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6. Conclusion
IMPCT showed the world that starting a social enterprise successfully was possible.
Based on this case study, a framework for starting social enterprises successfully was developed.
Figure 4: Comprehensive Framework of Successful Starting Social Enterprises
Based on the case study’s findings, the IMPCT team has been the basis for all the other IMPCT’s key success factors. The team’s key success factors can be summarized with three elements, all requiring a non-exhaustive set of attitudes, behaviors and capabilities:
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Teamwork: strategic talent management within a diverse team, empathy to make diversity an asset and develop a clear organization, a cohesive team spirit within a clear organization, efficient resources management, overcoming the distance;
Dedication: there is no alternative to hard work, success requires honesty, integrity and readiness to endorse responsibilities, constant and proactive learning attitude;
Resilience: a flexible organization, confidence leads to persistence which leads to resilience.
The team is responsible for developing its social business model, developing conveying and maintaining its network as well as developing its social business.
The IMPCT’s social business model’s is considered as successful for it provides an innovative solution to a complex social issue. IMPCT’s business model’s key success factors include the following aspects:
A Holistic and Sustainable Long-Term Approach
Making Realistic Assumptions
Setting Ambitious Objectives and Achieving them thanks to Replicability
A Resilient Social Business Model
A successful social business model will increase the chances of success of the social business development, and will help to convey network.
IMPCT has successfully developed, conveyed and maintained its network. Indeed, IMPCT benefited in different aspects from its network, especially in terms of network, expertise, fundraising, public relations and support. IMPCT’s key success factors for developing,
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conveying and maintaining its network:
Having a Praiseworthy Purpose
Honesty, Integrity and Sense of Responsibilities
Proactivity
Friendliness
One-to-One Communication
A successfully managed network will benefit the team especially in terms of network, expertise, fundraising, public relations and support. Key network members such as social business partners will influence the social business development. Other key network members such as mentors and experts will influence the social business model.
IMPCT’s social business development’s success is relative for it is still a young project.
However, IMPCT has won the 2015 Hult Prize among 22,000 teams, funded over 200% of an Indiegogo crowdfunding campaign, raised over US$ 1 million from hundreds of investors and on-boarded partners of different sizes from different places. Furthermore, IMPCT follows the guidelines of its successful social business model and has already started to implement its solution. For all of these reasons, IMPCT’s social business development is successful thus far.
IMPCT’s social business development key success factors include the following aspects:
Seizing Opportunities Timely
Participating in a Social Business Case Competition and a Social Business Accelerator
Running a Crowdfunding Campaign
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A Convincing Pitch
A Global Marketing Strategy
Implementing the Project
With a successful social business development, social entrepreneurs can achieve their goal of impacting positively the environment through blended value creation. The social business development can force the team to develop new sets of attitudes, behavior and capabilities. The social business development can also force the social business model to adapt to the challenges and opportunities encountered. The social business development can also involve change in the ways the network is managed.
The ever-changing environment affects every aspect of the model and forces change. Based on the PESTEL analysis model, the environment is made out of political, economic, social, technological, environmental and legal factors. Based on the SWOT analysis model, the environment is also made out of opportunities and threats.
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References
Bibliography
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http://staging.hult.edu/sitecore/shell/Applications///hult.ef-cdn.com/~/media/Hult%20 Case%20Global%20Challenge/2015%20Hult%20Prize%20Challenge_Early%20Educ ation%20for%20Children%20by%202020_PUBLISHED.pdf?db=master&la=en&vs=
1&ts=20141220T0502402298 [Accessed 6 Jul. 2016].
Yunus, M. and Jolis, A. (1999). Banker to the poor. New York: PublicAffairs.
Fisher, W. (1997). DOING GOOD? The Politics and Antipolitics of NGO Practices.
Annu. Rev. Anthropol., 26(1), pp.439-464.
Bonini, S. and Emerson, J. (2005). Maximizing Blended Value – Building Beyond the Blended Value Map to Sustainable Investing, Philanthropy and Organizations. 1st ed.
[ebook] Available at:
http://www.blendedvalue.org/wp-content/uploads/2004/02/pdf-max-blendedvalue.pdf [Accessed 21 Jun. 2016].
Baumgartner, J. (2015). It's All About Profit. [online] Creativejeffrey.com. Available at:
http://www.creativejeffrey.com/creative/profit.php?topic=creative [Accessed 21 Jun.
2016].
Levick, R. (2012). Corporate Social Responsibility for Profit. [online] Forbes.com.
Available at:
http://www.forbes.com/sites/richardlevick/2012/01/11/corporate-social-responsibility-f or-profit/#451e0f2b6da3 [Accessed 21 Jun. 2016].
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Rodgers, B. (2013). Too Many Feelings and Not Enough Facts in CSR Strategy. [online]
Forbes.com. Available at:
http://www.forbes.com/sites/brucerogers/2013/10/07/too-many-feelings-and-not-enou gh-facts-in-csr-strategy/#542e834e6e78 [Accessed 21 Jun. 2016].
Emerson, J. (2000). The Nature of Returns: A Social Capital Markets Inquiry into Elements of Investment and The Blended Value Proposition. 1st ed. [ebook] Available at:
http://www.blendedvalue.org/wp-content/uploads/2004/02/pdf-nature-of-returns.pdf [Accessed 21 Jun. 2016].
Socialenterprisecanada.ca. (2016). What is a social enterprise? - Learn about your enterprise - Social Enterprise Canada. [online] Available at:
http://www.socialenterprisecanada.ca/learn/nav/whatisasocialenterprise.html [Accessed 21 Jun. 2016].
Ec.europa.eu. (2016). Social economy in the EU - European Commission. [online]
Available at: http://ec.europa.eu/growth/sectors/social-economy/index_en.htm [Accessed 21 Jun. 2016].
Spreckley, F. (2015). Social Enterprise Brief.
Bailey, L. and Bailey, L. (2013). Defining Sustainability: Triple Bottom Line. [online]
New Leaf. Available at:
http://newleaf-llc.com/2013/07/defining-sustainability-triple-bottom-line/ [Accessed
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Toms.com. (2016). The One for One Company | TOMS. [online] Available at:
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Poon, D. (2011). The Emergence and Development of Social Enterprise Sectors. 1st ed.
[ebook] Available at:
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Drayton, B. (n.d.). Social entrepreneurs are not content just to give a fish or teach how to fish | Ashoka - USA. [online] Usa.ashoka.org. Available at: Opportunities of Economic, Social and Environmental Value Creation. [online]
Available at:
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Enterprise Funding. [online] Forbes.com. Available at:
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Useful links
IMPCT’s Indiegogo campaign page and video:
https://www.indiegogo.com/projects/impct-real-early-education-in-urban-slums#/
2015 Hult Prize Global Finals video:
http://livestream.com/accounts/5393629/2015awarddinner
IMPCT’s website: https://impct.co/
Juan Diego Prudot’s interview by Forbes Magazine:
http://www.forbes.com/sites/devinthorpe/2015/10/13/student-entrepreneurs-win-hult-p rize-with-radical-early-childhood-education-model/#2cff881369b4
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Appendix A: In-person semi-structured interview guide
1. Social enterprises: What do you think of social enterprises? What are the key success factors for social entrepreneurs? What are the strengths and weaknesses of IMPCT?
2. Background: What is your background?
3. Start IMBA and meet: How did you meet?
4. Form Hult Prize team and start competition: Why competing in the Hult Prize? How did you form the team?
5. Design thinking / Business model: How did you come-up with the IMPCT idea?
6. Research trip: Can you tell me more about this trip? How did it impact you? The team?
7. Angel investors / Ministry of Education: How did you reach-out to them? What was the outcome? How did it change the project?
8. Dubai pitch: Can you tell me more about Dubai? What happened there? How did it impact you? The team? How did you feel after losing?
9. “Let’s try again!”: Why try again? How was your support then? How did you feel then vs in the beginning?
10. Indiegogo: Why using this platform? Did anybody have a previous experience on this platform?
11. Campaign strategy: What was the campaign strategy?
12. Video / contacting people / arts: How did you split-up the work? Did you have any experience in those fields? What tools did you use for making all the arts and the video?
13. Launch: How did you feel then?
14. 30% funded on the first day / Indiegogo trending: How did you feel then?
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15. Online round: What tools did you use? For what purpose? How did you do your PR?
16. CEO of Eureeca / Former Managing Director of the World Bank: How did you get in touch with them? How did it impact the project?
17. EMBA pitch / University pitch week: How did it impact your project? Your pitch?
18. Green architect: How did you find her? How did it impact the project?
19. NGO Donations: How did you get in touch with them? How did you select them? How much did they give? How did it impact the project? What is your relationship with these NGOs now?
20. Over 200% funded: How did you feel then?
21. Online round winner: How was it announced? How did you feel then?
22. Research trip to El Salvador: How did it impact the project? The team? What did it make you realize?
23. Final pitch: How did you prepare for it? How did you feel before / during / afer this moment of truth?
24. Official 2015 Hult Prize winners: How did you feel then? Besides US$1 million and a CGI membership, what else did you win? What did you do of the US$1 million?
25. Implementation / Operations: Who are your partners? How did you select them? How are the roles split? In which ways is the team complimentary? How did you implement the project? How do you overcome the distance with operations? What tools do you use?
How do you deal with problems?
26. Skill gain: What skills did you gain throughout this process?
27. Ambitions and objectives: How are you going to achieve them?
28. Culture: What would you say is the IMPCT culture?
29. Additional questions: Is there any questions that I have not asked you but should ask
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you? Do you have any question for me?
Appendix B: Phone semi-structured interview guide
1. Can you please introduce yourself briefly?
2. Why did you decide to help the IMPCT team?
3. How did you help them?
4. Can you tell me some examples of what you brought concretely to the team?
5. How many times did you meet with IMPCT?
6. According to you, how did the team change during this process?
7. According to you, what the strengths of the IMPCT team?
8. According to you, on what factors will depend their future success?
9. What pieces of advice would you give them?
10. Is there anything else that you would like to share with me regarding IMPCT?
Appendix C: Open-ended questionnaire guide
Background
My name is Simon Billy, my first name being Simon and last name Billy (many people mismatch the two). I’m currently a dual-degree student at NCCU (originally from IÉ SEG, Paris, France).
Recently, my personal and professional interests have led me to consider a career in sustainable
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development, and with the rise of social enterprises, I truly believe that it is possible to create a huge social economy.
I heard about IMPCT last September and was really amazed that fellow NCCU IMBA students won the Hult Prize!
Therefore, I have decided to write my thesis about key success factors for social entrepreneurs, by taking IMPCT as a case study. My thesis advisor is Professor Shari Shang, and I have been reading a lot about IMPCT (including your thesis!) Now that I have interviewed Ann, JD and Taylor, I am looking forward to hearing your thoughts.
Purpose
The purpose of the interview is to collect insightful data in order to write a thesis: Key Success factors for social entrepreneurs: case study of IMPCT, the 2015 Hult Prize winner.
Desirable (and undesirable) outcome
The desirable outcome is to get relevant information that will make me understand the factors that made IMPCT so successful.
The undesirable outcome is to get irrelevant information which would distract me from key information.
Interview design
The interview has been designed in a chronological order. I inspired myself from the timeline of the Indiegogo video.
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Thanks to the previous interviews performed with Taylor, Ann and JD, it is my understanding that you have been very involved with operations, networking, fund raising and arts (among others). Therefore, I am mostly interested in hearing your input about these matters, as well as your personal thoughts.
The interview has been re-designed to fit the above objectives. Because of your limited time, the interview should take you less time to answer than your Taiwan colleagues.
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About social entrepreneurship
What do you think of social enterprises?
What are the key factors for social entrepreneurs?
What are the strengths of IMPCT?
Background
What is your background?
Taiwan
Why competing in the Hult Prize?
What was your objective at that time?
El Salvador
Can you tell me more about the first research trip in El Salvador? How did it impact the project?
What did you realize?
Dubai
Can you tell me more about Dubai? What happened there? How did it impact you?
Why try again?
How did you feel then vs at the beginning of the adventure?
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Indiegogo
What tools did you use for making all the arts and the video?
Regarding PR and fundraising, how did you make use of your network? Please elaborate on the tools and techniques that you used. Feel free to provide me with examples.
How did you feel after having raised over 200% of your objective?
Hult Prize Accelerator
What did you learn during the Hult Prize Accelerator?
How did it impact the project? The team?
El Salvador
What was different from the first research trip?
What were the outcomes of this trip?
Final Pitch
How did you feel before/during/after this “moment of truth”?
Besides US$1 million and a CGI membership, what else did you win?
IMPCT Today
Who are your partners? How do you select them?
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How do you overcome the distance with the rest of the team? How do you deal with problems?
What tools do you use?
What is the difference of the Andres from one and a half year ago and the Andres of today?
What skills did you gain?
In which ways is the team complimentary? Please elaborate on each of the co-founders’
strengths and how they complete each other.
What would you say is the IMPCT culture?
IMPCT has very ambitious objectives. How are you going to achieve them?
Others
Is there any question that I haven’t asked you but should ask you?
Do you have any question for me?