Harvard Case - Change of Plan
"Change of Plan" Harvard business case study is written by Nathalia Franco, Roberto Gutierrez. It deals with the challenges in the field of Social Enterprise. The case study is 20 page(s) long and it was first published on : Sep 22, 2020
At Fern Fort University, we recommend a strategic shift towards a hybrid model that leverages the strengths of both the traditional university model and the social enterprise approach. This will enable the university to achieve its mission of providing quality education while addressing pressing social and environmental challenges.
2. Background
Fern Fort University, a small, private institution in a developing country, faces significant challenges. Its traditional model is struggling to attract students and compete with larger, more established universities. The university's leadership is seeking to find a new path forward, one that aligns with its mission and values while ensuring its long-term sustainability.
The main protagonists are:
- Dr. Singh: The visionary president of Fern Fort University, who is passionate about social impact and committed to finding a sustainable model for the university.
- Professor Sharma: A dedicated faculty member who believes in the power of education to transform lives and is eager to explore new approaches to teaching and learning.
- The Board of Trustees: A group of influential individuals who are responsible for overseeing the university's finances and operations. They are concerned about the university's financial stability and are seeking a plan that will ensure its future.
3. Analysis of the Case Study
Fern Fort University faces a complex situation, requiring a multi-faceted approach. We can analyze the case using the following frameworks:
1. Stakeholder Theory: The university must consider the needs and interests of various stakeholders, including students, faculty, staff, alumni, the local community, and potential investors.
2. Triple Bottom Line: The university's success should be measured not only by financial performance but also by its social and environmental impact. This aligns with the concept of social entrepreneurship and impact investing, where the goal is to create positive change while generating financial returns.
3. Sustainable Business Models: Fern Fort University needs to develop a sustainable business model that balances financial viability with social impact. This can be achieved through hybrid organizations, which combine elements of traditional businesses and non-profit organizations.
4. Social Innovation: The university can leverage its resources and expertise to develop innovative solutions to social challenges. This could involve creating new programs, partnerships, and initiatives that address issues such as poverty, education access, and environmental sustainability.
5. Strategic Planning: The university needs a clear strategic plan that outlines its vision, mission, goals, and objectives. This plan should be developed in consultation with all stakeholders and should be regularly reviewed and updated.
4. Recommendations
1. Embrace a Hybrid Model: Fern Fort University should adopt a hybrid model that combines its traditional educational mission with a social enterprise approach. This would involve:
- Developing social impact programs: Offering programs that address specific social needs, such as training for local entrepreneurs, providing healthcare services, or promoting environmental sustainability.
- Creating partnerships with social enterprises: Collaborating with existing social enterprises to leverage their expertise and resources.
- Generating revenue through social impact activities: Developing social impact projects that generate revenue while creating positive change.
2. Focus on Impact Investing: The university should actively seek impact investors who are interested in supporting organizations that generate both financial and social returns. This could involve:
- Developing a compelling impact investment thesis: Clearly articulating the university's social impact goals and the expected financial returns.
- Creating a social impact measurement framework: Developing a robust system for tracking and reporting on the university's social impact.
- Engaging with impact investors: Attending impact investing conferences, building relationships with impact investors, and presenting compelling investment opportunities.
3. Leverage Technology for Scalability: The university should leverage technology to scale its social impact programs and reach a wider audience. This could involve:
- Developing online learning platforms: Offering online courses and programs that are accessible to students in remote areas.
- Utilizing social media and digital marketing: Promoting the university's social impact programs and reaching a wider audience.
- Partnering with technology companies: Collaborating with technology companies to develop innovative solutions to social challenges.
4. Foster a Culture of Social Entrepreneurship: The university should cultivate a culture of social entrepreneurship among its faculty, staff, and students. This could involve:
- Integrating social entrepreneurship into the curriculum: Offering courses and workshops on social entrepreneurship.
- Creating a social entrepreneurship incubator: Providing resources and support to students and faculty who want to launch social enterprises.
- Recognizing and rewarding social entrepreneurship: Celebrating the achievements of students and faculty who are making a positive impact.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with the university's mission of providing quality education and contributing to social good.
- External customers and internal clients: The recommendations address the needs of students, faculty, staff, and the local community.
- Competitors: The recommendations position the university as a leader in social entrepreneurship, differentiating it from its competitors.
- Attractiveness ' quantitative measures if applicable: The recommendations are expected to generate positive financial returns through impact investing and social enterprise activities.
- Assumptions: The recommendations assume that the university is committed to achieving its social impact goals and that it can successfully attract impact investors.
6. Conclusion
By embracing a hybrid model, focusing on impact investing, leveraging technology, and fostering a culture of social entrepreneurship, Fern Fort University can achieve its mission of providing quality education while addressing pressing social and environmental challenges. This approach will enable the university to become a leading example of a socially responsible and financially sustainable institution.
7. Discussion
Alternatives:
- Focusing solely on traditional education: This would be a less ambitious approach, but it would also be less likely to achieve the university's social impact goals.
- Becoming a purely social enterprise: This would require a significant shift in the university's structure and operations.
Risks:
- Failure to attract impact investors: This could limit the university's ability to fund its social impact programs.
- Difficulty in measuring social impact: This could make it challenging to demonstrate the value of the university's social impact programs.
- Lack of support from stakeholders: This could hinder the implementation of the recommendations.
Key Assumptions:
- The university is committed to achieving its social impact goals.
- The university can successfully attract impact investors.
- The university can develop and implement effective social impact programs.
8. Next Steps
Timeline:
- Year 1: Develop a strategic plan, identify potential impact investors, and launch pilot social impact programs.
- Year 2: Secure impact investment, expand social impact programs, and develop a social impact measurement framework.
- Year 3: Evaluate the success of the hybrid model, refine the university's social impact strategy, and continue to seek new opportunities for growth.
Key Milestones:
- Develop a comprehensive strategic plan: This should outline the university's vision, mission, goals, and objectives.
- Secure impact investment: This will provide the financial resources necessary to implement the recommendations.
- Launch successful social impact programs: This will demonstrate the university's commitment to social impact and its ability to generate positive change.
- Develop a robust social impact measurement framework: This will ensure that the university can effectively track and report on its social impact.
By taking these steps, Fern Fort University can successfully transition to a hybrid model that will enable it to achieve its mission of providing quality education while making a positive impact on the world.
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Case Description
In 2016, the Plan Foundation in Colombia was the organization with the largest investment in social programs of all those that made up the global organization of Plan International Inc. Its annual investment budget exceeded 24 million euros, almost three times higher than that collected by other countries in the region. In recent years, the Colombian organization had transformed its role within PII, from being an implementer of programs funded by organizations from economically developed countries, to an organization that combined the roles of collection and implementation.
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