Social innovation: An imperative for brands to address systemic social issues

Abstract

Social innovation is a sustainable and profitable way for businesses to address systemic challenges or needs in ways that benefit society. In a fast changing and complex competitive environment, businesses that aim to be ‘better for’ society, and not simply ‘better than’ competitors, will hold enduring, long-term advantage. Lessons from developing markets across the African continent suggest that the concept of ‘shared value’ is no longer a choice, but a necessity for business success and social progress.