Social Innovation: A Guide to Achieving Corporate and Societal Value is a report published by the World Economic Forum, in order to shed light on aspects referring to social innovation challenges, goals and strategies. It focuses on opportunities for companies to engage in social innovation.
According to World Economic Forum, social innovation could be defined as “the application of innovative, practical, sustainable, market-based approaches to benefit society in general, and low-income or underserved populations in particular‘. Social innovation is related to businesses through various channels, aiming to restore trust in business, adapt to resource scarcity and environmental concerns, attract and retain talent, change performance metrics and search for growth and inclusion at scale.
As illustrated in the report, a number of companies have explored and implemented strategies driven by social innovation challenges. These strategies include methods referring to future market building, investment in talent, supply chain strengthening and finance leverage.
In order to implement social innovation strategies within business environment, someone has to “identify’ first an opportunity, based on which the “design’ of the appropriate structures will take place. Finally, a “learning’ process could reveal and unlock possible “scale’ opportunities of the implemented strategies that could be achieved in the future.
It is society that gives us the right to be active, our license to operate. 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.
Read the full report here.