Innovating for Shared Value was published in the September 2013 edition of the Harvard Business Review. A new article from Marc Pfitzer, Valerie Bockstette and Mike Stamp of FSG, it considers the findings of comprehensive research to define patterns among companies successfully creating shared value.
As the authors state in the introduction, company leaders recognise that social problems present daunting constraints in their operations and vast opportunities for growth. But many are struggling to design and implement initiatives that deliver both social and business benefits.
Most companies are not guided by a social purpose and don’t know how to research social problems at the level needed to drive change; company analysts and actuaries lack experience in measuring and linking social and business results; and it can be challenging to build networks of external stakeholders needed for successful product or value chain innovation.
In the study Marc Pfitzer, Valerie Bockstette and Mike Stampt argue that 30 companies – who were the subject of the study – consistently rely on five mutually reinforcing elements, whose optimal form and balance depend on a firm’s culture, context and strategy:
you could try these out 1. Embedding a social purpose: Re-emphasising a firm’s social mission in the corporate culture by redefining the aims and objectives of the business and incorporating its purpose with innovation and social problem solving. Examples include, Nestle redefining itself as a health company and Toyota as a low-emissions mobility company.
find out here now 2. Defining the Social Need: Looking for underlying causes of social problems as the relate the activities of the business. Defining scale into business models and realising that businesses can be innovators for social problems. A recent example includes, Intel training up to 10 million teachers in the use of technology – turning education into a profitable business for the company in the long term.
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