Discovering better ways to solve social problems

New from FSG in Harvard Business Review: Innovating for Shared Value

FSG studied more than 30 companies that innovate for shared value and deliver vast social benefits and business value. Our findings, featured in Innovating for Shared Value in Harvard Business Review, show that companies consistently rely on the same five mutually reinforcing ingredients:

  • Purpose: re-stating their corporate purpose around meeting societal needs
  • Defined need: focusing efforts on a clearly defined need; well-defined and well-researched
  • Measurement: measuring value creation for both business and society
  • Co-creation: bringing in partners at different phases in deliberate and mutually beneficial ways
  • Innovation structure: being intentional about where in their organizations to house and nurture social innovation
A deficiency in any one of these ingredients stops corporate social innovation in its tracks, but you can learn how companies such as HP, Dow, BD, Intel, Mars and others have managed to bring social innovation into their businesses and have profited as a result.

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