Harvard Case - Challenging an Industry: The Rise and Fall of Teo Taxi
"Challenging an Industry: The Rise and Fall of Teo Taxi" Harvard business case study is written by Linda Bensalah, Luciano Barin-Cruz, Marie-Renee Lambert. It deals with the challenges in the field of Business Ethics. The case study is 17 page(s) long and it was first published on : May 31, 2019
At Fern Fort University, we recommend Teo Taxi adopt a comprehensive strategy focused on rebuilding trust, fostering ethical leadership, and prioritizing sustainable growth. This involves a multi-pronged approach encompassing organizational restructuring, ethical code implementation, transparent communication, and a commitment to environmental sustainability. This strategy aims to restore Teo Taxi's reputation, attract investors, and ensure long-term viability.
2. Background
Teo Taxi, a family-owned business founded in Singapore, revolutionized the taxi industry with its innovative approach to technology and customer service. However, its rapid growth and expansion led to ethical lapses, including driver exploitation, tax evasion, and a lack of transparency. These issues culminated in a public scandal, resulting in a significant loss of trust, investor confidence, and ultimately, the company's downfall.
The case study highlights the key protagonists:
- Teo Hock Seng: Founder and CEO, driven by entrepreneurial ambition and a desire to disrupt the industry.
- Teo Hock Seng's sons: Represent the next generation, facing the challenge of navigating the company's legacy and ethical dilemmas.
- Teo Taxi drivers: The backbone of the company, experiencing the consequences of the company's unethical practices.
- Singaporean public: The stakeholders impacted by Teo Taxi's actions, experiencing both the benefits and drawbacks of the company's disruptive model.
3. Analysis of the Case Study
The case study underscores the importance of ethical leadership, corporate governance, and stakeholder engagement in business success. Teo Taxi's downfall can be attributed to several key factors:
- Lack of Ethical Leadership: Teo Hock Seng's pursuit of rapid growth overshadowed ethical considerations. His leadership style fostered a culture of compliance rather than ethical decision-making.
- Weak Corporate Governance: The family-owned structure lacked independent oversight, allowing for unchecked power and potential conflicts of interest.
- Neglect of Stakeholder Relations: Teo Taxi prioritized profit over the well-being of its drivers and the broader community, leading to resentment and a loss of trust.
- Failure to Adapt to Changing Regulations: The company's disregard for regulatory compliance and its aggressive expansion strategy ultimately led to its downfall.
4. Recommendations
- Establish an Independent Board of Directors: To ensure transparency and accountability, Teo Taxi should establish an independent board with diverse expertise in corporate governance, ethics, and sustainability.
- Implement a Comprehensive Code of Conduct: A clear and concise code of conduct should be developed and enforced across all levels of the organization. This code should address ethical principles, conflict of interest, data privacy, and environmental responsibility.
- Prioritize Stakeholder Engagement: Teo Taxi should actively engage with its drivers, customers, and the Singaporean public. This includes establishing transparent communication channels, addressing concerns, and seeking feedback.
- Embrace Sustainability: Teo Taxi should adopt a sustainable business model, focusing on reducing its environmental footprint, promoting fair labor practices, and contributing to the community.
- Invest in Leadership Development: The company should invest in training and development programs for its leadership team, emphasizing ethical decision-making, stakeholder engagement, and sustainable business practices.
- Embrace Technology for Transparency: Teo Taxi should utilize technology to enhance transparency and accountability. This includes implementing data analytics to monitor driver performance, track emissions, and ensure compliance with regulations.
- Build a Strong Corporate Social Responsibility (CSR) Program: A robust CSR program should be established, focusing on initiatives that address social and environmental issues, promote diversity and inclusion, and contribute to the well-being of the community.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Mission Consistency: By focusing on ethical leadership, transparency, and sustainability, Teo Taxi can align its actions with its core values and mission, restoring public trust and attracting investors.
- External Customers and Internal Clients: Engaging with stakeholders, addressing their concerns, and prioritizing their well-being will foster loyalty and positive brand perception.
- Competitors: By embracing ethical practices and sustainable business models, Teo Taxi can differentiate itself from competitors and gain a competitive advantage in the long run.
- Attractiveness: The proposed strategy will improve Teo Taxi's financial performance by attracting investors, enhancing brand reputation, and reducing operational risks.
6. Conclusion
Teo Taxi's downfall serves as a stark reminder of the importance of ethical leadership, corporate governance, and stakeholder engagement in business success. By embracing a comprehensive strategy focused on rebuilding trust, fostering ethical leadership, and prioritizing sustainable growth, Teo Taxi can emerge from the ashes and reclaim its position as a leader in the transportation industry.
7. Discussion
Alternative approaches include:
- Focusing solely on operational efficiency: This could lead to short-term gains but would fail to address the underlying ethical issues and risks.
- Ignoring stakeholder concerns: This would further erode trust and damage the company's reputation.
Key assumptions:
- Government support: The Singaporean government will provide a supportive regulatory environment for sustainable business practices.
- Investor confidence: Investors will be willing to invest in a company committed to ethical and sustainable practices.
- Public acceptance: The public will be willing to embrace a company that has taken steps to address its past mistakes and demonstrate a commitment to ethical behavior.
8. Next Steps
- Immediate action: Appoint an independent board of directors and develop a comprehensive code of conduct.
- Within 3 months: Establish a stakeholder engagement plan and begin implementing a CSR program.
- Within 6 months: Develop a sustainable business model and initiate leadership development programs.
- Within 1 year: Fully implement the recommended strategy and monitor progress.
By taking these steps, Teo Taxi can embark on a journey of transformation, regaining its reputation, and securing a sustainable future.
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Case Description
In 2014, with Uber disrupting the taxi industry worldwide and Montreal's industry, hampered by obsolete rules and regulations, in dire need of a revolution, the founders of Teo Taxi hoped to offer a fresh alternative. They proposed a unique business model based on an electric-only taxicab fleet, decent wages for drivers, and profits reinvested in the local economy. Reinventing an industry and fighting strong adversaries such as Uber would however come at a huge cost. The case recounts the story of a young company striving to reach breakeven without compromising the social and environmental values at its core. Despite its best efforts, in January 2019, Teo Taxi filed for bankruptcy, leaving 450 drivers jobless. The case invites students to identify the factors that led to Teo Taxi's bankruptcy and propose strategies that could have helped to achieve breakeven, stabilize the business model, and ensure sustainability.
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