University at Buffalo School of Management

Autumn 2017 Buffalo Business 11 "We went to the homes of low-income con- sumers who were food insecure, heard about their struggles and, with Dr. Greene's input, formulated a product to donate that contained nutrients missing from their diets," says Ricks. "This type of social in- novation is absolutely the future of business. In five years, it's gone from a blip on the radar to being criti- cal for organizations." Aer leaving Plum in 2014, Ricks now serves as president of Noah's New York Bagels, where his commitment to social causes hasn't waned. This year, he launched a partnership with LeadersUp, a talent development nonprofit, to hire young people from vulnerable communities for management posi- tions. "We're hoping to make a difference by provid- ing each individual with an aspirational role, while also recruiting a good fit for our organization," Ricks says. Plum and Noah's are among countless organi- zations engaged in social innovation by partnering across sectors — and oen across borders — to de- velop novel, economically sustainable solutions to pressing issues facing society. Driven by socially con- scious leaders and consumers, as well as the threat of reduced funding for traditional nonprofits, social innovation is rapidly growing worldwide. In the European Union, 10 percent of all businesses are so- cial enterprises. In Senegal, 18 percent of people are pursuing social entrepreneurship, according to a 2016 Global Entrepreneurship Monitor survey. And in the U.S., according to the Social Enterprise Alliance, 60 percent of all social enterprises launched within the last decade. "Social innovation is driving change across the globe, as companies, nonprofits, governments and individuals work together to find ways to address poverty, health and wellness, climate change, food " Social innovation is driving change across the globe, as companies, nonprofits, governments and individ- uals work together to find ways to address poverty, health and wellness, climate change, food scarcity and other critical issues we face." Paul Tesluk Dean School of Management " Social innovation is absolutely the future of business. In five years, it's gone from a blip on the radar to being critical for organizations." Tyler Ricks, MBA '96 President Noah's New york Bagels scarcity and other critical issues we face," says Paul Tesluk, dean of the School of Management. "Each stakeholder brings criti- cal resources and experi- ences to the table, and it's at this intersection where organizations can provide the most social benefit." sustainability in the c-suite Some of the social in- novation trend can be at- tributed to consumers, who increasingly demand it. A 2015 Mintel study found more than half of consumers have stopped purchasing from brands they deem unethical. Meanwhile, 81 per- cent of millennials expect companies to publicly commit to good corporate citizen- ship, according to a Horizon Media study. But more than addressing consumer tastes, social innovation is oen a strong business decision — an opportunity to reduce long-term costs, spur job creation and economic growth, differentiate their brand and protect their supply chain. Aditya Vedantam, assistant professor of operations management and strategy, researches the environmental impact of business operations and sees more companies mapping their entire supply chain to trace the exact source of their products and ensure their suppliers adhere to a strict code of conduct. Photo: BevNET

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