Arts organisations are central to Australia’s social and cultural fabric. They build belonging, inspire connection and spark creativity. But despite their value, many face a common challenge: finding sustainable finance.
In partnership with Creative Australia, Sefa designed and delivered a tailored pilot program to explore how investment readiness could support arts organisations. Over 12 weeks, we worked closely with six organisations across the sector.
The program demonstrated the power of clarifying and communicating impact. Once participants were able to define their outcomes with confidence, it became clear that impact is the key to unlocking new opportunities for sustainable finance in the arts.
"The program allowed us to clarify who we are, what we do, and why the Sparks we [create in our audience] are so powerful." Kevin du Preez, Executive Director, Monkey Baa Theatre Company
What we delivered
We brought six diverse arts organisations through a 12-week program combining:
Practical investment readiness modules
Tailored 1:1 coaching
Peer learning and workshops
Each module tackled a barrier to accessing investment, grounded in the real context and needs of the arts sector.
Meet the organisations:
Melbourne International Jazz Festival: a leading music festival showcasing world-class jazz and creating pathways for artists and audiences.
Tutti Arts: a creative home supporting artists with and without disability to make work that challenges assumptions and celebrates difference.
Varuna, the National Writers’ House: a unique residency centre nurturing Australian writers and their craft.
Monkey Baa Theatre: a national leader in theatre for young audiences, bringing stories to life for children across Australia.
Patch Theatre: an innovative company creating original theatre works that ignite the imagination of children.
Restless Dance Theatre: Australia’s leading creator of inclusive contemporary dance, bringing together artists with and without disability to produce bold, original works that challenge perceptions and influence the national arts landscape.
What we explored
Clarifying impact was a game-changer
We worked alongside participants to co-design a Theory of Change and Outcome Measurement Framework, combining data with personal stories of their audiences and participants, and tailoring approaches through coaching and peer learning. This collaborative process helped ensure that impact was expressed in ways that were both meaningful to the arts and practical for funders.
The inherent value of the arts is both cultural and social – from strengthening community cohesion to supporting social wellbeing and mental health. Holding this alongside more measurable outcomes ensured that participants’ impact frameworks reflected the full picture of their work.
“We couldn’t have done that 12 weeks ago.” – Program participant, after sharing their Theory of Change with confidence.
But this work didn’t just help the organisations, it laid the foundation for a greater shift in the sector. Jayne Lovelock, the Director of Investment for Creative Australia shared,
"The 12-week program and the insights from it have helped Creative Australia shape the language used to articulate the cultural impact of the arts to the broader world; gov, funders, etc."
Reframing growth through an arts lens
When we explored what growth looks like for arts organisations, we focused on both horizontal and vertical pathways. Some organisations were ready to broaden their reach, engaging new audiences, expanding their programs and building their teams. Others saw opportunities to deepen their practice, strengthening existing offerings, developing artistic expertise and enhancing the experience for their current communities. Both constituting as growth, and both leading to improved outcomes.
One organisation asked whether using investment to raise staff salaries, without increasing outputs, could be justified. An impact investor in attendance revealed that sustainability, not just expansion, is often what funders value, and that fair pay is itself a form of impact.
Investment in the arts
We continued by exploring how debt can be used as a tool to unlock impact and growth. By looking at international examples of blended capital in the arts, we opened up a conversation about repayable finance – and how it differs from grants.
A key lesson was the importance of alignment. When an investor’s values do not match those of an organisation, the expectations tied to a loan can risk harming the very mission it was meant to support.
By demystifying the often-cloudy term ‘debt’, participants began to see where it could be the right tool to help them reach their goals. And when the time comes, they know they can build on their increased confidence in communicating impact and clarity around growth to engage with it.
One organisation shared that they received $100,000 from a donor purely because they were part of this program – and have already leveraged that $100,000 to access a further $480,000.
What we achieved
We didn’t expect all participants to be investment-ready in 12 weeks. What was more important to us, was a mindset shift - that participants left with the knowledge and confidence to step into the impact investment space, challenge the sector’s reliance on grants, and explore a wider range of sustainable funding options. It was clear to us that we had achieved this objective.
Participants reported a significant uplift in their ability to communicate impact confidently
Several began exploring debt as a viable, mission-aligned option, a refreshing break from the grant-dependent cycle.
Organisations gained clarity on diverse funding pathways, including blended finance and responsible investment
The program challenged sector-wide assumptions that the arts is 'too risky' to fund, influencing both demand and supply sides of the investment ecosystem
Participants built practical skills in pitching to investors, clearly articulating their impact.
A strong peer learning network was formed, creating space for shared insight and support
The program created rare breathing room to work on, not just in, the organisation, a vital opportunity in a sector that is always stretching their capacity.
Challenges, and how we addressed them
Every pilot program brings with it valuable lessons. This one was no exception.
Meeting organisations where they are
Each participant was at a different stage of their investment readiness journey. To address this, we placed greater emphasis on 1:1 coaching, tailoring content, and supporting the unique needs and pace of each organisation.
Making investment accessible
Investment concepts were not always familiar in the arts context. Together with participants, we worked to translate these ideas into language that made sense for their sector and their practice. This was a process of collaboration and learning, with insights that Creative Australia will use to shape their work moving forward.
Navigating the complexity of impact
The challenge of impact in the arts lies in measuring the inherent value of the arts – the cultural and social value it brings, strengthening social and community cohesion as well as mental health and wellbeing. Participants grappled with limited sector-wide frameworks, and a discomfort with reducing artistic value to instrumental outcomes such as economic growth or health benefits.
Together, we explored both qualitative and quantitative approaches, building models that balanced the richness of artistic value with the rigour required to engage funders.
Bridging the gap
All of the organisations made tangible progress. Each developed tools to better define and communicate their impact, and many took first steps towards considering a broader mix of funding options.
The most important outcome was a collective shift in confidence: participants left with a clearer sense of possibility, and with practical tools to begin engaging with funders on more equal terms. This is the foundation on which so many future opportunities can be built.
Looking ahead
The journey doesn’t end here. The next step is to build on the momentum and passion participants leave the program with, ensuring they continue to explore new funding pathways, challenge the status quo, and move confidently into the impact investment space.
This pilot reinforced that the arts sector can benefit from investment readiness approaches when tailored to its realities. With the right support, arts organisations can access sustainable finance without compromising their mission.
