On June 7-8, 2016 the fifth annual Social Innovation Summit (SIS16) was hosted in Washington, D.C. at the Ronald Reagan Building and International Trade Center. Hundreds of Fortune 500 corporate executives, venture capitalists, government leaders, emerging market innovators, foundation heads and social entrepreneurs discussed prevailing social challenges and formed partnerships, allowing them and their organizations to stimulate positive social changes. Prior to beginning the first session, the varied assortment of business professionals gathered in the atrium to network and converse. Among them, Chatham University Falk School of Sustainability student Cameron Heyder could be distinguished by his name tag bearing the “Net Impact” label beneath his name. Cameron states, “As a member of Chatham’s Net Impact chapter, I received an email saying I could apply to attend this event as part of Net Impact. I seized the opportunity since I live nearby, and to learn more about social innovation and its impact on the future.”  The following is Cameron’s account of SIS16:

I am a sustainability major, and I believe the increasing demand among businesses and governments to consider how their practices can become more efficient while also considering environmental factors is worth paying attention to. Without knowing the precise definition of social innovation, the term implies an unorthodox method for affecting change, that I assume is consistent with the values previously mentioned. Moreover, before attending SIS16, I expected to meet individuals working to solve the world’s greatest challenges in unconventional ways. I had the opportunity to listen to presenters share their companies’ goals, actions, technologies, strategies and missions for transforming the future. In a world where new startups constantly emerge, every organization believes it has something unique and extraordinary to contribute.

Technology is a significant aspect of social innovation in the digital age. It is used more as a mechanism for faster communication and as a platform for providing stronger business to business (B To B) and business to customer (B To C) transactions. Within the past five years since the establishment of SIS, businesses have used social media (SM) for connecting both customers and businesses with each another. The prevalence of various SM platforms is rapidly transforming the future of business by using e-commerce. E-commerce involving B To C transactions uses SM to provide better customer service, make sales, build a network and engage with customers and potential customers. Social innovation depends on constant and instant communication between industry networks involving businesses, employees, and customers. Session leaders emphasized the importance of SM to their organizations and how it has enabled them to connect with their customers better. By sharing personal accounts on how applying new techniques improved their organizations, the speakers in the general sessions encouraged and inspired ambition and demonstrated why people should not be afraid to take risks.

The enthusiasm of panelists participating in boardroom discussions about the purposes of their organizations also reflected the optimistic spirit of social innovation summits. Moreover, their responses also contained insight and depth. Presidents, founders, and chief executives on the panels reflected their organizations’ steadfastness and determination to contributing a social and environmental good, while being social innovation pioneers. Boardroom topics generally presented progressive ideas in terms of new ways for businesses and government organizations to use technology to benefit their customers and their businesses. They also discussed the relevance of social innovation to their work. For instance, meeting topics included: “Next Generation Values in Business”, “Harnessing Technology to Drive Social Impact” and “Evolution of Environmentalism in The Digital Age”. The application of digital tools and digital content (i.e. users, users’ persona) through SM enables organizations to better understand customers so they can improve their services. Thus, organizations can scale up faster, allowing them to solve their problems, while finding solutions for new problems occurring with expansion.

The emergence of social innovation through various SM platforms maximizes the prospects of organizations to have a social impact. It is evident that social innovation is vital to the growth and survival of an organization in current markets. As SM platforms evolve, social innovation presumably becomes more practical—ensuring its prevalence in future executive decisions. Its rapid growth has forced markets to adapt accordingly. The monumental rise of new startups within the past decade is an example of this. However, an important question to consider is what will become of these startups in the next ten years. What they can accomplish depends on how well they collaborate. The omnipresence of startup companies in the stock market can be both counterproductive and dysfunctional if they cannot work together towards a common goal, since most of them are similar to each other. Effective social innovation is essential for focusing the direction of related small individual startups into an entity that can succeed in the social goods they set out to do.

Cameron Heyder, Sustainability Major

Sustainability students often take business classes as part of their plan of study.  Cameron minors in Management Information Systems – the Business & Entrepreneurship Department’s (B&E) newest major.  The B&E Department supports students’ taking advantage of exciting and informative opportunities in the community to hone their real-world skills, gain insights into trends, and develop important networks.

Thanks to Cameron for providing this insightful account of the 2016 Social Innovation Summit!