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SocialEntrepreneurshipforthe21stCentury:
InnovationAcrosstheNonprofit,PrivateandPublicSectors
Instructor: GeorgiaLevensonKeohane [email protected]: EMBAElective,Fall2018
CourseOverview
Inlessthanageneration,wehavewitnessedatectonicshiftinthewaypeoplethinkabout—andworktoward—socialchange.Thegroundswellofnewactivism—socialentrepreneurship—ismanifestacrosssocietyasinnovativechangemakerstestnewsolutionstoentrenchedsocial,economic,andenvironmentalproblems.Thiscourseisdesignedforstudentswhoareinterestedinunderstandingandparticipatinginsocialentrepreneurship,whethertheypursuecareers(oravocations)inthenonprofit,privateorpublicsectors.
Thecoursegivesanoverviewofthefield,withindepthexamplesandcasestudiesofinnovativechangemakersandorganizationsinthenonprofit,privateandpublicsectorsthatilluminatethetraitsandtoolsofthenewactivism:aheightenedemphasisonmeasurementandevaluation;anembraceofcompetitioninanumberofforms,includingthedesignandimplementationofmarketbasedinstrumentslikeprizesandchallenges;thedevelopmentof‘laboratories’tofostersocialinnovationswhichcanthenbebroughttoscale;experimentswithtechnologyandtheuseofopenandcrowdsourcesolutionstosocialchange;andanewthinkingaboutassetmanagementandinvestment,thenatureofsocialvalueandreturns,andthesourcesofcapitalavailabletoaddresschronicsocialproblems.Thecoursealsoexplorestheopportunitiesandtensionsinherentincross-sectorwork:thedefinitionofpublicgoods,therespectiverolesthatphilanthropy,governmentandcommercialactorsplayinprovidingthem,andtheinnovationsthatoccurwhenpartnershipsformacrossthesectors.
Classeswillcombinelectures,discussions,andpresentationsbysomeoftoday’smostinnovativesocialentrepreneurs.Eachsession,designedasaseminar,willbeguidedbythreebasicquestions:
(1) Whatistheentrenchedproblem–eithermarketorgovernmentfailure–thatthesocialentrepreneuristryingtoaddress?
(2) Whatistheinnovation:howisthisproblembeingaddressedinanew,differentormoreeffectiveway?
(3) Isitworking?Whataretheadvantages,andrisks,associatedwiththisapproach?
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ConnectionwiththeCoreCurriculum
Thelearninginthiscoursewillutilize,buildonandextendconceptscoveredinthefollowingcorecourses:
CoreCourse ConnectionwithCoreCorporateFinance 1. Timevalueofmoney
2. Incrementalcost/benefitDecisionModels 1. Useofanalysisindecision-making
2. Fundamentalconceptsofdecision-making3. Decisionmakingunderuncertaintyandrisk
FinancialAccounting 1. TheaccountingmodelGlobalEconomicEnvironmentI
1. WhatisGDPandhowisitmeasured?2. Whyaresomecountriessomuchricherthanothers?3. Whataretheeffectsoffiscalpolicy?4. Whatistheroleoffinancialmarketsintheeconomy?
LeadershipDevelopment 1. Ethics2. Decision-making
MarketingStrategy 1. Roleofmarketingvaluecreationforcustomers,leadingtostakeholdervalue(owners,shareholders,employees)
StrategyFormulation 1. Linkagesbetweenvaluesleadershipandeconomicvaluecreation2. Behavioralandevidence-basedstrategy
Studentswillbeexpectedtohavemasteredtheseconceptsandbeabletoapplytheminthecourse.
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CourseOrganization
Thecourseisdividedintothreemodules:
I. SocialEntrepreneurshipintheNonprofitSectorexaminestheemergenceofanewkindofserviceprovider,anewbreedoffunder–theso-calledventurephilanthropy–andthebusinessmodelseachemploytoadvancesocialchange;
II. SocialImpactinthePrivateSectorexplorestheinfusionofsocialsectorvaluesintoprofit-makingactivitiesfromtheenterpriseandinvestorperspectives,includingtheemergingfieldofimpactinvestingandthegrowingnumberoffirmsthatseektocreatesocietalorenvironmentalbenefit–“shared”or“blended”value–throughcommercialbusiness.
III. SocialInnovationinthePublicSectorincludescasestudiesofentrepreneurshipwithingovernment,andtheuseofvariouspolicytoolstoidentifyandscaleprovensolutionstoentrenchedproblems,fosterinnovation,andenlisttheenergyandresourcesofprivate(nonprofitandcommercial)actorstocommonpurpose.
Session Topic CaseStudySocialEntrepreneurshipintheNonprofitSector
1:WhatisSocialEntrepreneurship9.12
Anewkindofserviceprovider AshokaEchoingGreenCityYear
Anewkindoffunder:venturephilanthropy
NewProfitIncRobinHoodFoundationPershingSquareFoundation
2:InnovationsinPhilanthropy9.19
EntrepreneurshiptoEnterprise AcumenFundActivistAssets F.B.HeronFoundation
FordFoundationSocialImpactinthePrivateSector
3:ImpactInvesting:InvestorPerspective9.26
TheMicrofinanceEvolution GrameenBank+SKSMicrofinanceMPesa+MKopa
SocialEnterpriseintheUS TheSocialEntrepreneurs’Fund
4:ProfitsandPurpose:theEntrepreneurs10.10
LaunchingandSustainingaSocialPurposeVenture
B-LabGreystonBakeryEtsy
SocialInnovationinthePublicSector5:Socialinnovationinaction:federalpolicy,localaction10.17
OpenInnovation,BigData,PolicyLabsandInnovationFunds
TheObamaWhiteHouse:RacetotheTop,ToddParkatHHS
PayforSuccessSocialImpactBonds SocialFinanceInc,MAPayforSuccess,TheCommunityOutcomesFund
TheFutureofSocialEntrepreneurship6:Thefutureofthefield10.24
BottomUp FinalStudentPresentations
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Readings
RequiredreadingeachweekwillcomefromGeorgiaLevensonKeohane,SocialEntrepreneurshipforthe21stCentury:InnovationsAcrosstheNonprofit,PrivateandPublicSectors(NewYork:McGrawHill,January2013),CapitalandtheCommonGood:HowInnovativeFinanceisTacklingtheWorld’sMostUrgentProblems(NewYork:ColumbiaBusinessSchool,2016)andcasestudiesandarticlesincludedinonthecourseplatform.
AssessmentandGrading
Studentswillbeevaluatedonthebasisof:
• classparticipation(50%)• writtenassignments:23-pagewriteups(50%)
Assignments:
Studentswillbeevaluatedonthebasisoftheirinclassparticipation,muchofwhichwilldrawfromthetwowrittenassignments/presentations.Thenatureofthesewrite-upswillbedescribedingreaterdetailinthefirstclass:eachoneisa3pagewrite-upthatfocusesonthegeneraltopicofthesession,followedbyanin-depthexaminationofonecasestudywhichanswersthefollowingquestions:
(1) Whatistheentrenchedproblemthesocialentrepreneuristryingtoaddress?(2) Whatistheinnovation:howisthisproblembeingaddressedinanew,differentormore
effectiveway?(3) Isitworking?Howdoweknow?Whataretheadvantages,andrisks,associatedwiththis
approach?
WrittenAssignmentforSession1
Thereisagooddealofreadingandmaterialtocoverforweek1.Thesereadingsareimportanttofacilitateclassdiscussionthefirstweekandtolaythegroundworkforsubsequentweeks.Thestudyquestionsforweek1willhelpwithpreparation.
Inaddition,pleasewriteaonepagedescriptionofanexperienceyouhavehadwithsocialchange.Thiscouldbeafull-timeworkorvoluntaryexperience,orevenanorganizationyouhaveinvestedinordonatedto.Wasthisorganizationoreffortentrepreneurial?Wasitinnovative?Whyorwhynot?Wasthisorganizationoreffortsuccessfulinadvancingsocialchange?Howdoyouknow?
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CourseSchedule
SOCIALENTREPRENEURSHIPINTHENONPROFITSECTOR
Session1:IntroductiontoSocialEntrepreneurship(9.12)
Whatdowemeanbysocialentrepreneurship,andhowhasitevolvedinthenonprofitsectoroverthelastgeneration?Whatcanwelearnfromthenewbreedofserviceproviderandtheemergenceofanewkindof‘venture’philanthropy?
WhatisSocialEntrepreneurship
Anewkindofserviceprovider AshokaEchoingGreen
CityYearAnewkindoffunder:venturephilanthropy
NewProfitIncRobinHoodFoundationPershingSquareFoundation
QuestionsforClassLectureandDiscussion:
1. Introductiontocourse,objectives,requirements,otherlogistics2. Lecture/discussionofthehistoryofsocialentrepreneurshipintheUnitedStates3. Whatisasocialentrepreneur?Whatdowemeanbyinnovation?businessorientation?4. WhatcanwelearnfromthenewbreedofserviceproviderlikeAshokaandCityYear?5. Whatis‘venturephilanthropy’andwhatsetsofproblemsarefunderslikeNewProfitandRobin
Hoodtryingtoaddress?
RequiredReading
• Introduction:o GeorgiaLevensonKeohane,SocialEntrepreneurshipforthe21stCentury:Innovation
AcrosstheNonprofit,PrivateandPublicSectors(NewYork:McGrawHill,January2013),introduction,chapters1,2,3,4,18,19[bookishereafterreferredtoasKeohaneSE21]
• NewBreedofServiceProvidero GeorgiaLevensonKeohane,“Ashoka:InnovatorsforthePublic”(StanfordGraduate
SchoolofBusinessCaseStudy”SM203February2012)o EchoingGreen,LessonsLearnedatits30thAnniversary:o CityYear:TheJourney(HarvardBusinessSchoolCaseNo.311080-PDF-ENG)
• NewKindofFunder:VenturePhilanthropyo ChristineLetts,WilliamRyanandAllenGrossman,“VirtuousCapital:WhatFoundations
CanLearnfromVentureCapitalists,”HarvardBusinessReviewMarch-April1997o NewProfitInc.:GoverningtheNonprofitEnterprise(HarvardBusinessSchoolCaseNo.
9-100-052)o TheRobinHoodFoundation(HarvardBusinessSchoolCaseNo.310031-PDF-ENG)o PershingSquareFoundation:LessonsLearnedattheTenYearMark
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RecommendReading:
SocialEntrepreneurship
• DavidBornstein,“ChangingtheWorldonaShoestring,”TheAtlanticJanuary1998• JGregoryDees,“TheMeaningofSocialEntrepreneurship,”October31,1998.• BillDrayton,“EveryoneaChangemaker:SocialEntrepreneurship’sUltimateGoal,”Innovations
Winter2006• BillDrayton,“TheCitizenSectorBecomingasEntrepreneurialandCompetitiveasBusiness,”
CaliforniaManagementReviewVol44,No.3,Spring2002• RogerL.MartinandSallyOsberg,“SocialEntrepreneurship:TheCaseforDefinition,”Stanford
SocialInnovationReviewSpring2007• WilliamA.Schambra,“TheRealSocialEntrepreneurs,”2010WilliamE.SimonLecture,the
ManhattanInstituteforPolicyResearch,NewYorkCity,9December2010.• “CityYearEnterprise”(HarvardBusinessSchoolCaseStudyNo.9-396-196)• ChristineWallace,“ANarrowerFocusHelpsCityYearWinGrantsandIncreaseItsImpact,”
ChronicleofPhilanthropy4December2011• DavidBornstein,HowtoChangetheWorld:SocialEntrepreneursandthePowerofNewIdeas
(NewYork:OxfordUniversityPress,2004),chapters1,2,8,18,21• PeterDrucker,InnovationandEntrepreneurship:PracticesandPrinciples(NewYork:Harperand
Row,1985)IntroductionandChapter1
VenturePhilanthropy
• RobertS.KaplanandAllenS.Grossman,“TheEmergingCapitalMarketforNonprofits,”HarvardBusinessReviewOctober2010
• WilliamMeehan,DerekKilmer,MaisieO’Flanagan,“InvestinginSociety:Whyweneedamoreefficientsocialcapitalmarket–andhowwecangetthere,”StanfordSocialInnovationReviewSpring2004
• CraigC.Reigel,“PhilanthropicEquity:PromisingEarlyReturns,”TheNonprofitQuarterlyFall/Winter2011
• StevenLeFranceandNancyLatham,“TakingStockofVenturePhilanthropy,”StanfordSocialInnovationReviewSummer2008
• MathewBishopandMichaelGreen,Philanthrocapitalism(NewYork:Bloomsbury,2008)• MichaelEdwards,JustAnotherEmperor:TheMythsandRealitiesofPhilanthrocapitalism(New
York:Demos,2008)• PaulBloomandEdwardSkloot,eds.ScalingSocialImpact:NewThinking(NewYork:Palgrave
MacMillan,2010)[selectedchapters]
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Session2:InnovationsinPhilanthropy:EntrepreneurshiptoEnterprise,ActivistAssets(9.19)
Whatistheroleofphilanthropyinadvancingsocialchange?Whatistherelationshipbetweenphilanthropyandgovernment,andphilanthropyandthecommercialsector?Theclasswillexplorethreeinnovationsinphilanthropy:
1. theincreaseduseofprizesandchallengesinthenonprofitsector2. amore‘activist’approachfoundationassetmanagement3. theshiftfromentrepreneurshiptoenterpriseandnonprofitinvestmentinfor-profitentities
2:InnovationsinPhilanthropy
EntrepreneurshiptoEnterprise AcumenFundActivistAssets F.B.HeronFoundation
FordFoundation
QuestionsforClassLectureandDiscussion:
1. What,historically,hasbeentheroleofphilanthropy,andhowhasthatchangedovertime?HowdoesAmericanphilanthropycomparetothatinothercountries?
2. Whatdophilanthropicprizesandchallengeachieve?3. Whatismissionrelatedinvesting?Programrelatedinvesting?4. Shouldfoundationsbeinvestinginfor-profitbusinesses?
RequiredReading
• Introductiono Keohane,chapters5-8
• FromEntrepreneurshiptoEnterprise(skim)o AcumenFund:MakingtheImpossiblePossible:TheAcumenFundat15Years
• ActivistAssetso “TheWorldhasChangedandsoMustWe”(HeronFoundation):o HeronFoundationInvestments:http://fbheron.org/investments/and
http://fbheron.org/investments/investees/o ClaraMiller,“Arrivingat100%forMission,”StanfordSocialInnovationReview7March
2017o MissionAccomplished:HowtheHeronFoundationWentAllIn.Forbes30March2017o ClaraMiller,BuildingaFoundationforthe21stCentury.o BigLeague:TransformingtheCapitalMarketswithImpactRigorandDisclosureImpact
AlphaSeptember28th2017o “FordFoundationisanUnlikelyConverttoImpactInvesting,”NewYorkTimesApril13,
2017
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RecommendedReading
PrizesandChallenges
• JonathanBays,TonyGoylandandJoeNewsum,“UsingPrizestoSpurInnovation”McKinseyQuarterlyJuly2009
• “XPrizeCEOPeterH.DiamandisonJackpotsforInnovation,”HarvardBusinessReviewNovember2008
• ThomasKalil,“PrizesforTechnologicalInnovation,”TheHamiltonProject,BrookingsInstitution(December2006)
• JonathanBays,“AndtheWinnerIs…CapturingthePromiseofPhilanthropicPrizes,”McKinseyandCompany2010[fullreporthere:http://www.mckinseyonsociety.com/downloads/reports/Social-Innovation/And_the_winner_is.pdf]
ActivistAssets
• MissionInvestorsExchange:definitionsofMRIs,PRIsandFrequentlyAskedQuestionsaboutProgramRelatedInvestments
• StephanieStrom,“ToAdvancetheirCause,FoundationsBuyStocks,”NewYorkTimes20November2011
• MichaelSwak,“ExpandingPhilanthropy’sReach:MissionRelatedInvestingattheF.B.HeronFoundation,”CommunitiesandBankingSpring2008
• WilliamM.Dietel,“MissionStewardship”TheF.B.HeronFoundation• SusanBerresfordandLorieSlutsky,“Foundations’LongevityShouldBeValued,”Chronicleof
Philanthropy4September2008• Program-RelatedInvestments:LeveragingOurResourcestoCatalyzeBroaderSupportforOur
Mission(GatesFoundation)
EntrepreneurshiptoEnterprise
• “CanVentureCapitalSavetheWorld?”Forbes30November2011• “Ebay’sFounderonInnovatingtheBusinessModelofSocialChange,”HarvardBusinessReview
September2011
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SOCIALIMPACTINTHEPRIVATESECTOR
Session3:ImpactInvesting:TheInvestorPerspective(9.26)
Whatisimpactinvesting,andwhatareinvestorshopingtoachieve?
3:ImpactInvesting:InvestorPerspective
TheMicrofinanceEvolution GrameenBank+SKSMicrofinanceMPesa+MKopa
SocialEnterpriseintheUS TheSocialEntrepreneurs’Fund
QuestionsforClassLectureandDiscussion:
1. Whatisimpactinvesting?2. Howisitdifferentfromthefieldsofsociallyresponsibleinvesting,internationalandcommunity
development,ormoremainstreamemergingmarketinvestment?HowdoesimpactinvestingattheBoPinemergingmarketsdifferfromtheUS?
3. Aretherecommercialopportunitiestoinvestbeyondphilanthropicorhybridmodels?4. Whatareinvestorslookingtoaccomplishthroughimpactinvestments?5. Aretherelimitstothisapproach?
RequiredReading
• Introductiono KeohaneSE21,chapter9-13,20o KeohaneCEDIntroductiono OmidyarNetwork,InvestingAcrosstheReturnsContinuum:SSIRFall2016o BrianTrelstad,“MakingSenseoftheManyKindsofImpactInvesting”HarvardBusiness
Review28January2016o GIIN2018AnnualImpactInvestingSurvey(Skim)
• MicrofinanceEvolutiono KeohaneCGDchapter3
• SocialEnterpriseintheUSo LookatthewebsiteofTheSocialEntrepreneurs’Fund.o LizLuckett,“SmallDataforBigImpact,”SSIR16February2018o Skim,ifinterested,casestudiesonCanvason:Bridges,ImpactAmericaFund,DBL
Partnerso “FromBezostoWalton,BigInvestorsBackFundfor‘Flyover’Start-Ups,”NewYork
Times4December2017o “SiliconValleyisOver,SaysSiliconValley,”NewYorkTimes4March2018o TheEarlyResultsofStates’OpportunityZonesarePromising,butThere’sStillRoomfor
Improvement,”BrookingsApril2018
RecommendedReading
• MiltonFriedman,“TheSocialResponsibilityofBusinessistoIncreaseProfits,”NewYorkTimesMagazine(13September1970)
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• “IBMvCarnegieCorporation:TheCentenariansSquareUp,”TheEconomist9June2011.• MichaelSandel,“WhatIsn’tforSale?”TheAtlanticApril2012.• J.P.Morgan,“ImpactInvestments:anEmergingAssetClass,”J.P.MorganGlobalResearch29
November2010,pp1-23(introduction,executivesummary,chpt1)• WorldEconomicForum,“FromtheMarginstotheMainstream:AssessmentoftheImpact
InvestmentSectorandOpportunitiestoEngageMainstreamInvestors,”ExecutiveSummary• PaulBrestandKellyBorn,“WhenCanImpactInvestingCreateRealImpact?”StanfordSocial
InnovationReviewFall2013• “InvestingwithImpact:CreatingFinancial,SocialandEnvironmentalValue,”MorganStanley
SmithBarney2012• “InvestingforSocialandEnvironmentalImpact,”MonitorInstituteJanuary2009• RogerFrank,“ImpactInvesting:WhatExactlyisNew?”StanfordSocialInnovationReviewWinter
2012• MichaelPorterandMichaelKramer,“CreatingSharedValue,”HarvardBusinessReviewJanuary
2011.• AntonyBugg-LevineandJedEmerson,ImpactInvesting(SanFrancisco:Jossey-Bass,2011)• MuhammadYunus,BuildingSocialBusiness(NewYork:PublicAffairs,2010)
MicroFinanceEvolution
• JeffreyA.Harris,“ItTookaVillage”ColumbiaCaseWorksNo.090331December72010• “SKSandtheAPMicrofinanceCrisis,”HarvardBusinessSchoolCaseNo9-212-018October14,
2011• “SKSMicrofinance:TheSourTasteofSuccess”IveySchoolofBusinessCaseStudyNoW12906
April202012• EricBellman,“IPOPitsProfitsvs.Altruism,”WallStreetJournal9July2010.• StephanieStrom,“RichIPOBringsControversytoSKSMicrofinance,NewYorkTimes29July
2010.• VikasBajaj,“LusterDimsforaPublicMicrolender,”NewYorkTimes10May2011.
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Session4:ProfitsandPurpose:theEntrepreneurs(10.10)
Whatdoesittaketolaunchandgrowasocialpurposecompany?
ProfitsandPurpose:theEntrepreneurs
LaunchingandSustainingaSocialPurposeVenture
B-LabGreystonBakeryEtsy
QuestionsforClassLectureandDiscussion:
1. WhatisB-Lab’sInnovation?WhathasitdonetoadvancethefieldintheU.S.?2. WhatisaBCorp?3. WhataretheadvantagesandrisksforsocialpurposebusinessesintheU.S.?ForbeingaBCorp?4. IsEtsyasocialenterprise?5. IsKickstarterasocialenterprise?6. IsGreystonBakery?7. WhatdoesbeingaBCorphavetodowiththeirmodels?8. WhatisGIIRS?
RequiredReading
• Watch“WhyBCorpsMatter”video• KeohaneSE21Chapter12• “B-LabBuildingaNewSectoroftheEconomy,”HarvardBusinessSchoolCaseStudy(Canvas,
skim)• ChrystiaFreeland,“Capitalism,butwithaLittleHeart,”NewYorkTimesJuly18th2013• GreystonBakeryreadingTBD• “ThisNewYorkBakeryThrivesbyHiringAnyoneWhoWantstoWork,NoQuestionsAsked,”
Entrepreneur18August2017• “WhyKickstarterDecidedtoRadicallyTransformitsBusinessModel.”FastCompany4/12/17• “TheRevolutionatEtsy,”NewYorkTimes25November2017• “TheBarbariansareatEtsy’sHand-HewnResponsiblySourcedGates.”Bloomberg5/18/17
RecommendedReading
• JamesSurowiecki,“CompanieswithBenefits”NewYorker4August2014• AngusLoten,“WithNewLaw,ProfitsTakeaBackSeat,”WallStreetJournal19Jan2012• “FirmswithBenefits”TheEconomist7January2012• JessicaBruder,“For‘BCorps’aNewCorporateStructureandaTripleBottomLine,”NYT3/14/12• RosabethMossKanter,SuperCorp:HowVanguardCompaniesCreateInnovation,Profits,
GrowthandSocialGood(NewYork:Crown,2009).• JosephL.Bower,HermanB.Leonard,LynnS.Paine,CapitalismatRisk(Boston:HarvardBusiness
ReviewPress,2011)• MichaelJ.Sandel,WhatMoneyCan’tBuy:TheMoralLimitsofMarkets(NewYork:Farrar,Straus
andGiroux,2012)
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SOCIALINNOVATIONINTHEPUBLICSECTOR
Session5:SocialImpactBonds:NewYorkCityandBeyond(10.17)
Whatdowemeanbysocialinnovationinthepublicsector?Howdoessocialentrepreneurshipingovernmentdrawontheworkofitsprivate(nonprofitandcommercial)sectorcounterparts?Howcanpublicpolicypromoteinnovation,socialandotherwise?
Howcangovernmentharnessprivateresources–energyandcapital–tobearonpublicproblems?Howdosocialimpactbonds,andthelargerfieldofsocialfinance,engagesocialentrepreneursfromacrossthenonprofit,privateandpublicsectors,inthecollaborativeworkofsocialchange?
5:Socialinnovationinaction:federalpolicy,localaction
OpenInnovation,BigData,PolicyLabsandInnovationFunds
TheObamaWhiteHouse:RacetotheTop,ToddParkatHHS
PayforSuccessSocialImpactBonds SocialFinanceInc,MAPayforSuccess,TheCommunityOutcomesFund
QuestionsforClassLectureandDiscussion:
1. Whatdowemeanby‘socialinnovation’inthepublicsector?2. HowdidtheObamaAdministrationadvancesocialinnovationandentrepreneurshipatthe
federallevel?3. Isthereatensionbetween“innovation”andscaling“whatworks?”4. Howdoessocialinnovationdifferatthenational/federalandlocallevels?5. Whatisasocialimpactbond?6. Howdoesitdifferfromother‘payforsuccess’or‘payforperformance’instruments?7. Doesthefieldofsocialfinanceofferamodelforlargercrosssectorsocialchangeefforts?
RequiredReading
• Introductiono Keohane,chapters14-16,19,21o KeohaneCGDchapter5o “Let’sHearThoseIdeas,”TheEconomist12August2010o MoneyBallforGovernment,introandskim
• PayforSuccess/SocialImpactBondso FirstSocialImpactBondforEarlyChildhoodEducation(Utah/GoldmanSachs)o PressReleaseandFactSheetonMAPathwaysDealo JimAndersonandAndreaPhillips,“WhatWeLearnedfromtheNation’sFirstSocial
ImpactBond,”HuffingtonPost7/2/15o “GoldmanSachstoFinanceEarlyEducationProgram,”NewYorkTimes12June2013o “SocialFinance,Inc.”HarvardBusinessSchoolCaseStudyNo.9-212-055(skim)o ALandmarkMomentforPayforSuccess|3for3:EnactingtheRecommendationsin
PrivateCapital,PublicGood19February2018o StateofPlay:PayforSuccessandEvidenceBasedPolicy1March2018
13
RecommendedReading
General
• Bridgeland,JohnandPeterOrszag.2013.“CanGovernmentPlayMoneyball?”TheAtlantic,June19.
• EricLiuandNickHanauer,“The‘MoreWhat,LessHow’Government,”DemocracyWinter2011• DetailedParameters:“RacetotheTopProgram,ExecutiveSummary,”U.S.Dept.ofEducation,
Nov2009• KimSmithandJuliePetersen,“SteeringCapital:OptimizingFinancialSupportforInnovationin
PublicEducation,”BellwetherEducationPartners(April2011)• EricBravermanandMichaelChui,“UnleashingGovernment’sInnovationMojo”McKinsey
QuarterlyJune2012• MicheleJolin,“InnovatingtheWhiteHouse:HowthenextpresidentoftheUnitedStatescan
spursocialentrepreneurship,”StanfordSocialInnovationReviewSpring2008• DavidOsborneandTedGaebler,ReinventingGovernment(Boston:Addison-Wesley,1992)
[selectedchapter,TBD]• StephenGoldsmith,ThePowerofSocialInnovation(SanFrancisco:JosseyBass,2010)
PayforSuccess
• DavidChen,“GoldmantoInvestinCityJailProgram,ProfitsifRecidivismFallsSharply,”NewYorkTimes2August2012
• TinaRosenberg,“ThePromiseofSocialImpactBonds,”NewYorkTimes20June2012• DavidChen,“GoldmantoInvestinCityJailProgram,ProfitsifRecidivismFallsSharply,”New
YorkTimes2August2012• TinaRosenberg,“ThePromiseofSocialImpactBonds,”NewYorkTimes20June2012• “FromPotentialtoAction:BringingSocialImpactBondstotheU.S.”McKinsey&CompanyMay
2012• “PayforSuccess:InvestinginWhatWorks,”NonprofitFinanceFundandtheWhiteHouse
January2012• “BuildingaHealthyandSustainableSocialImpactBondMarket:TheInvestorLandscape,”The
RockefellerFoundation(http://www.rockefellerfoundation.org/blog/building-healthy-sustainable-social)Dec.12.
• SocialFinanceUK,“DevelopmentImpactBondWorkingGroupReport,’(http://www.cgdev.org/sites/default/files/DIB_WG_REPORT.pdf)àcanweputjustexecutivesummary?
• KashRanganandLisaChase“WhyPayforSuccessisaNewFlavorofPhilanthropy”HBSWorkingPaper14-10930April2014
14
Session6:TheFutureofSocialEntrepreneurship(10.24)
FinalStudentPresentations
15
AdditionalandReserveReadingList
Allbooksandothermaterialslistedbelowareeitheronreserveinthelibraryorwillbepostedtothecourseplatformforfurtherreading.
• JosephA.Schumpeter,TheTheoryofEconomicDevelopment(Cambridge:HarvardUniversity,1961),74-94
• HowardStevenson,“APerspectiveonEntrepreneurship,”(HarvardBusinessSchoolCaseNo.9-384-13113April2006)
• CarlJSchramm,TheEntrepreneurialImperative(NewYork:HarperCollins,2006)
• WilliamJ.Baumol,TheFree-MarketInnovationMachine:AnalyzingtheGrowthMiracleofCapitalism(NewJersey:PrincetonUniversity,2002)
• StephenGoldsmith,ThePowerofSocialInnovation(SanFrancisco:JosseyBass,2010)
• DavidBornstein,HowtoChangetheWorld:SocialEntrepreneursandthePowerofNewIdeas(NewYork:OxfordUniversityPress,2004)