Business wealth and creativity

Individual assignment

Banner ID : B00378162

Name : A. Abisha
Table of Contents

1. Introduction

2. Social Innovation – Meaning & Forms

3. Social enterperneurship and social innovation

4. Examples of social innovation

5. Conclusion

References

Appendix
INTRODUCTION:

This topic talks about how the social innovation impacts the bottom of the pyramid by new
innovations and technology and creating brand value for the companies and gaining good will
in the society and it talks about how the big multinational companies penetrate the market by
making the bottom of the pyramid as their target audience and how this impacted the bottom
of the pyramid people in positive way and how the social innovation helps them come out of
the poverty and how few companies changed the world market with social innovation.

Innovation:

Can be defined as the process of providing ideas, imaginations and creative thoughts which
leads to creation of new products in order to bring applicable solution in the organization.
Innovation enables the company to meet the customer requirements as well as preferences.
(seshadri, 2007). Furthermore innovation is also referred to application of the novel thoughts
where companies adapt relevant ideas to create value and growth in the marketplace.
Innovation is the major factor that escalate the potential profit and sustainability of the business.
. (Maital, 2007)
TYPES OF INNOVATION:

Innovation can be classified into the following :

INCREMENTAL INNOVATION: in implements the existing technology which increases

value for the customer in the existing market.

DISRUPTIVE INNOVATION: is the application of new technology to new market.

RADICAL INNOVATION:

Involves the creation of new innovation to the new market. (Jorge Lopez, 2015).

Bottom of the pyramid: it is the part the population who lack access to basic life’s
requirements therefore they are considered underprivileged.(Prahalad, 2004)

VALUE CREATION:

Value-creation is considered to be the range of procedures in which the value of output is

greater than inputs.
1. Social Innovation – Meaning & Forms

Definition

It is the action of utilizing and developing solutions to the environmental social issues which
leads to progress and advancements.

Social innovation is process of creating change”

social innovation is the ability to introduce change which meets the social needs. moreover
social innovation is described as the empowerment and benefits that allow the communities
to have access to the basic requirements.

Innovation has a greater advantages in tackling and addressing the challenges which are faced
by those who live in the bottom of the social ladder and surrounded by economic inequality
and social injustice.

Social Innovation:And Social Entrepreneurship:

Ashoka industry is considered of the largest institute in the process of creating entrepreneurs
and social services. Social entrepreneurship can be defined as the process of creating , funding
and implanting cultural , social issues which leads to creation utopian sociaties. (Giash, 2015).

Social entrepreneur is the person who builds and establishes social enterprises which contribute
in the progress of social change by creating values in the communities. Moreover the abiliy to
make change. Social innovation is deemed to address the challenges which creates barriers in
the life of underprivileged populations due to economic difference “New ideas (product,
services and models) that simultaneously meet social needs (more effectively than alternatives)
and create new relationships or collaborations.” Social entrepreneurship and social innovation
are terms which can be used interchangeably. Social entrepreneurship focuses more in the
concept of creating social opportunities and improvements where as social innovation is related
more in the aspect which is results from the innovation, social innovation contributes in social
change.
Examples company using social innovation:

Industries with high objectives today encounter major challenges in terms of being able to make
a potential profit as well creating changes in the societies through undertaking welfare projects.

Many employees prefer to work in companies which have the ability to bring innovation in the
products and services that they offer this enables the company staff to be highly motivated by
keeping positive prospective regarding the future of the organization.

In india companies mukesh ambani ceo and director of the reliance company who transformed
the company to digital will no longer be the privilege of the affluent few . by providing best
service enabled reliance company to competitively strong in the marketplace which led to the
exiting of other companies.

Many thanks sir, for such an amazing article. It is significantly quite important to observe how
organizations are bringing up with different and other disruptive ideas to make mark in the
market environment, in addition innovation brings tremendous innovative products to develop
profits and new revenues. This is certainly a way different in tapping the undiscovered markets
which is increasing and contributing in driving force of many organization. Above all the
interesting companies are striving and doing the best they can meet the changing in the
marketplace. Now there is so much interest which is presented in the household because of the
huge share and formulation of the economical structure. In addition there are many startups in
india notice the focus in the providing of value to household for those who in the bottom of the
social class which leads to more profits. Fortune at the bottom of the pyramid in the year of
2004 the explanation of the value for people who live at the bottom of th pyramid which tends
to hold and turns into revues as well as generating more profits to any other company. For
instance the case of reliance jio company is constantly adding value for itself by creating value
for more people who live at the bottom of social ladder. This is highly significant in the process
of creating value as well as generating a potential profit.

by creating value for people in the lower income brackets. This is however not new for
Reliance. Reliance, as a company, started by building trust in the minds of people from lower
income households and gaining their confidence. With Dhirubhai Ambani’s move to collect
funds from the bottom of the pyramid proves the point that there is untapped value here which
can be used for the betterment of the society.. They readily trusted him with their money and
it reaped benefits for them in the future. Reliance disrupted the market then and is disrupting it
now using the same fundamentals. However, one could argue if this model is for every
company. While most companies try to reduce their costs to be able to tap this market, it is not
always possible for companies to bring down prices to a large extent. They then shift their
focus from lower income households to growing middle income households, where they see

stable demand and more potential. The presence of telecom business such as reliance which is
looking for many ways to maintain their presence in the marketplace. is extremely difficult It
for the already established business in order to develop newer models for handing the
disruption. This is teaches the importance of the adaptability which is for any individual or any
industry and market. With increasing the number of start-ups by observing and focusing on one
of the group of the society . it is also possible for big organizations in identifying the the point
and people who are converting socially and economically in order to adapt the social change
and circumstances for creation of projects furthermore it requires more creativity and
dedication. In addition this can be provided by providing by those organization which is
committed in order to bring positive change in the society.

Husk power System:

Husk Power Systems, a renewable energy provider working with rural communities, offers a
good example. The company undertook systematic piloting with financial support and thought
partnership from Shell Foundation. Husk's initial two plants demonstrated that it was possible
to generate gas from rice husks and use the gas to generate electricity at an affordable price.
And it took significant tweaking of the initial design to achieve this. Husk also worked to
reduce the amount of tar produced by the process by 20 percent. The company went on to build
three more plants to demonstrate that they could quickly scale up while managing costs and
maintaining performance. Husk also developed and piloted a pre-paid meter system to address
the challenges around collecting payments from rural customers. The company attracted
investment and set up 75 plants in five years.
Nestle Pakistan: this is considered as an accurate example in terms of increasing efficiency as
well as productivity in the BOP market by an a lot of multinational companies such as of nestle
in Pakistan. Moreover Pakistan is also considered as the fifth biggest producer of milk in the
globe. There are many methods inefficient of milk collection furthermore is the efforts in order
that poor farmer that are historically have been wasted. The manufacture of milk as well as
collection are considered for resources to transport or in order to preserve milk. The market is
controlled by the middlemen. As a result of that the farmer have deprived of their land due to
rewards but although the maximum production of milk also can not be exploited as much of it
is wasted because of not enough collection and storage refrigeration system problems , the milk
is ultimately reach the processing procedures where facilities are contaminated in town in
preservatives, which leads to the damaging quality as well as mitigating the shelf life of milk
for approximately four weeks in comparison to six months in the case of ultra high pressure
(UH) the milk which has been processed in Europe. In the year of 1988 after the introduction
of nestle to the marketplace the collection was somehow overhauled in addition the collection
in the refrigeration centres which were created surrounding farmers in the local villages,
therefore this not assured the process of contamination wastage moreover it is eliminated, but
also it has contributed more farmers to harvest the maximum benefits from the labour and
production, the middlemen have moved , it was no necessary for any farmer to go far a way to
deliver milk anymore and the process of payment was quick and transparent. It is estimated
that the total quantity of milk puschased by nestle was so far has been quadrupled in the same
time the number of small farmers which sell milk nestle was trebled. This innovation was
considerd simple which has been made BOP market more productive as well efficient but aslo
deemed to be far.

The impact that has been created in economic and social aspects reached beyond farmers
themselves in addition in the process. Nestle has been able to create hundreds of jobs as well
as directly touched the life of millions of small farmers moreover their families as well their
families in order to ensure that the product that directly is bought from the poor , the product
which is packed as dairy products and sold as higher economic pyramid in order to provide
higher income. This has benefited those who are living in the bottom of social class no as
consumers but also producers have been able to contribute in the improvement in the livelihood
of the people by eliminating poverty by acquiring an important market share while enables the
process of making a potential profit.
CONCLUSION:

The above information talks about the social innovation like reliance Jio nestle Husk power,
how they used social innovation for the benefits of bottom of the pyramid and how it impacted
the lives of the lower sector in positive way and it even makes us understand how social
innovation help the companies to tap the bottom of pyramid market and increase the good will
of the company
REFERENCES:

Jorge Lopez (2015), types of innovation. Available at:

https://techblog.constantcontact.com/software-development/types-of-innovation/.html>
[Accessed on: 15 oct 2019].

Stanford (2005), defining social innovation. Available at:

https://www.gsb.stanford.edu/faculty-research/centers-initiatives/csi/defining-social-
innovationhtml> [Accessed on: 15 oct 2019].

Young social innovators (2019), why social innovation. Available at:

https://www.youngsocialinnovators.ie/about/why-social-innovation html> [Accessed on: 18

oct 2019].

Gaish (2015), proceedings of cross cultural business conference pdf. Available at:

https://www.researchgate.net/profile/Martina_Gaisch/publication/311932897_Proceedings_of
_Cross-
Cultural_Business_Conference_2015/links/5863660d08ae6eb871abe007/Proceedings-of-
Cross-Cultural-Business-Conference-2015.pdf#page=105 html> [Accessed on: 19 oct 2019].

Dhesi (2010), stimulating innovation pdf. Available at:

https://www.leyton.com/blog/?p=1781-stimulate-innovation-diversity-inclusion
html>[Accessed on: 20 oct 2019].

Ssir(2015), scaling up market solutions. Available at:

https://ssir.org/articles/entry/lessons_from_india_on_scaling_up_market_based_solutions
html>[Accessed on 20 oct 2019].

Vikassaini (2015), Bop of nestle Pakistan. Available at:

https://www.slideshare.net/VikasSaini5/bop nestle pakistan-marketing-13991810

html>[Accessed on 20 oct 2019].

Seshadhri (2007), innovation management. A division of sage publication: New Delhi

Researchgate (2018), husk power system to rural india. Available at:

https://www.researchgate.net/publication/285632903_Husk_Power_Systems_Bringing_Light
_to_Rural_India_and_Tapping_Fortune_at_the_Bottom_of_the_Pyramid html>[Accessed on
21 oct 2019].

APPENDIX