Corporate social innovation is the logical progression of the concept of social responsibility that corporations are expected t uphold as part of their values. Increasingly consumers are asking questions about the products they use and asking questions about whether inputs are sourced fairly and whether the business is sustainable.
The following are some requirements to be met when designing business projects aimed at generating shared value for a sustainable source of competitive advantage:
• Strong commitment from the senior management
• A clearly defined purpose
• Identification of the needs and pressure points (social and emotional) of all stakeholders who play a role in creating or delivering the product
• Involve external interest groups, social entrepreneurs and employees in the creation process
• Approach the project in an agile way by starting with small projects and progressively scaling what is successful
• Measure the created shared value to identify criteria of success