Social Innovation Model - MIT ID Innovation

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How To Use Social Innovation Model in
Business MITID Innovation
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Social Innovation has been the talk of the town
recently, so much so that The World Economic
Forum's global has an advisory body for it. The
Global Agenda Council, comprising practitioners
and thought leaders, has defined a social
innovation model as the application of
sustainable, market-based, and innovative
approaches to help society in general and
low-income sections of the population in
particular.
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How is Social Innovation Related To A Business
In the current scenario, the social innovation
model can prove to be quite effective for every
business here are a few advantages of adopting
it Allows the business to restore
trust According to reports, several businesses
are facing a decline in trust levels.
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A business contributing to the growth of society
will earn the trust of its stakeholders (both
internal and external). Reacting to scarcity of
resources and sustainability concerns With
growing environmental concerns and the pressure
exerted by various NGOs, companies need to focus
on assessing the environmental and societal
footprint of their activities.
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They need to adopt responsible strategies and
ensure the growth of their key stakeholders,
including local communities and small
producers. Modifying the performance
metrics Several investors and brand leaders have
introduced social and environmental factors into
the performance evaluation schemes.
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An opportunity for growth With the high poverty
levels worldwide, there is a visible gap in the
income levels. After the launch of SDGs
(Sustainable Development Goals), the
organizations can turn the growing unemployment
and poor healthcare conditions into a business
opportunity.
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How To Integrate The Social Innovation Model With
Your Business?
Maintaining a delicate balance between your
financial and social goals is a critical step.
Thus, you need to ensure seamless integration of
the business model with the innovation
strategies here are some steps you can execute
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Ensure everyone's involvement As a business
leader, you can try to push innovation strategies
and develop business cases to make sure everyone
in your team is excited about the
implementation. Build strategic
partnerships Several big brands like Walmart and
Google have established strong social
partnerships to achieve various goals.
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Though a company might offer a lot in terms of
infrastructure and capital, it can also gain a
lot from the partnerships. Thus, it is integral
to clarify the responsibilities of each
partner. Foster a culture of innovation An
integral part is to enable a culture of
organization within the company. You should
strive to build an environment that promotes and
encourages an innovation culture within the teams.
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Identify How Innovation Can Create Business Value
For Your Organization
You can also reap benefits from implementing a
social innovation model. As an organization, you
can look to identify opportunities to increase
your profits and reduce your costs. Additionally,
you can look at it as an opportunity to
strengthen the supply chains and find new sources
of revenue.
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Several companies use it as a tool to mitigate
risks that might arise in the future. For
example, experts predicted the shortage of cocoa
in 2020 because of which companies depending on
cocoa started working with NGOs to help out the
farmers. People across the world have started
giving social innovation its due importance.
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In the words of Peter Brabeck-Letmathe, the
chairman of the board for Nestle, it is the
society that has allowed them to operate. A
business leader should devise methods to solve
the current societal challenges. Without the
above approach, a business can not be
sustainable. MIT ID Innovation is one of the best
platforms to take such courses and develop an
innovative mindset. Navigate to the website to
know more about the courses.
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Courses in Innovation.
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