Harvard Case - Michigan's Social Venture Fund: Founding the Nation's First Student-Run Impact Investing Fund
"Michigan's Social Venture Fund: Founding the Nation's First Student-Run Impact Investing Fund" Harvard business case study is written by Gautam Kaul. 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 14, 2017
At Fern Fort University, we recommend that the Michigan Social Venture Fund (MSVF) continue to expand its impact investing activities while prioritizing social innovation and sustainable business models as the foundation for its portfolio. This should be achieved by:
- Developing a robust impact measurement framework to track and demonstrate the social and environmental impact of its investments.
- Building strategic partnerships with other impact investors, social enterprises, and corporations to leverage resources and expertise.
- Creating a clear and compelling brand identity to attract investors, entrepreneurs, and partners.
- Expanding its reach to include a wider range of social enterprises and impact-driven businesses.
- Developing a comprehensive educational program to cultivate future generations of impact investors and social entrepreneurs.
2. Background
The Michigan Social Venture Fund (MSVF) is a student-run impact investing fund at the University of Michigan. Founded in 2007, it was the first student-run impact investing fund in the nation. The MSVF invests in early-stage social enterprises that address pressing social and environmental issues. Their mission is to generate both financial returns and positive social impact.
The case study focuses on the MSVF's journey, highlighting its challenges and successes in navigating the complex world of impact investing. The key protagonists are the students who manage the fund, the faculty advisors who provide guidance, and the social entrepreneurs who benefit from the MSVF's investments.
3. Analysis of the Case Study
The MSVF's success can be attributed to its commitment to social entrepreneurship and its innovative approach to impact investing. The fund has effectively combined financial returns with social impact, demonstrating the potential for triple bottom line investing.
However, the case study also highlights several challenges faced by the MSVF, including:
- Limited resources: The fund relies heavily on student volunteers, which can limit its capacity and operational efficiency.
- Lack of a consistent impact measurement framework: The MSVF struggles to effectively measure and communicate the social impact of its investments.
- Limited access to capital: The fund's relatively small size restricts its ability to invest in larger social enterprises.
To address these challenges, the MSVF needs to adopt a more strategic approach to its operations, focusing on:
- Building a strong team: Recruiting and retaining talented students with a passion for social entrepreneurship and impact investing.
- Developing a robust impact measurement framework: This framework should be aligned with industry best practices and allow for transparent reporting of social and environmental impact.
- Securing additional funding: Exploring alternative funding sources, such as grants, endowments, and partnerships with corporations and foundations.
4. Recommendations
To further enhance its impact and sustainability, the MSVF should implement the following recommendations:
1. Develop a Robust Impact Measurement Framework:
- Adopt a standardized impact measurement framework: The MSVF should adopt a recognized framework such as the Social Return on Investment (SROI) methodology or the Global Impact Investing Rating System (GIIRS).
- Develop a clear impact reporting process: Establish a transparent and consistent process for collecting, analyzing, and reporting on the social and environmental impact of investments.
- Engage stakeholders in impact measurement: Involve social entrepreneurs, investors, and other stakeholders in the impact measurement process to ensure buy-in and accountability.
2. Build Strategic Partnerships:
- Partner with other impact investors: Collaborate with other impact investing funds, foundations, and corporations to leverage resources, share best practices, and expand the reach of the MSVF.
- Form strategic alliances with social enterprises: Develop partnerships with social enterprises to provide mentorship, technical assistance, and access to markets.
- Engage with corporations on shared value creation: Partner with corporations to identify opportunities for mutual benefit, such as investing in social enterprises that align with corporate social responsibility (CSR) goals.
3. Create a Clear Brand Identity:
- Develop a compelling brand narrative: Articulate a clear and concise mission, vision, and values that resonate with investors, entrepreneurs, and the broader community.
- Build a strong online presence: Create a website, social media accounts, and other digital platforms to showcase the MSVF's work and attract potential partners.
- Engage in public relations and marketing: Promote the MSVF's activities through press releases, media outreach, and other marketing initiatives.
4. Expand Reach and Impact:
- Diversify investment portfolio: Invest in a wider range of social enterprises, including those operating in emerging markets, addressing global challenges, and utilizing innovative business models.
- Develop a mentorship program: Provide guidance and support to social entrepreneurs through mentorship programs, workshops, and networking events.
- Create an impact accelerator: Develop an accelerator program to support early-stage social enterprises with funding, mentorship, and resources.
5. Develop a Comprehensive Educational Program:
- Offer courses and workshops: Provide students with opportunities to learn about impact investing, social entrepreneurship, and related topics.
- Create a student-led impact investing club: Establish a club dedicated to promoting impact investing and providing students with hands-on experience.
- Partner with local schools and organizations: Collaborate with other educational institutions and community organizations to promote impact investing and social entrepreneurship.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with the MSVF's mission to generate both financial returns and positive social impact. They also leverage the fund's existing strengths in student leadership, innovation, and commitment to social entrepreneurship.
- External customers and internal clients: The recommendations consider the needs of the fund's external stakeholders, including social entrepreneurs, investors, and the broader community. They also address the needs of internal stakeholders, such as students, faculty, and staff.
- Competitors: The recommendations consider the competitive landscape of impact investing and aim to position the MSVF as a leader in the field.
- Attractiveness ' quantitative measures if applicable (e.g., NPV, ROI, break-even, payback): The recommendations are expected to enhance the fund's financial performance and social impact, ultimately leading to a higher return on investment (ROI) and social return on investment (SROI).
- Assumptions: The recommendations are based on the assumption that the MSVF can secure additional funding, develop a robust impact measurement framework, and build strong partnerships with other stakeholders.
6. Conclusion
The Michigan Social Venture Fund has the potential to become a leading force in the impact investing movement. By implementing the recommendations outlined above, the MSVF can further enhance its impact, expand its reach, and solidify its position as a pioneer in the field. The fund's commitment to social innovation, sustainable business models, and impact measurement will be crucial in achieving these goals.
7. Discussion
While the recommendations focus on strengthening the MSVF's current approach, other alternatives exist:
- Going public: The MSVF could consider becoming a publicly traded company to access a larger pool of capital and expand its investment activities. However, this would require significant regulatory compliance and could dilute the fund's student-led focus.
- Focusing solely on financial returns: The MSVF could prioritize financial returns over social impact, potentially attracting a wider range of investors. However, this would contradict the fund's core mission and could alienate potential partners and stakeholders.
Risks and Key Assumptions:
- Funding: The success of these recommendations hinges on the MSVF's ability to secure additional funding.
- Impact measurement: Developing a robust impact measurement framework requires significant time, resources, and expertise.
- Partnerships: Building strong partnerships with other stakeholders requires trust, communication, and a shared commitment to social impact.
8. Next Steps
To implement these recommendations, the MSVF should take the following steps:
- Year 1: Develop a comprehensive impact measurement framework, secure additional funding, and build strategic partnerships.
- Year 2: Launch a mentorship program, create an impact accelerator, and expand the investment portfolio.
- Year 3: Develop a comprehensive educational program, build a strong brand identity, and engage in public relations and marketing initiatives.
By taking these steps, the MSVF can continue to pioneer the field of impact investing and create lasting positive change in the world.
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Case Description
In the business environment surrounding the 2008 financial crisis, a new field within investing emerged to address the shortcomings of a "profit-only" mission of business. The nascent impact investing industry sought to create positive impact beyond financial returns. Putting this idyllic-sounding idea into practice demanded that institutions interested in this line of work consider what social impact means, how to assess it, how returns in impact investments would differ from traditional investments, and where to invest capital. Four students at the University of Michigan's Ross School of Business realized the flawed structure of the financial system and wanted to see how they and their university could play a role in the impact investing industry. Collaborating with faculty and industry professionals, the students conceived the idea of a student-run venture capital fund that would invest in companies for both financial and social returns. Social Venture Fund was the first of any such organization on any campus. Before the students could even make an investment, however, they had to decide on the nature of their organization. The students wrestled with four questions at the same time as the overall impact investing industry was struggling with the identical questions: How would they define impact? What would their investment thesis be? How would they measure impact? In which sectors and geographies would they invest?
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