, and community organizations to leverage their expertise and resources.
Phase 2: Expansion and Growth
- Secure funding through a combination of venture capital, angel investing, and government grants.
- Develop a compelling pitch deck highlighting the project?s unique value proposition, social impact, and potential for financial returns.
- Utilize a growth hacking strategy to attract tenants and businesses, leveraging social media, online marketing, and strategic partnerships.
- Prioritize environmental sustainability by incorporating green building practices and promoting sustainable transportation options.
- Develop a robust IT management strategy to ensure seamless connectivity and data security.
Phase 3: Scaling and Long-Term Sustainability
- Explore strategic partnerships with larger tech companies and corporations to attract investment and create a more robust ecosystem.
- Develop a comprehensive marketing strategy to promote North Broad as a destination for tech startups, artists, and residents.
- Invest in software development and engineering to create innovative web and mobile applications that enhance the user experience and connect stakeholders.
- Establish a strong organizational culture that emphasizes collaboration, innovation, and community engagement.
- Develop a succession plan to ensure the project?s longevity and sustainability beyond Lance Johnstone?s leadership.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Mission: Johnstone?s vision aligns with the core competencies of urban revitalization, community development, and technology innovation.
- External Customers and Internal Clients: The project aims to serve diverse stakeholders, including tech startups, artists, residents, and investors.
- Competitors: The project differentiates itself from other urban renewal projects by focusing on technology, innovation, and community engagement.
- Attractiveness: The project offers a compelling value proposition for investors, with potential for high returns on investment and positive social impact.
6. Conclusion
By adopting a phased approach, leveraging strategic partnerships, and utilizing a lean startup methodology, Lance Johnstone can successfully develop 3000 North Broad into a vibrant, tech-driven hub that revitalizes the neighborhood and attracts investment. This approach will require a commitment to community engagement, technological innovation, and sustainable business models to ensure the project?s long-term success.
7. Discussion
Alternative approaches could include:
- A more traditional development model: This would involve securing a larger upfront investment and developing the entire project simultaneously, potentially leading to higher risk and slower progress.
- Focusing solely on attracting tech startups: This could limit the project?s appeal to a narrower audience and potentially create a less diverse and inclusive community.
Risks and Key Assumptions:
- Funding availability: Securing sufficient funding is crucial for the project?s success.
- Community acceptance: The project must be sensitive to the needs and concerns of local residents.
- Technological advancements: The project?s success depends on the continued growth and adoption of relevant technologies.
8. Next Steps
- Develop a detailed business plan outlining the project?s goals, strategies, and financial projections.
- Establish a strong team with expertise in urban development, technology, and community engagement.
- Secure initial funding through angel investors, venture capitalists, or government grants.
- Launch the pilot project and gather data to validate the project?s viability.
- Continuously adapt and iterate based on feedback and market trends.
By taking these steps, Lance Johnstone can transform 3000 North Broad into a model for urban revitalization, fostering economic growth, community development, and technological innovation.
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Case Description
The case focuses on Lance Johnstone, a former NFL player, who has dabbled in real estate development during his playing career, and now, as a retired player, is trying to pursue the development of a 10-unit rental apartment building in a depressed area of Philadelphia, his hometown. The case presents the process Johnstone and his partner went through to purchase the vacant land, develop a construction budget and financing plan, and asks students to evaluate the prospective financials for this development and assess the viability of the development plan and its prospective returns. The case then ends with a change in the fundamental assumption - the bank has withdrawn and a new bank will loan less than the original plan, and the construction budget has come in considerably higher. Students must evaluate the plan and prospective returns in light of this new information.
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