Today, we took our first step forward in pursuing the next evolution of shared value, with the opening of our fifth Shared Value Summit in Sydney.

Our 30-strong Introduction to Shared Value Workshop kick-started the week, setting a tone for optimism and innovation as we consider Business on Purpose.

Attendees contributed to robust discussion around the competitive edge that comes with moving away from traditional business models, towards more self-resourcing structures which deliver on purpose and profit simultaneously.

Workshop facilitator and shared value expert, Hugh Foley, impressed: “The fundamental premise of shared value is competitive differentiation; by addressing an issue in a way that the rest of the market is not.

“It’s not operational effectiveness, where companies do the same thing as other businesses; but more efficiently –driving short-term financial benefit. Eventually, the value they get from this expires. It’s doing things differently, to establish a competitive advantage.”

It was the first time the SVP has had a Member of Parliament in attendance at this workshop. Federal MP for Paramatta, Julie Owens, praised the role that business is now playing in tackling society’s mounting issues.

“Business and community organisations are so far ahead of Government in so many areas,” she told SVP. “What you see with shared value is business really taking the lead to redefine the social contract. If it’s done well, it’s a win-win. And if big businesses don’t do it, there’s a huge gap [in social potential].”

By this evening, more than 200 of the Asia-Pacific’s shared value leaders and brightest minds will join us. This includes a range of impressive speakers and panellists; from Fortune Magazine “World’s Greatest Leader” and CEO of Unreasonable Group Daniel Epstein, Head of Social Innovation and Strategy at Novartis Michael Fuerst and Chair of Carnival Australia and UNICEF Australia Ann Sherry AO. Delivering the Summit keynote will be the co-creator of shared value, Harvard Business Professor Michael Porter; who joins our Australia-based Summit for the first time, live from Boston.

During the week, we will explore topics ranging from redefining business models, to purpose and leadership, and technology as a key enabler for business transformation. We will hear from our region’s most advanced shared value practitioners, including our Summit co-major sponsors, NAB and IAG.

Today concludes with a VIP welcome event this evening, to ease our way into in-depth discussions around accelerating shared value in the Asia-Pacific.

A reflective but pivotal time, the SVP is proud to mark five years of Business on Purpose in this part of the world, and we look forward to sharing the take-outs from the Summit’s key sessions here.