Many corporations aspire to find innovative solutions to society’s problems. Motivated by a growing sense of social responsibility and profit potential, these companies view social and ecological problems as opportunities to develop new products, services, and markets. The problem is that most corporations fail to achieve innovations that have both business and societal payoffs.
What Holds Back Corporate Social Innovators
And how to support them.
June 20, 2019
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Summary.
Many corporations aspire to find innovative solutions to society’s problems. The problem is that most corporations fail to achieve innovations that have both business and societal payoffs. One reason for this is that corporate social innovators—the employees who drive the development of new products, services, and business models that combine profit and impact—face significant organizational challenges. Specifically, they face three distinct dilemmas: they must balance social and financial objectives, they face a double edged sword of legitimacy, and they lack a dedicated home. What can corporations do to help their social innovators? Setting clear targets, offering executive support, and creating room for experimentation would be a good start.