Deloitte announces expanded Social Impact collaboration with New Profit at Pro Bono Week
Multi-year commitment draws on capabilities from across Deloitte to help New Profit drive social innovation and large-scale change.
BOSTON, Oct. 27, 2015 — To coincide with Pro Bono Week, Deloitte today announced the renewal and expansion of its multi-million dollar collaboration with New Profit, a nonprofit venture philanthropy fund. New Profit’s mission is to break down barriers to opportunity in America by transforming the way we educate our children, help people achieve social and financial stability, and create healthy communities.
The expanded collaboration has two key elements:
- Pro bono services and other skills-based volunteering: Over the next three years, Deloitte will provide an additional $6.6 million in pro bono services to New Profit and its portfolio organizations, and strategically invest in new initiatives that draw on a broader range of Deloitte capabilities and practices.
- Strategic support for New Profit’s evolution: Deloitte will help New Profit refine and advance its overall vision and strategy, including support for its dynamic new “focus funds” – problem-solving networks that tackle specific challenges like early childhood learning and career readiness.
“The extraordinary contributions that Deloitte’s people have made to New Profit and its social entrepreneur partners have helped change so many lives for the better,” said Vanessa Kirsch, founder and chief executive officer of New Profit. “We believe the expanded, multi-dimensional relationship will drive greater social impact and help lead the way to a new era of social problem solving.”
More than a decade of support for extraordinary social entrepreneurs
Pro bono support for New Profit and its grantees began over 15 years ago with the Monitor Group. When Deloitte acquired the Monitor Group in 2013, the relationship expanded to include a broad range of strategic support, including growth strategy, impact modeling, and financial sustainability. To date, Deloitte and New Profit’s investments have helped propel organizations like KIPP, The Mission Continues, Year Up, Health Leads, and others towards national scale and greater results.
The scope of the collaboration is expanding further to draw on additional Deloitte capabilities such as digital strategy, advisory, and tax services. Deloitte and New Profit have also launched a series of special projects such as board-matching and digital crowdsourcing of innovative problem solving ideas.
“Our collaboration with New Profit continues to push the boundaries of what is possible when the social and private sector come together to create meaningful social change,” said Steve Jennings, a principal with Deloitte Consulting LLP and New Profit board member. “We are energized by the success we have had thus far, and excited to move the needle on some of this country’s toughest social problems in the years to come.”
Recent projects include:
- College Possible: Deloitte and New Profit recently helped College Possible, an organization which focuses on narrowing the national college degree divide, develop a transformational growth strategy that would enable it to reach dramatically more students across the country. The three-month engagement brought together the College Possible leadership team to align its vision, design a scalable programmatic model for college completion, and assess the resulting organizational and financial implications.
- New Leaders: Deloitte and New Profit worked with New Leaders, which develops transformational school leaders, to develop a plan to reach an ambitious goal of preparing one million children for success in college, careers, and citizenship. Combining data analytics with powerful visualization tools, the team cross-pollinated publicly available school district data with New Leaders’ growth criteria (e.g. district size, demographics) to define a target growth market and test expansion scenarios. The resulting insights are enabling New Leaders to make more informed decisions as they execute their strategy.
“Our New Profit and Deloitte colleagues have helped us chart a clear, ambitious path to growth that will transform our organization, the national conversation on the degree divide and — most importantly — the futures of promising low-income students across the country. We could never have achieved this level of clarity and focus without their generous help," said Jim McCorkell, chief executive officer, College Possible.
Strategic support for New Profit’s evolution
In addition to pro bono and skills-based support, Deloitte has been instrumental in helping New Profit design strategies for their new “focus funds” – vehicles for ambitious experimentation and risk taking with emerging solutions to social challenges. By bringing together and mobilizing a vast ecosystem of social entrepreneurs, philanthropists, institutional donors, researchers, policy experts and other cross-sector partners, Deloitte and New Profit are driving intensive collaboration, creating new approaches and solving society’s most intractable challenges.
Deloitte’s Social Impact practice
Deloitte’s Social Impact practice helps clients in the public, private and social sectors become a catalytic force to meet the world’s greatest societal challenges. Multidisciplinary teams co-create potential new solutions with clients and help evolve those critical solutions beyond the concept and pilot phases. The practice focuses on strengthening linkages between sectors, quantifying and communicating impact, and mobilizing the fast-evolving ecosystem of players — to ultimately empower both the organization and society to make a difference.