Harvard Case - Be.artsy: A Social Entrepreneur's Dilemma in Scaling Women Empowerment
"Be.artsy: A Social Entrepreneur's Dilemma in Scaling Women Empowerment" Harvard business case study is written by Dolly Kovvali, Sanjana Gorti, D.V.R. Seshadri. It deals with the challenges in the field of Entrepreneurship. The case study is 16 page(s) long and it was first published on : Jul 17, 2023
At Fern Fort University, we recommend that Be.artsy pursue a hybrid growth strategy that balances organic expansion with strategic partnerships and targeted acquisitions. This approach will enable Be.artsy to scale its impact while maintaining its core values of empowering women artisans and preserving traditional crafts.
2. Background
Be.artsy is a social enterprise founded by two women, Maya and Anjali, with a mission to empower women artisans in rural India by providing them with a platform to showcase and sell their handcrafted products globally. The company has achieved initial success by leveraging the power of the internet and social media to connect artisans with customers, creating a sustainable income stream for these women. However, Be.artsy faces a critical juncture as it seeks to scale its operations and reach a wider audience.
3. Analysis of the Case Study
Strategic Analysis:
- Porter?s Five Forces: Be.artsy operates in a competitive market with numerous online platforms selling handcrafted goods. The threat of new entrants is high due to the low barriers to entry. However, Be.artsy has a strong competitive advantage due to its focus on empowering women artisans, which resonates with socially conscious consumers.
- SWOT Analysis:
- Strengths: Strong social mission, experienced founders, established online platform, positive brand image, unique product offerings.
- Weaknesses: Limited financial resources, dependence on online platforms, lack of offline presence, potential scalability challenges.
- Opportunities: Growing demand for handcrafted goods, increasing awareness of social entrepreneurship, potential for partnerships with NGOs and retailers, expansion into new markets.
- Threats: Competition from established players, economic fluctuations, potential for online platform disruption, difficulty in maintaining quality control with rapid growth.
Financial Analysis:
- Be.artsy faces a critical funding gap to scale its operations. The current business model relies heavily on bootstrapping and angel investing, which may not be sufficient for rapid expansion.
- The company needs to explore alternative financing options, such as venture capital, crowdfunding, or debt financing, to secure the necessary resources.
Marketing Analysis:
- Be.artsy has successfully leveraged social media and online marketing to reach its target audience. However, the company needs to develop a more comprehensive marketing strategy to attract a wider customer base.
- This could include targeted advertising campaigns, influencer marketing, and partnerships with relevant organizations.
Operational Analysis:
- Be.artsy needs to improve its operational efficiency to manage rapid growth. This includes streamlining its supply chain, implementing robust quality control measures, and developing a scalable manufacturing process.
- The company should also consider investing in technology and analytics to optimize its operations and gain valuable insights into customer behavior.
4. Recommendations
1. Hybrid Growth Strategy:
- Organic Expansion: Continue to invest in organic growth by expanding the online platform, improving website functionality, and enhancing customer experience.
- Strategic Partnerships: Form strategic partnerships with NGOs, retailers, and other organizations that share Be.artsy?s vision. This can provide access to new markets, resources, and expertise.
- Targeted Acquisitions: Acquire smaller, complementary businesses that strengthen Be.artsy?s market position and expand its product offerings.
2. Secure Funding:
- Explore venture capital funding opportunities by developing a compelling pitch deck and showcasing Be.artsy?s strong social impact and growth potential.
- Leverage crowdfunding platforms to engage a wider audience and raise capital from individuals who support the company?s mission.
- Consider debt financing options to supplement equity financing and provide working capital for expansion.
3. Enhance Marketing Strategy:
- Develop a comprehensive marketing plan that includes targeted advertising campaigns, influencer marketing, and content marketing.
- Leverage social media platforms effectively to build brand awareness, engage customers, and drive sales.
- Partner with relevant organizations to reach a wider audience and increase brand visibility.
4. Improve Operational Efficiency:
- Streamline the supply chain by establishing partnerships with reliable suppliers and implementing efficient inventory management systems.
- Implement robust quality control measures to ensure the consistent quality of handcrafted products.
- Invest in technology and analytics to optimize operations, track key performance indicators, and gain valuable insights.
5. Foster a Strong Organizational Culture:
- Maintain a culture of empowerment and collaboration that values the contributions of all stakeholders, including artisans, employees, and partners.
- Encourage innovation and experimentation to continuously improve products, services, and processes.
- Prioritize employee development and provide opportunities for growth and advancement.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The hybrid growth strategy aligns with Be.artsy?s mission of empowering women artisans and preserving traditional crafts while enabling the company to scale its impact.
- External customers and internal clients: The recommendations address the needs of both external customers seeking unique handcrafted products and internal clients, including artisans, employees, and partners.
- Competitors: Be.artsy needs to differentiate itself from competitors by focusing on its social mission, offering high-quality products, and providing excellent customer service.
- Attractiveness ? quantitative measures: The recommendations are expected to lead to increased revenue, profitability, and market share, ultimately enabling Be.artsy to achieve its growth objectives.
- Assumptions: The recommendations assume that Be.artsy can secure adequate funding, build strong partnerships, and effectively implement its growth strategy.
6. Conclusion
By adopting a hybrid growth strategy, securing adequate funding, enhancing its marketing efforts, and improving operational efficiency, Be.artsy can successfully scale its operations while maintaining its commitment to social impact. This will enable the company to empower more women artisans, preserve traditional crafts, and create a sustainable business that benefits all stakeholders.
7. Discussion
Alternative Options:
- Focus solely on organic growth: This approach would be slower and less risky, but it may not be sufficient to achieve Be.artsy?s ambitious growth targets.
- Acquire a large, established competitor: This would provide immediate market share and resources, but it could be expensive and challenging to integrate.
Risks and Key Assumptions:
- Funding: Be.artsy?s success depends on its ability to secure adequate funding.
- Partnerships: The success of strategic partnerships depends on finding the right partners and effectively managing the relationships.
- Competition: Be.artsy needs to constantly innovate and adapt to stay ahead of competitors.
8. Next Steps
- Develop a detailed business plan: This should outline the company?s growth strategy, financial projections, and key milestones.
- Secure funding: Begin actively seeking funding from venture capitalists, angel investors, and crowdfunding platforms.
- Build strategic partnerships: Identify and approach potential partners who share Be.artsy?s vision.
- Implement marketing initiatives: Launch targeted advertising campaigns, engage influencers, and develop compelling content.
- Optimize operations: Streamline the supply chain, implement quality control measures, and invest in technology.
- Monitor progress and adapt: Continuously monitor progress, measure key performance indicators, and make adjustments as needed.
By taking these steps, Be.artsy can position itself for sustainable growth and success while making a positive impact on the lives of women artisans in India.
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Case Description
Women's empowerment means empowering women on multiple dimensions: economically, psychologically, socially, and politically. Historically, women have suffered from disproportionately reduced access to resources and opportunities. Financial literacy and inclusion are especially important to overcome the dependence of women on their husbands. This aspect is more important in situations where the husband-wife relationship was strained for a variety of reasons. Shikha Mittal founded Be.artsy to empower women to speak up and manage their finances, with financial literacy and consequent empowerment acting as the impetus for overall women's empowerment. Experiences of sexual harassment at the workplace and domestic violence prompted Mittal to design and offer programs to corporates. These programs aimed to address the above problems through customized training programs for employees of these companies, which comprised Be.artsy's business to business (B2B) markets. Although these programs were supplemented with street plays and interventions in colleges, the B2B channel was the primary channel Be.artsy used to reach out to women; it generated revenue and created an impact. Be.artsy chose financial literacy as the key pillar for women's empowerment and drove its programs through tie-ups with institutions. With the advent of the COVID-19 pandemic, Mittal launched an online program, Be Your Own Lakshmi (BYOL), that imparted financial literacy education. With free initial sessions that demonstrated the importance of financial planning and promotions through social media, BYOL had garnered some traction, with many people wanting to sign up for the paid BYOL offering. However, Mittal's desire to use BYOL as a vehicle to speed up the achievement of her vision of empowering millions of women remained unfulfilled. She needed to choose the right approach to scale BYOL, but the dilemma remained: Should she scale BYOL using the B2B or business to consumer (B2C) route?
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