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[Jennifer vuhuong]Social innovation^The case of MyBnk^24032014
- 1. Logo Topic: Social innovation Presenter: JENNIFER VU HUONG Huongvuvu.hut@gmail.com Subject: Product Organization – Trends in innovation Course: BITM MyBank
- 2. – Topic – Justify the choice – Who is MyBnk? – History – Canvas business model of MyBnk – Social Enterprise – Social Innovation – MyBnk’s strategies Contents 1 2 3 MyBnk-Jennifer 4
- 3. – Topic – Verify the choice – Who is MyBnk? – History – Canvas business model of MyBnk – Social Enterprise – Social Innovation – MyBnk’s strategies Contents 1
- 4. Introduction – Justify the choice MyBnk-Jennifer
- 5. Introduction – Justify the choice Old Skool Café San Patrignano Solar Sister Food Cycle Gives women access to employment Results from Internet Pizzeria and home design to horse shows and graphic arts Food, music and service
- 6. Introduction – Justify the choice Old Skool Café San Patrignano Solar Sister Food Cycle MyBnk-Jennifer
- 7. Introduction – Justify the choice MyBnk-Jennifer
- 8. – Who is MyBnk? – History – Canvas business model of MyBnk Contents 2
- 9. Company overview – who is MyBnk? MyBnk is a social enterprise that aims to build young people's knowledge, skills and confidence to manage their money effectively and be more entrepreneurial http://mybnk.org/ MyBnk-Jennifer
- 10. Company overview – who is MyBnk? MyBnk are a social enterprise that aims to build young people's knowledge, skills and confidence to manage their money effectively and be more entrepreneurial http://mybnk.org/ To build young people´s knowledge, skills and conidence to manage their money and make enterprising choices throughout their lives Sector – 85 education Size- small Location – the UK
- 11. Company overview - history The first thing I did was write a letter to ten people I knew, or didn’t know but who I wanted to be involved because I thought they could help,” she says. “I wrote and told them I had this crazy idea, and it’s going to help young people deal with money and be enterprising, and did they want to be involved? And they all wrote back and said yes MyBnk-Jennifer
- 12. Company overview - history Lily Lapenna MyBnk-Jennifer
- 13. The Business Model Canvas MyBnk Design by: Jennifer 24032014 KEY PARTNERS Secondary schools, Academies, Further Education, Colleges, Pupil Referral Units, Youth organisations Funders KEY ACTIVITIES Financial Education Programmes Enterprise Education Programmes VALUE PROPOSITIONS Always learning and adapting to stay incredible Being driven and relentless in the pursuit of our mission CUSTOMER RELATIONSHIPS Young people is the heart CUSTOMER SEGMENTS Young people 11-25 year olds in schools and youth organisations CHANNELS National and international branches Website Community Social network KEY RESOURCES The team Programmes Funders COST STRUCTURE Educational activities Governance cost REVENUE STREAMS Voluntary income Activities for generating funds Investment income Educational activities MyBnk-Jennifer
- 14. KEY ACTIVITIES Financial Education Programmes Enterprise Education Programmes MyBnk-Jennifer
- 15. The Business Model Canvas MyBnk Design by: Jennifer 24032014 KEY PARTNERS Secondary schools, Academies, Further Education, Colleges, Pupil Referral Units, Youth organisations Funders KEY ACTIVITIES Financial Education Programmes Enterprise Education Programmes VALUE PROPOSITIONS Always learning and adapting to stay incredible Being driven and relentless in the pursuit of our mission CUSTOMER RELATIONSHIPS Young people is the heart CUSTOMER SEGMENTS Young people 11-25 year olds in schools and youth organisations CHANNELS National and international branches Website Community Social network KEY RESOURCES The team Programmes Funders COST STRUCTURE Educational activities Governance cost REVENUE STREAMS Voluntary income Activities for generating funds Investment income Educational activities MyBnk-Jennifer
- 16. Channels MyBnk-Jennifer
- 17. Channels MyBnk-Jennifer
- 18. The Business Model Canvas MyBnk Design by: Jennifer 24032014 KEY PARTNERS Secondary schools, Academies, Further Education, Colleges, Pupil Referral Units, Youth organisations Funders KEY ACTIVITIES Financial Education Programmes Enterprise Education Programmes VALUE PROPOSITIONS Always learning and adapting to stay incredible Being driven and relentless in the pursuit of our mission CUSTOMER RELATIONSHIPS Young people is the heart CUSTOMER SEGMENTS Young people 11-25 year olds in schools and youth organisations CHANNELS National and international branches Website Community Social network KEY RESOURCES The team Programmes Funders COST STRUCTURE Educational activities Governance cost REVENUE STREAMS Voluntary income Activities for generating funds Investment income Educational activities MyBnk-Jennifer
- 19. Key value Keep us doing what we do Always learning and adapting to stay incredible Being transparent, independent and knowledgeable Allowing young people to make the right decisions for themselves Pursuit of our mission MyBnk-Jennifer
- 20. The Business Model Canvas MyBnk Design by: Jennifer 24032014 KEY PARTNERS Secondary schools, Academies, Further Education, Colleges, Pupil Referral Units, Youth organisations Funders KEY ACTIVITIES Financial Education Programmes Enterprise Education Programmes VALUE PROPOSITIONS Always learning and adapting to stay incredible Being driven and relentless in the pursuit of our mission CUSTOMER RELATIONSHIPS Young people is the heart CUSTOMER Young people 11-25 year olds in schools and youth organisations CHANNELS National and international branches Website Community Social network KEY RESOURCES The team Programmes Funders COST STRUCTURE Educational activities Governance cost REVENUE STREAMS Voluntary income Activities for generating funds Investment income Educational activities MyBnk-Jennifer
- 21. Revenue streams MyBnk-Jennifer
- 22. – Social Enterprise – Social Innovation – MyBnk’s strategies Contents 3
- 23. MyBnk and Social Innovation Communication from the European Commission , 2011/682 final MyBnk-Jennifer
- 24. Social innovation Innovation is the multi-stage process whereby organizations transform ideas into new/improved products, service or processes, in order to advance, compete and differentiate themselves successfully in their marketplace Baregheh A, Rowley J and Sambrook S.(2009) “Towards a multidisciplinary definition of innovation”, Management decision, vol. 47, no. 8, pp. 1323‐1339 A Social innovation is a complex process of introducing new products, processes or programs that profoundly change the basic routines, resource and authority flows, or beliefs of the social system in which the innovation occurs. Such successful social innovations have durability and broad impact (FRANCES WESTLEY, PhD, The Innovation Journal: The Public Sector Innovation Journal, Vol. 15(2), 2010, article 2) Social innovations are new ideas (products, services and models) that simultaneously meet social needs (more effectively than alternatives) and create new social relationships or collaborations (Book of Social Innovation, Murray, Calulier-Grice and Mulgan, March 2010, Communication from the European Commission) MyBnk-Jennifer
- 25. Social innovation MyBnk-Jennifer
- 26. Social Entrepreneurship, Social enterprise, Social Innovation Interorganizational Organizational Interpersonal Individual Social innovation Social enterprise Social entrepreneuship Inputs Enterprise Outputs Social needs Social impacts System MyBnk-Jennifer
- 27. Mybnk is a Social Enterprise? Need for Financial Education Financial skills for young people Sources: Barnardo’s, YouGov, Centre for Social Justice and Bradley Report MyBnk-Jennifer
- 28. Mybnk is a Social Enterprise? Need for Financial Education Financial skills for young people Need for Enterprise Education Financial knowledge to compete in the job market Sources: ONS, RBS Youth Enterprise Tracker and International Labour Org MyBnk-Jennifer
- 29. Mybnk is a Social Enterprise? To build young people´s knowledge, skills and conidence to manage their money and make enterprising choices throughout their lives Main objective is to have a social impact Managing Money Enterprise 90% 90% can prioritise their needs and wants 18,880 young people 903 MyBnk financial education programmes 90% 90% feel confident in making money decisions MyBnk-Jennifer
- 30. Mybnk is a Social Enterprise? To build young people´s knowledge, skills and conidence to manage their money and make enterprising choices throughout their lives Main objective is to have a social impact Managing Money Enterprise 96% 96% Understand what a social enterprise is 83% 83% would like to set up their own business in the future 48 programmes 1141 people MyBnk-Jennifer
- 31. Independent Assessment Based on 441 survey responses MyBnk-Jennifer
- 32. Socially innovative approach? Development of new products and services Entry into previously untapped markets Socially innovative approach A B Attraction and engagement of employees and future talent D Differentiation from competitors C Benefits MyBnk-Jennifer
- 33. Strategies leads to social innovation Social innovation Higher impact on society Cooperate with pioneering social entrepreneurs Build networks within and outside the company Secure dedicated spaces to facilitate social innovation MyBnk-Jennifer
- 34. Strategies leads to social innovation Social innovation Higher impact on society Cooperate with pioneering social entrepreneurs MyBnk-Jennifer ING Direct said Mybank share the culture of wanting to contribute to society and achieve innovation
- 35. Strategies leads to social innovation Social innovation Higher impact on society Build networks within and outside the company MyBnk-Jennifer Dedicate to support local organizations: work with major social organizations Ex: Work with Save and Children to provide consultancy services
- 36. Key resources Deputy CEO Education Director Education Officers Money Advice Service Officer Education Project Manager Training and Quality Manager Partnership Manager 28 members Founder & CEO Expert trainers are experienced teachers and youth workers who are able to build rapport with young people and respond to their changing needs Youth Advisory Panel Patrons & Trustees MyBnk-Jennifer
- 37. Key partners Secondary schools Youth organisations Academies Further Education Colleges Pupil Referral Units Ex: 2012/2013: 251 host organisations across UK MyBnk-Jennifer
- 38. Funders MyBnk-Jennifer
- 39. Contents 4
- 40. Conclusion Mybnk – lessons learned My opinions: All ages? Distance learning? MyBnk-Jennifer
- 41. Conclusion MyBnk-Jennifer “I’m encouraging young people to become social business entrepreneurs and contribute to the world, rather than just making money. Making money is no fun. Contributing to and changing the world is a lot more fun.” -Muhammad Yunus
- 42. Reference Lecture of Prof. Josep Llach MyBnk website Social Innovation in Business Japan-UK Learning Journey 2012 MyBnk-Jennifer
- 43. MyBnk-Jennifer
