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Fortune launches ‘Change the World’ list – SVII
In a first of its kind, Fortune Magazine recently launched its ‘Change the World’ list. The list names top 50 companies that are doing well by doing good to the society. It doesn’t weigh or ranks the companies on a scale of good or bad, the idea is to highlight the companies that are striving for social good in their particular area. As Fortune Editor Alan Murray explains, “It is meant to shine a spotlight on companies that have made significant progress addressing major social problems as a core part of their business strategy.”
A joint team from Shared Value Initiative and FSG, a non-profit think tank led by Mark Kramer and guided by Harvard professor Michael Porter made more than 200 submissions for the list. Fortune considered four criteria for listing the companies: degree of business innovation involved, the measurable impact at scale on an important social challenge, the contribution of the shared-value activities to the company’s profitability and competitive advantage, and the significance of the shared value effort to the overall business
Fortune has taken a very fascinating and challenging task of listing companies that are changing the world for good. The companies on the list are achieving a positive business benefit by addressing the bottom of the pyramid. The list includes companies like Walmart, which uses 26% of electricity from renewable sources of energy, Google that has been making information available for public, as well as Facebook, which is committed to connecting people. Companies that are dealing with social challenges in India are also included in the list. Jain Irrigation Systems that has built its business by helping 5 million farmers in India and is now the world’s second-largest seller of drip irrigation is also a part of the list. Several other companies are also featured in the list like Novartis & Unilever, who are effectively catering to needs & challenges of the poor in India through their business model.
The companies in the list have embedded into their business model actions that contribute to making the world a better place. The spotlight on these companies will motivate them to do more good to the society and inspire other companies to act responsibly.
The common thing among ‘Change the World’ companies is that they have identified business value in societal needs. The list clearly indicates that the concept of Creating Shared Value is moving into the mainstream.
Read more about ‘Change the World’ list.

© [2016] Shared Value Initiative India & Institute for Competitiveness, India

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