BORDER business leaders will be challenged to think outside the square in Wodonga on Friday.
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Businesses are looking for ways to be innovative and differentiate; it is another lens through which to approach social innovation.
- Phil Preston
A leader in the collaboration and shared value fields, Phil Preston will address business operators at the breakfast meeting.
Mr Preston said shared value varied from corporate social responsibility, which generally did not generate meaningful returns for business.
“Shared value is looking for the social benefit where there is also a benefit for business,” he said.
“Shared value is trying to identify case studies where there is leverage for everybody.
“It takes a while to find it; you don’t read about it on a packet of Cornflakes.”
Although not a new idea, shared value gained renewed interest worldwide during 2011 when economists Michael Porter and Mark Kramer published a seminal article in Harvard Business Review.
Mr Preston said it was the first time highly respected business and commerce leaders had brought the idea to the mainstream business landscape.
“There are lots of drivers for shared value right now,” he said.
“Businesses are looking for ways to be innovative and differentiate; it is another lens through which to approach social innovation.
“Not-for-profits need to access more resources as things like the National Disability and Insurance Scheme is putting the dollars directly into the hands of customers.
“Government budgets are stretched everywhere.”
Mr Preston said shared value opportunities were just as pressing in regional areas as in metropolitan centres.
“Wagga is interested in youth participation and the engagement of youth,” he said.
“I’ve been working with that community trying to realise the business benefits in that approach.”
Regional Development Australia – Murray chief executive officer Gary Saliba said shared value methods allowed communities to enhance both business and society.
“The approach is growing all around the world and there’s a real leadership opportunity for our region to take it on and embrace it,” he said.
Among companies that have embarked on the shared value approach are Bendigo Bank, National Australia Bank, Westpac, IAG, Suncorp, AGL and brewer Lion.
The breakfast meeting will be held on Friday at La Maison Cafe, Wodonga, from 7.30am until 9am. To register phone (02) 6058 0600.
