Harvard i-lab | Developing an Effective Social Enterprise Business Plan with Margot Dushin

TL;DR

This content discusses the importance of mission, team composition, partnerships, scale, and measurement in building a successful social enterprise.

Transcript

so as Megan mentioned my name is Margot duchan I'm director of programs for the social Enterprise initiative at HBS and we will give you some more information about the social Enterprise track of the new venture competition um but a lot of this is open material and helpful material for anyone who's thinking about starting a social Venture um I'm GN... Read More

Key Insights

• 👨‍💼 It is crucial to take the social enterprise competition seriously, as it provides a platform for refining and formalizing business plans.
• 💪 Building strong partnerships and networks is essential for the success of a social enterprise.
• 😫 Understanding the problem and opportunity, developing a theory of change, and setting clear goals are vital for guiding social enterprise strategies.
• 😤 Teams should consider the scalability of their model and potential challenges when transitioning from for-profit to nonprofit models.
• 🤩 Measurement and evaluation of key indicators are vital to assess success and make improvements in a social enterprise.

Questions & Answers

Q: How did the team of the runner-up social enterprise navigate the transition from a for-profit to a nonprofit model?

The team realized that being a nonprofit would provide them with more patience and flexibility to fine-tune their model and reach those in greatest need. They were fully convinced of the potential for impact rather than being driven solely by profit. The decision was influenced by discussions with investors and alignment with the long-term goals of the organization.

Q: How did the team form effective partnerships for their social enterprise?

The team focused on reaching out to organizations on the ground that had existing networks and databases. They sought connections with individuals who had existing relationships with funding sources and could introduce them to potential partners in the government and private sector.

Q: How did the team approach the promotion and fundraising strategy for their social enterprise?

The team leveraged the relationships they built during the social enterprise competition, connecting with judges, investors, and classmates to broaden their network. They also utilized their previous job contacts and classmates to expand their pool of connections and potential investors.

Summary & Key Takeaways

• The speaker introduces the concept of social entrepreneurship and social enterprise and highlights the importance of creating pattern-breaking social change.

• The content emphasizes the significance of understanding the problem and opportunity, developing a theory of change, articulating the mission and vision, and identifying key indicators for measuring success.

• The speaker discusses the importance of team composition, scalability, and the transition from for-profit to nonprofit models in social enterprises.