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Kodak’s recent news was a reminder of the changes and difficult times that we face in the photographic community. Kodak, after 132 years of innovation and market dominance, fell and filed for bankruptcy protection. Kodak, an American institution and household name, was unable to change quickly enough and monetize key digital assets. Despite having inventing the digital camera they could not keep up with the changing marketplace and fast paced competition. |
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“Kodak, after 132 years of innovation and market dominance, fell and filed for bankruptcy protection.”
Jonathan Taggart, The Friction of Distance (Series). Courtesy of Scotiabank CONTACT Photography Festival.
Darcy Killeen
Kodak’s recent news was a reminder of the changes and difficult times that we face in the photographic community. Kodak, after 132 years of innovation and market dominance, fell and filed for bankruptcy protection. Kodak, an American institution and household name, was unable to change quickly enough and monetize key digital assets. Despite having inventing the digital camera they could not keep up with the changing marketplace and fast paced competition.
The last five years have been challenging for many and Scotiabank CONTACT Photography Festival has not been immune to this economic climate. Funding is limited, especially with budget cuts in the public and private sectors, and when funding can be found, the demands outweigh the benefits to the cultural organization.
CONTACT has been fortunate over the years and we attribute this to four key factors, which many organizations can benefit from: diversification, fiscal restraint, developing strong partnerships and a focus on long-term objectives.
CONTACT Photography Festival has significantly diversified its funding sources to ensure reliance in one area does not affect the overall growth and stability of the festival. The festival receives funds from government grants, corporations and from internally generated fundraising efforts and registration fees.
In difficult times, we believe it is essential to not extend one’s self. CONTACT has managed to steer clear of debt and has avoided putting money on projects that are not funded in advance.
CONTACT has developed mutually beneficial partnerships with a number of sponsors and organizations. Their support and contributions fuel future growth and stability and give us the reach we need to succeed in the global market.
Do what you do best and stay focused. In hard times it is easy to get pulled in many directions to make ends meet. CONTACT’s focus is on programming, community and co-presenting international exhibitions with cultural institutions.
In these difficult economic times, sound financial and strategic focus can clear the waters and allow for not only survival but also, growth.
