Harvard Case - New Profit, Inc.
"New Profit, Inc." Harvard business case study is written by James L. Heskett, J. Gregory Dees, Jaan Elias. It deals with the challenges in the field of Social Enterprise. The case study is 26 page(s) long and it was first published on : Jan 28, 2000
At Fern Fort University, we recommend that New Profit, Inc. adopt a hybrid organizational model that leverages its strengths in social impact investing and venture philanthropy while expanding its reach through social enterprise development and impact accelerators. This approach will allow New Profit to maximize its impact by:
- Scaling its social impact: By supporting the growth of high-potential social enterprises, New Profit can reach more beneficiaries and address a wider range of social issues.
- Building a sustainable ecosystem: By fostering a network of social enterprises, investors, and partners, New Profit can create a self-sustaining ecosystem that drives long-term social change.
- Demonstrating the power of social innovation: By showcasing the success of social enterprises, New Profit can inspire others to adopt innovative solutions to social problems.
2. Background
New Profit, Inc. is a non-profit organization dedicated to supporting high-impact social enterprises that address poverty, education, and healthcare in the United States. Founded in 1998, New Profit has a strong track record of investing in and supporting organizations that have demonstrated a significant social impact. The case study focuses on New Profit's decision to expand its reach and impact by exploring new avenues of engagement, including social enterprise development and impact accelerators.
The main protagonists in the case study are:
- The New Profit team: They are tasked with developing a strategy to expand the organization's impact and reach.
- Social entrepreneurs: They are the beneficiaries of New Profit's support and are seeking capital, mentorship, and resources to scale their social enterprises.
- Investors: They are interested in supporting social enterprises that generate both social and financial returns.
3. Analysis of the Case Study
The case study presents New Profit with a classic dilemma: how to balance its commitment to social impact with the need to grow and become more sustainable. To analyze this challenge, we can utilize the following frameworks:
1. Stakeholder Theory: New Profit needs to consider the needs and interests of all its stakeholders, including social entrepreneurs, investors, staff, and the broader community. This includes understanding their expectations, motivations, and potential conflicts of interest.
2. Social Impact Measurement: New Profit needs to develop robust metrics to measure the social impact of its investments and programs. This will help the organization demonstrate its value to stakeholders and make informed decisions about resource allocation.
3. Hybrid Organizational Model: New Profit's current model focuses on venture philanthropy, which involves providing grants and investments to social enterprises. However, the organization can expand its impact by adopting a hybrid model that incorporates social enterprise development and impact accelerators. This will allow New Profit to leverage its expertise in social impact investing while also supporting the growth of new social enterprises.
4. Sustainable Business Models: New Profit can explore sustainable business models for social enterprises that generate both social and financial returns. This will help ensure the long-term viability of the enterprises and create a more sustainable ecosystem for social impact.
5. Strategic Alliances: New Profit can form strategic alliances with other organizations, including corporations, foundations, and government agencies. These partnerships can provide access to new resources, expertise, and markets.
4. Recommendations
To maximize its impact, New Profit should adopt the following recommendations:
1. Develop a Social Enterprise Development Program: New Profit should create a program that provides comprehensive support to aspiring social entrepreneurs, including:
- Mentorship: Provide access to experienced mentors who can guide entrepreneurs through the challenges of starting and scaling their businesses.
- Capacity Building: Offer training and workshops on business planning, financial management, marketing, and other essential skills.
- Access to Capital: Provide seed funding, loan guarantees, and other financial resources to help entrepreneurs launch their businesses.
2. Launch Impact Accelerators: New Profit should create impact accelerators that provide a structured program of support to high-potential social enterprises. These accelerators should offer:
- Intensive Mentorship: Provide close mentorship and guidance from experienced entrepreneurs and investors.
- Networking Opportunities: Connect entrepreneurs with potential investors, partners, and customers.
- Access to Resources: Provide access to shared office space, legal and accounting services, and other essential resources.
3. Expand its Investment Strategy: New Profit should expand its investment strategy to include impact investing, which seeks to generate both social and financial returns. This can be achieved by:
- Investing in Social Impact Bonds: These bonds provide funding to social programs based on achieving specific social outcomes.
- Partnering with Impact Investors: Collaborate with investors who are interested in supporting social enterprises that generate both social and financial returns.
- Developing a Social Impact Fund: Create a dedicated fund that invests in social enterprises with a strong track record of social impact.
4. Foster a Collaborative Ecosystem: New Profit should create a collaborative ecosystem that connects social entrepreneurs, investors, and other stakeholders. This can be achieved by:
- Organizing Events and Conferences: Host events that bring together stakeholders to share knowledge, build relationships, and explore new opportunities.
- Developing an Online Platform: Create an online platform that provides information about social enterprises, investment opportunities, and other resources.
- Building Strategic Partnerships: Form partnerships with other organizations, including corporations, foundations, and government agencies.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: New Profit has a strong track record of supporting high-impact social enterprises. Expanding its reach through social enterprise development and impact accelerators aligns with its mission to create positive social change.
- External customers and internal clients: The recommendations address the needs of both social entrepreneurs and investors. By providing support to aspiring entrepreneurs and creating opportunities for impact investing, New Profit can attract a wider range of stakeholders.
- Competitors: New Profit faces competition from other organizations that support social enterprises. However, the organization's focus on impact investing and its unique approach to social enterprise development provide a competitive advantage.
- Attractiveness ' quantitative measures if applicable (e.g., NPV, ROI, break-even, payback): While quantifying the social impact of these recommendations is challenging, the potential for increased reach and impact, along with the possibility of generating financial returns through impact investing, makes this strategy attractive.
- Assumptions: The recommendations assume that New Profit has the resources and capacity to implement these initiatives. They also assume that there is a demand for social enterprise development and impact accelerators.
6. Conclusion
By adopting a hybrid organizational model that leverages its strengths in social impact investing and venture philanthropy while expanding its reach through social enterprise development and impact accelerators, New Profit can maximize its impact and create a more sustainable ecosystem for social change. This approach will allow the organization to scale its social impact, demonstrate the power of social innovation, and inspire others to adopt innovative solutions to social problems.
7. Discussion
Other Alternatives:
- Focusing solely on venture philanthropy: This approach would allow New Profit to continue its current model of supporting existing social enterprises. However, it would limit the organization's ability to reach new beneficiaries and scale its impact.
- Becoming a social enterprise itself: This approach would allow New Profit to generate revenue through its own social enterprise activities. However, it would require a significant shift in the organization's culture and operations.
Risks and Key Assumptions:
- Resource constraints: Implementing these recommendations will require significant financial and human resources.
- Competition: New Profit faces competition from other organizations that support social enterprises.
- Market demand: The success of social enterprise development and impact accelerators depends on the availability of high-potential social enterprises and investors.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Hybrid organizational model | Scalable impact, sustainable ecosystem, demonstrable social innovation | Resource constraints, competition, market demand |
| Venture philanthropy | Established model, strong track record | Limited reach, difficulty scaling impact |
| Social enterprise | Revenue generation, potential for growth | Cultural shift, operational challenges |
8. Next Steps
To implement these recommendations, New Profit should:
- Develop a detailed implementation plan: This plan should outline the specific steps, timelines, and resources required to launch the social enterprise development program, impact accelerators, and expanded investment strategy.
- Secure funding: New Profit will need to secure funding to support these initiatives. This can be achieved through grants, impact investing, and partnerships.
- Build a team: The organization will need to hire additional staff with expertise in social enterprise development, impact investing, and ecosystem building.
- Engage stakeholders: New Profit should engage with social entrepreneurs, investors, and other stakeholders to gather feedback and build support for these initiatives.
By taking these steps, New Profit can position itself to become a leading force in the social impact sector and create a more just and equitable world.
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Case Description
Having founded what they called a "venture philanthropy" operated like a hybrid between a venture capital fund and a philanthropy, New Profit's organizers are confronted with two issues: 1) the role that "investors" would be asked to play in the organization, and 2) the way in which management tools such as the Balanced Scorecard could be put to work in the service of the philanthropy.
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