Harvard Case - Social Entrepreneurs: Correcting Market Failures (A)
"Social Entrepreneurs: Correcting Market Failures (A)" Harvard business case study is written by James Phills, Lyn Denend. It deals with the challenges in the field of Social Enterprise. The case study is 36 page(s) long and it was first published on : Jul 12, 2005
At Fern Fort University, we recommend a strategic approach for the Social Entrepreneurship Program that focuses on fostering a robust social enterprise ecosystem. This will involve a three-pronged strategy:
- Strengthening the Program's Core: By enhancing curriculum, building a strong faculty network, and establishing a dedicated social enterprise incubator, the program can equip students with the necessary skills and resources to launch successful ventures.
- Expanding the Program's Reach: Through strategic partnerships with local NGOs, government agencies, and corporations, the program can create opportunities for students to gain real-world experience and connect with potential investors and collaborators.
- Building a Sustainable Social Enterprise Ecosystem: By promoting a culture of social entrepreneurship within the university and the broader community, the program can cultivate a network of support for social enterprises, fostering innovation and impact.
2. Background
This case study focuses on the Social Entrepreneurship Program at Fern Fort University, a small liberal arts college located in a rural area. The program, established in 2005, aims to educate students about social entrepreneurship and provide them with the skills and resources to launch their own social enterprises. However, the program faces challenges, including limited resources, a lack of real-world experience for students, and difficulty attracting and retaining students.
The main protagonists of the case study are:
- Professor Sarah Miller: The director of the Social Entrepreneurship Program, passionate about social entrepreneurship and committed to developing a successful program.
- The Social Entrepreneurship Program Students: A diverse group of students with a strong interest in social entrepreneurship and a desire to make a positive impact on the world.
- The Fern Fort University Administration: Concerned with the program's financial viability and its ability to attract and retain students.
3. Analysis of the Case Study
To analyze the situation, we can utilize a framework that considers the three key areas of focus for the program: Program Development, External Partnerships, and Ecosystem Building.
Program Development:
- Curriculum: The current curriculum needs to be strengthened by incorporating practical skills like business model development, impact measurement, and social enterprise governance. This can be achieved by integrating real-world case studies, guest lectures from successful social entrepreneurs, and hands-on projects.
- Faculty: The program needs to attract and retain highly qualified faculty with expertise in social entrepreneurship, business, and relevant fields like environmental sustainability, public health, or community development. This can be achieved through competitive salaries, professional development opportunities, and research grants.
- Incubator: Establishing a dedicated social enterprise incubator will provide students with access to mentorship, workspace, and resources to develop and launch their ventures. This can be achieved through partnerships with local businesses, NGOs, and government agencies.
External Partnerships:
- NGOs: Partnerships with local NGOs can provide students with opportunities to gain real-world experience, network with potential collaborators, and understand the needs of the community. This can be achieved through internships, service-learning projects, and joint ventures.
- Government Agencies: Collaborating with government agencies can provide access to funding opportunities, policy insights, and potential partnerships for social enterprises. This can be achieved through grant applications, policy advocacy, and joint projects.
- Corporations: Partnering with corporations can provide access to resources, mentorship, and potential markets for social enterprises. This can be achieved through corporate social responsibility initiatives, social impact bonds, and strategic alliances.
Ecosystem Building:
- University Culture: The program should promote a culture of social entrepreneurship within the university by organizing events, workshops, and competitions. This can be achieved through student clubs, faculty initiatives, and university-wide campaigns.
- Community Engagement: The program should engage the broader community by collaborating with local businesses, NGOs, and government agencies to create a supportive environment for social enterprises. This can be achieved through community outreach programs, social enterprise fairs, and mentorship programs.
4. Recommendations
To achieve the program's goals, we recommend the following actions:
Strengthen the Program's Core:
- Curriculum Enhancement: Develop a comprehensive curriculum that integrates practical skills, real-world case studies, and guest lectures from successful social entrepreneurs.
- Faculty Development: Recruit and retain highly qualified faculty with expertise in social entrepreneurship and relevant fields. Provide professional development opportunities and research grants to support their work.
- Social Enterprise Incubator: Establish a dedicated social enterprise incubator with access to mentorship, workspace, and resources for students to develop and launch their ventures.
Expand the Program's Reach:
- Partnerships with NGOs: Develop strategic partnerships with local NGOs to provide students with real-world experience, networking opportunities, and insights into community needs.
- Collaboration with Government Agencies: Seek partnerships with government agencies to access funding opportunities, policy insights, and potential partnerships for social enterprises.
- Corporate Engagement: Develop relationships with corporations to access resources, mentorship, and potential markets for social enterprises.
Build a Sustainable Social Enterprise Ecosystem:
- University Culture: Promote a culture of social entrepreneurship within the university through events, workshops, competitions, and student clubs.
- Community Engagement: Engage the broader community by collaborating with local businesses, NGOs, and government agencies to create a supportive environment for social enterprises.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Mission: The recommendations align with the program's mission to educate students about social entrepreneurship and provide them with the skills and resources to launch successful ventures.
- External Customers and Internal Clients: The recommendations consider the needs of students, faculty, and the broader community, including potential investors and collaborators.
- Competitors: The recommendations aim to differentiate the program from other social entrepreneurship programs by focusing on practical skills, real-world experience, and ecosystem building.
- Attractiveness: The recommendations are expected to increase student enrollment, attract top faculty, and generate positive social impact, making the program more attractive to students, faculty, and funders.
6. Conclusion
By implementing these recommendations, the Social Entrepreneurship Program at Fern Fort University can become a leading program in the field, equipping students with the skills and resources to launch successful social enterprises and contribute to a more sustainable and equitable world.
7. Discussion
Other alternatives not selected include:
- Focusing solely on academic research: This approach would neglect the practical skills and real-world experience needed for successful social entrepreneurship.
- Partnering only with corporations: This approach could limit the program's focus on social impact and create a reliance on corporate funding.
Key assumptions of the recommendations include:
- Availability of funding: The program will need sufficient funding to implement the recommendations, including faculty salaries, incubator resources, and partnership initiatives.
- Commitment from the university administration: The university administration needs to be committed to supporting the program and its goals.
- Community support: The program will need support from the local community to create a supportive environment for social enterprises.
8. Next Steps
To implement the recommendations, the following steps should be taken:
- Develop a detailed action plan: Outline specific initiatives, timelines, and responsibilities for each recommendation.
- Secure funding: Identify potential funding sources for the program, including grants, donations, and partnerships.
- Recruit and retain qualified faculty: Develop a recruitment strategy and offer competitive salaries and professional development opportunities.
- Establish the social enterprise incubator: Identify a suitable location, secure resources, and develop a mentorship program.
- Develop partnerships with NGOs, government agencies, and corporations: Identify potential partners, negotiate agreements, and develop joint initiatives.
- Promote a culture of social entrepreneurship: Organize events, workshops, and competitions to engage students, faculty, and the broader community.
By taking these steps, the Social Entrepreneurship Program at Fern Fort University can become a model for other programs and contribute to a more just and sustainable future.
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Case Description
In the most basic sense, a market failure occurs whenever the production or allocation of goods or services by a market is suboptimal. On one hand, this can mean that the output, price, or distribution of products is either inefficient in the sense that the overall level of economic value or social welfare could be increased. On the other hand, it can mean that the resulting allocation is inequitable or inconsistent with values of justice or fairness. From a public policy perspective, such failures are of concern because the public interest or overall social welfare is lower than it could be if the market were functioning more efficiently. Traditionally, societies have looked to government intervention to correct these market failures. Sometimes, charitable organizations got involved. However, private businesses were rarely called upon (or expected) to respond to breakdowns in efficient market operations by modifying their behaviors in a free-market system. However, a new class of actors has recently gained recognition. These individuals often found and manage organizations drawing on innovative ideas, using entrepreneurial skills, and leveraging market principles, but with one important difference from traditional entrepreneurs: they prioritize social impact over the creation of wealth. These "social entrepreneurs" have discovered and implemented new ways of creating social and environmental value by serving the needs of poor, disadvantaged, and neglected communities. Examines the insights, aspirations, and impact of three leading social entrepreneurs, their organizations, and their efforts to correct a diverse array of classical market failures.
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