Social innovation & MBA - A Positive Social Impact In Business

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Social Innovation and MBA – Making A Positive Social impact in Business

23 Nov 2021
- admin
“We rise by lifting others.”
―Robert G. Ingersoll

Creating Economic Value

The concept of economic value is undergoing a change as the business world has started to realise the value of making a social impact. Social Impact is now no longer a niche practice and needs to be ingrained into business ethos, end to end. The corporate world is now trying to create economic value and leave a positive social footprint at the same time.

The millennial generation is also coming to terms with the fact that making a social impact is now an integral part of business. This generation now looks to fulfill more than just the emoluments.

As businesses try to create economic value and contribute to society, MBA courses are increasingly focused on sustainability and social impact. With more people becoming aware of the role business plays in societal development, there is a desire among many of today’s graduates to find a career that will have a genuine social and environmental impact.

Late Pamela Hartigan, former director of the Skoll Centre for Social Entrepreneurship observed that “Unlike older generations, they (graduates) don’t want to wait until they’re 50 to give back. They want to start now. They want to do away with that traditional fragmentation that has separated where we make money and where we do good.”

Businesses now operate with an ethos that is socially conscious and still realize their goals of long-term profitability and growth.

What Is Social Innovation

“Social innovation is the process of developing and deploying effective solutions to challenge systemic social and environmental issues in support of social progress.

~ Sarah A. Soule, Neil Malhotra, Bernadette Clavier

Thus, Social innovation in a broad sense would include new products/ services, or new social practices with the objective of meeting new or previously neglected needs and wants of the society.

In an inequitable but interconnected and interdependent world, societal problems tend to transcend borders. The disparity amongst countries in economic progress, financial stability, hunger, war/ strife and disease have a way to affect beyond borders. Hence, it becomes important to address them and develop innovative solutions that act as a positive for society. And, herein lies the opportunity for business. While more than 80% of economic growth is derived through innovative approaches and new knowledge areas, the underlying approach has to be inclusive rather than exclusive to society needs.

The social innovation process is derived through an amalgam of interpersonal relations, morality, and creativity that looks to move away from routine to the path-breaking. Social innovators tend to think of innovative ideas and create pathways that are constructed socially. The intended outcome is tackling social issues, and in that sense, value creation is an outcome of social innovation.

Management Education with A Difference – Driving Value Through Social Innovation

Organizations and leaders are increasingly looking at making an impact on society. Management practitioners are also increasingly looking to integrate their core business knowledge with social entrepreneurship. For a process, product or service to be considered social innovation in business, the new process should bring something new to the user and should create social value.

An example of this approach is brought out through an innovative initiative by Novartis, a global pharmaceutical company. This health initiative, “Arogya Parivar” looks to create equitable access to people living below the poverty line in India. This innovation uses a combination of health education and providing a set of affordable medicines targeted towards this segment. Long term success is ensured through education and capacity building measures for marginalized communities.

Some of the ways social impact and innovation can help the managers to bridge the gap between society and profit are –
- Creation of inspirational messages that align with the core business activities of the organization.
- Innovation that is bred through partnerships/ co-creation.
- Ingrain sustainability / social outlook in the core business or its ancillary activities.
- Have an inclusive approach where management, employees, customers and civil society participate in the process.
- The business itself should be ready to commit capital and infrastructure to the process.
The long-term benefits of social innovation create an impact by”
- Helping management in internal transformation of organizations.
- Governments can also synergize public and private worlds through societal change.
- Help managers / entrepreneurs to look at social ventures and leverage business for the benefit of society.
- Create skilled advocates for social and environmental issues.
B schools, through their MBA courses, are looking at social innovation as part of the curriculum. As evolved students opt for MBA courses that cater to social impact, the time is ripe for building a human centric approach to business, one that breeds innovation and prepares new age managers to look at business with a different perspective.

Social impact through innovation is a key element of the new age MBA experience. As students look at the future, they look at a responsible economy, impartial society and sustainable future. MBAs are looking at social impact and social entrepreneurship driven by the innovation in an effort to create real change and challenging status-quo.

MBA courses with the social impact pathway are designed for students who want to create positive social change in their careers. The pedagogy is designed to teach the student to define social value; creation and implementation of strategies to effect change; social change through business, government and not for profit; and to anticipate and mitigate conflicts at all levels.

An important part of the MBA experience is that they recognise that social change may come through diverse professional tracks. Focus on core business skills is, thus, also an integral part of the MBA.

Developing Managers Who Are Socially Responsible

SOIL Institute of Management, through its unique PGPM programs looks to impart social responsibility in its students. The PGPM offered by SOIL has the Social Innovation Programme as an integral part of its curriculum. The students are led to engage with issues that can contribute to society. These change agents imbibe a host of traits like Empathy, Compassion, Mindfulness and develop a human centric approach to business.

SOIL’s academic curriculum enables the most transformative Leadership experience wherein the students get an opportunity to explore and discover their true potential and become leaders who desire to change the world for the greater good.

SOIL Institute of Management’s one year MBA course – PGPM training will equip students with the skills to become the best leaders in the new Emerging India.

The final take

There is no single recipe for integrating purpose into your MBA. However, the impact one can make in the world is a good starting point. Besides, it is clear that stakeholders are increasingly demanding that businesses take social concerns seriously and integrate them into their business models. Managers that are able to successfully reorient around purpose stand to attract higher recognition, longevity thereby giving them greater satisfaction and a fruitful career. Take a jump, look at SOIL one year MBA – PGPM, one of the best MBA courses in demand that provides an insight into what is required for impact through social change.

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