At the same time Deloitte's recent surveys show that Millennials want to work for organizations with purpose that innovate and have a positive impact on the world and society.
As the importance of sustainability and social impact becomes more mainstream it is exciting to see more corporations integrating social impact into their core business, moving from a more traditional corporate social responsibility (CSR) approach to a shared value and integrated strategy. More importantly there is a growing search for sustainable business models and an awareness that solving social or environmental problems can also be good for business and that you can "do well by doing good".
This is taking many different forms, amongst them setting up corporate foundations or social impact funds, creating innovative sustainable products and services or developing inclusive business models to incorporate low-income communities into a company’s value chain. There are some good examples of MNC's in Singapore who have developed ambitious social impact and social innovation strategies including Danone, MaRS, Interface, Essilor.
One thing we know and other companies share is that partnerships are key as is collaboration to success. The Hub's Impact Labs and our bespoke programs are a means of enabling these key partnerships to happen and accelerating the efforts companies have already taken or assist them to drive new ones.
The Hub has recently launched The Impact Labs to support more corporates to make purpose-driven profits, by ideating and collaborating with innovators, entrepreneurs, startups and thought leaders. The Impact Labs are full day immersive labs to share best practices, seed collaborations, generate ideas and address opportunities. They employ Deloitte Greenhouse methodology, specialist facilitators and design thinking experts using immersive methods and exercises to drive co-creation, conversations and alignment for action.
The Hub draws on our 500 strong community and wider networks to bring together the right mix of experienced social entrepreneurs, sustainability researchers, impact investors, mentors, social innovation agencies, funders’ networks, consultants or media producer - focusing on sustainability. At the end of the day company leaders or teams walk away with a collaboratively formulated tactical action plan for moving forward and potential partners to help drive the plans.
Get in touch with the Hub if your company is committed to sustainability and social impact and would like to incubate, innovate, communicate or accelerate your ideas, efforts and nurture your company’s leaders and intrapreneurs to achieve greater purpose, impact and profit.
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