License to innovate: Breakthrough strategies for social impact

Today forward-thinking companies are jumping at the opportunity to develop business solutions that supercharge growth and improve social outcomes, breaking the traditional trade-off between financial and social gain. While some global companies are satisfied with maintaining a “license to operate,” others view market-based solutions to global challenges as evidence of their “license to innovate.”

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For this research, Deloitte’s Social Impact practice collaborated with the World Business Council for Sustainable Development (WBCSD) to explore both the reasons behind this trend and strategies for how companies can bring innovative—and impactful—new offerings to market.

Understanding how to innovate for social impact

This report introduces the business case around “why” companies are pursuing strategies for growth through social impact, as well as five strategies for “how” they are working towards this ambitious goal.

Unsurprisingly, crafting offerings that deliver a new kind of value, in some cases to a new segment of consumers, is not without its challenges. We provide an honest look at both the advantages and disadvantages of each strategy, as well as considerations that companies should weigh in determining their overall readiness for taking action.

The perspectives shared by companies that are already pursuing these strategies, as well as themes that emerged across our research, help to guide companies in their choice of which strategy, or strategies, are the best fit for their business solution and organization.

The report can be downloaded here.

Website: www2.deloitte.com

 

 

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