Social Innovation Model - MIT ID Innovation
                     How To Use Social 
Innovation Model in 
Business
MITID Innovation
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.
How is Social Innovation 
Related To A Business
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. 
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. 
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.
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.
How To Integrate The Social 
Innovation Model With Your 
Business?
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:
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. 
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.
Identify How Innovation Can 
Create Business Value For Your 
Organization
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. 
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. 
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.
Conclusion
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.
We’d love to 
hear
from you.
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