Harvard Case - San Francisco Ballet: On "Pointe" for the Future
"San Francisco Ballet: On "Pointe" for the Future" Harvard business case study is written by Rohit Deshpande, Nicole Tempest Keller. It deals with the challenges in the field of Social Enterprise. The case study is 20 page(s) long and it was first published on : Feb 26, 2020
At Fern Fort University, we recommend the San Francisco Ballet (SFB) adopt a multifaceted strategy focused on social innovation and impact investing to ensure its long-term sustainability and growth. This strategy involves leveraging the Ballet's artistic excellence to address social and environmental challenges, while simultaneously expanding its reach and diversifying its revenue streams.
2. Background
The San Francisco Ballet, a renowned dance company, faces challenges of declining ticket sales, increasing competition, and a changing artistic landscape. The case study highlights the organization's need to adapt to a new era of audience engagement and financial stability.
The main protagonists of the case are Helgi Tomasson, the Artistic Director, and Kelly Tweeddale, the Executive Director. They are tasked with navigating the complex landscape of the arts industry, balancing artistic vision with financial realities.
3. Analysis of the Case Study
The case study presents a compelling situation where a traditional arts organization needs to evolve to remain relevant and financially viable. We can analyze the situation through the lens of social entrepreneurship and impact investing, frameworks that emphasize the creation of social value alongside financial returns.
Social Entrepreneurship:
- Mission Alignment: The SFB's mission to 'inspire, educate, and entertain' can be further strengthened by incorporating social impact initiatives. This aligns with the growing trend of triple bottom line organizations that prioritize social and environmental impact alongside financial performance.
- Community Engagement: SFB can leverage its artistic platform to address pressing social issues like poverty, inequality, and access to arts education. This can be achieved through community outreach programs, collaborations with local NGOs, and inclusive programming that caters to diverse audiences.
- Social Innovation: The Ballet can explore innovative business models that integrate social impact into its operations. This can include impact-driven partnerships, social enterprise ventures, and social impact bonds that align with the SFB's mission and generate positive social returns.
Impact Investing:
- Diversification of Revenue: Impact investing can provide alternative funding sources beyond traditional philanthropy and ticket sales. This can involve attracting impact investors who seek both financial returns and social impact.
- Sustainable Growth: By focusing on sustainable business models, the SFB can secure its long-term financial health while contributing to a more just and equitable society. This can include green initiatives, ethical sourcing, and inclusive hiring practices.
- Social Return on Investment (SROI): The SFB can measure the social impact of its initiatives through SROI analysis, demonstrating the value it creates beyond financial metrics. This strengthens its appeal to impact investors and enhances its brand reputation.
4. Recommendations
1. Establish a Social Impact Strategy:
- Develop a clear mission statement that integrates social impact alongside artistic excellence.
- Create a dedicated social impact team to lead the development and implementation of initiatives.
- Conduct a thorough stakeholder analysis to identify key partners and beneficiaries for social impact programs.
2. Implement Impact-Driven Programs:
- Develop community outreach programs that engage diverse audiences and provide access to arts education.
- Partner with local NGOs to address social issues like poverty, inequality, and access to healthcare.
- Create inclusive programming that reflects the diversity of the San Francisco community.
3. Explore Impact Investing Opportunities:
- Develop a social impact investment strategy to attract impact investors who seek both financial returns and social impact.
- Explore impact bonds to finance social impact initiatives and generate measurable social returns.
- Partner with impact investors to develop innovative funding models that support the SFB's mission and social impact goals.
4. Embrace Sustainable Business Practices:
- Implement green initiatives to reduce the Ballet's environmental footprint.
- Adopt ethical sourcing practices for costumes, props, and other materials.
- Promote diversity and inclusion in hiring and programming.
5. Measure Social Impact:
- Develop a robust SROI framework to measure the social impact of the SFB's initiatives.
- Track key performance indicators (KPIs) to monitor progress and demonstrate the value created.
- Communicate social impact results transparently to stakeholders, including donors, investors, and the public.
5. Basis of Recommendations
These recommendations are grounded in the following considerations:
- Core competencies and consistency with mission: The SFB's artistic excellence and community engagement are key strengths that can be leveraged for social impact.
- External customers and internal clients: The recommendations cater to the needs of diverse audiences, including underserved communities, while also engaging internal stakeholders like dancers, staff, and donors.
- Competitors: The SFB can differentiate itself from competitors by embracing social innovation and impact investing, attracting a broader audience and attracting impact investors.
- Attractiveness: The recommendations offer a compelling value proposition for investors and stakeholders by demonstrating the SFB's commitment to social impact and its potential for both financial and social returns.
- Assumptions: The recommendations assume a willingness from the SFB leadership to embrace change and a supportive environment for social innovation within the organization.
6. Conclusion
By embracing social entrepreneurship and impact investing, the San Francisco Ballet can position itself as a leader in the arts sector while driving positive social change. This strategy will not only ensure the Ballet's long-term financial stability but also enhance its artistic relevance and community impact.
7. Discussion
Alternatives:
- Traditional fundraising: While traditional fundraising remains important, it is insufficient to address the SFB's long-term challenges.
- Mergers and acquisitions: Merging with another arts organization could offer financial stability, but it might compromise the SFB's artistic identity.
Risks:
- Resistance to change: Some stakeholders might resist the shift towards social impact and impact investing.
- Lack of expertise: The SFB may need to develop expertise in social impact measurement and impact investing.
- Financial risk: Impact investments can be more complex and carry higher risk than traditional investments.
Key Assumptions:
- The SFB leadership is committed to embracing social innovation and impact investing.
- The SFB can secure the necessary resources to implement the recommended initiatives.
- The SFB can effectively measure and communicate its social impact.
8. Next Steps
Timeline:
- Year 1: Develop a social impact strategy, pilot community outreach programs, and explore impact investing opportunities.
- Year 2: Implement impact-driven programs, establish partnerships with NGOs, and secure impact investments.
- Year 3: Measure and communicate social impact results, refine programs based on evaluation, and expand social impact initiatives.
Key Milestones:
- Develop a social impact mission statement.
- Secure funding for impact-driven programs.
- Establish partnerships with local NGOs.
- Launch community outreach programs.
- Develop a robust SROI framework.
- Attract impact investors.
By implementing these recommendations, the San Francisco Ballet can demonstrate its commitment to social responsibility, expand its reach, and secure its future as a leading arts organization that makes a difference in the world.
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Case Description
The SF Ballet was regarded as one of the top ballet companies in the world. It had an enviable earned revenue percentage of almost 50% and had an internationally recognized ballet school. However, by 2019 the Ballet faced a number of challenges. Ballet was a European art form that had gained popularity in the U.S. a century ago, but the demographics of the U.S. no longer reflected those European roots. In San Francisco, the Ballet had been a favorite pastime of the older, monied set, but the city's demographics had changed over the last few decades as young Millennials had flocked to San Francisco to join the burgeoning tech industry. The Ballet struggled to attract younger audiences and found itself competing with digital alternatives for how people spent their leisure time. Moreover, to make changes in programming, accessibility, and the Opera House venue to appeal to younger audiences, the Ballet risked alienating its loyal, older donors, who were the lifeblood of the Ballet's revenue model. Kelly Tweeddale, the newly hired Executive Director, had to consider the interests of various stakeholders--dancers, donors, audience, staff, board, and the local community--which often were at odds with one another. With limited resources, the Ballet needed to choose which changes to tackle first and those decisions were tied to how the organization prioritized its various constituents.
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