Innovation Inspiration : Sustainable Innovation
1. Open sustainable innovation
Pepsi – Refresh Everything
Pepsi’s 2010 initiative reallocated their Superbowl marketing budget to the crowdsourcing and funding of social innovation projects. This radical approach made $20M available in grants to individuals, businesses and non-profits to promote new ideas that have positive impacts on their communities.
Toyota – Ideas for Good
Toyota has shared technologies with inventors to help them realise their ideas and create a better world.
Watch the story of one team’s hybrid roller coaster.
2. Sustainable innovation & Luxury:
EDUN is Bono’s ecological and socially conscious fashion line. Its purpose is “to create sustainable trade and promote local economic opportunities in Africa. At EDUN we strive to be more than a fashion brand, we are a movement dedicated to creating positive change in the world.” LVMH’s near 50% stake in EDUN marks the company’s shift toward the rapidly growing sustainable-luxury market.
Read more about the EDUN’s mission and work in Africa.
3. New communication models
Loudsauce – crowdfunded media buying
LoudSauce is driving a new advertising model where citizens are asked to fund ad space for the causes that matter to them: “There are so many amazing social organisations doing great work in the world, but the reality is there’s a marketing gap in the social sector, that we think crowd funded advertising can uniquely fill.”
Read more about LoudSauce and watch their introductory video.
FearLess & COMMON
FearLess – based in Boulder, Colorado – also talks about a consumer revolution. The core agency focuses on the power of consumer advocacy; while its COMMON arm is a network of Creatives producing rapid prototyping for solutions to social problems.
Listen to Alex Bogusky launching the COMMON movement.
4. New pricing models: Panera Cares
Panera Bread Company is a US chain of ‘pay-what-you can’ cafés: prices are suggested on the menu, but customers only pay what they feel they can afford. Panera estimates that 20% of patrons donate more than recommended, 20% give less, and most people pay the “suggested funding levels”.
“ In many ways, these cafés are a test of humanity…Twelve months later, we’re proud to say that people have really stepped up and are helping us achieve our goal ensuring everyone who needs a meal gets one – whether or not they can afford it.”
Read more here: Panera Cares: A Pay-What-You-Can Success Story
5. New investment models
Derwent Capital Markets – Europe’s first social media hedge fund
Europe’s first Twitter-based hedge fund responds to emotions in social media: “For years investors have widely accepted that financial markets are driven by fear and greed but we’ve never before had the technology or data to be able to quantify human emotion. This is the 4th dimension”.
The Acumen Fund
An inspiring story to finish with is that of Jacqueline Novogratz and the Acumen Fund, which focuses on providing pioneering entrepreneurs, in developing countries, with the financial and strategic support that they need to realise their breakthrough ideas.
Listen to Novogratz’s inspiring TED talk.
Written by Jonathan Hall, Managing Director, Cheskin Added Value