Social Innovation, Inc 5 Strategies for Driving Business Growth Through Social Change

ISBN-10: 0470614501
ISBN-13: 9780470614501
Edition: 2010
Authors: Jason Saul
List price: $18.99 Buy it from $3.00
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Description: Social Innovation, Inc. explodes the concept of social responsibility and empowers companies to take back control of the social agenda. Issues like the environment, education, health care and international development are now huge areas of economic  More...

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Book details

List price: $18.99
Copyright year: 2010
Publisher: John Wiley & Sons, Limited
Publication date: 11/2/2010
Binding: Hardcover
Pages: 256
Size: 6.75" wide x 9.25" long x 1.25" tall
Weight: 0.968
Language: English

Social Innovation, Inc. explodes the concept of social responsibility and empowers companies to take back control of the social agenda. Issues like the environment, education, health care and international development are now huge areas of economic influence...and business opportunity. To seize this opportunity, companies must develop a new generation of social strategies. Instead of using the business to drive social change, companies are using social change to drive the business. Leading corporations like GE, Kraft, Amway and Wal-Mart are converting social strategies into corporate social innovations and revolutionizing the way we think about the role of business in society by asking: how do we turn social change into a business strategy?These days, it's ok not to be purely altruistic. Consumers purchase hybrid cars not to show solidarity for the environment, but primarily to protect their wallets. Donors can use websites like kiva.org to make micro-loans to poor entrepreneurs--and get their money back with interest. Even Wal-Mart, the world's largest retailer, didn't see a dime of return on hundreds of millions it has spent on philanthropy-until it implemented its $4 prescription drug program in 2006. Since its inception, the program has generated more than $2 billion in savings for Wal-Mart customers, particularly the uninsured and Medicare recipients. The business impact has been tremendous: the $4 drug program skyrocketed sales at Wal-Mart and Sam's Club pharmacies and attracted scores of new customers who, but for the $4 program, would not have walked into a Wal-Mart. What made Wal-Mart's program extraordinary is that it was designed as a business strategy. The initiative had a much greater impact on health care than any grant Wal-Mart could make, and more important, it was sustainable.To compete in this new economy, companies must find innovative ways to create economic value through positive social change. Social innovation is about making social change work for the business, not the other way around. Social innovations differ from traditional corporate philanthropy and social responsibility initiatives in four fundamental ways. Social innovations: 1) are primarily designed to produce business value; 2) leverage the machinery of the business to solve social problems; 3) are scalable and sustainable; and 4) often address market failures.

Introduction
The New Economics of Social Change
The Rise of the Social Capital Market
Responsibility Is Not a Strategy
Corporate Social Innovation
Five Strategies For Corporate Social Innovation
Strategy 1: Create Revenues Through Submarket Products and Services
Strategy 2: Enter New Markets Through Backdoor Channels
Strategy 3: Build Emotional Bonds with Customers
Strategy 4: Develop New Pipelines for Talent
Strategy 5: Influence Policy Through Reverse Lobbying
The Roadmap to Social Innovation
Creating a Culture of Social Innovation
The Formula for Social Innovation
Implications of the Social Capital Market
Notes
Acknowledgments
About the Author
Index

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