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Part of the Babson Entrepreneurial Leader Collection. The One Fund case was written to challenge students to think more deeply about the relationships between institutions, policies, and stakeholders. The case was designed to help students understand the complexities of planning, organizing, and executing a complex mission over a short period of time with cooperating and conflicting institutional interests, varying societal expectations, and embedded relationships developed over decades. Our intent is to deliver a modest contribution to exploring how the relations between institutions and policies are positively affected when combined with determined entrepreneurial actions. The case was written for use in a class on Institutions and Policies. It may also be used in an undergraduate strategy class to introduce students to strategy in the area of non-profits. In this context, we explore the relationship between non-profit and for-profit enterprises, comparing the mutual interests of the constituents they serve. Lastly, we introduce students to antecedents that help form the PEST factors that influence firm-level strategic choice.