As we approach the final months of 2023, I’ve been reflecting on all that has changed since the early days of Covid-19. Most people and organizations have turned the page on the pandemic era, but the seismic shifts in business and in life that were a result are here to stay. One trend that was gaining momentum before the pandemic, and has certainly picked up steam since is the role of social innovation as a core value and operating imperative.
Today businesses, nonprofits, and governments are grappling with the 3 Rs – Resilience, Relevance and Revenue. In a world of rapid change, complex global challenges, and constant uncertainty, organizations must answer the questions of how do we build resilience, how do we stay relevant, and how do we grow revenue? I believe social innovation is the key.
Building Resilience
Today, resilience is more than the ability to adjust to or recover from challenges, it is about bouncing forward stronger and more adaptable. Organizations that incorporate social innovation as a core practice, take broader social and environmental challenges into account as they develop new products and services, and design internal systems and processes. Take Intel for example. The company launched the Women In Science STEAM Camps that provide middle-school girls with hands-on technology experiences. Over the long-term, these programs are helping to develop a pipeline of diverse talent that position the company to respond nimbly to the needs of tomorrow’s tech jobs.
Staying Relevant
Social impact and sustainability matter to the consumer, and impact continues to influence purchasing decisions. PWC’s most recent Consumer Insights Survey reveals that 8 out of 10 consumers will pay more for a sustainable product. Organizations can cement their relevance by strategically identifying and responding to social needs through their products and services. Adidas has partnered with Parley for the Oceans, a global environmental nonprofit, to intercept and retrieve ocean plastic and convert it into high-performance materials for shoes. With their Primeblue yarn, they are creating products that address a critical environmental challenge, while responding to the types of products consumers want to buy.
Growing Revenue
Applying social innovation methods to your strategy allows organizations to identify untapped markets or develop niche markets that help solve a social challenge while also leading to new revenue. Through Start Path In Solidarity, Mastercard is investing in underrepresented founders in fintech to help close the racial wealth and opportunity gap. At the same time, Mastercard is gaining access to commercial engagements that can grow revenue streams, diversify their business, and secure new customers.
Creative strategies to address and manage resilience, relevance and revenue have never been more important. By incorporating social innovation practices into core operations, organizations improve their chances for long-term success.