The Social Innovation Benefits to the Business Bottom Line

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The Social Innovation Benefits to the Business Bottom Line

by Joseph Agoada, Communications Advisor, InSTEDD
Image Credit: Institute for Money, Technology and Finance
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#SocialInnovation Benefits to the Business Bottom Line via @HuffPostImpact @CiscoCSR @InSTEDD #CSR


InSTEDD is a partner of Cisco CSR. Cisco sponsors The Huffington Post's ImpactX section.

Tuesday, October 6, 2015 - 3:45pm

How do highly recognizable multinational brands and corporations contribute to social good? Historically, their impact on issues such as poverty, disease and environment has come through charitable giving of special corporate social responsibility units (CSR) or separate foundations. What if instead the bottom line profit and longevity of the company was enhanced by social impact investment? How would this change the mindset of business leaders and alter the types of partnerships they would set-up with nonprofits and social impact organizations?

It is often said that necessity is the mother of innovation, and it is no surprise that in the remote and under resourced areas of the world we find some of the most creative problem solving ideas and solutions. Over the past decade, advances in technology have given humanitarians, nonprofits and others operating in these communities new ways to fulfill their missions of impact. Capitalizing on technology and other advancements these actors create social innovation, which Stanford University defines as "a novel solution to a social problem that is more effective, efficient, sustainable, or just than current solutions...the value created accrues primarily to society rather than to private individuals".

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Keywords: Social Innovation & Entrepreneurship | Business & Trade | Corporate Social Responsibility | Joseph Agoada | Technology | cisco csr | impactx | instedd