Harvard Case - STRIVE
"STRIVE" Harvard business case study is written by Robert Burakoff. It deals with the challenges in the field of Social Enterprise. The case study is 21 page(s) long and it was first published on : Sep 24, 1998
At Fern Fort University, we recommend STRIVE pursue a strategic growth strategy focused on social innovation and impact investing. This strategy should involve:
- Expanding STRIVE's reach into new emerging markets, particularly those with significant poverty and a lack of access to healthcare.
- Developing innovative business models that leverage technology and partnerships to deliver affordable, high-quality healthcare services.
- Building a strong social enterprise ecosystem through strategic alliances with NGOs, government agencies, and other social enterprises.
- Implementing robust social impact measurement frameworks to demonstrate the value and effectiveness of STRIVE's initiatives.
2. Background
STRIVE is a social enterprise operating in developing countries, providing affordable healthcare services to underserved populations. Founded by Dr. Sarah Jones, a passionate physician with a deep commitment to social justice, STRIVE has established a strong reputation for its innovative approach to healthcare delivery. However, the organization faces challenges in scaling its operations and securing sustainable funding.
The case study focuses on the pivotal decision Dr. Jones must make: whether to pursue a traditional growth strategy through expansion into new markets, or to embrace a more impact-driven approach that prioritizes social impact over profit maximization.
3. Analysis of the Case Study
This case study presents a classic dilemma faced by many social enterprises: balancing the need for financial sustainability with the pursuit of social impact. To analyze STRIVE's situation, we can utilize the Triple Bottom Line framework, which considers economic, social, and environmental performance.
Economic: STRIVE's current model relies heavily on donations and grants, making it vulnerable to funding fluctuations. Expanding into new markets could increase revenue, but also presents risks of operational complexity and market uncertainties.
Social: STRIVE's mission is deeply rooted in social justice and improving healthcare access for marginalized communities. Expanding into new markets could significantly impact the lives of more people, but requires careful consideration of cultural nuances and potential unintended consequences.
Environmental: STRIVE's commitment to environmental sustainability is evident in its use of sustainable practices in its clinics. Expansion should be carefully planned to minimize environmental impact and promote sustainable development.
Stakeholder Theory is also relevant to this case. STRIVE must consider the needs and expectations of various stakeholders, including:
- Patients: Ensuring access to affordable, high-quality healthcare.
- Employees: Providing fair wages and a supportive work environment.
- Donors: Demonstrating the effectiveness of their contributions.
- Government: Collaborating on public health initiatives and complying with regulations.
- Community: Respecting local customs and contributing to community development.
4. Recommendations
To achieve sustainable growth and maximize social impact, STRIVE should adopt the following recommendations:
- Embrace Impact Investing: STRIVE should actively seek out impact investors who are interested in supporting businesses with a strong social mission. This could involve issuing social impact bonds or attracting venture philanthropy funding.
- Develop Innovative Business Models: STRIVE should explore hybrid business models that combine traditional healthcare services with social enterprise initiatives. This could involve:
- Microfinance: Offering microloans to patients to help them pay for healthcare.
- Social Franchising: Partnering with local entrepreneurs to establish affordable clinics in underserved areas.
- Inclusive Business Models: Integrating social impact into core business operations, such as sourcing supplies from local farmers or employing individuals from marginalized communities.
- Expand into Emerging Markets Strategically: STRIVE should focus on emerging markets with significant healthcare needs and a supportive regulatory environment. Prioritize countries with strong government policies promoting social entrepreneurship and CSR.
- Build a Strong Social Enterprise Ecosystem: STRIVE should actively engage with other social enterprises, NGOs, and government agencies to create a collaborative ecosystem. This could involve:
- Cross-sector partnerships: Collaborating with NGOs on health education programs or with technology companies to develop innovative healthcare solutions.
- Social enterprise incubators: Supporting the development of new social enterprises in the healthcare sector.
- Social enterprise networks: Joining existing networks to share best practices and resources.
- Implement Robust Social Impact Measurement: STRIVE should develop a comprehensive framework for measuring its social impact. This could involve:
- SROI (Social Return on Investment): Quantifying the social value created by STRIVE's initiatives.
- Social Impact Bonds: Using outcome-based contracts to incentivize social impact.
- Data collection and analysis: Tracking key metrics such as patient outcomes, community engagement, and environmental impact.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: STRIVE's core competency lies in providing affordable healthcare services to underserved populations. The recommendations align with this mission by expanding access to healthcare and promoting social justice.
- External customers and internal clients: The recommendations consider the needs of patients, employees, donors, and the community. By focusing on impact investing and innovative business models, STRIVE can attract new investors and partners while ensuring the sustainability of its operations.
- Competitors: The recommendations acknowledge the growing trend of social entrepreneurship in the healthcare sector. By embracing impact investing and developing innovative business models, STRIVE can differentiate itself from traditional healthcare providers and attract a wider range of stakeholders.
- Attractiveness ' quantitative measures if applicable: The recommendations are based on the potential for increased revenue and social impact. Impact investing can provide access to new funding sources, while innovative business models can improve efficiency and reach.
- Assumptions: The recommendations assume a supportive regulatory environment for social enterprises in emerging markets and a growing demand for impact investing.
6. Conclusion
By embracing a strategic growth strategy focused on social innovation and impact investing, STRIVE can achieve sustainable growth while maximizing its social impact. This approach will require a shift in mindset from profit maximization to shared value creation, where both social and financial returns are prioritized.
7. Discussion
Other alternatives not selected include:
- Traditional growth strategy: Expanding into new markets through traditional means, such as opening new clinics or acquiring existing healthcare providers. This approach could lead to faster growth but may not be as sustainable or impactful.
- Focusing solely on donations and grants: This approach would limit STRIVE's growth potential and make it vulnerable to funding fluctuations.
Key risks and assumptions:
- Regulatory environment: The regulatory environment for social enterprises in emerging markets may be unpredictable and could pose challenges to STRIVE's operations.
- Impact investing: The market for impact investing is still developing, and STRIVE may face difficulty attracting investors.
- Social impact measurement: Measuring social impact can be complex and challenging, and STRIVE needs to develop robust frameworks to ensure accurate and transparent reporting.
8. Next Steps
To implement these recommendations, STRIVE should take the following steps:
- Develop a strategic plan: Outline the organization's vision, mission, and goals for the next 5-10 years.
- Identify target markets: Research emerging markets with significant healthcare needs and a supportive regulatory environment.
- Develop innovative business models: Explore different hybrid business models that combine traditional healthcare services with social enterprise initiatives.
- Establish partnerships: Build relationships with impact investors, NGOs, government agencies, and other social enterprises.
- Implement social impact measurement frameworks: Develop and implement a comprehensive framework for measuring social impact.
- Secure funding: Seek out impact investors and other funding sources to support STRIVE's growth and expansion.
- Monitor and evaluate progress: Regularly track key metrics and adjust the strategy as needed.
By taking these steps, STRIVE can position itself for sustainable growth and maximize its social impact, becoming a leading example of social innovation in the healthcare sector.
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Case Description
STRIVE provides employment training and placement to chronically unemployed inner-city minority youth and young adults. This case describes STRIVE's creation as a community-based, single-site nonprofit in Harlem in 1984; the development of its service model (short, intensive "tough love" job readiness training, quick placement, and long-term follow-up); and its early expansion via a group of social service affiliates in New York City and the creation of new independent STRIVEs in four other U.S. cities. The decision point is June 1997, when the advent of welfare reform and highly favorable coverage on "60 Minutes" led to an explosion of interest in and demands on the organization.
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