Social Enterprise Summer Fellowships Provide Mutual Value

Since 1982, the HBS Social Enterprise Summer Fellowship has provided financial support to current MBA students who choose to work in nonprofit and public-sector organizations during the summer. In 2004, close to 70 students worked with organizations from Botswana to Boston, focusing on areas such as humanitarian relief, the arts, education, and economic development.

HBS recognizes the rewards of the summer experience both to the organization and to the summer associate. Summer associate Andrew Immerman (HBS '05) and one of his supervisors, Kei Hayashi, share their experiences with the program at the New York City Economic Development Corporation.

Andrew Immerman, HBS '05:
I grew up in northern New Jersey, right outside Manhattan. My parents were always involved in our community, so I had an interest in public service early on—in fact, I've often thought I'd like to work in government, but all my jobs after college were in the financial industry. Over the years, I've volunteered at various public-service organizations, but I never felt that I was making good use of my business skills.

"I chose to work in government on the local level because I wanted to see the fruits of my labor in a summer."

-Andrew Immerman (MBA '05)

My experience was completely different at the New York City Economic Development Corporation (EDC), a nonprofit that works to attract and retain businesses in New York City's five boroughs. During my Social Enterprise Summer Fellowship, I worked in EDC's financing group, meeting with companies that wanted to expand their operations. We developed a package of tax abatements, low-cost financing, and other incentives that would entice them to stay in New York City.

I also worked with the client coverage group, a group formed with a rather unique mission: to cultivate relationships with businesses in New York City as a for-profit business would with customers. Specifically, I focused on broad strategic and policy issues and worked to attract new industries like biotechnology to New York City. In particular, we analyzed that sector to determine the value that New York City could offer and then developed action plans, including specific policy changes, to attract more biotech companies to the city. My professional goals in government are more long-term than short-term. I may not go into the public sector immediately after HBS, but I learned a lot during my fellowship about the various areas of city, state, and federal government where I may want to work in the future. I chose to work in government on the local level because I wanted to see the fruits of my labor in a summer. That was definitely the case at EDC. It was extremely satisfying to leverage my experience and education to make an immediate difference.

Kei Hayashi
Senior Vice President, New York City Economic Development Corporation
EDC works with a wide spectrum of companies—from the largest commercial real estate developers to small manufacturers of dentures. New York City is the nation's largest market, and even maintains a vibrant industrial sector. That's why it's critical to appreciate the client's perspective and understand what a company needs to do to serve its market and stay competitive.

"Andrew's negotiating skills and ability to model the financial impact of various financial packages was extremely useful in working with some of our clients."

-Kei Hayashi, Senior Vice President, New York City Economic Development Corporation

EDC's reputation for professionalism in its research and analysis of grant applications plays a key role in decisions made by Mayor Bloomberg and Deputy Mayor Daniel Doctoroff. Simply put, Andrew got it. He was able to understand and respect a company's goals; he appreciated its perspective and wasn't distracted by the fact that they were making widgets. Not everyone from a corporate background would be able to feel that connection, but Andrew enjoyed the diversity of the businesses he worked with.

Andrew's negotiating skills and ability to model the financial impact of various financial packages was extremely useful in working with some of our clients. In economic development, you employ the same skills used in the private sector, but you solve for different questions. Profit is secondary to making the best use of limited city resources. There are numerous scenarios, so it's important to understand the impact of each and how it can impact the city and our clients.

Working with EDC was a great way for Andrew to learn about the public sector. From our point of view, he brought a specialized set of financial skills that were particularly useful. Andrew was one of the first summer interns we've hosted from a business school, but he won't be the last. We were lucky to have him.