Accelerating Impact Through Social Enterprise partnerships
By joining forces with social enterprises, corporations can weave social innovation into their core strategies to remain competitive and enable a sustainable and equitable future.
Leaders are recognizing the importance of considering the broader societal impact of their business, for both the good of the world and the good of their businesses. Increasingly, companies have embraced this call to action, setting forth tangible objectives encompassing sustainability, climate, equity, and inclusion commitments.
Developed as a collaboration between the World Economic Forum and Deloitte, the report: The Corporate Social Innovation Compass, reveals a rich ecosystem of social innovators with extensive experience working at the intersection of profitability and social impact. Through more than 40 interviews, research engagements and consultations, it showcases how social enterprises offer an opportunity for companies to participate at all stages of their social impact journey. By collaborating with these mission-driven organizations, companies have experienced a wide array of business benefits.
The report introduces the Corporate Social Innovation Compass, which connects the most common engagement mechanisms with these benefits and transformation potential. Notably, the findings of this report are the basis of a panel discussion at Davos 2024, where Anna Marks, Deloitte Chair of Deloitte Global Board of Directors, elaborated on the exciting future of social enterprise partnerships.
See the 1/12/24 WEF article for additional information on this topic at Davos.
The business case for engaging social enterprises
C-Suite and Business Leaders should consider the practical advantages of collaborating with social enterprises, including these partnerships’ ability to:
- Accelerate Innovation: Social enterprises can bolster companies’ innovative approaches while maintaining profitability in competitive niches.
- Expand into New Markets: Social entrepreneurs can assist companies with accessing difficult-to-reach markets, due to their extensive knowledge, innovative business models and local networks.
- Generate Financial and Social Returns: Companies are increasingly aligning their business and financial goals with their social impact ambitions, a combination that partnership with social enterprises can strengthen.
- Achieve Social Impact Goals and Improve Brand Perception: By publicly demonstrating commitments to the missions of social enterprises, companies can attract a growing base of conscientious consumers and investors.
- Attract, Develop, and Retain Talent: Collaborating with social enterprises can help employers boost their recruiting brand and provide employees with valuable development opportunities.
