The Impact Debrief identifies companies creating shared value for society and business
According to an article published by BCG Perspectives, 43 percent of the top 10 most innovative companies have established incubators or accelerators. From retailers like Target to Sephora, the same enthusiasm for accelerating startups in the realm of travel, health, mobile, marketing and beyond is being applied to the world of social good.
As found in the Impact Debrief: How To Leverage Social Good To Drive Business Growth, a new report published by PSFK Labs, global organizations are pushing the boundaries of traditional investing to help mission-based entrepreneurs launch ideas that create shared value for society and business. The trend we have identified as Change Incubators encompasses the companies who are investing in social impact accelerators and the like, helping to identify new pathways for good business growth while giving them a competitive edge against competitors.
In one instance, big box retailer, Target, is on a mission to redesign how people grow, source and eat their food with its Food + Future coLAB initiative. As a multi-year collaborative project, the lab brings together curated groups of entrepreneurs and food professionals to discuss big ideas around the future of food, aimed at helping people understand exactly what they’re eating.
The aim is to maximize access to quality, healthy food and to increase transparency with respect to food ingredients and nutritional value.
“In a short period of time, we’ve already developed a pipeline of concepts ready for testing. We’re building disruptive technologies and—most important—we’re closer than ever to helping people know more about what’s in their food,” Greg Shewmaker, Founding Partner of Food + Future coLAB, said.
Teams at the lab are tasked with inspiring new initiatives for Target that are developed as prototypes and tested among consumers at a Boston store. Concepts tested include a new labeling system that places product ingredients at the front and center of packaging and a real-time nutrition system that lets people scan their produce and pay based on freshness.
By identifying a social problem that is relevant to the business and investing in innovative solutions has opened new pathways for growth, while also focusing on the impact on consumers. As Perry Yeatman, CEO of Perry Yeatman Global Partners said,“It is now acceptable not only to expect, but to demand an economic return from CSR investments.”
The Impact Debrief highlights 24 best-in-class examples of companies pushing the boundaries of social innovation, including Target, IKEA, Mastercard and Panasonic, including next steps for any company looking to innovate around their good business efforts.
PSFK’s Impact Debrief explores how companies are taking their corporate social responsibility initiatives to the next level. PSFK Labs spotlights innovation in the world of social good, offering insights into digital and organizational practices that will help any company elevate their impact and influence. Download the full report here and check back daily for exclusive content about the latest trends advancing corporate social innovation.