Harvard Case - Arcadia Biosciences: Seeds of Change
"Arcadia Biosciences: Seeds of Change" Harvard business case study is written by Arthur A. Daemmrich, Forest L. Reinhardt, Mary Shelman. It deals with the challenges in the field of Social Enterprise. The case study is 19 page(s) long and it was first published on : Dec 1, 2008
At Fern Fort University, we recommend Arcadia Biosciences pursue a hybrid organizational model that leverages its core competencies in agricultural biotechnology to drive both social impact and financial profitability. This approach will involve strategically integrating corporate social responsibility (CSR) initiatives into its business strategy, fostering sustainable business models, and engaging in impact investing to address critical global challenges.
2. Background
Arcadia Biosciences is a biotechnology company focused on developing innovative agricultural products that improve crop yields, enhance nutritional value, and reduce reliance on pesticides. The case study highlights the company's struggle to balance its social mission with its financial goals, particularly in the face of market pressures and investor expectations. Arcadia's core competency lies in its expertise in plant genetics and molecular biology, which it utilizes to develop proprietary traits in crops.
The main protagonists in the case are:
- Rajeev Varshney: CEO of Arcadia Biosciences, who is committed to the company's social mission but also faces pressure to deliver financial returns.
- Investors: They are concerned about the company's profitability and are pushing for a more traditional business model focused on maximizing shareholder value.
- Consumers: They are increasingly demanding sustainable and ethical food production practices.
3. Analysis of the Case Study
To analyze Arcadia's situation, we can utilize the Triple Bottom Line (TBL) framework, which considers the social, environmental, and economic impacts of business decisions.
Social Impact: Arcadia's mission is to improve human health and well-being through sustainable agriculture. Its products have the potential to address global challenges like food security, malnutrition, and environmental degradation. However, the company faces challenges in effectively communicating its social impact to stakeholders and demonstrating its commitment to social innovation.
Environmental Sustainability: Arcadia's focus on developing drought-resistant and pest-resistant crops aligns with its commitment to environmental sustainability. By reducing reliance on pesticides and improving water efficiency, the company contributes to sustainable agriculture and circular economy principles.
Economic Viability: Arcadia's business model relies on commercializing its agricultural products through partnerships with farmers and food companies. The company faces significant competition from established players in the agricultural sector, making it crucial to develop a growth strategy that ensures both profitability and market share.
4. Recommendations
Arcadia should adopt a hybrid organizational model that combines its social mission with a focus on financial sustainability. This model can be implemented through the following steps:
- Develop a Shared Value Creation Strategy: Arcadia should identify opportunities to create shared value by aligning its business activities with its social mission. This could involve developing products that address specific social needs, such as crops with enhanced nutritional value for malnourished populations, or partnering with nonprofit organizations to distribute its products in developing countries.
- Embrace Impact Investing: Arcadia should actively seek out impact investors who are willing to invest in companies with a strong social impact. This could involve attracting investors interested in sustainable agriculture, food security, or environmental sustainability, who are willing to accept a lower financial return in exchange for positive social impact.
- Adopt a B Corporation Model: Arcadia should consider becoming a B Corporation, which is a certification that recognizes companies that meet high standards of social and environmental performance, transparency, and accountability. This certification would enhance the company's reputation and attract socially conscious investors and consumers.
- Develop a Robust Social Impact Measurement Framework: Arcadia should invest in developing a comprehensive framework for measuring its social impact. This framework should be transparent, credible, and aligned with the Sustainable Development Goals (SDGs). By demonstrating its impact, Arcadia can build trust with stakeholders and attract investors who are seeking to invest in companies with a measurable positive impact.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Arcadia's core competencies in agricultural biotechnology align with its mission to improve human health and well-being through sustainable agriculture. The recommended approach leverages these competencies to create both social and economic value.
- External customers and internal clients: The recommendations address the needs of both external customers (consumers seeking sustainable and ethical food products) and internal clients (investors seeking financial returns).
- Competitors: By adopting a hybrid organizational model and focusing on impact investing, Arcadia can differentiate itself from competitors and attract a new segment of investors and consumers.
- Attractiveness ' quantitative measures if applicable: While quantifying the social impact of Arcadia's products is complex, the recommended approach emphasizes developing a robust social impact measurement framework, which can be used to attract impact investors and demonstrate the company's value proposition.
6. Conclusion
By embracing a hybrid organizational model that integrates corporate social responsibility with a focus on financial sustainability, Arcadia Biosciences can position itself as a leader in the emerging field of social entrepreneurship. This approach will enable the company to achieve its social mission while also delivering strong financial returns, ultimately creating a more sustainable and equitable food system for the future.
7. Discussion
Alternatives not selected:
- Traditional Business Model: This approach would focus solely on maximizing shareholder value, potentially neglecting the company's social mission.
- Nonprofit Organization: This would limit Arcadia's ability to scale its impact and potentially hinder its financial sustainability.
Risks and key assumptions:
- Market acceptance of sustainable products: There is a risk that consumers may not be willing to pay a premium for sustainable products, which could impact Arcadia's profitability.
- Attracting impact investors: Finding investors who are willing to prioritize social impact over financial returns can be challenging.
- Implementation challenges: Integrating CSR initiatives and impact investing into Arcadia's business operations will require significant change management efforts.
8. Next Steps
- Develop a detailed implementation plan for the hybrid organizational model.
- Identify potential impact investors and build relationships.
- Develop a robust social impact measurement framework.
- Engage with stakeholders to communicate the company's social impact strategy.
- Monitor the progress of the implementation and make adjustments as needed.
By taking these steps, Arcadia Biosciences can successfully navigate the complex challenges of balancing its social mission with its financial goals, creating a more sustainable and equitable future for agriculture and food production.
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Case Description
Arcadia Biosciences is an entrepreneurial California agricultural biotech company seeking to earn carbon credits by modifying commodity crops for use in China and India. Eric Rey, Arcadia's CEO, faced a strategic inflection point in early September, 2008. The company had a plan to share carbon credits allocated by the United Nations Clean Development Mechanism Executive Board to China, for use of Arcadia's rice varieties, since they enabled farmers to reduce nitrogen fertilizer use, in turn lowering greenhouse gas emissions. But the company's proprietary traits for nitrogen use efficiency, salt tolerance, and water use efficiency also had more conventional paths to market based on licensing deals to large seed companies. Alternatively, Arcadia could acquire a seed company and develop and market its seed directly. A different near-term growth area involved commercializing enriched safflower oil which had undergone several proof of concept tests and for which Rey foresaw a clear market in nutritional supplements and functional foods. The case provides context on the company; describes advances in crops genetics focused to climate change and associated resource issues of fertilizer use, water use, and soil salinity; and poses strategic choices for a start-up company operating at the intersection of business, agriculture, and climate change.
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