Harvard Case - Innovating Innovation @tk
"Innovating Innovation @tk" Harvard business case study is written by Henry W. Chesbrough. It deals with the challenges in the field of Social Enterprise. The case study is 17 page(s) long and it was first published on : Jan 1, 2018
At Fern Fort University, we recommend that tk, a leading technology company, adopt a social enterprise model to enhance its innovation strategy. This approach will involve integrating social impact into its core business operations, fostering sustainable business models, and engaging in impact investing to address pressing social and environmental challenges. By embracing triple bottom line principles, tk can create shared value for its stakeholders, including customers, employees, communities, and the environment.
2. Background
The case study focuses on tk, a technology company renowned for its innovation. However, tk faces a growing pressure to demonstrate its commitment to corporate social responsibility (CSR) and address concerns regarding its environmental impact. The company is exploring ways to leverage its technological prowess to create positive social change while maintaining profitability.
The main protagonists are:
- The CEO: Concerned about tk's social impact and seeking innovative ways to integrate sustainability into the company's core business.
- The Innovation Team: Responsible for developing new products and services, seeking opportunities to leverage technology for social good.
- The Sustainability Team: Focused on reducing tk's environmental footprint and promoting ethical sourcing practices.
3. Analysis of the Case Study
This case study can be analyzed through the lens of social entrepreneurship, which combines a focus on social impact with business principles. Applying the Stakeholder Theory, we can identify key stakeholders and their interests:
- Customers: Desire innovative, sustainable products and services that align with their values.
- Employees: Seek a company that contributes to a better world and offers opportunities for social impact.
- Investors: Expect financial returns while also considering the company's social and environmental performance.
- Communities: Benefit from tk's technological solutions that address local challenges.
- Environment: Requires responsible business practices that minimize negative environmental impacts.
Key considerations:
- Social Innovation: tk can leverage its technological expertise to develop innovative solutions for social problems, such as healthcare access, education, and poverty alleviation.
- Impact Investing: tk can allocate a portion of its resources to impact investments in companies or projects that generate both financial returns and positive social impact.
- Hybrid Organization: tk can explore the creation of a hybrid organization that combines its existing business model with a social enterprise arm dedicated to specific social causes.
- Sustainable Business Models: tk can adopt circular economy principles and develop inclusive business models that benefit underserved communities.
4. Recommendations
- Establish a Social Impact Strategy: tk should develop a comprehensive social impact strategy aligned with its core values and business goals. This strategy should define the company's social mission, identify target beneficiaries, and outline key performance indicators (KPIs) for measuring impact.
- Create a Social Enterprise Division: tk should establish a dedicated social enterprise division within its organization. This division would focus on developing and implementing social impact initiatives, leveraging the company's technological capabilities and resources.
- Partner with Nonprofits and NGOs: tk should actively seek partnerships with nonprofit organizations (NPOs) and non-governmental organizations (NGOs) working in areas aligned with its social impact goals. These partnerships can provide valuable expertise, access to target beneficiaries, and enhance the company's credibility.
- Develop Social Impact Products and Services: tk should develop innovative products and services that address social challenges, such as healthcare access, education, and environmental sustainability. These products and services should be designed with a triple bottom line approach, considering social, environmental, and financial returns.
- Invest in Impact Ventures: tk should allocate a portion of its resources to impact investing, supporting companies or projects that generate both financial returns and positive social impact. This can be done through direct investments, venture philanthropy, or social impact bonds.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: tk's technological expertise and commitment to innovation align well with the principles of social entrepreneurship.
- External Customers and Internal Clients: The recommendations address the needs of all stakeholders, including customers seeking sustainable products, employees desiring social impact, and investors expecting both financial returns and social responsibility.
- Competitors: By embracing social entrepreneurship, tk can differentiate itself from competitors and attract customers and talent who value social impact.
- Attractiveness: The recommendations are likely to enhance tk's brand reputation, attract new customers, and improve employee engagement, ultimately contributing to long-term profitability.
6. Conclusion
By adopting a social enterprise model, tk can leverage its technological capabilities to create positive social impact while maintaining profitability. This approach will enhance the company's brand reputation, attract new customers and talent, and contribute to a more sustainable and equitable future.
7. Discussion
Alternatives:
- Philanthropic Giving: tk could continue its existing philanthropic efforts, but this approach may not be as impactful or strategic as integrating social impact into its core business.
- Greenwashing: tk could focus solely on environmental sustainability without addressing broader social issues, which could be perceived as disingenuous.
Risks:
- Impact Measurement: Measuring the social impact of tk's initiatives will be crucial. The company must develop robust metrics and frameworks to track and report on its progress.
- Financial Returns: While social impact is important, tk must ensure that its social enterprise initiatives are financially sustainable. The company should carefully evaluate the potential financial returns of its investments.
- Stakeholder Engagement: Engaging with all stakeholders, including customers, employees, and communities, will be essential to ensure buy-in and support for the company's social enterprise initiatives.
Key Assumptions:
- Consumer Demand: The recommendations assume that there is a growing demand for products and services that address social and environmental issues.
- Technological Advancements: The recommendations assume that tk will continue to develop innovative technologies that can be leveraged for social good.
- Government Support: The recommendations assume that there will be continued government support for social enterprises and impact investing.
8. Next Steps
- Form a Task Force: tk should create a task force to develop a detailed social impact strategy and implementation plan.
- Pilot Projects: The task force should identify and implement pilot projects to test the feasibility and effectiveness of different social enterprise initiatives.
- Communication and Transparency: tk should communicate its social impact strategy and progress to all stakeholders through its website, social media, and other channels.
- Continuous Evaluation: tk should regularly evaluate the effectiveness of its social enterprise initiatives and make adjustments as needed.
By taking these steps, tk can successfully transition to a social enterprise model, creating shared value for all stakeholders and contributing to a more sustainable and equitable future.
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Case Description
This case shows how ThyssenKrupp (tk) has altered its innovation process in recent years. CEO Heinrich Hiesinger has brought in a former colleague from Siemens, Reinhold Achatz, to lead a transformation of the R&D function at the company. With tk's roots over 200 years old and its highly divisionalized organizational structure, Achatz had to be thoughtful and strategic about how to manage this change. At the same time, tk needed to boost its organic growth, which put pressure on the organization to move fast. The case follows projects through the new innovation process and invites students to place new projects into the proper place in the innovation process.
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