Shared Value Summit 2017 discusses on how to imbibe the spirit of inclusivity in the business models
Shared Value Summit was organized by Shared Value Initiative India and was scheduled for December 1, 2017 at The Taj Diplomatic Enclave, New Delhi.
- The theme for the summit was “Equity & Empowerment”
- Justin Bakule, Exceutive Director, Shared Value Initiative discussed the idea of shared value and its journey over the years.
- Some of the themes discussed were – The Competitive Advantage of Equity and Empowerment, Passion and Purpose: Empowering Livelihoods Across Value Chain, Beyond Philanthropy: Redefining Business Models and Distributing Prosperity.
- The Inclusive Business List and Emerging Social Enterprises 2017 were unveiled
- Suresh Prabhu in his keynote address stated that State Policies, Business Strategies and Social Priorities should work in tandem.
- Ramesh Chand elaborated on the issue of equity in a data-driven keynote on the urban-rural divide in industrial manufacturing.
Internationally, Shared Value Initiative’s founders are Professor Michael E. Porter of Harvard Business School & Mark R. Kramer, Co-Founder and Managing Director, FSG.
The summit attracted a diverse cross-section of corporate honchos, thought leaders, academicians and government bigwigs on a common platform to discuss and deliberate the idea of shared value and how it can address societal issues if inclusivity is built into business models. The theme of the summit was ‘Equity and Empowerment’.
The foremost keynote was delivered by Justin Bakule, Executive Director, Shared Value Initiative, who discussed the idea of shared value and its journey over the years. Shared value is the strategy of rebuilding social models around social good. “When we started this work five years ago, the idea that companies should solve social problems was largely unheard of; it was supposed to be the government’s job. That has changed. For example, companies have started realising that addressing climate change problems is important, as it may hinder growth opportunities. The challenging thing is how we get to further action and scale. It’s about competitiveness, how businesses can compete with respect to social problems.”
The day was interspersed with insightful panel discussions; the first two being on “The Competitive Advantage of Equity and Empowerment” and “Empowering Livelihoods Across Value Chain”. The first panel was moderated by Raghuvir Srinivasan, Senior Associate Editor, Hindu Business Line discussed how empowerment is brought about when everyone realises equal opportunities. Hisham Mundol, Executive Director of CIFF explained how ensuring equity can also be economically profitable for businesses. He pointed out how charging a premium on products by putting a child-free logo, akin to fair-trade logos, makes clear economic sense. The latter panel featured various heads from companies like SKF, Abbott and MAMTA, who shared their experiences in making economic gains while enhancing productivity across the value chains. For instance, Amal Kelshikar, Country Head of Abbott Nutrition described how his company trained rural milk farmers to enhance productivity and changed the entire ecosystem of milk production.
These discussions were followed by the unveiling of the report “Innovation Landscape in India” report prepared by the Institute for Competitiveness. Some of the companies featured in the report are Abbott, Forus Health, Mettl, Jubliant Life Sciences, Glenmark Pharma, Cipla, Lupin etc..
We also had K Chandersekhar, Founder, Forus Helath; Ketan Kapoor, Founder & CEO, Mettl and Amal Kelshikar, Country head, Abbott present their views on the Indian innovation environment. The consensus was that in terms of innovation and breakthrough technology, we do have the brain power for it, but we lack the means and resources to make its effect be realized on the ground. You can find the report at http://competitiveness.in/understanding-innovation-landscape-india/.
A panel that followed on “Reframing Societal Needs” also touched upon the issue of innovation. Neeraj Jain, India Country Head, PATH, exemplified the importance of scaling up innovation in impacting the bottom of the social pyramid. Yamini Aiyar, President and Chief Executive, Centre for Policy Research, said that on-ground implementation of policies suffers due to lack of accountability on the government’s part.
Later in the summit, a few voices from the government added the required balance. Prof. Ramesh Chand, Member, NITI Aayog, elaborated on the issue of equity in a data-driven keynote on the urban-rural divide in industrial manufacturing. He revealed some amazing statistics on how the value of manufacturing growth in rural areas is improving, but the jobs are only being created in urban areas. He also pointed out that private sector involvement in agriculture is merely 2.4 percent in terms of investment. Therefore, the potential for business involvement is huge and investment opportunities remain galore. Venturing into these areas will address issues of equity quite effectively and also be economically profitable at the same time.
The summit also saw the release of Inclusive Business List and Emerging Social Enterprise list 2017 done in association with Hindu Business Line. The list was released by Prof. Ramesh Chand, Member, NITI Aayog. The Inclusive Business List identifies, assesses and recognises enterprises that are redefining the role of businesses in society. It includes companies that are imbibing inclusivity into their business models by addressing social and environmental problems which intersect with their businesses. The list was also presented to Hon’ble Minister Shri. Suresh Prabhu, Minister for Commerce and Industry. He stated in his address that “No business can survive without profit and customers. There should be no confrontation between business and society and policies should be in favour of business and society. Social concerns should be taken care of by business. We need to create a relationship between various stakeholders and work in such a way that their values become common. So, State Policies, Business Strategies and Social Priorities should work in tandem.”
The details about the summit can be looked at http://sharedvalue.in/svs2017/
The enterprises featured in the Inclusive Business List can be looked at http://sharedvalue.in/inclusive-business-list-2017/
The Emerging Social Enterprises 2017 can be looked at http://sharedvalue.in/social-enterprise-list-2017/
About Institute for Competitiveness
Institute for Competitiveness, India is an independent, international initiative centered in India, dedicated to enlarging and disseminating the body of research and knowledge on competition and strategy, pioneered over the last 25 years by Professor M.E. Porter of the Institute for Strategy and Competitiveness, Harvard Business School (ISC, HBS), USA. Institute for Competitiveness, India works in affiliation with ISC, HBS, USA to offer academic & executive courses, conduct indigenous research and provide advisory services to corporate and Government within the country. The institute studies competition and its implications for company strategy; the competitiveness of nations, regions & cities; suggests and provides solutions for social problems. Institute for Competitiveness, India brings out India City Competitiveness Report, India State Competitiveness Report, and funds academic research in the area of strategy & competitiveness. For more information, visit http://www.competitiveness.in
About Shared Value Initiative India
Shared Value Initiative India connects the business and community leaders towards defining the practice of shared value in India. This initiative is committed to bring forward the realization, understanding, adoption and implementation of the best practices for creating shared value among the companies, civil society and government organizations in India, thereby accelerating the economic and social progress towards a more equitable and sustainable world.
Media Contact Details
Neera Vohra, Institute for Competitiveness