Smith explains that a theory of change in the social sector is roughly equivalent to a combination of the business model and strategy in the for-profit world. You need to identify a change and have a hypothesis about how to make it happen, she says. This is more complex in the social sector because, in additional to market forces, you have to deal with regulatory forces, emotional forces, social forces, and political forces, she adds. A set of core beliefs are usually taken for granted in the business world, but in the social sector they need to be established. She believes the core beliefs are the basis of the theory of change and help you decide what to do--otherwise you could end up trying to change too much. Though there is always a need elsewhere, a social venture can only take on what falls into its focused mission.

1. Hybrids: Entrepreneurs Must Lead People from Radically Different Sectors
2. Founding of Teach for America: Entrepreneurs Envision What Others Say is Impossible
3. A Theory of Change = Business Model + Strategy
4. Focus
5. Hybrid Leaders
6. Education: Shift From Culture of Compliance to Culture of Performance
7. Venture Philanthropy
8. New School Venture Fund History and Operations
9. New School Portfolio
10. Strategic Investment Analysis Via a Hybrid Partner Group
11. Leadership, Communication, and Facilitation Skills
12. Taking Risks
13. Achieving Profits Through Customer Focus

Kim Smith lectures on Entrepreneurship for Stanford University students, October 19, 2003. Kim Smith is co-founder and CEO of NewSchools Venture Fund, which she established in 1998 to transform public education by supporting education entrepreneurs. In NewSchools, Kim created a new "hybrid" approach to investing in social entrepreneurs. NewSchools uses grants, loans and equity investments to support a portfolio that includes nonprofit and for-profit entrepreneurs who are building sustainable, scalable education ventures. In this Stanford lecture, she talks about venture philanthropy, fixing problems in K-12 education and how entrepreneurs must lead people from radically different sectors.



Course Details:

- Entrepreneurial Thought Leader Speaker Series

- Stanford University's Entrepreneurship Corner (ecorner)



Original Course Name: Entrepreneurial Thought Leader Speaker Series