Deloitte Expands Social Impact Collaboration With Venture Philanthropy Organization New Profit
Renewed multiyear commitment brings together Deloitte’s people, knowledge and resources with New Profit and its network of 35+ innovative organizations to help drive transformative change in early learning, K-12 education, workforce development, and other areas
BOSTON, June 22, 2018 /PRNewswire/ — Deloitte recently announced the renewal and expansion of its multimillion dollar collaboration with New Profit, a nonprofit venture philanthropy organization. Deloitte and New Profit have collaborated since 2013 to build the capacity of 34 high-impact organizations and initiatives that collectively reach millions of people across America.
Sam Silvers, principal, Deloitte Consulting LLP and U.S. markets and relationships leader, who oversees corporate citizenship, the Deloitte Foundation, and Monitor Institute by Deloitte, remarked, “We embrace New Profit’s founding belief that social innovators and innovations should be surrounded with the same support that allow companies and products to scale and reach millions of people.”
The continuation and expansion of the collaboration has three key elements:
- Pro bono services: Over the next three years, Deloitte will provide an additional $6.6 million in pro bono services to help New Profit’s grantee-partner organizations scale their impact. Monitor Institute by Deloitte, with its experience in social sector strategy, will continue to lead this work.
- Other strategic support: In addition to traditional strategy work, the collaboration will also draw on Deloitte’s broader capabilities like digital strategy, human capital and advisory services. Deloitte and New Profit will also continue to look for other mutually beneficial opportunities such as board-matching and digital crowdsourcing of innovative ideas.
- Collaboration around the future of work: Deloitte and New Profit have a shared goal of equipping the future of work. Together, they will jointly explore new research, capacity building initiatives and other approaches to support social sector organizations as they grapple with the disruptive forces that are changing the way we work and live. This work launched at New Profit’s recent Gathering of Leaders, where Steve Hatfield, principal, Deloitte Consulting LLP and future of work market leader, presented to 400 social sector leaders on the fast–moving future of work landscape and its implications for social problem-solving.
Celebrating our longstanding collaboration
Pro bono support for New Profit and its grantee-partners began over 15 years ago with the Monitor Group. When Deloitte acquired the Monitor Group in 2013, the relationship continued and provided a broad range of strategic support, including growth strategy, impact modeling and financial sustainability.
“New Profit just celebrated its 20th anniversary. When I look back on our work and the community of leaders we have helped build, it amazes me to think that nearly every organization we have supported has had Fortune 500-caliber strategy support from Deloitte and the Monitor Group,” said Vanessa Kirsch, founder and CEO of New Profit. “These are two organizations and hundreds of professionals who have spent 20 years with us doing this work and learning and growing, and it’s been such a mutual collaboration.”
Deloitte and New Profit’s investments have helped propel organizations like KIPP, The Mission Continues, Year Up, Third Sector Capital Partners, and others toward national scale and greater impact. Recent projects include:
- Eye to Eye: Deloitte and New Profit helped Eye to Eye, an organization that seeks to empower students with learning and attention issues, develop an ambitious, five-year strategy to dramatically expand its reach and impact to 165,000 students and 330 partner schools by 2020. Said David Flink, chief empowerment officer and founder of Eye to Eye, “At the end of our journey with Deloitte, we have a perspective for growth that helps explain how, when, and why we are going to grow. We expect our footprint and operations will double, but our impact in the field will triple. This isn’t just something tremendously exciting for our organization; it is powerful for everyone who has watched us on this 18-year journey.”
- Enlearn: Deloitte and New Profit helped Enlearn, an organization that developed a new generation of personalized learning platform, do deep research and strategy work to uncover a transformative target market – the 1.7 million underserved students who need pre-college math remediation and are at highest risk of falling off the college path. That has become the centerpiece of the organization’s new strategy and helped it mobilize new partners and support for its work. Said Enlearn’s Board Chair Steve Arnold, “Deloitte came with an integrated approach and analyzed our challenges from all directions – data, technology, market opportunities and roadblocks. This helped us make more informed decisions and was integral to crystallizing our focus for the future.”
Creating new opportunities
Looking to the next three years, and beyond, there is incredible opportunity to collaborate to create transformational impact, bringing the private and social sector capabilities of Deloitte and New Profit together. Jim Kissel, principal, Deloitte Consulting LLP and national pro bono champion, shared his excitement for the continued collaboration. “As a professional services organization, Deloitte is helping our clients navigate the future of work. But our work doesn’t stop there. We are committed to collaborating with New Profit and other social innovators to help skill the workforce for today, and tomorrow — creating greater upward social and economic mobility for those that need it most.”
New Profit is a pioneering venture philanthropy organization that invests in breakthrough leaders and systems change initiatives. We work arm-in-arm with social entrepreneurs, philanthropists such as the Gates Foundation and Chan Zuckerberg Initiative, and other changemakers to break down barriers to opportunity in America.
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including more than 85 percent of the Fortune 500 and more than 6,000 private and middle market companies. Our people work across more than 20 industry sectors to make an impact that matters — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them.
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