Harvard Case - NEW FRDM: Business Beyond the Binary (A)
"NEW FRDM: Business Beyond the Binary (A)" Harvard business case study is written by Lawrence A. Plummer, B. Pick. It deals with the challenges in the field of Entrepreneurship. The case study is 7 page(s) long and it was first published on : Oct 13, 2021
At Fern Fort University, we recommend that NEW FRDM pursue a strategic growth plan focused on expanding its financial technology (FinTech) offerings while maintaining its core values of inclusivity and accessibility. This strategy should involve a multi-pronged approach encompassing mergers and acquisitions (M&A), strategic partnerships, and targeted investments in key areas like investment management, asset management, and financial education.
2. Background
NEW FRDM is a non-profit organization dedicated to promoting financial literacy and empowering individuals, particularly those from marginalized communities, to achieve financial security. The organization faces a critical juncture, needing to adapt to the rapidly evolving financial landscape while maintaining its core mission. The case study highlights the organization?s founder, Dr. Anya Sharma, who is grappling with the challenge of balancing NEW FRDM?s mission with the need for financial sustainability and growth.
3. Analysis of the Case Study
This case study can be analyzed through the lens of a strategic framework that considers both internal and external factors influencing NEW FRDM?s future.
Internal Factors:
- Mission and Values: NEW FRDM?s core mission of financial inclusion and its commitment to serving underserved communities are its greatest strengths.
- Expertise and Resources: The organization boasts a dedicated team with strong expertise in financial literacy and education.
- Brand Reputation: NEW FRDM has built a strong reputation for its commitment to social impact and its innovative approach to financial education.
External Factors:
- Market Trends: The FinTech sector is experiencing rapid growth, driven by technological advancements and increasing demand for accessible financial services.
- Regulatory Landscape: The regulatory environment is evolving, presenting both opportunities and challenges for FinTech companies.
- Competitive Landscape: NEW FRDM faces competition from established financial institutions and a growing number of FinTech startups.
SWOT Analysis:
- Strengths: Strong mission, dedicated team, positive brand reputation, focus on underserved communities.
- Weaknesses: Limited resources, potential for financial instability, dependence on grants and donations.
- Opportunities: Growing FinTech market, potential for partnerships, expansion of services.
- Threats: Competition from established players, regulatory uncertainty, potential for technological disruption.
4. Recommendations
To achieve sustainable growth while maintaining its core mission, NEW FRDM should implement the following recommendations:
1. Strategic Partnerships:
- Collaborate with established FinTech companies: Form strategic partnerships with FinTech companies that align with NEW FRDM?s values and mission. This could involve co-developing financial products and services specifically tailored to underserved communities.
- Partner with financial institutions: Engage with traditional financial institutions to offer financial education and literacy programs to their customer base, potentially expanding reach and generating revenue.
- Collaborate with government agencies: Work with government agencies to leverage resources and support for financial inclusion initiatives.
2. Mergers and Acquisitions (M&A):
- Acquire FinTech startups: Identify and acquire promising FinTech startups that complement NEW FRDM?s existing offerings and expertise. This could provide access to new technologies, talent, and customer segments.
- Merge with similar organizations: Explore mergers with other non-profit organizations with similar missions and values to expand reach, resources, and expertise.
3. Targeted Investments:
- Investment Management: Develop and offer affordable investment management services tailored to individuals with limited financial resources. This could include robo-advisory platforms, micro-investing options, and educational resources.
- Asset Management: Expand into asset management services, offering diversified investment portfolios and financial planning advice to individuals and small businesses.
- Financial Education: Invest in developing innovative and engaging financial education programs, leveraging technology and digital platforms to reach broader audiences.
4. Financial Strategy:
- Diversify Revenue Streams: Develop a diversified revenue model that includes membership fees, subscription services, partnerships, and grants.
- Strategic Fundraising: Implement a comprehensive fundraising strategy that includes individual donations, corporate sponsorships, and foundation grants.
- Financial Management: Implement robust financial management practices, including budgeting, cash flow forecasting, and risk management.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Mission: The recommendations align with NEW FRDM?s core competencies in financial literacy and its mission to promote financial inclusion.
- External Customers and Internal Clients: The recommendations address the needs of both external customers seeking accessible financial services and internal clients seeking financial education and empowerment.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate NEW FRDM through its focus on underserved communities and innovative financial solutions.
- Attractiveness: The recommendations are expected to generate positive return on investment (ROI) through increased revenue, expanded reach, and enhanced brand reputation.
6. Conclusion
By embracing a strategic growth plan that leverages the opportunities within the FinTech sector, NEW FRDM can achieve sustainable financial stability while continuing to fulfill its mission of promoting financial inclusion. The organization?s commitment to its core values and its ability to adapt to the evolving financial landscape will be crucial to its success.
7. Discussion
Alternative strategies could include focusing solely on organic growth through existing programs or pursuing a more aggressive expansion strategy through large-scale acquisitions. However, these options present higher risks and may not align with NEW FRDM?s core values.
Key Assumptions:
- The FinTech market will continue to grow and offer opportunities for innovation and expansion.
- NEW FRDM will be able to successfully navigate the regulatory landscape and secure necessary licenses and approvals.
- The organization will be able to attract and retain talented individuals with expertise in FinTech and financial services.
8. Next Steps
To implement the recommendations, NEW FRDM should take the following steps:
- Develop a comprehensive strategic plan: Outline the organization?s vision, goals, and key initiatives for the next 3-5 years.
- Conduct a thorough market analysis: Identify potential partners, acquisition targets, and investment opportunities.
- Build a strong financial management team: Recruit and develop individuals with expertise in financial planning, fundraising, and risk management.
- Develop a robust communication strategy: Engage with stakeholders, including donors, partners, and the public, to communicate the organization?s vision and progress.
- Monitor and evaluate progress: Regularly track key performance indicators (KPIs) to measure the effectiveness of the implemented strategies and make necessary adjustments.
By taking these steps, NEW FRDM can position itself for sustainable growth and continued success in the evolving financial landscape.
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Case Description
In this two-part case, in case A, a non-binary entrepreneur founded New FRDM Bodywear Ltd. (NEW FRDM) in 2015 in Toronto, Canada. The apparel and accessories company produced underwear for transgender and gender nonconforming individuals. While growing their business as a sole proprietorship, the founder sought out a mentorship opportunity through ACME Entrepreneurship Incorporated but was concerned about a request to censor NEW FRDM's website and messaging content. The founder had to decide whether to stray from NEW FRDM's original business model and accept the opportunity. In case B, over a year later, the entrepreneur was presented with new potential mentorship opportunities from three different programs. Build Your Best focused on female entrepreneurs and offered a permanent workspace and prestigious contacts in the industry. Womentrepreneur Network seemed to offer superior mentorship, non-financial resources, and promising events, but it seemed to be explicitly intended for people who identified as women. Out and Proud! offered one-on-one mentorship and large events and was explicitly focused on LGBTQ2+ businesspeople. The founder again faced the issue of having to change or abandon NEW FRDM's business model to take advantage of one or more of these significant business opportunities.
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