The board of Aviva Plc, one of the world's largest insurers, must review its climate risk exposures and evaluate next steps. Risk experts at the firm have conducted a robust set of analyses prepared for its regulator, the Bank of England, simulating how various climate scenarios could impact the business. Against this uncertain future-and given their history of leadership in sustainability, the board and CEO Amanda Blanc will review options for Aviva Plc to address this business and societal challenge, ranging from dealing with flood risk to working to effect large scale systems change.

A case on CRANE, a tool to help investors and green technology companies estimate the future climate impact of new technologies and products, called emissions reduction potential (ERP). The case includes material on CRANE's methodology for estimating future carbon emissions, including the variables and parameters of the tool's model. CRANE was created by Prime Coalition (Prime), which organized hundreds of investors to establish industry standard terminology, methodologies, and best practices for estimating the climate impact of new investments. In 2022, Keri Browder, director of Project Frame, a nonprofit program convened by Prime, was focused on how to improve CRANE's technical capabilities, integrate with other available tools for pre- and post-investment decision-making, and make the effort as useful as possible for Prime and Project Frame's mission to mitigate climate change.

Jerren Chang, CEO and co-founder of GenUnity, had to choose a strategy to scale his civic engagement-focused nonprofit. Based in Boston, Chang could grow the organization there or begin to expand to other cities. He also had to select candidates for a board of directors that would align with his chosen growth strategy. Chang also had to decide how to sequence these choices for an optimal outcome.

A brief overview of how to measure social impact at nonprofits, social organizations, and impact investments.

In 2013, Aoibheann O'Brien and Iseult Ward founded FoodCloud, a non-profit social enterprise that aimed to address food waste and food insecurity issues. Through its technology platform, Foodiverse, FoodCloud connected surplus food from retailers with community groups in need. By 2022, the company had partnered with Tesco Ireland and Tesco UK, and was rolling out its solution in the Czech Republic and Slovakia. O'Brian and Ward were eager to scale their solution globally, but funding the growth of a non-profit posed a challenge. Options included spinning off Foodiverse into an investment-seeking entity or retaining non-profit status to raise a social impact bond. The founders also sought to amplify their impact in Ireland to position the country as a leader in food waste reduction. The co-founders wondered whether to focus on developing an exemplary local sustainable food system or expand their proven technology solution globally, and where to find the funds for their chosen path.

Years ago the line between nonprofit and for-profit enterprises was clear, but that has changed. Nonprofits now offer products that compete with those of the best for-profits, and for-profits can deliver as much social value as charities. Despite the blurred distinction, all mission-driven start-ups will eventually face a stark choice about which legal structure to adopt, and they need to make it carefully, because it's hard to undo, say the authors, the CEO of a nonprofit accelerator and a partner in an impact investing fund. To guide their decision, social entrepreneurs should examine several questions: Is the market ready for a for-profit solution? Where is the available capital? And which structure would help the organization attract the talent and resources that it requires?

Patagonia's change of ownership from a privately held company to a perpetual purpose trust and 501(c)(4) nonprofit in order to use the company's profit to fight the environmental crisis and be a model for future businesses.

Year Up, a non-profit that provides training and practical work experience to low-income young people, has for years prioritized impact measurement. By 2022, it had built a robust body of evidence demonstrating that its program yields higher earnings for participants. The case finds Year Up's founder and CEO considering strategies to scale the program in a cost-effective manner and working to broaden the non-profit's focus to system and practice change among employers. But these new efforts risk diluting the core program and, in turn, diminishing the benefits delivered to participants.

Spatial Monitoring and Reporting Tool (SMART), a set of software and analytical tools designed for the purpose of wildlife conservation, had demonstrated significant improvements in patrol coverage, with some observed reductions in poaching and contributing to wildlife population growth. Jonathan Palmer, Executive Director of Conservation Technology for the Wildlife Conservation Society, wondered how far to promote the integration of a new predictive analytic tool being developed at Harvard University, called the Protection Assistant for Wildlife Security (PAWS), and whether the data that PAWS gathered from the parks and wildlife reserves would be reliable enough for artificial intelligence (AI) and machine learning (ML) to work effectively.

In June 2021, Kim T. Folsom, the founder and CEO of revenue-based financing firm Founders First Capital Partners (FFCP), must decide whether to issue another loan to OnShore Technology Group, an up-and-coming software validation company. FFCP provided revenue-based financing (RBF) to small businesses, with a particular focus on diverse entrepreneurs. OnShore Founder Valarie King-Bailey had previously taken an RBF loan, and had requested a second round of capital from FFCP. The case provides an overview of the advantages and disadvantages of RBF - specifically relative to bank loans and merchant cash advances - and challenges readers to decide whether a second RBF loan would be appropriate for OnShore.

Spreadsheet supplement for case 323037.

Stichting Het Potentieel Pakken (HPP) was launched to solve a systemic problem in the Dutch Labor Market: gender inequity that was leading to a large number of women to work part-time in fields that were in desperately short supply of labor, like health care, child care and education. In the midst of the COVID-19 pandemic, Dutch Medical Care Minister Tamara van Ark announced that it would provide a large grant to HPP, a non-profit that aimed to help organizations-like hospitals-tap into the full potential of the Dutch labor market by helping them better manage their part-time workforce. HPP's President and Founder Wieteken Graven wondered how HPP could grow from an annual budget of €450,000 to more than four times that within months. Could her team scale this quickly and what would happen when the government funding ended?

In 2022, Manuel Wiechers, the CEO of Iluméxico, a for-profit social enterprise that provided off-grid solar energy services in rural Mexico, was finalizing his presentation for the company's upcoming board meeting. In the 12 years since Wiechers had co-founded Iluméxico, the company had scaled significantly largely due to government subsidies. However, the company's outlook changed drastically in recent years, as the government's programs that had supported Iluméxico's expansion and service delivery had been paused. Wiechers needed to decide what Iluméxico should do: should they double down on a new government bid that had unexpectedly resurfaced and borrow to finance the implementation of this potentially massive contract? Or should Iluméxico scrap the business-to-government (B2G) model altogether and focus on growing a profitable business-to-customer (B2C) business, perhaps by offering new services, like Internet access, to some of their existing customers? Or should they instead put Mexico on pause and expand in other countries where governments supported off-grid solar power? The future of his company was at stake, as was the energy access of tens of thousands of the most marginalized families in Mexico.

In October 2020, just a year after founding their company Meaningful Gigs, founders Ronnie Kwesi Coleman and Stephanie Nachemja-Burton prepared for a vital investment meeting with Rethink Education. They had already reached $400,000 in annually recurring revenue (ARR) on their mission to connect American companies with skilled freelance digital designers in Africa and were committed to developing an upskilling platform to nurture their designers' growth. However, early advice from advisors and investors cautioned Ronnie and Stephanie to focus on marketplace growth. The team needed to decide if their upskilling product was worth the investment now or if they should focus on sales and engineering of their marketplace in this round of investments. Furthermore, given the founders' ambitions to turn Meaningful Gigs into a $1 Billion revenue company, was Rethink the right capital partner for them or should they target a more traditional venture capital fund?

Founders of Rocket Learning, an India-based nonprofit which focused on early childhood education (ECE), received an invitation from MIT's Abdul Latif Jameel Poverty Action Lab (JPAL), a development research organization, to test its intervention for ECE with a randomized controlled trial (RCT), the gold standard of impact evidence. Rocket Learning used classroom WhatsApp groups to provide parents access to byte-sized learning activities to help their children prepare for school. Since its launch in June 2020, Rocket Learning had reached over 50,000 low-income children in three states of India, in partnership with district and state governments. Though encouraged by the positive feedback from parents and teachers, the co-founders did not yet have evidence that Rocket Learning improved educational outcomes for early learners. They were elated to get the offer for a RCT in October 2020 but wondered whether the timing was right for the trial. After all, Rocket Learning was only five months old. Were the founders ready to do a largescale, rigorous evaluation and share the results publicly? If the results were negative, would it impact scaling? The founding team did not have much time in hand to decide.

Reymund (ER) Rollan and Shivapratim (Shiv) Choudhury, founders of the digital technology platform GrowSari, were at a crossroads. The feedback from their initial product roll-out were not what they had expected, and they needed to decide how to proceed. The pair, alongside co-founders Andrzej Ogonowski and Siddhartha Kongara, had started GrowSari after they had each spent significant time working at the intersection of technology and Fast-Moving Consumer Goods (FMCG). They were trying to bring data and technology to inform how multinational consumer goods companies sold their products through small, informal retailers known as "sari-sari" stores in the Philippines. These stores, whose name means "variety" or "everything" in Filipino, were a typical convenience store or bodega, selling consumer products from sachets of shampoo to cans of baked beans and potato chips and soda.

Case supplement for HBS Case No. 322-036. Reymund (ER) Rollan and Shivapratim (Shiv) Choudhury, founders of the digital technology platform GrowSari, were at a crossroads. The feedback from their initial product roll-out were not what they had expected, and they needed to decide how to proceed. The pair, alongside co-founders Andrzej Ogonowski and Siddhartha Kongara, had started GrowSari after they had each spent significant time working at the intersection of technology and Fast-Moving Consumer Goods (FMCG). They were trying to bring data and technology to inform how multinational consumer goods companies sold their products through small, informal retailers known as "sari-sari" stores in the Philippines. These stores, whose name means "variety" or "everything" in Filipino, were a typical convenience store or bodega, selling consumer products from sachets of shampoo to cans of baked beans and potato chips and soda.

Community Solutions was an anti-homelessness nonprofit founded in 2011 after protagonist Rosanne Haggerty grew frustrated with the limited impact of traditional housing and outreach strategies. It set an ambitious goal, reached in some partner communities, of ending homelessness. Its Built for Zero methodology helped communities across the U.S. improve their data collection, outreach, and provision of homelessness services, improving on often inefficient government processes and piecemeal solutions. The case focuses on the awarding, in April 2021, of $100 million from the MacArthur Foundation's 100% Change grant competition, and how Haggerty and her team prioritized projects and spending opportunities to maximize the grant's impact.