Morgan Stanley has announced the winners of its 16th Annual Strategy Challenge, a pro bono program aimed at helping nonprofits tackle strategic challenges. This year, the winning teams supported Lower Manhattan Cultural Council (LMCC) in the U.S. and The Outward Bound Trust in the UK.
Over a period of ten weeks, Morgan Stanley employees provided over 11,000 hours of consulting services to 14 nonprofits. These services focused on areas such as expanding services, improving productivity and efficiency, and enhancing effectiveness through business and program models. The culmination of this effort was marked by events held in New York and London where teams presented their findings to nonprofit experts and senior leaders at Morgan Stanley.
Joan Steinberg, Global Head of Philanthropy at Morgan Stanley and President of the Morgan Stanley Foundation, remarked on the collaborative nature of the challenge: “The Strategy Challenge demonstrates the power of our integrated firm as employees across Morgan Stanley collaborate to help nonprofits address key organizational questions.”
In the U.S., LMCC received assistance from a team that explored implementing a fee-based model for its artist residency programs due to rising property costs and decreased funding for arts nonprofits. Moe Yousuf, Interim President and CEO of LMCC, expressed gratitude: “It might sound hyperbolic, but the Strategy Challenge really was a once-in-a-lifetime chance for our organization to cultivate greater resilience and sustainability moving forward.”
In the UK, The Outward Bound Trust benefited from recommendations regarding site acquisition to meet growing demand. Alan Bolchover, Director of Fundraising, Marketing and Communications at The Outward Bound Trust noted: “Through curiosity, diligence and a shared spirit of adventure, the Morgan Stanley team has equipped us with the tools and advice to make even more possible.”
This year's Strategy Challenge involved 14 nonprofits including The Acceleration Project, Action for Children, Amal Alliance among others.