On Purpose at the Emerge Conference 2014
Along with other On Purpose Associates and Fellows, Chris Blues and Michiel De Smet (October 2014 cohort) recently attended the Emerge Conference 2014, the UK’s annual gathering for young adults who aspire to redefine the world in which we live. Below they share some takeaways from the sessions they attended in Saïd Business School, University of Oxford.
Corporate Venture Capital (CVC): how can social entrepreneurs benefit?
CVC is an equity investment by a corporate fund, or a designated investment entity (the parent company), into external start-up companies. Thus, CVC agreements provide social entrepreneurs with the necessary capital to fuel further innovation and scaling. Such agreements bring along the strategic expertise and operational performance management of the parent company. Additionally, social entrepreneurs can benefit from using the corporate’s distribution network, customer base and brand affiliation. They are also able to tap into a large professional network for potential partnerships. Despite the benefits, social entrepreneurs should bear in mind that a clear mission alignment is crucial for a successful CVC. They should also be aware that such an agreement could mean possible loss of control (e.g., through board seats given to the parent company), or a slower pace of acting.
More information on CVC can be found here
Big Data: Using it to drive social change
Big data applications can help tackle a broad range of social issues. For example, big data could benefit global health, as patient outcomes can be improved through comparative effectiveness research. This type of research uses big data to provide evidence on benefits and harms of existing health care interventions. Additionally, through pattern recognition (a process that extracts information present in big data), potential major diseases can be identified at earlier stages, when they can be treated more easily and effectively. Financial inclusion could also be enhanced by leveraging the huge data streams that are generated by mobile financial services, such as M-Pesa, a mobile-phone based money transfer service, which allows those without a bank account to transfer funds as easily as sending a text message, by loading money onto their phones. Public investments could also be optimised, harnessing data provided by large numbers of citizens; a relevant example is Streetbump a crowd-sourcing project that helps residents improve their neighbourhood streets. Volunteers use the Street Bump mobile app to collect road condition data while they drive. The data provides governments with real-time information to fix problems. While examples as the above show the successful use of big data, there are still barriers to be addressed — such as privacy issues, governance rules and skills gaps — before big data realise its full potential.
Intrapreneurship: How can it be encouraged?
Intrapreneurship is the act of behaving like an entrepreneur while working within a large organisation. Thus, it can be stimulated by providing employees with dedicated time and space for developing innovative ideas. People in leadership positions should be bold and offer their young colleagues the opportunity to start their own initiatives and have impact early on. This all came with a warning that intrapreneurs, pushing to realise their ideas, might ignore established organisational systems and rules, which can put their organisations at risk.
Behind the brands campaign: cleaning up supply chains
Oxfam’s ‘Behind the Brands’ campaign is shining a light on the supply chains of the 10 largest food organisations. From workers rights to climate change policies, the framework provides consumers, with a measurable way to understand the reality behind the brands. With striking statistics like: “In the 1980’s a cocoa farmer would receive 18% of the price of each chocolate bar sold, now it’s 3% (Oxfam GB)”, the increasing power disparity between big and small organisations is emphasized. Their framework aims to increase awareness and accountability, by providing consumers with the information they need to hold the Big 10 food organisations to account for what happens in their supply chains
Choice: Do we have one? Former CEO of Greenpeace International, Paul Gliding stated that humanity will have to change its economy not because it is the right thing to do but because we simply have no other choice. The current global economy is consuming 1.5 times the earth’s total resources. The economy is forecast to triple in size by 2050. The maths does not add up. However, there are positive signs that the global economy is changing. America car giant General Motors produces 5,000,000 cars a year, the electric car company Tesla produces 30,000 cars. Yet the market has valued Tesla at half the value of General motors!
You can’t help but have a new injection of enthusiasm after attending the Emerge Conference. The inspiring people, thought provoking conversations and diverse range of topics covered, stimulated new ways of thinking about how to create a more sustainable world.
