Harvard Case - MILAAP - Crowdfunding for All: Helping Patients by Facilitating Philanthropy
"MILAAP - Crowdfunding for All: Helping Patients by Facilitating Philanthropy" Harvard business case study is written by Rajesh Chandwani, M. Vimalkumar, Jang Bahadur Singh, Sonal Asthana. It deals with the challenges in the field of Strategy. The case study is 8 page(s) long and it was first published on : Nov 14, 2021
At Fern Fort University, we recommend that Milaap focus on a multi-pronged growth strategy to expand its reach and impact. This involves leveraging its existing strengths in technology and analytics, social media, and corporate social responsibility to:
- Expand geographically into new emerging markets with high potential for crowdfunding.
- Diversify its platform to offer a wider range of services, including micro-loans, educational funding, and disaster relief.
- Strengthen its brand through strategic partnerships with NGOs, corporations, and government agencies.
- Develop a robust data-driven approach to optimize its platform and personalize user experiences.
2. Background
Milaap is a social enterprise that operates a crowdfunding platform for healthcare in India. Founded in 2010, it has facilitated over $100 million in donations, helping thousands of patients access critical medical care. The case study highlights Milaap's successes in leveraging technology and social media to connect donors with patients, but also points to challenges in scaling its operations, diversifying its revenue streams, and navigating the competitive landscape.
The main protagonists are:
- Anuj Srivastava, the founder and CEO of Milaap, who is passionate about using technology to address social issues.
- The Milaap team, a dedicated group of individuals committed to the mission of providing access to healthcare.
- The patients, who rely on Milaap to raise funds for their medical treatments.
- The donors, who are motivated by a desire to make a positive impact on the lives of others.
3. Analysis of the Case Study
SWOT Analysis:
- Strengths:
- Strong brand reputation for social impact and transparency.
- Innovative technology platform with user-friendly interface.
- Effective social media marketing strategy.
- Strong network of partners and collaborators.
- Experienced and passionate leadership team.
- Weaknesses:
- Limited geographic reach, primarily focused on India.
- Dependence on donations as the primary revenue source.
- Limited product offerings beyond healthcare crowdfunding.
- Potential for fraud and misuse of funds.
- Opportunities:
- Growing demand for crowdfunding platforms in emerging markets.
- Expanding into new areas like micro-loans, educational funding, and disaster relief.
- Strategic partnerships with NGOs, corporations, and government agencies.
- Leveraging data analytics to personalize user experiences and optimize platform performance.
- Threats:
- Increased competition from other crowdfunding platforms.
- Regulatory changes impacting the crowdfunding industry.
- Economic downturn impacting donor contributions.
- Negative publicity or fraud incidents damaging brand reputation.
Porter's Five Forces Analysis:
- Threat of New Entrants: High. The crowdfunding industry is relatively easy to enter, with low barriers to entry.
- Bargaining Power of Buyers: Low. Donors are typically motivated by social impact and have limited bargaining power.
- Bargaining Power of Suppliers: Low. Milaap relies on technology providers and payment gateways, which are readily available.
- Threat of Substitutes: High. Other crowdfunding platforms and traditional charitable organizations offer alternative ways to donate.
- Rivalry Among Existing Competitors: High. The crowdfunding industry is highly competitive, with many players vying for donor attention.
Value Chain Analysis:
Milaap's value chain consists of:
- Inbound Logistics: Acquiring technology, payment processing systems, and human resources.
- Operations: Managing the platform, verifying patient stories, and facilitating donations.
- Outbound Logistics: Communicating with donors and patients, providing updates on campaign progress.
- Marketing & Sales: Promoting the platform through social media, partnerships, and public relations.
- Service: Providing customer support to donors and patients.
4. Recommendations
Expand Geographically:
- Target Emerging Markets: Identify countries with high potential for crowdfunding, like Southeast Asia, Africa, and Latin America.
- Localize Platform: Translate the website and app into local languages and adapt content to cultural nuances.
- Build Partnerships: Collaborate with local NGOs, healthcare providers, and government agencies to establish credibility and reach.
Diversify Product Offerings:
- Micro-loans: Offer small loans to individuals and businesses, leveraging Milaap's existing technology infrastructure.
- Educational Funding: Facilitate crowdfunding for education expenses, particularly for underprivileged students.
- Disaster Relief: Create a dedicated platform for raising funds for disaster relief efforts, partnering with relevant organizations.
Strengthen Brand:
- Strategic Partnerships: Collaborate with NGOs, corporations, and government agencies to promote Milaap's mission and reach a wider audience.
- Public Relations: Engage in public relations activities to highlight success stories, build brand awareness, and attract new donors.
- Corporate Social Responsibility: Partner with businesses to offer employee giving programs and promote corporate philanthropy.
Data-Driven Approach:
- Data Analytics: Implement a robust data analytics system to track user behavior, identify trends, and personalize user experiences.
- AI and Machine Learning: Leverage AI and machine learning to automate certain tasks, improve platform efficiency, and enhance fraud detection.
- Customer Segmentation: Segment users based on demographics, donation history, and interests to tailor marketing campaigns and content.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Milaap's strengths, weaknesses, opportunities, and threats. They are consistent with Milaap's mission to facilitate philanthropy and provide access to healthcare. The recommendations also consider the needs of external customers (donors and patients) and internal clients (the Milaap team).
The recommendations are attractive from a financial perspective, as they aim to increase revenue streams, expand market reach, and optimize platform efficiency. While quantifying the exact impact of these recommendations requires further analysis, the potential for growth and impact is significant.
6. Conclusion
By implementing these recommendations, Milaap can position itself as a leading social enterprise in the crowdfunding space, expanding its reach, impact, and sustainability. The focus on geographic expansion, product diversification, brand building, and data-driven decision making will enable Milaap to navigate the competitive landscape, address emerging needs, and achieve its mission of helping patients access critical medical care.
7. Discussion
Other alternatives not selected include:
- Mergers and Acquisitions: Acquiring existing crowdfunding platforms in new markets or with specialized expertise.
- Vertical Integration: Expanding into healthcare services, such as providing medical supplies or connecting patients with healthcare providers.
These alternatives were not selected due to their potential risks and complexity. Mergers and acquisitions can be costly and disruptive, while vertical integration requires significant investment and expertise in healthcare.
Key assumptions of the recommendations include:
- Continued Growth of Crowdfunding: The crowdfunding industry will continue to grow, providing opportunities for Milaap to expand its reach and impact.
- Donor Interest in New Causes: Donors will be interested in supporting causes beyond healthcare, such as micro-loans, education, and disaster relief.
- Availability of Partnerships: Milaap will be able to secure partnerships with NGOs, corporations, and government agencies to enhance its brand and reach.
8. Next Steps
- Develop a Detailed Strategic Plan: Outline specific goals, timelines, and resource allocation for each recommendation.
- Conduct Market Research: Gather data on target markets, competitor analysis, and potential partnerships.
- Pilot Programs: Implement pilot programs for new product offerings and geographic expansions to test feasibility and gather feedback.
- Secure Funding: Seek funding from investors, grants, and partnerships to support the expansion strategy.
- Monitor and Evaluate: Regularly monitor the progress of the recommendations and make adjustments based on performance data.
By taking these steps, Milaap can successfully implement its growth strategy and achieve its mission of facilitating philanthropy and improving access to healthcare for all.
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Case Description
Milaap is a popular medical crowdfunding platform in India, enabling interaction between those who want to raise funds and those who want to donate. To achieve the critical mass Milaap had to increase the trust among the donors and ensure a higher success rate of the campaigns. Milaap provided two types of services: Do it Yourself (DIY), and Supported Campagn (SC). Milaap charged 5% of the raised amount from the DIY campaigns and 15% of the raised amount from the SC. Overall the chances of success were high in the SC. The case explores the dilemma of type of service to be prioritized.
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