The Michael J. Fox Foundation for Parkinson’s Research
Company Background
The foundation was incepted in 2000 by Michael, an actor who was diagnosed with Parkinson’s at the age of 29 years. The company’s mandate is to find a cure for Parkinson’s disease through research. In this regard, the company funds research geared towards finding a cure for the disease. The foundation seeks to accelerate the search for Parkinson’s cure and development t of therapies that improve the lives of people living with the condition. Over the years, the company has partnered with different stakeholders, that include researchers and advocates. All this is geared towards realizing the company mission. The foundation, in this regard, directs over 80% of its funds to programs (The Michael J. Fox Foundation, n.d.).
Services Provided
The foundation offers grants to researchers involved in Parkinson’s study. Streamlining and coordinating different research teams is part of what the foundation does. Various groups are likely to have varying insights. In this regard, the organization endeavors to coordinate team efforts to realize a speedy and knowledgeable outcome best suited for patients. The organization equally furthers understanding of Parkinson’s by gathering data from volunteers. Data collected is used to shed more light on the disease as concerns symptoms, treatment, and diagnosis, for example. An online platform that recruits volunteers for genetic testing, questionnaires, and study are also present. The company also offers collaborative services with health care companies, biotech companies, and pharmaceuticals. Events that expose the company to other researchers and research developments are also organized to further the foundation agenda (The Michael J. Fox Foundation, n.d.).
Market and Legal Structure
A robust legal structure is essential in the running of the organization. Litigations can negatively affect the reputation of the organization and, by extension, affect company goals. The organization has a network of advocates that assist in its advocacy (The Michael J. Fox Foundation, n.d.). Information regarding policy at the government level is made available for those working with the organization. It not only makes serves as information regarding the disease. It also acts as legal knowledge for those wishing to get involved with the organization. The foundation carries out marketing strategies to attract funding. Marketing is an important aspect as far as funding is concerned as it determines customer needs (Berkowitz, 2017). The organization has individuals working as marketers and fundraisers, for example. Fundraisers are meant to raise the money needed to run the different programs available.
Competitive Position
The fact that Parkinson’s disease is a chronic degenerative condition (“Parkinson’s Disease Information Page | National Institute of Neurological Disorders and Stroke”, 2019) means that a cure is desperately needed. In this regard, the organization has a competitive edge as far as finding a cure is concerned. The organization has financial statements that are accessible on its website. It is indicative of transparency, which would equally give the organization a competitive advantage. The fact that more than 80% of its funds are directed towards research programs places the foundation at a competitive position.
Financial Statements
Financial transparency is essential in any organization. A foundation that relies heavily on funding should especially take transparency seriously. Not only is financial transparency ethical, but it equally promotes better funding opportunities. The foundation funded programs worth more than $108m in 2018 (The Michael J. Fox Foundation, 2018). The Team Fox comprising of fundraisers raised more than $10m in the same year. 88% of the funds are used directly to fund research programs by the foundation.