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This is the second installment of a two part series on innovation and corporate philanthropy. Part one can be found here.
Innovation within the world of corporate philanthropy is rare. As social entrepreneurs and investors are discovering new ways to create social change and build economies, most corporate foundations – many of which are addressing the same issues -- are simply not paying attention. They’re missing out on a huge opportunity – not only to lead within their industry, but to help pave the path for America’s future.
In 2011 corporate giving in the U.S. alone exceeded $15.29 billion! America is entering a new phase in its history, one filled with serious social and environmental problems and increasing competition from around the world. The debate on how to improve American competiveness has begun and it’s becoming more clear that we won’t be able to compete globally until we’ve addressed many of the problems that plague us as a nation locally. It’s no longer enough to hand out money like candy on Halloween. It’s time to for companies to start treating their foundations the same way they do their other business units and holding them accountable to the same high standards of innovation.
Our schools, health care system, and economic disparity are holding us back. We can solve these problems if companies apply the same strategic rigor and creative innovation to these issues that they do on developing new products and services. Companies have the knowledge, the money, and the time--they just need the motivation. And as we all know, (smart) companies are motivated by their customers, suppliers and employees. That means it’s time we all got off the couch and did something about it!
One example of a company that’s applied their innovative spirit to its foundation is Hewlett-Packard. HP’s long-standing history and culture of corporate philanthropy is one of the reasons it has one of the most innovative CSR departments and foundations in the world. They understand that to truly create impact they must apply the same strategic rigor and innovative research to their social and environmental work as they do to their other business units.I’d encourage other corporate foundations to look to them and others for inspiration.
As citizens, employees and consumers, we need to stand together and demand more from the billions that U.S. corporations give each year. American companies are thought to be the most innovative in the world. It’s time to explore the final frontier of innovation and leverage corporate philanthropy for more good.
Image Source: Antidote
