Harvard Case - IMPAAKT: Crowdsourcing Better ESG Ratings
"IMPAAKT: Crowdsourcing Better ESG Ratings" Harvard business case study is written by Benoit Leleux, Pablo Percelsi, Rene Rozendal, Pietro Valenzano Menada, Stefan Witschi. It deals with the challenges in the field of Strategy. The case study is 8 page(s) long and it was first published on : Dec 22, 2020
At Fern Fort University, we recommend that IMPAAKT focus on developing a robust and scalable business model that leverages its unique crowdsourcing approach to provide comprehensive and reliable ESG ratings. This should involve expanding its network of contributors, enhancing its data analytics capabilities, and building strategic partnerships to establish credibility and market reach. By focusing on these key areas, IMPAAKT can become a leading provider of ESG ratings, driving positive change in the corporate world and securing a sustainable competitive advantage.
2. Background
IMPAAKT is a start-up founded by two Harvard Business School graduates aiming to disrupt the traditional ESG rating industry. The company utilizes a crowdsourcing platform to gather data and insights from a diverse network of experts, including academics, investors, and sustainability professionals, to assess companies' environmental, social, and governance performance. This approach promises to provide more comprehensive and nuanced ratings than traditional methods, which often rely on limited data and subjective assessments.
The case study focuses on the challenges IMPAAKT faces in establishing its credibility and securing market share in a highly competitive industry dominated by established players like MSCI and Sustainalytics. The main protagonists are the two founders, who are grappling with questions of strategy, business model development, and scaling their operations.
3. Analysis of the Case Study
To analyze IMPAAKT's situation, we can utilize a combination of frameworks:
a) Porter's Five Forces:
- Threat of New Entrants: High, due to the relative ease of setting up an online platform and the potential for new players to leverage innovative technologies.
- Bargaining Power of Buyers: Moderate, as companies are increasingly seeking reliable ESG ratings, but they can choose from various providers.
- Bargaining Power of Suppliers: Low, as IMPAAKT relies on a diverse network of contributors, reducing the bargaining power of any individual supplier.
- Threat of Substitute Products: High, as traditional ESG rating agencies and alternative data providers offer similar services.
- Competitive Rivalry: High, as the ESG rating industry is becoming increasingly crowded with established players and new entrants.
b) SWOT Analysis:
Strengths:
- Unique crowdsourcing model: Provides a more comprehensive and nuanced approach to ESG ratings.
- Strong team: Founders possess relevant expertise and experience in finance and sustainability.
- Potential for scalability: The platform can be easily scaled to accommodate a growing number of contributors and companies.
Weaknesses:
- Lack of brand recognition: IMPAAKT is a new entrant with limited market share and brand recognition.
- Data quality and reliability: Ensuring the accuracy and consistency of data from a diverse network of contributors is crucial.
- Limited resources: As a start-up, IMPAAKT faces resource constraints in terms of funding, personnel, and technology.
Opportunities:
- Growing demand for ESG ratings: Increasing investor and stakeholder interest in ESG performance presents a significant opportunity.
- Technological advancements: Leveraging AI and machine learning can enhance data analysis and improve the efficiency of the platform.
- Strategic partnerships: Collaborating with established players can accelerate market penetration and enhance credibility.
Threats:
- Competition from established players: IMPAAKT faces fierce competition from established ESG rating agencies with significant resources and brand recognition.
- Regulatory changes: Changes in regulations governing ESG reporting could impact the industry and IMPAAKT's business model.
- Data security and privacy: Ensuring the security and privacy of sensitive data collected from contributors is crucial.
c) Value Chain Analysis:
IMPAAKT's value chain consists of:
- Inbound Logistics: Gathering data from a network of contributors through its platform.
- Operations: Processing and analyzing data using AI and machine learning algorithms.
- Outbound Logistics: Delivering ESG ratings to clients through its platform and reports.
- Marketing and Sales: Promoting its services to potential clients and building relationships with stakeholders.
- Customer Service: Providing support to clients and addressing their queries.
d) Business Model Innovation:
IMPAAKT's business model is based on a crowdsourcing approach to ESG ratings, which offers several advantages:
- Cost-efficiency: Leveraging a network of contributors reduces the need for expensive data collection and analysis.
- Enhanced accuracy: A diverse network of experts provides a more comprehensive and nuanced perspective on ESG performance.
- Increased transparency: The crowdsourcing approach enhances transparency and accountability in ESG ratings.
4. Recommendations
To achieve sustainable success, IMPAAKT should focus on the following recommendations:
a) Building Credibility and Trust:
- Establish a robust governance framework: Implement a clear and transparent governance structure to ensure the accuracy, reliability, and integrity of its ratings.
- Develop a rigorous data validation process: Implement a multi-step verification process to ensure the quality and consistency of data collected from contributors.
- Partner with reputable organizations: Collaborate with established institutions, universities, and NGOs to enhance its credibility and gain access to valuable resources and expertise.
b) Expanding the Network and Enhancing Data Analytics:
- Develop a user-friendly platform: Create an intuitive and engaging platform that attracts a diverse range of contributors and makes it easy to participate.
- Incentivize contributors: Offer rewards and recognition to encourage active participation and attract high-quality contributors.
- Leverage AI and machine learning: Implement advanced analytics tools to process and analyze large datasets, identify trends, and generate insights.
c) Building a Scalable Business Model:
- Develop a tiered pricing strategy: Offer different pricing plans based on the level of service and data access provided to clients.
- Expand into new markets: Target emerging markets with growing demand for ESG ratings and explore opportunities for international expansion.
- Diversify revenue streams: Explore additional revenue streams beyond traditional ESG ratings, such as consulting services and data analytics tools.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of IMPAAKT's strengths, weaknesses, opportunities, and threats. They consider the following factors:
- Core competencies and consistency with mission: The recommendations align with IMPAAKT's core competency of crowdsourcing ESG ratings and its mission to provide more accurate and transparent assessments.
- External customers and internal clients: The recommendations address the needs of both external clients (companies seeking ESG ratings) and internal clients (contributors providing data and insights).
- Competitors: The recommendations aim to differentiate IMPAAKT from its competitors by leveraging its unique crowdsourcing model and focusing on building credibility and trust.
- Attractiveness ' quantitative measures: While specific financial metrics are not provided in the case study, the recommendations are expected to improve IMPAAKT's profitability by increasing market share, diversifying revenue streams, and optimizing operational efficiency.
- Assumptions: The recommendations are based on the assumption that there is a growing demand for reliable and comprehensive ESG ratings and that IMPAAKT can successfully leverage its crowdsourcing model to meet this demand.
6. Conclusion
By focusing on building credibility, expanding its network, enhancing data analytics, and developing a scalable business model, IMPAAKT can become a leading provider of ESG ratings. This will enable the company to achieve sustainable growth, create value for its stakeholders, and contribute to a more responsible and sustainable corporate world.
7. Discussion
Other alternatives not selected include:
- Focusing solely on a niche market: This could limit IMPAAKT's growth potential and make it vulnerable to competition.
- Acquiring an existing ESG rating agency: This could provide immediate market access but would require significant capital investment and could be challenging to integrate.
The key risks associated with the recommended approach include:
- Failure to attract and retain high-quality contributors: This could compromise the accuracy and reliability of IMPAAKT's ratings.
- Competition from established players: IMPAAKT needs to differentiate itself and build a strong brand to compete effectively.
- Regulatory changes: Changes in regulations could impact the industry and IMPAAKT's business model.
8. Next Steps
To implement the recommendations, IMPAAKT should:
- Develop a detailed strategic plan: Outline specific goals, timelines, and resource requirements for each initiative.
- Secure funding: Secure sufficient funding to support the implementation of the recommendations.
- Build a strong team: Recruit and retain talented individuals with expertise in data analytics, platform development, and business development.
- Monitor progress and make adjustments: Regularly track progress, identify challenges, and make necessary adjustments to the strategy.
By taking these steps, IMPAAKT can position itself for success in the rapidly evolving ESG rating industry and contribute to a more sustainable and responsible future for businesses and society.
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Case Description
The global rise of responsible investing in the last decades (boosted by the increasing debates around climate change, business ethics and distribution of wealth) urged the development of coherent and reliable methodologies gauging the effect of business on Environmental, Societal and Governance (ESG) aspects. However, existing ESG rating methods not only differs greatly among themselves, but they are also typically based on companies' own practices (outputs), not on the final impact (outcome). To measure the latter, a Geneva-based company called Impaakt developed a digital platform, using the 17 United Nations' Sustainable Development Goals (SDGs) as benchmark, engaging the collective intelligence of the global community (on a Wikipedia-like model) to achieve this ambitious goal. This case explores the strategies behind the design of such a platform, investigates the importance of scale and sides, and analyses to what extent social and environmental impact can be measured objectively.
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