Connecting sustainability and continuous innovation: Successful sustainability strategies in mid-size Finnish companies
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The presentation is based on a Demos Helsinki project that comprised of 20 case studies on Finnish mid-size companies all of which are forerunners in some field of sustainability. Held in Davos World Resources Forum 2013.
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Connecting sustainability and continuous innovation: Successful sustainability strategies in mid-size Finnish companies
- 1. Connecting sustainability and continuous innovation: Successful sustainability strategies in mid-size Finnish companies Aleksi Neuvonen Demos Helsinki www.demoshelsinki.fi aleksi.neuvonen@demoshelsinki.fi Twitter: @leksis Tuuli Kaskinen Demos Helsinki www.demoshelsinki.fi tuuli.kaskinen@demoshelsinki.fi Twitter: @tuulikas Antti Tarvainen Avanto www.avantohelsinki.fi antti@avantohelsinki.fi Satu Korhonen Demos Helsinki www.demoshelsinki.fi satu.korhonen@demoshelsinki.fi Research funded by Finnish Innovation Fund, Sitra
- 2. 1983 2013 2043 Mid-size company economy Green economy We are witnessing a parallel evolution
- 3. 1983 2013 2043 Mid-size company economy Green economy We are witnessing a parallel evolution
- 4. CSR originates from needs of global companies
- 5. Shared Value Porter&Kramer Companies as Communities Mintzberg Conscious Capitalism Mackey&Sisodia Social Enterprises Impact Investment
- 6. 20 Finnish companies 10-700 employees Annual sales <100 m € Forerunners in some field of sustainability Method: Analysis of public documents and interview with CEO/other high official from each company Research methods
- 8. What motivates a mid-size company to adopt strategic sustainability? How these companies expect to benefit economically from strategic sustainability?
- 9. Results:
- 10. Three questions which typically lead to the formation of a sustainability strategy: 1.How to manage and control for risks in the supply chain? 2.How to utilize factors of production more efficiently? 3.How to stand out from the competitors and create new markets through sustainable products and services?
- 11. Risk aversion Cost- effectiveness Differentiation Sustainability strategies of mid-size companies !
- 12. In fact, also mid-size companies are employing sustainability as a resource for igniting strategic thinking and innovation. There are more ways to incorporate sustainability into business models than just those of risk control and responsibility:
- 13. Conclusions: 1.Ownership matters: many family owned companies are willing to invest in long- term opportunities. 2.Leadership matters: sense of belonging, purposeful work, co-creation with stakeholders, employee engagement => better productivity 3.Benefit gap: Surprisingly few companies are capable of moving from one sustainability strategy to another 4.Need for new tools: Existing sustainability tools and standards don’t necessarily serve well the most innovative, megatrend driven mid-size companies.