How would you define this big idea?
The concept of shared value recognizes that societal needs, not just conventional economic needs, define markets. It stipulates that the traditional approach to commercial value creation which ignores externalities is becoming outdated, and that businesses must reconnect company success with social progress.
How is this big idea applied to your work?
The competitiveness of a company and the health of the communities around it are closely intertwined. Shared value focuses companies on the ‘right kind of profits.’ Approaches include reconceiving products and markets, redefining productivity in the value chain, and building supportive industry clusters at the company’s locations. My work is in sustainable operations and supply chain management. Shared value approaches in supply chains include habitat restoration, inclusion of small growers, and empowerment of small retailers.