Harvard Case - BerkShares: Resisting Big-Box Retailers and Creating Economic Self-Sufficiency through Local Currency and Entrepreneurship
"BerkShares: Resisting Big-Box Retailers and Creating Economic Self-Sufficiency through Local Currency and Entrepreneurship" Harvard business case study is written by Andrew Hoffman. It deals with the challenges in the field of Social Enterprise. The case study is 34 page(s) long and it was first published on : Aug 26, 2019
At Fern Fort University, we recommend that the BerkShares program continue to evolve and expand its impact by leveraging its success as a model for social entrepreneurship and community development. This can be achieved by focusing on three key areas:
- Scaling the BerkShares model: Expanding the program to other communities, both within Massachusetts and beyond, while adapting it to local contexts.
- Strengthening the BerkShares ecosystem: Fostering collaboration and partnerships among local businesses, nonprofits, and government entities to create a more robust and sustainable local economy.
- Promoting the BerkShares program as a model for sustainable development: Sharing the program's successes and lessons learned with other communities and organizations interested in building more resilient and equitable local economies.
2. Background
The BerkShares program, launched in 2006 in Berkshire County, Massachusetts, is a local currency designed to stimulate the local economy and support local businesses. It operates as a social enterprise with a mission to create economic self-sufficiency and resist the dominance of large, national retailers. The program has been successful in increasing local spending, fostering entrepreneurship, and promoting community development.
The key protagonists in this case study are:
- The BerkShares program: The organization responsible for managing the currency and promoting its use.
- Local businesses: The beneficiaries of increased spending and economic activity generated by BerkShares.
- Consumers: The individuals who use BerkShares to support local businesses and contribute to the local economy.
- Community leaders and policymakers: The individuals who support the program and advocate for its expansion and continued success.
3. Analysis of the Case Study
The BerkShares program demonstrates the potential of social entrepreneurship to address social and economic challenges. It highlights the importance of:
- Local economic development: The program fosters local economic growth by encouraging residents to spend their money within the community, supporting local businesses and creating jobs.
- Community building: The program strengthens community bonds by creating a shared sense of purpose and fostering collaboration among residents, businesses, and organizations.
- Environmental sustainability: By promoting local businesses and reducing reliance on large corporations, the program can contribute to a more sustainable and environmentally responsible economy.
The program's success can be analyzed through the lens of stakeholder theory, which emphasizes the need to consider the interests of all stakeholders, including consumers, businesses, and the community as a whole. The BerkShares program has successfully balanced the interests of these stakeholders by creating a system that benefits all parties involved.
4. Recommendations
To further enhance the BerkShares program's impact and reach, we recommend the following:
1. Scaling the BerkShares Model:
- Geographic Expansion: Explore opportunities to launch similar programs in other communities within Massachusetts and beyond. This can be achieved through partnerships with local organizations, government entities, and other social entrepreneurs.
- Adaptation to Local Contexts: Tailor the program to the specific needs and characteristics of each community, considering factors such as local demographics, economic conditions, and existing business ecosystems.
2. Strengthening the BerkShares Ecosystem:
- Partnerships and Collaboration: Foster stronger partnerships between local businesses, nonprofits, and government agencies to create a more integrated and supportive environment for local businesses. This can include initiatives such as joint marketing campaigns, shared resources, and collaborative projects.
- Digital Integration: Develop a digital platform for BerkShares transactions to increase accessibility and convenience for consumers and businesses. This platform can also facilitate data collection and analysis to improve program effectiveness.
3. Promoting BerkShares as a Model for Sustainable Development:
- Sharing Best Practices: Document and share the program's successes and lessons learned with other communities and organizations interested in implementing similar initiatives. This can be achieved through publications, conferences, and online resources.
- Advocacy and Policy Change: Advocate for policies that support local currencies and social entrepreneurship, such as tax incentives for businesses that accept local currencies and government funding for social enterprise development.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the program's mission to promote economic self-sufficiency and community development through local currency.
- External Customers and Internal Clients: The recommendations address the needs of both consumers and businesses, providing them with more options and opportunities to participate in the local economy.
- Competitors: The recommendations help the BerkShares program stay ahead of the competition by offering a more comprehensive and innovative approach to local economic development.
- Attractiveness: The recommendations are likely to increase the program's attractiveness to investors, businesses, and consumers, leading to greater participation and impact.
6. Conclusion
The BerkShares program is a powerful example of how social entrepreneurship can create positive social and economic impact. By building on its successes and implementing the recommendations outlined above, the program can continue to grow and inspire other communities to embrace local currencies and sustainable business models.
7. Discussion
- Alternative Options: One alternative approach would be to focus solely on expanding the program within Berkshire County, rather than exploring opportunities in other communities. However, this approach would limit the program's potential impact and reach.
- Risks and Key Assumptions: The recommendations are based on the assumption that there is a strong demand for local currencies and social entrepreneurship initiatives. However, there is a risk that these initiatives may not be successful in all communities.
- Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Scaling the BerkShares Model | Increased impact and reach | Potential challenges in adapting the program to different contexts |
| Strengthening the BerkShares Ecosystem | More robust and sustainable local economy | Requires significant collaboration and coordination |
| Promoting BerkShares as a Model | Increased awareness and adoption | May face resistance from traditional economic actors |
8. Next Steps
- Phase 1 (Year 1): Develop a comprehensive plan for scaling the BerkShares model, including identifying potential target communities and developing a strategy for adaptation to local contexts.
- Phase 2 (Year 2): Launch pilot programs in two new communities, focusing on building partnerships and fostering collaboration among local stakeholders.
- Phase 3 (Year 3): Evaluate the pilot programs and refine the BerkShares model based on lessons learned. Expand the program to additional communities and develop a comprehensive marketing and communications strategy to promote the program's successes.
By implementing these recommendations, the BerkShares program can become a leading model for social entrepreneurship and community development, creating a more equitable and sustainable future for all.
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Case Description
BerkShares is a local currency in western Massachusetts and is a project instituted by the Schumacher Center for a New Economics and BerkShares, Inc., which seeks to foster local and resilient economies. Along with the BerkShares project is the Entry to Entrepreneurship (E2E) Program which aims to develop local entrepreneurs to create local businesses that serve the local economy. Both of these initiatives focus on helping the Berkshires region become as economically self-sufficient as possible. Ultimately, the vision is to create a local currency that is backed by a local basket of goods and not the US dollar. Set in 2019, this case allows for a discussion of the impacts that big-box retailers (and more recently, online retailers) can have on the economy of small towns, generally damaging local businesses and the jobs, tax dollars, entrepreneurial spirit and civic leadership that they create. The case also explores what can be done to avert that outcome by examining the merits and success metrics of a local currency, the importance of a local supply chain of businesses, and the need for more self-sufficiency within local economies. It is challenging to keep an economy truly "local" in today's world and mechanisms like local currency face significant barriers to survive, much less scale, in a globalized economy.
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