Case Study: The Monitor Group and New Profit
The Monitor Group, an international advisory and financial services firm, makes a multi-year, multi-million dollar investment of pro bono consulting for New Profit, a national venture philanthropy fund that serves a portfolio of nonprofit organizations.
The Opportunity
Monitor Group’s leadership saw the potential in addressing pressing social challenges and creating transformative change by supporting New Profit.
Monitor’s Pro Bono Investment
Monitor began by developing New Profit’s management structure, and now relies on New Profit as an intermediary to engage in other pro bono opportunities with the nonprofit organizations in which New Profit invests.
Since 1998, Monitor Group has donated strategic resources and support valued at more than $25 million. More than 260 Monitor consultants have worked closely with both New Profit and its portfolio organizations to address many of the key strategic issues facing nonprofits today. In 2007 alone, more than 25 senior leaders within Monitor spent significant time providing CEO-level coaching and other advisory services to New Profit and portfolio social entrepreneurs.
The Impact
This unparalleled partnership between a nonprofit venture philanthropy organization and an international strategy firm has enhanced the capacities of both organizations, particularly in the areas of talent development, networking, and community building, and has helped create cross-sector approaches to solving complex social problems.
As a result of Monitor Group’s pro bono services, New Profit has gained the capacity to serve 22 nonprofit organizations annually. They have grown from a team of 2 to 18, thus expanding their venture philanthropy capacity and their ability to affect social change.
Several nonprofit organizations in their portfolio have experienced impressive growth results; Citizen Schools’ revenue, for example, grew from $1.8 million in 1999 to $10.3 million in 2005, while expanding from one city to 13 cities in 4 states. Monitor’s pro bono relationship with New Profit has benefited its business significantly in recruitment, reputation, new business solutions, and employee development. For instance, Monitor feels its relationship with New Profit gives it a recruitment edge as “a company with a real conscience and also a company that does things in innovative ways.” Through pro bono work, Monitor consultants have developed innovative ideas and solutions around business strategies that apply to clients in both the social and for-profit sectors.
About New Profit
New Profit Inc. is a venture philanthropy fund based in Boston, Massachusetts founded in 1998. With the support of individual donors, and its partner, Monitor Group, New Profit provides multi-year financial and strategic support to a portfolio of social entrepreneurs working in education, youth development, workforce development, and other areas. In addition to working directly with organizations, New Profit also works to strengthen the field of social entrepreneurship. New Profit brings together social entrepreneurs and other leaders from business, philanthropy, academia, and other sectors at the annual Gathering of Leaders. In 2007, New Profit launched America Forward, a nonpartisan coalition of 60 nonprofit organizations that is promoting to the 2008 U.S. presidential campaigns the role social entrepreneurs can play in solving social problems.
About Monitor
Monitor Group is a leading international advisory and financial services firm with 29 offices worldwide. Monitor provides strategic consulting services to major companies, governments, and philanthropic institutions. Monitor Group also operates its own global investment funds in both private equity and venture capital, in addition to providing M&A advisory services. Monitor offers a portfolio of services to its clients who seek to grow and stay competitive in the global market. As such, the firm works with the world’s foremost business experts and thought leaders to develop specialized capabilities.
