Successful enterprises of the future will demonstrate that they are able to generate profit by having a positive impact on society. The creation of shared value, shared economic and social value, is the lever for achieving this. Developing products and services that provide an answer to social challenges is the first step when it comes to social innovation. Companies can take this step by finding the essence of their business.
How does a business model create social value and impact?
Working together with suppliers, local stakeholders, the government and other partners is essential for creating shared value. An intensive form of cooperation is also called co-creation.
Shared value requires new skills from managers who need to have a good understanding of the requirements of society and a clear overview of the strengths of their own enterprise, so that they are able to combine both and attain a higher level of productivity.