Creating shared value—pursuing financial success in a way that also yields societal benefits—has become an imperative for corporations. But companies operate within an ecosystem of societal conditions that can block shared value strategies. Collective impact provides the framework businesses need to foster and participate in multisector coalitions that can advance shared value efforts.
- The collective impact approach has resulted in successful collaborations in the social sector; it can also guide corporations to catalyze change in their ecosystems.
- Companies that turn to collective impact will not only advance social progress but also find opportunities for economic success that their competitors miss.
- Governments, NGOs, corporations, and community members all have essential roles to play.