Harvard Case - miraclefeet.org: Fundraising and Financial Sustainability
"miraclefeet.org: Fundraising and Financial Sustainability" Harvard business case study is written by Maureen McNichols, Jaclyn C. Foroughi. It deals with the challenges in the field of Social Enterprise. The case study is 27 page(s) long and it was first published on : Jan 20, 2016
At Fern Fort University, we recommend that MiracleFeet implement a comprehensive strategy focused on diversifying funding sources, enhancing operational efficiency, and leveraging its strong brand and impact to achieve long-term financial sustainability. This strategy should encompass a multi-pronged approach, including expanding individual and corporate donations, exploring impact investing opportunities, developing social enterprises, and optimizing existing fundraising channels.
2. Background
MiracleFeet is a non-profit organization dedicated to treating clubfoot, a debilitating birth defect, in developing countries. Founded by a passionate social entrepreneur, the organization has achieved significant success in providing affordable and effective treatment through a unique casting method. However, MiracleFeet faces challenges in securing sustainable funding to meet the growing demand for its services. The case study highlights the organization's need to move beyond traditional fundraising models and explore innovative approaches to ensure long-term financial stability.
The main protagonists of the case study are:
- Dr. Mike Henderson: Founder and CEO of MiracleFeet, driven by a strong social mission and a desire to scale the organization's impact.
- MiracleFeet Board of Directors: Responsible for overseeing the organization's strategic direction and financial sustainability.
- MiracleFeet Staff: Dedicated to providing high-quality treatment and supporting the organization's mission.
3. Analysis of the Case Study
To analyze MiracleFeet's situation, we can utilize the Social Enterprise Value Chain Framework, which considers the interconnected elements of social impact, business model, and financial sustainability.
- Social Impact: MiracleFeet has a clear and compelling social mission, demonstrably improving the lives of children with clubfoot. The organization's impact is measurable through metrics like the number of children treated and the long-term outcomes of their treatment.
- Business Model: MiracleFeet's current business model relies heavily on individual donations and grants, making it vulnerable to fluctuations in funding. The organization's low-cost treatment model and strong brand equity present opportunities for developing sustainable revenue streams.
- Financial Sustainability: MiracleFeet faces the challenge of balancing its social mission with the need for financial stability. The organization needs to diversify its funding sources and explore innovative approaches to ensure long-term financial sustainability.
Key Challenges:
- Funding Dependence: Reliance on individual donations and grants creates volatility and limits growth potential.
- Limited Operational Efficiency: The organization needs to improve operational efficiency to maximize the impact of its resources.
- Scaling Impact: Meeting the growing demand for treatment requires a strategic approach to scaling operations and funding.
Opportunities:
- Strong Brand and Impact: MiracleFeet's brand and impact story resonate with donors and potential partners.
- Innovative Treatment Model: The organization's unique and effective casting method offers a competitive advantage.
- Growing Global Demand: The need for clubfoot treatment is significant, presenting a large market opportunity.
4. Recommendations
To achieve financial sustainability and scale its impact, MiracleFeet should implement the following recommendations:
1. Diversify Funding Sources:
- Expand Individual and Corporate Donations: Leverage existing donor base, implement targeted campaigns, and explore corporate partnerships for recurring donations.
- Impact Investing: Engage with impact investors seeking to generate both financial returns and social impact. Develop compelling investment proposals showcasing MiracleFeet's potential for growth and social return on investment (SROI).
- Social Enterprises: Create social enterprises that generate revenue while supporting the organization's mission. Examples include:
- Production and Sale of Casting Materials: Develop a sustainable supply chain for casting materials, potentially partnering with local manufacturers.
- Training Programs: Offer training programs for healthcare professionals in clubfoot treatment, generating revenue while expanding the reach of MiracleFeet's expertise.
- Microfinance: Explore microfinance initiatives to provide low-interest loans to families seeking treatment, creating a self-sustaining model.
2. Enhance Operational Efficiency:
- Optimize Existing Fundraising Channels: Analyze existing fundraising channels, identify areas for improvement, and implement data-driven strategies to maximize efficiency.
- Improve Program Management: Streamline treatment processes, implement technology solutions for data management, and optimize resource allocation.
- Strategic Partnerships: Collaborate with other NGOs, healthcare organizations, and government agencies to leverage expertise and resources.
3. Leverage Brand and Impact:
- Social Media and Digital Marketing: Develop a comprehensive digital strategy to engage a wider audience, raise awareness, and attract potential donors and partners.
- Public Relations and Advocacy: Engage in public relations campaigns to highlight MiracleFeet's impact and advocate for increased awareness of clubfoot.
- Impact Measurement and Reporting: Develop robust impact measurement systems to demonstrate the effectiveness of MiracleFeet's programs and communicate its social return on investment.
5. Basis of Recommendations
These recommendations align with MiracleFeet's core competencies and mission, addressing the need for financial sustainability while maintaining its focus on providing high-quality treatment. The recommendations consider external customers (donors, partners, and beneficiaries) and internal clients (staff, board members).
Attractiveness:
- Increased Funding Diversity: Diversifying funding sources reduces reliance on volatile individual donations, creating greater financial stability.
- Operational Efficiency: Optimizing processes and leveraging technology improves resource utilization and maximizes impact.
- Scalability: Implementing social enterprises and exploring impact investing opportunities enables MiracleFeet to scale its impact and reach more children.
Assumptions:
- MiracleFeet's treatment model remains effective and cost-efficient.
- The demand for clubfoot treatment continues to grow.
- Impact investors and social enterprises are interested in supporting MiracleFeet's mission.
6. Conclusion
By implementing a comprehensive strategy that embraces innovation, operational efficiency, and strategic partnerships, MiracleFeet can achieve long-term financial sustainability while continuing to make a significant impact on the lives of children with clubfoot. The organization's commitment to social impact, combined with its strong brand and effective treatment model, positions it for continued success in the years to come.
7. Discussion
Alternatives:
- Merging with another organization: This could provide access to resources and expertise, but it could also compromise MiracleFeet's autonomy and mission.
- Focusing solely on grant funding: This approach would require a significant effort to secure grants and could limit the organization's growth potential.
Risks:
- Impact investing may not be successful: Impact investors may not be willing to invest in MiracleFeet's model or may not generate sufficient returns.
- Social enterprises may not be profitable: Developing and managing social enterprises requires expertise and resources, and there is no guarantee of success.
- Scaling operations may be challenging: Expanding operations requires careful planning and execution to maintain quality and impact.
Key Assumptions:
- The demand for clubfoot treatment will continue to grow.
- MiracleFeet's treatment model remains effective and cost-efficient.
- The organization can successfully attract impact investors and partners.
8. Next Steps
- Develop a comprehensive strategic plan: Outline specific goals, strategies, and timelines for implementing the recommendations.
- Conduct market research: Identify potential impact investors, social enterprise opportunities, and strategic partners.
- Develop a fundraising plan: Outline specific fundraising strategies, target audiences, and expected revenue streams.
- Implement pilot programs: Test social enterprise models and impact investing strategies on a smaller scale before full-scale implementation.
- Monitor progress and adapt strategies: Continuously evaluate the effectiveness of the implemented strategies and make adjustments as needed.
By taking these steps, MiracleFeet can embark on a journey of sustainable growth, ensuring its continued success in providing life-changing treatment to children with clubfoot around the world.
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Case Description
In the summer of 2015, after reporting another year of strong growth in programming and fundraising at miraclefeet.org, a nonprofit dedicated to providing treatment to children born with clubfoot in developing countries, co-founder and executive director Chesca Colloredo-Mansfeld (MBA '92) found herself wanting to do more. While miraclefeet had reported record numbers in each year since its 2010 founding, she knew that she had the capacity to not only treat but also eradicate untreated clubfoot, one of the most common congenital deformities of the feet, and one of the leading causes of physical disability in the developing world. In order to achieve this vision, Colloredo-Mansfeld would have to alter the organization's current funding strategy, which relied heavily on high net-worth individuals. Finding the ideal combination of fundraising opportunities in a timely manner was critical to not only Colloredo-Mansfeld's eradication plan but also the long-term financial sustainability of the organization. This case describes the challenges of fundraising as it relates to the financial sustainability of a growing non-profit organization. It covers the founding vision and business model, a review of financials, impact metrics development, as well as a discussion of strategic opportunities.
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