|Develop products previously unimagined, reach audiences never touched before and surpass your less innovative peers with lighting speed—all through corporate social innovation (CSI). Many of you may be wondering “Exactly what is corporate social innovation?” In a nutshell, it’s when companies find innovative solutions to complex social and environmental problems … or, put more simply, it’s about converting challenges into opportunities.There are many reasons corporations are shifting their business models to focus on social responsibility. The benefits reach further than just making the world a better place. These businesses are seeing improved operational efficiencies, greater profits, an increase in innovation and enhancements to reputation and credibility. If you’re looking to incorporate a social innovation strategy into your business model, you may want to keep reading for some tips on making it successful.|
Five steps to success with social innovation
According to experts on the subject, there are five key ingredients that are necessary to achieve success with social innovation:
For more information on social innovation and how to successfully incorporate it into your company’s business model, check out our Blue Papers®.
Pickus, Katherine. “The Critical Role Of Leadership In Driving Social Innovation.” Forbes. Forbes Magazine, 27 Dec. 2013. Web. Retrieved 03 Mar. 2014.
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Pfitzer, Marc and Bockstette, Valerie. “Five keys to corporate social innovation.” Theguardian.com. Guardian News and Media, 29 Aug. 2013. Web. 17 Mar. 2014.