Inclusive innovation is heralded as the solution to the problems faced by the financial sector. According to a report by the Center for Responsible Business at the University of California-Berkley Haas School of Business, The Future of Finance, the only way for the financial sector to get back on its feet and win back trust is to ‘turn their innovation outwards’ and ‘find ways to grow their businesses and build positive relationships through society’.
You’d be forgiven for thinking that this all sounds a bit familiar! Whilst the new term is nice – it reflects the importance for companies of engaging and listening to stakeholders, and continually innovating and changing to meet or, where possible, to exceed their expectations – the concept isn’t new. Perhaps, a new label is what is needed to inspire companies to take action, a way of re-engaging the corporate world and reminding them that operating in a way that has a positive impact on society and the world can also be better for business. Somehow I’m not convinced - surely time would be better spent acting, rather than coming up with new labels!
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