Harvard Case - The Bronx Community Foundation
"The Bronx Community Foundation" Harvard business case study is written by Brian Trelstad, Aldo Sesia. It deals with the challenges in the field of Social Enterprise. The case study is 23 page(s) long and it was first published on : Oct 12, 2020
At Fern Fort University, we recommend that the Bronx Community Foundation (BCF) adopt a multifaceted strategy focused on social entrepreneurship and impact investing to address the challenges facing the Bronx. This strategy will leverage the Foundation's existing resources and expertise to foster a vibrant ecosystem of social enterprises that generate both social and financial returns, ultimately contributing to the long-term economic and social well-being of the community.
2. Background
The Bronx Community Foundation is a non-profit organization dedicated to improving the lives of Bronx residents. It faces the challenge of addressing systemic issues like poverty, lack of access to healthcare and education, and a struggling local economy. The case study highlights the Foundation's desire to move beyond traditional grantmaking and explore more impactful and sustainable approaches.
The main protagonists of the case study are:
- The Bronx Community Foundation: A non-profit organization seeking to expand its impact and find new ways to address the challenges of the Bronx.
- The Foundation's Board of Directors: Concerned about the effectiveness of traditional grantmaking and seeking innovative solutions.
- The Bronx community: Facing significant challenges and needing sustainable solutions to improve their lives.
3. Analysis of the Case Study
The Bronx Community Foundation's situation presents a classic example of a non-profit organization seeking to adapt to a changing environment and maximize its impact. To analyze the case, we can utilize the Stakeholder Theory framework, which emphasizes the importance of considering the interests of all stakeholders involved.
Stakeholders and their interests:
- The Bronx Community Foundation: Maximize its impact, achieve financial sustainability, and remain relevant in a competitive landscape.
- The Board of Directors: Ensure responsible stewardship of the Foundation's resources, achieve impactful outcomes, and maintain public trust.
- The Bronx community: Access to opportunities, improved quality of life, and economic development.
- Potential Social Entrepreneurs: Access to funding, mentorship, and resources to launch and scale their ventures.
- Investors: Attractive returns on investment and the opportunity to contribute to social good.
Key challenges:
- Limited resources: The Foundation needs to leverage its existing resources effectively to maximize impact.
- Lack of expertise: The Foundation needs to build expertise in social entrepreneurship, impact investing, and related areas.
- Building trust and partnerships: The Foundation needs to build trust with potential social entrepreneurs, investors, and other stakeholders.
- Measuring impact: The Foundation needs to develop effective methods for measuring the social and financial impact of its investments.
4. Recommendations
To address the challenges and leverage the opportunities, we recommend the following:
1. Establish a Social Entrepreneurship and Impact Investing Program:
- Create a dedicated team: Recruit or train staff with expertise in social entrepreneurship, impact investing, and social impact measurement.
- Develop a clear strategy: Define the program's goals, target areas of focus, and investment criteria.
- Establish a robust pipeline: Identify and cultivate potential social entrepreneurs through outreach, partnerships with local organizations, and community engagement.
2. Develop a Hybrid Funding Model:
- Combine traditional grantmaking with impact investing: Provide grants for early-stage ventures and invest in more mature social enterprises with strong potential for social and financial returns.
- Explore alternative financing mechanisms: Consider social impact bonds, venture philanthropy, and other innovative financing models to attract investors and diversify funding sources.
- Develop robust impact measurement frameworks: Use SROI (Social Return on Investment) and other metrics to track the social and financial impact of investments and demonstrate value to investors.
3. Foster a Vibrant Social Enterprise Ecosystem:
- Create a network of support: Provide mentorship, training, and technical assistance to social entrepreneurs, including business development, marketing, legal, and financial support.
- Facilitate collaboration and partnerships: Connect social entrepreneurs with potential investors, service providers, and other stakeholders to create a supportive ecosystem.
- Promote social enterprise awareness: Educate the community about the benefits of social entrepreneurship and encourage investment in local ventures.
4. Leverage Technology and Data:
- Utilize technology to streamline operations: Implement online platforms for grantmaking, impact tracking, and stakeholder engagement.
- Leverage data analytics to inform decision-making: Analyze data on social needs, market opportunities, and the performance of social enterprises to optimize resource allocation and impact.
5. Build Strong Partnerships:
- Collaborate with other non-profits: Leverage existing networks and resources to maximize impact.
- Partner with government agencies: Advocate for policies that support social entrepreneurship and community development.
- Engage with the private sector: Attract corporate investment in social enterprises and promote shared value creation initiatives.
5. Basis of Recommendations
These recommendations align with the Foundation's mission to improve the lives of Bronx residents and address the challenges facing the community. They are based on the following considerations:
- Core competencies and consistency with mission: The recommendations leverage the Foundation's existing resources and expertise in grantmaking while expanding its focus to include social entrepreneurship and impact investing.
- External customers and internal clients: The recommendations address the needs of the Bronx community, potential social entrepreneurs, and investors.
- Competitors: The recommendations position the Foundation as a leader in social entrepreneurship and impact investing in the Bronx, differentiating it from other non-profits.
- Attractiveness: The recommendations offer the potential for both social and financial returns, making them attractive to investors and social entrepreneurs.
6. Conclusion
By embracing social entrepreneurship and impact investing, the Bronx Community Foundation can become a catalyst for positive change in the Bronx. This strategy will not only address the community's needs but also create a more sustainable and equitable future for all residents.
7. Discussion
Alternatives:
- Focus solely on traditional grantmaking: This would be less impactful and limit the Foundation's ability to address the root causes of poverty and inequality.
- Partner with existing social enterprises: This would be less impactful than creating a new ecosystem of social enterprises.
Risks:
- Lack of expertise: The Foundation needs to build expertise in social entrepreneurship and impact investing to effectively implement the strategy.
- Measuring impact: It is crucial to develop robust metrics to measure the social and financial impact of investments.
- Competition: The Foundation needs to differentiate itself from other organizations in the field.
Key Assumptions:
- The Bronx community has a strong demand for social enterprises.
- Investors are willing to invest in social enterprises with the potential for both social and financial returns.
- The Foundation can effectively measure the impact of its investments.
8. Next Steps
- Develop a detailed implementation plan: This plan should outline specific activities, timelines, and resource requirements.
- Recruit or train staff: Identify and hire individuals with expertise in social entrepreneurship, impact investing, and social impact measurement.
- Establish partnerships: Engage with potential investors, social entrepreneurs, and other stakeholders.
- Pilot the program: Start with a small number of social enterprises and gradually scale up the program based on results.
- Continuously evaluate and refine the program: Use data and feedback to improve the program's effectiveness and impact.
By taking these steps, the Bronx Community Foundation can become a leader in social entrepreneurship and impact investing, driving positive change in the Bronx and creating a more sustainable and equitable future for all residents.
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Case Description
Derrick and Desmon Lewis were both successful professionals in the consulting and banking industries. They were born and raised in The Bronx, New York City's poorest borough. The Lewis brothers had always wanted to give back to the community. In 2016 they launched a community foundation-The Bronx Community Foundation-dedicated to improving the lives of Bronxites. While a lot of good had been happening in The Bronx, Derrick and Desmon believed that a community foundation would help to bring the systemic and institutional change to the borough; change they felt was necessary to bring economic, health, educational, etc., equality to The Bronx. Yet, nearly four years later, they had managed to raise little from donors; headwinds included those in the community who did not support the idea of a community foundation. When COVID-19 struck New York City in March 2020, the Lewises saw an opportunity to demonstrate the need for a place-based convener organization, such as a community foundation, in The Bronx. A relief effort was launched with a host of partners, which raised $10 million to help people of The Bronx who were impacted by COVID-19. Now in late July, the Lewises wanted to build on the momentum of the relief fund to finally get support and traction for the community foundation. They had much to decide: How to raise money for the foundation, which would need to come primarily from outside of the borough; who should lead the foundation; and what should be the foundation's operating model. The Lewises believed there was a window of opportunity that they needed to seize to turn their dream of a community foundation for The Bronx into a reality. The case provides an overview of community foundations in the U.S., an overview of The Bronx, The Bronx Community Relief Effort, and the Lewis brothers' early days and their efforts to start a community foundation, the opportunity, and the challenges.
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