Corporate leaders have awakened to the fact that social problems present both daunting constraints to their operations and vast opportunities for growth. But many are struggling to implement the shared value concept. To assist them, we have studied more than 30 companies that, like Dow, innovate to create scalable models for delivering social benefits and business value. We have found that these companies consistently rely on five mutually reinforcing elements, whose optimal form and balance depend on a firm’s culture, context, and strategy. These five elements are: Embedding a social purpose, Defining the social need, Measuring shared value, Creating the optimal innovation structure and Co-creating with external stakeholders.
Title: Innovating for shared value