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Social Innovation

  • Why social innovation matters to business
  • What are the business opportunities in pursuing social innovation?
  • How to get started: A framework for implementation
  • Download as PDF
  • Contributors
Social Innovation
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Social Innovation
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  • Report Home
  • Why social innovation matters to business
  • What are the business opportunities in pursuing social innovation?
  • How to get started: A framework for implementation
  • Download as PDF
  • Contributors
  • Report Home
  • Why social innovation matters to business
  • What are the business opportunities in pursuing social innovation?
  • How to get started: A framework for implementation
  • Download as PDF
  • Contributors
  • Show All
  • Business and Social Innovation
  • Implementation
  • Opportunities

Preface

About this report

As a central effort in the Global Challenge Initiative on Economic Growth and Social Inclusion, this is a “how to guide” for companies to create social and business value. Drawn from a series of workshops and interviews with more than 35 executives from leading companies, and guided by the Forum’s Global Agenda Council on Social Innovation, this guide offers an action framework for companies to embed social innovation within their businesses.

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Why social innovation matters to business

“A business leader has to think about how to solve the societal challenges of today, because if we don’t solve them, we will not have a business” said Peter Brabeck-Letmathe, Chairman of Nestle speaking on why social innovation is relevant to business. Social innovation strategies and business models offer companies opportunities to redefine their role in society, restore trust in their business, attract and retain millennial talent and ensure business growth and long term competitiveness.

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What are the business opportunities in pursuing social innovation?

The 10 case studies illustrate a range of social innovation opportunities and business benefits grouped into four clusters: 1) Build future markets 2) Strengthen supply chains 3) Invest in talent 4) Leverage finance. Each cluster offers a starting point for companies to look for social innovation opportunities most relevant to them. Specific opportunities will be driven by multiple factors including a company’s operating environment, geographic footprint, product portfolio, supplier base and raw material dependencies, and talent models.

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  • Opportunities

BD (Becton, Dickinson and Company)

Design new products and services

  • Opportunities

Allianz

Serve new geographies or customers

  • Opportunities

Novo Nordisk 

Expand sales and distribution

  • Opportunities

Jollibee Foods Corporation

Ensure stable supply and price of raw materials

  • Opportunities

Nestlé

Increase product quality and price premiums

  • Opportunities

C&A

Enhance customer engagement

  • Opportunities

SAP

Explore new sources of talent

  • Opportunities

Intercorp

Build tomorrow’s workforce

  • Opportunities

Telefónica

Gain market insights and brand recognition

  • Opportunities

Morgan Stanley

Generate financial returns

How to get started: A framework for implementation

Making social innovation work inside a company is not easy. Where do you start? How do you identify a specific opportunity and design a business model around it? How do you build capacity from the ground up, test approaches, measure outcomes and refine models? How can you get initiatives to scale?

The 12 case studies offer insights on how companies can pursue social innovation opportunities through steps that are analogous to any business development process – identify, design, learn, scale and partner.

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  • Implementation

MasterCard

Mobilize teams around a leadership vision

  • Implementation

Centrica

Co-create with your future leaders

  • Implementation

SAB Miller

Empower the front lines

  • Implementation

Philips

Focus on the real problem being solved

  • Implementation

Barclays

Offer patient funding and incubation support

  • Implementation

Royal DSM

Engage a cross-functional change management team

  • Implementation

Marks and Spencer

Embrace experimentation

  • Implementation

RB

Create robust learning loops

  • Implementation

Pearson

Define and measure performance

  • Implementation

Cisco

Leverage technology for growth

  • Implementation

Novartis

Create a centre of excellence to support growth

  • Implementation

ITC

Find new opportunities to create business value

Partner

Telenor, Veolia, Merck, Osram, Coles and Anglo American.

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Contributors

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