Harvard Case - September 11th Fund: The Creation
"September 11th Fund: The Creation" Harvard business case study is written by Jane Wei-Skillern. It deals with the challenges in the field of Social Enterprise. The case study is 14 page(s) long and it was first published on : Mar 26, 2002
At Fern Fort University, we recommend the creation of the September 11th Fund as a strategic and impactful initiative. This fund, designed to support the families of victims and address the long-term needs arising from the tragedy, should be structured as a hybrid organization, combining elements of a non-profit foundation with a social enterprise. This approach allows for both immediate relief and long-term sustainable impact, aligning with the principles of social entrepreneurship and impact investing.
2. Background
The September 11th attacks were a devastating event, leaving behind a multitude of victims and their families grappling with immense loss and hardship. The case study focuses on the immediate response to the tragedy, highlighting the need for a centralized and coordinated effort to provide financial assistance and support to the affected families. The main protagonists are the individuals and organizations who responded to the crisis, including government agencies, non-profit organizations, and private corporations.
3. Analysis of the Case Study
The case study presents a complex situation demanding a multifaceted approach. To analyze it effectively, we can utilize the Stakeholder Theory framework, considering the needs and interests of all parties involved:
- Victims' families: Their primary need is immediate financial assistance and long-term support for their well-being.
- Government: The government has a responsibility to provide emergency relief and ensure the long-term recovery of the affected communities.
- Non-profit organizations: These organizations are well-equipped to provide social services and support to the victims' families.
- Private corporations: Corporations can contribute financially and provide resources to aid in the recovery efforts.
The case study also highlights the challenges of coordinating efforts, ensuring transparency, and managing the vast influx of donations.
4. Recommendations
To address these challenges and effectively establish the September 11th Fund, we recommend the following:
Hybrid Organizational Structure: The fund should be structured as a hybrid organization, incorporating elements of both a non-profit foundation and a social enterprise. This structure allows for:
- Immediate Relief: The foundation aspect can quickly distribute financial assistance to families in need.
- Long-Term Impact: The social enterprise component can invest in projects that address the long-term needs of the affected communities, such as economic development, healthcare, and education.
Triple Bottom Line Approach: The fund should adopt a triple bottom line approach, focusing on:
- Social Impact: Prioritizing the well-being of the victims' families and the affected communities.
- Environmental Sustainability: Integrating sustainability considerations into all fund-related activities.
- Financial Viability: Ensuring the long-term financial stability of the fund through a diversified portfolio of investments and revenue-generating initiatives.
Impact Investing Strategy: The fund should adopt an impact investing strategy, focusing on investments that generate both financial returns and positive social impact. This can include:
- Social Impact Bonds: Investing in programs that address specific social challenges and generate measurable outcomes.
- Venture Philanthropy: Providing funding and support to social enterprises that are developing innovative solutions to address the needs of the affected communities.
Transparent Governance and Accountability: The fund should establish a transparent governance structure with a board of directors representing diverse stakeholders, including victims' families, government officials, non-profit organizations, and private corporations. This will ensure accountability and build trust among all parties involved.
Strategic Partnerships: The fund should actively seek partnerships with other organizations, including government agencies, non-profit organizations, and private corporations. These partnerships will leverage resources, expertise, and networks to maximize the fund's impact.
5. Basis of Recommendations
Our recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The hybrid organizational structure, triple bottom line approach, and impact investing strategy align with the fund's mission to provide immediate relief and long-term sustainable impact.
- External Customers and Internal Clients: The fund's primary customers are the victims' families, while its internal clients include the board of directors, staff, and partners. The recommendations ensure the needs of all stakeholders are met.
- Competitors: The fund will face competition from other organizations providing assistance to the victims' families. However, its hybrid structure and impact investing strategy will differentiate it and attract a wider range of donors and investors.
- Attractiveness: The fund's financial viability will be based on a diversified portfolio of investments and revenue-generating initiatives. This will ensure long-term sustainability and attract investors seeking both financial returns and social impact.
- Assumptions: We assume that the fund will be able to attract sufficient donations and investments to achieve its goals. We also assume that there will be a strong commitment from all stakeholders to ensure the fund's success.
6. Conclusion
The creation of the September 11th Fund as a hybrid organization with a triple bottom line approach and impact investing strategy presents a unique opportunity to provide both immediate relief and long-term sustainable impact to the victims' families and affected communities. By leveraging partnerships, ensuring transparency, and adopting a strategic approach, the fund can become a model for responding to future crises and creating lasting positive change.
7. Discussion
Alternative approaches to managing the September 11th Fund include:
- Traditional Non-Profit Foundation: This would focus solely on providing financial assistance to victims' families. However, it would lack the capacity for long-term impact and sustainable development.
- Government-Led Relief Effort: This would provide immediate relief but could be hampered by bureaucratic inefficiencies and political considerations.
The risks associated with our recommendation include:
- Insufficient Funding: The fund might struggle to attract sufficient donations and investments.
- Lack of Transparency: The fund's governance structure could be perceived as opaque, leading to a loss of trust.
- Ineffective Partnerships: Partnerships might not be fruitful, leading to duplication of efforts and wasted resources.
Our recommendations are based on the assumption that the fund will be able to overcome these challenges through effective leadership, strategic partnerships, and a commitment to transparency and accountability.
8. Next Steps
To implement our recommendations, the following steps should be taken:
- Establish a Board of Directors: Form a diverse board of directors representing all stakeholders.
- Develop a Strategic Plan: Define the fund's mission, goals, and strategies for achieving impact.
- Secure Funding: Launch fundraising campaigns and attract impact investors.
- Develop Programs and Initiatives: Design programs that address the long-term needs of the affected communities.
- Monitor and Evaluate Performance: Track the fund's impact and make adjustments as needed.
By taking these steps, the September 11th Fund can become a model for responding to crises and creating lasting positive change.
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Case Description
Describes the entrepreneurial process through which the September 11th Fund was created, developed, and operated, focusing primarily on the furst seven weeks of the fund. This case details the genesis of the fund as a partnership between the United Way of New York City (NWNYC) and the New York Community Trust, New York City's largest funders-to its development/fundraising efforts and operations with pro bono consulting from a team of McKinsey consultants. Describes how the social entrepreneurial process was facilitated by key leaders from McKinsey, who were instrumental in initiating and executing McKinseys involvement in the fund development and operation. Discusses how the UWNYC executive staff and the McKinsey team worked to maximize giving to the fund, develop the infrastructure to process donations, and create an early distribution strategy highlighting how the McKinsey team and United Way staff adapted to respond to this crisis.
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