advertisement
advertisement

The Rise Of Shared Value

Used to be, companies simply gave money away. Now it’s all about creating social good and business returns with the same projects.

advertisement
advertisement
advertisement

Tayla Bosch is the senior director for social values at Western Union. The company–whose main business is sending money around the world–is also working on trying to create more financial literacy and economic opportunity in underserved populations.

advertisement

Bosch describes the path of social good in the business space from philanthropy (just giving money away) to cause marketing (aligning your company with a social issue) to corporate responsibility (changing the way a company operates internally). Now, she says, we’re in a stage of shared value, where companies seek to have social impact and business return simultaneously.

Bosch’s tips for aspiring social entrepreneurs:

  1. Strange bedfellows are key. Get outside your comfort zone. Meet with people who aren’t necessarily in your zone of expertise.
  2. Take risks and fail.
  3. Look for good partners, not just good ideas. That person might have other good ideas; investing in people is more important than investing in ideas.

This video is part of series of prominent social innovators, convened by PwC during the 2012 Social Innovation Summit discussing the evolution of social innovation and offering advice to social entrepreneurs. We’ll be featuring them here on Co.Exist.

advertisement
advertisement

Here’s a little preview of everyone who will be featured.

About the author

Morgan is a senior editor at Fast Company. He edits the Impact section, formerly FastCoExist.com. Have an idea for a story? You can reach him at mclendaniel [at] fastcompany.com

More