The social innovation model can prove to be quite effective for every business; here are a few advantages of adopting it. For more details, visit : https://mitidinnovation.com/recreation/how-to-use-social-innovation-model-in-business/

1. How To Use Social
Innovation Model in
Business
MITID Innovation

2. Social Innovation has been the talk of the
town recently, so much so that The World
Economic Forum's global has an advisory
body for it. The Global Agenda Council,
comprising practitioners and thought
leaders, has defined a social innovation
model as the application of sustainable,
market-based, and innovative approaches
to help society in general and low-income
sections of the population in particular.

3. In the current scenario, the social
innovation model can prove to be quite
effective for every business; here are a
few advantages of adopting it:
Allows the business to restore trust:
According to reports, several businesses
are facing a decline in trust levels.
How is Social Innovation
Related To A Business

4. A business contributing to the growth
of society will earn the trust of its
stakeholders (both internal and
external).
Reacting to scarcity of resources
and sustainability concerns:
With growing environmental concerns
and the pressure exerted by various
NGOs, companies need to focus on
assessing the environmental and
societal footprint of their activities.

5. They need to adopt responsible
strategies and ensure the growth of their
key stakeholders, including local
communities and small producers.
Modifying the performance metrics:
Several investors and brand leaders
have introduced social and
environmental factors into the
performance evaluation schemes.

6. An opportunity for growth:
With the high poverty levels worldwide,
there is a visible gap in the income levels.
After the launch of SDGs (Sustainable
Development Goals), the organizations
can turn the growing unemployment and
poor healthcare conditions into a
business opportunity.

7. Maintaining a delicate balance between
your financial and social goals is a critical
step. Thus, you need to ensure seamless
integration of the business model with the
innovation strategies; here are some steps
you can execute:
How To Integrate The Social
Innovation Model With Your
Business?

8. Ensure everyone's involvement:
As a business leader, you can try to push
innovation strategies and develop
business cases to make sure everyone in
your team is excited about the
implementation.
Build strategic partnerships:
Several big brands like Walmart and
Google have established strong social
partnerships to achieve various goals.

9. Though a company might offer a lot in terms
of infrastructure and capital, it can also gain
a lot from the partnerships. Thus, it is
integral to clarify the responsibilities of each
partner.
Foster a culture of innovation:
An integral part is to enable a culture of
organization within the company. You should
strive to build an environment that promotes
and encourages an innovation culture within
the teams.

10. You can also reap benefits from
implementing a social innovation model. As
an organization, you can look to identify
opportunities to increase your profits and
reduce your costs. Additionally, you can look
at it as an opportunity to strengthen the
supply chains and find new sources of
revenue.
Identify How Innovation Can Create
Business Value For Your
Organization

11. Several companies use it as a tool to
mitigate risks that might arise in the future.
For example, experts predicted the
shortage of cocoa in 2020 because of
which companies depending on cocoa
started working with NGOs to help out the
farmers.
People across the world have started
giving social innovation its due importance.

12. In the words of Peter Brabeck-Letmathe, the
chairman of the board for Nestle, it is the
society that has allowed them to operate. A
business leader should devise methods to
solve the current societal challenges.
Without the above approach, a business
can not be sustainable.
MIT ID Innovation is one of the best
platforms to take such courses and develop
an innovative mindset. Navigate to the
website to know more about the courses.

13. MIT ID Innovation Programme curates
knowledge and experiences that
challenge the very paradigm of evolution.
And that's why we have set out to define
the future of industries, communities,
cities and ecosystems. MIT ID Innovation
offers the best Courses in Innovation.
Conclusion

14. We’d love to
hear
from you.
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