Want to keep learning?

This content is taken from the Hanyang University's online course, Social Innovation in South Korea. Join the course to learn more.

Skip to 0 minutes and 15 seconds The role of private sector in solving global social problems receives more and more attention these days. According to Sida (Swedish International Development Cooperation Agency), “The private sector is a large source of innovation, employment and growth that has the potential to positively affect the situation for poor people in low and middle income countries. Therefore the private sector has an integral role in driving sustainable development.” For the public or social sector, however, working with the private sector is not an easy task. In contrast, the private sector is more profit-focused and short-term oriented, caring about the results.

Skip to 1 minute and 7 seconds From the private sector’s perspective, the public or social sector might look too slow and inefficient, taking little risk and talking too much for nothing, as NATO (No Action Talk Only). Different perspectives, motivations, and languages make the collaboration across the sectors very difficult. In spite of such difficulties, people still believe that collaboration is imperative in addressing ever-increasing social problems across the world; by combining the resources and capabilities of the private sector, we can scale up the size of impact. Thus, it is important to understand the perspectives, motivations, and languages of the private sector from the beginning. This week, we will discuss various topics including CSR, CSV, and collective impact.

Skip to 2 minutes and 15 seconds Understanding these concepts will be helpful when we design a win-win incentive structure in which every stakeholder can gain something through the partnership. Such win-win partnership will last longer that is more sustainable.

What are we going to Discuss?

Today we will discuss importance of cooperation of private and social sectors to solve global social problems.

We will discuss topics including CSR, CSV, and collective impact. These concepts will guide us as we design a win-win incentive structure in which every stakeholder in a partnership stands to gain.

I hope that you will post your thoughts on topics and issues and questions addressed each week in the comments box.

Share us what you think! And this will certainly enrich our conversations as well as our understandings.

Share this video:

This video is from the free online course:

Social Innovation in South Korea

Hanyang University