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The Initiative for Social Value Creation at Smith formally launched today. Here is a summary of what the initiative is about:
The Initiative for Social Value Creation innovates at the intersection of public policy, non-governmental organizations and the commercial sector to address social market failures. We offer students an educational core competency for exploring and solving the business model issues that currently limit organizations in their pursuit to do well by doing good.
Characteristics of our strategy include:
- Utilizing market-based methods — exploiting market principles and methods of capitalism to establish commercial viability;
- Creating synergies — partnering across functions and disciplines so that students get many perspectives on social responsibility — from technology to public health to public policy.
- Maximizing public/private partnerships — designing structures that fill the gap in public policy and NGO services;
- Promoting innovation — emphasizing the use of technology and adapting business methods to build sustainable organizations; and
- Focusing on systematic change — analyzing and repairing social market failures.
It’s really good to see the level of investment Smith is willing to make toward developing this initiative and its focus on social value. Check out the first annual Social Enterprise Symposium also. Looks like a great event with lots of interesting speakers, companies, and nonprofits. More good stuff to come….
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