Harvard Case - Wider Circle: Serving the Unaddressed Health Care Problem of Senior Loneliness and Social Isolation
"Wider Circle: Serving the Unaddressed Health Care Problem of Senior Loneliness and Social Isolation" Harvard business case study is written by Robert Chess, Milana Shapira. It deals with the challenges in the field of Entrepreneurship. The case study is 13 page(s) long and it was first published on : Jan 2, 2020
At Fern Fort University, we recommend Wider Circle pursue a hybrid growth strategy combining organic expansion through product development and strategic partnerships with strategic acquisitions of complementary businesses. This will allow Wider Circle to scale its impact while also diversifying its revenue streams and strengthening its competitive position in the rapidly growing senior care market.
2. Background
Wider Circle is a social enterprise addressing the critical issue of senior loneliness and social isolation. Founded by a team of passionate individuals, the organization leverages technology and analytics to connect seniors with personalized support networks through its web and mobile applications. Wider Circle?s business model revolves around providing a platform for seniors to access a range of services, including virtual companionship, social activities, and access to healthcare resources.
The case study highlights the organization?s success in building a strong community and demonstrating the effectiveness of its approach. However, Wider Circle faces challenges in scaling its operations and achieving financial sustainability.
3. Analysis of the Case Study
Strategic Framework: We will analyze Wider Circle?s situation using the Porter?s Five Forces framework:
- Threat of New Entrants: The senior care market is attracting increasing attention from entrepreneurs and founders, particularly in the tech startup space. This indicates a high threat of new entrants, particularly those leveraging disruptive innovation and technology commercialization.
- Bargaining Power of Suppliers: Wider Circle relies on a network of partners, including healthcare providers, community organizations, and technology vendors. This creates moderate bargaining power for suppliers, but Wider Circle can mitigate this by building strong relationships and leveraging its network effect.
- Bargaining Power of Buyers: Seniors, the primary customers, have limited bargaining power as they are reliant on Wider Circle?s services. However, Wider Circle must ensure its services are affordable and accessible to a wide range of seniors.
- Threat of Substitute Products: Alternative solutions exist, such as traditional senior centers, home care services, and social media platforms. Wider Circle must differentiate itself by offering a unique value proposition that addresses the specific needs of seniors experiencing loneliness and isolation.
- Competitive Rivalry: The senior care market is increasingly competitive, with established players and emerging startups vying for market share. Wider Circle needs to develop a competitive strategy that emphasizes its unique selling proposition and differentiates its services from competitors.
Financial Analysis: Wider Circle?s current business model relies heavily on grants and donations, which creates financial instability. The organization needs to explore revenue diversification strategies, such as subscription models, partnerships with healthcare providers, and corporate social responsibility initiatives.
Marketing Analysis: Wider Circle needs to develop a marketing strategy that targets specific segments of the senior population. This could involve market segmentation based on age, health status, and technology literacy. The organization should also leverage digital marketing channels, such as social media and search engine optimization, to reach a wider audience.
Operational Analysis: Wider Circle needs to optimize its operations to improve efficiency and scalability. This could involve implementing lean startup methodology to streamline product development, leveraging technology and analytics to personalize user experiences, and building a strong organizational culture that supports innovation and growth.
4. Recommendations
Product Development and Innovation: Wider Circle should invest in product development to enhance its platform?s functionality and expand its service offerings. This could include:
- Developing new features that address specific needs of seniors, such as personalized care plans, virtual group activities, and integration with healthcare providers.
- Leveraging artificial intelligence (AI) to personalize user experiences, provide proactive support, and improve the platform?s effectiveness.
- Developing a mobile application to increase accessibility and reach a wider audience.
Strategic Partnerships: Wider Circle should forge strategic partnerships with organizations that can provide access to new markets, resources, and expertise. This could include:
- Healthcare providers: Partnering with hospitals, clinics, and assisted living facilities to integrate Wider Circle?s services into their existing care programs.
- Community organizations: Collaborating with senior centers, community groups, and social service agencies to expand outreach and build trust.
- Technology companies: Partnering with tech companies to leverage their expertise in data analytics, software development, and marketing.
Strategic Acquisitions: Wider Circle should consider acquiring complementary businesses that can strengthen its market position and diversify its revenue streams. This could include:
- Home care agencies: Acquiring home care agencies to provide a comprehensive range of services to seniors.
- Technology companies: Acquiring technology companies that specialize in senior care solutions to enhance its platform and expand its reach.
- Social enterprises: Acquiring social enterprises that address similar issues to expand its impact and reach a wider audience.
Fundraising and Investment: Wider Circle should pursue a combination of entrepreneurial financing strategies to secure the resources needed for growth. This could include:
- Venture capital: Seeking investment from venture capital firms that specialize in social impact and healthcare technology.
- Angel investing: Attracting angel investors who are passionate about addressing the needs of seniors.
- Crowdfunding: Launching a crowdfunding campaign to engage the public and raise funds for specific projects.
Organizational Structure and Design: Wider Circle should adapt its organizational structure to support its growth strategy. This could involve:
- Hiring key personnel: Recruiting experienced executives, product managers, and marketing professionals to lead the organization?s growth.
- Building a strong team: Developing a team culture that values innovation, collaboration, and customer-centricity.
- Implementing a performance management system: Establishing clear goals, metrics, and rewards to motivate and track progress.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with Wider Circle?s mission to address senior loneliness and social isolation by leveraging technology and innovation. They also build upon the organization?s core competencies in developing user-friendly platforms and building strong communities.
- External customers and internal clients: The recommendations prioritize the needs of seniors, the primary customers, by providing them with a wider range of services and improving the platform?s user experience. They also focus on building strong relationships with internal clients, including partners, employees, and investors.
- Competitors: The recommendations address the competitive landscape by emphasizing differentiation, innovation, and strategic partnerships. They also consider the threat of new entrants by investing in product development and building a strong brand.
- Attractiveness ? quantitative measures if applicable (e.g., NPV, ROI, break-even, payback): The recommendations are expected to generate positive returns on investment by expanding the organization?s reach, diversifying its revenue streams, and improving operational efficiency.
6. Conclusion
By pursuing a hybrid growth strategy, Wider Circle can achieve sustainable growth, expand its impact, and establish itself as a leading provider of senior care solutions. The recommendations outlined above provide a roadmap for the organization to navigate the challenges and opportunities of the rapidly evolving senior care market.
7. Discussion
Alternatives not selected:
- Purely organic growth: While organic growth is a viable option, it may be too slow to achieve the desired impact and scale.
- Mergers and acquisitions: While acquisitions can be a quick way to expand, they can also be risky and expensive.
- Focusing solely on technology: While technology is essential, it is not sufficient to address the complex needs of seniors.
Risks and key assumptions:
- Competition: The senior care market is becoming increasingly competitive, and Wider Circle needs to be prepared to compete with established players and emerging startups.
- Technology: The rapid pace of technological change could render Wider Circle?s platform outdated or less effective.
- Funding: Securing sufficient funding to support growth is essential, and Wider Circle needs to be prepared to pitch its vision to investors.
Options Grid:
| Option | Pros | Cons |
|---|---|---|
| Hybrid growth strategy | Balanced approach, sustainable growth, diversified revenue streams | Requires careful planning and execution |
| Purely organic growth | Lower risk, controlled growth | Slow pace, limited impact |
| Mergers and acquisitions | Rapid expansion, access to new markets | High risk, potential for integration challenges |
| Focusing solely on technology | Innovation, efficiency | Limited impact, potential for neglecting other needs |
8. Next Steps
- Develop a detailed business plan: Create a comprehensive business plan outlining the organization?s growth strategy, financial projections, and key milestones.
- Conduct market research: Conduct thorough market research to identify target customer segments, competitive landscape, and potential partnerships.
- Refine product development roadmap: Develop a detailed roadmap for product development, including new features, functionalities, and user experience enhancements.
- Identify and approach potential partners: Identify and reach out to potential partners in healthcare, community organizations, and technology companies.
- Develop fundraising strategy: Develop a fundraising strategy that includes venture capital, angel investing, and crowdfunding.
- Build a strong team: Recruit experienced executives, product managers, and marketing professionals to lead the organization?s growth.
- Implement a performance management system: Establish clear goals, metrics, and rewards to motivate and track progress.
By taking these steps, Wider Circle can position itself for continued success and make a lasting impact on the lives of seniors experiencing loneliness and social isolation.
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Case Description
Uncertain how they would monetize their idea, they began with a pilot study in Redwood City. They formed groups of 10-12 seniors and one facilitator; the inexplicit goal was to create a sense of trust and cohesion such that each member would walk away with one friend. With time, they learnt that their programs could do so much more for communities than just provide friendship. By creating environments that enabled structured learning and peer-to-peer sharing, they could bridge many of the gaps in care and encourage members to look after each other and, interestingly, peer-pressure them into looking after themselves. Moshe and Darin realized that being the convener of these communities placed Wider Circle in a unique position in the healthcare value chain, which was attractive from the perspective of healthcare plans. The Wider Circle program could be a way for plans to improve the care experience and reduce costs as well to attract and retain members. Four years on, Moshe and Darin now had clinical validation that their programs were effective and had shown that their business model could generate healthy unit economics. As they prepared to scale and raise their series B financing, their minds were flooded with numerous questions, especially around scaling a people intensive business. Would they be able to identify, recruit, and train facilitators fast enough? Would they be able to recreate at scale the community experience members so loved? Would they be able to sell their program to enough health plans to have meaningful impact on elderly care? Reaching their next milestones would entail scaling from 5,000 to 50,000 members and increasing their revenue 10-fold - this would be their biggest challenge yet and they knew that if they couldn't address these questions, success was not guaranteed.
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