In Course 3 of this Specialization you will first of all learn about Social Impact Assessment. Hence you will be able to develop a method to evaluate the social mission that you achieve while implementing your business plan. Next you will outline an appropriate communication strategy for your social enterprise and will demonstrate how to market your products and services to beneficiaries and other customers. Here you will employ an adaptable communication strategy as you move from early adopters to a broader market share. Furthermore you will determine growth strategies and how you can scale or replicate your business plan internationally in order to reach a larger number of beneficiaries. In particular you will discuss organic growth, social franchising, and an open source approach. Finally, you will evaluate exit strategies. Thus you will review options social enterprises have when they need to finance their growth but the original funders can not or do not want to finance the expansion. Course 3 will be completed by your Capstone project, which will ask you to submit the final business plan of your social venture. Note: It is highly recommended to have completed Course 1 & 2 of the Social Entrepreneurship Specialization before starting this Course!
Introduction to Social Impact Assessment | Simone Petersen
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來自 Copenhagen Business School 的課程
Unleashing the Impact of your Social Enterprise
22 個評分
從本節課中
Introduction to Social Impact Assessment
Welcome to the final Course of this Social Entrepreneurship Specialization. In this session you will be introduced to the topic of measuring the social impact of a venture. You are asked to apply your knowledge to the case of Specialisterne and frame your business plan by writing the executive summary.
與講師見面
Kai Hockerts
Centre for Corporate Social Responsibility
My name is Simone Louise Petersen, I have a background in mergers and acquisition.
I've studied Applied economics and finance here at Copenhagen Business School, and
I used to be a founding member of Den Sociale Kapitalfond, and
I'm now currently working at KPMG Corporate Finance.
When I started at the Fund, we were four people that were hired to
start up a capital fund from the beginning.
And in the beginning,
the requirement from the investor was that we would find a way to measure or
assess social impact, because that was the main objective of the fund,
to create social impact with, through our investments.
So my role has basically been doing investment analysis of every investment.
But I started out with doing the assessment of the impact methodology that
we used on the first investment at Den Sociale Kapitalfond.
When we started out at the fund, our investor required us to do an impact assessment,
so we started out looking at, what do we need as a fund?
We needed something that could be applied on a wide range of companies and
industries.
We also needed something that maybe could be compared, so
we compare investments against each other.
And most important, we needed something that could assess and
measure social change.
So we set out to see what kind of methods is out there, and we found four methods.
And we did a brief analysis of
the four methods to see which one would suit best for the fund.
We did an in-depth analysis of the different varieties of that model,
and we did test calculations to try to measure and to see
what would we use in the Social Capital Fund.
So we started out and
found out that you can do the social return on investment method.
You have a more cost-benefit way and you have more
impact investment and reporting standards that you can use to quantify.
To begin with, you can see, if you do a cost-benefit analysis,
there's a good way to see the CEA/CUA model.
Which is a cost-benefit analysis made from the view of the public sector and
it's a Swedish model, and it's not that well outspread outside of Sweden.
Then there's the IRIS which is the impact reporting investment standards,
which is different output that you can describe an organization by.
For example, products or the organization, or
the employees that you have. So for example,
if you have four full-time employees, that could be a measure.
It's very standardized, which can be a problem if you want to measure
the social change as we would want to at the Social Capital Fund.
Then you're also seeing a lot of venture funds using impact scorecards to see how
they're measuring health and environment and areas of their investment focus.
But we found that the social return on investment model was best suited for
us because we wanted to measure the social change from the target group that
were at the companies that we wanted to invest in.
The model we used at the Social Capital Fund was the social
return on investment model.
This model tries to experie- and measure the theory of change,
experience from each stakeholder involved in the company.
We then try to value the inputs that they generate and
to measure which outputs and outcomes and try to monetize them.
So you'll get a return, basically so
you see from what is invested, what do we get an impact for.
So I'll come back with a specific example in just a moment, because we,
our first investment was Specialisterne,
a company that I'm sure that you have learned more about.
And we started out looking at the company to see what kind of stakeholders
were involved, and the most important stakeholder in this company was
the target group, the employees with ASD.
So we wanted to see what kind of change did it make for them,
working at Specialisterne. So, we set up-.
Well, when they are working there, they are investing their time, and
what is that time worth?
So that would be your input value, then you see when they're working,
they're actually creating jobs.
And these jobs will then have an impact on them as an individual.
For example, we found that they would have an increased health, and
that they were more independent or social active than have been before.
And they also have an increased incomes, which is kind of the idea to you see what
does happen to an individual when you move them from unemployment into employment.
So you have a number of impacts
that you will correct from risk factors when you project it into the future.
And then you'll have the overall impact for that target group or that stakeholder.
It can be very difficult to monetize indicators and outputs.
And it's all about how you set up the model, what kind of assumption you make,
your number of people that you involve in the process, the stakeholders,
the management of the company.
The people that know the target group really well and
can see how the change is, interview the people themselves to
see what they experience since they started working there.
And when we started out, we started on the input side,
we started to find out that if they haven't been employed,
they would have been on some kind of government reimbursement.
And that will be the value, or in our case, we say that is the value of their time
before because if they hadn't been working there, they would still have that salary.
So the time and the energy that they put into work has a value.
So on the output side, we'll say, okay, they've been more social.
And we actually saw that a lot of them are starting doing sports, so
an output indicator could be that they started joining at fitness.
So they will have 250 kroners a month that they will spend at that.
That's an example, for example, some of them moved away from home because they had an increased income.
So before they had a public reimbursement, but
after they started working at Specialisterne they had a higher salary.
So the net change in income was also an output.
From our analysis, we found that for every krone invested,
we got a 2.2 kroners of social impact.
Meaning that this is a specific number for Specialisterne that you can't compare
across companies within the same sector, because the method is stakeholder-based.
So that could change every time you do an analysis,
so you'll get a number that's 2.2 for Specialisterne.
The analysis we did on Specialisterne was a backward-looking evaluative analysis.
So it was before the Social Capital Fund invested in, was to see what is
the base of the company and the value that they are generating right now.
After we did the investment,
we did another analysis to see: how can we lift them, how can we scale them?
And we found out that we could get an impact value of, from every krone invested,
we get 2.9 kroners of social value.
The kroners invested,
the input value, is the amount of money invested by the stakeholders.
It's not specifically for
the Social Capital Fund since the first analysis was before the investment.
So the input value is the value of the stakeholder,
what they invested in, their time, public reimbursement.
It could also be if they delivered some kind of product that was something worth.
It wasn't in the case of Specialisterne because that's a consultancy,
and a lot of their investment was time.
So you have to value that time to see what is the input from each stakeholder.
We spent a long time on the studies.
And we found out that it gives a really
good sense of what is social change in a company and what is driving it.
But this study is very resource demanding, and
you often experience a lot of lack of data.
So it will be too much for the fund, as it is, to take on full-time every
time they do an investment because we spent nine months of this study.
Of course, it wasn't full-time, but if we did that in every investment process,
it would be way too heavy, compared to the investment.
So therefore, we decided to do a lighter version
as part of our social due diligence.
So we're looking at the impact map and
starting to identify the theory of change to see what is happening for
the target employees or the stakeholders.
And that way,
use it as part of the decision-making process when they evaluate investments.
If I had to give one recommendation out to practitioners wanting to get started
on an SE I would say you have to start by making a theory of change for
your stakeholders and then be very clear about your assumptions that you make.
It's not a well-known model, so
a lot of people will have an opinion on the results that you are generating.
So therefore, my main advice would be,
be very clear about your assumptions you're making.
