Pact and the INGO Shared Value Working Group dig into the mechanics of corporate partnerships and other key issues where shared value plays a role.
Several weeks ago I had the privilege of joining some of the top public and private sector leaders at the Shared Value Summit in New York to discuss how business can help change the world. With an increasing recognition that the private sector is a key contributor to achieving our global development goals, there is a continuously growing base of support for and interest in the topic of shared value.
While this year’s summit highlighted some of the shared value initiatives and partnerships that are already making an impact in the world, one of the most striking takeaways from the summit was the thread of collaboration, not just among corporations with similar initiatives across geographies, but also among the nongovernmental organizations who so often find ourselves in competition for private-sector funding rather.
In 2014, Pact joined the pilot of the INGO Shared Value Working Group, a group of INGOs examining how shared value can help us partner with the private sector to scale impact. In this pre-competitive environment, Pact and the other members, have a space to connect with peers, discuss successes and challenges in partnering with the private sector, share resources and tools, and generally come together as a community of practice.
The Shared Value INGO Working Group convenes at the 2016 Shared Value Leadership Summit.
This year’s pre-summit meeting allowed working group members to dig into some of the key issues where we believe shared value can play a significant role, as well as contribute to the broader shared value conversation in meaningful ways. One example is a subgroup that we formed to explore the creation of a shared value partnership to formally link savings groups to financial institutions. We were able to capitalize on informal and formal meetings with the private sector during the summit, exploring mutual interests from collaborators to ensure financial inclusion is reached at scale. As Harvard Business School’s Michael Porter and Dr. Jim Yong Kim of the World Bank discussed during the opening keynote at the summit, the development of a thriving private sector in developing economies is integral to achieving shared prosperity.
As an organization, the INGO Shared Value Working Group has allowed Pact to share lessons from our transformational change and the organizational shifts that helped us better facilitate shared value partnerships, helping others in their journey. While we have decades of experience working with private sector partners such as Chevron, Coca-Cola, Qualcomm, Microsoft, and more, the development landscape and challenges that communities face continue to evolve and we don’t have all of the answers or expertise needed to address those challenges. But collectively, we can.
There is power in collaboration. In working together, across industries and sectors, to leverage different networks, resources, and expertise. This is how we’re going to truly change the world, and this year’s Shared Value Summit helped to spotlight and disseminate the best practices and actors that are helping to propel the world toward shared prosperity.
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