AIESEC Startup Challenge: What is “Creating Shared Value”?
Creating Shared Value (CSV) is a strategy for addressing society’s challenges through profitable business models. With the popularity of the idea of “CSV”, various organisations and schools have participated in promotional works. Early this year, AIESEC, an international student organisation, has held the Outlier CSV Challenge 2021. Students from different tertiary institutions worked in teams to hack profitable yet socially impactful business models to tackle social issues in Hong Kong. Let's watch the video below for the highlights of the Challenge:
You may also learn more about the idea of CSV through a few frequently asked questions below:
Q: How can a “CSV” approach generates economic and social values simultaneously?
A: "Shared Value” is created for both the company and the society when a company applies its assets and skills to innovative projects that bring business return while simultaneously advancing the economic, environmental and social conditions in the communities in which it operates.
Q: How can businesses adopt a “CSV” approach?
A: There are mainly three ways:
- Reconceiving products and markets, meeting social needs while serving existing markets or accessing new ones through innovation.
- Redefining productivity in the value chain, improving the quality, quantity and reliability of products while driving economic development.
- Enabling local cluster development, leveraging their network of local suppliers, access to talent, and an effective infrastructural system to thrive.
Q: How is CSV difference from Corporate Social Responsibility (CSR)?
A: Shared Value is more than just corporate social responsibility or philanthropy. It is about sound strategic thinking on the part of business leaders whose goal is to create sustainable shareholder value, and who understand how to engage with and invest in society in a way that is essential to long term business success and social progress.
We will interview with three winning teams of the Outlier CSV Challenge: Uplift, the champion team which concerns about the mental health of the students; Tech-kle, the 1st-runner up team which assists the visually impaired in e-learning; and Soscientist, the 2-nd runner up team which provides a job-matching platform for people of diverse race. Please stay tuned to understand how they won the cash prizes and internship opportunities with creativity!