The concept of shared value is defined as policies and practices that enhance the competitiveness of a company while simultaneously advancing the economic and social conditions in the communities where it operates. Shared value creation focuses on identifying and expanding the connectivity between triple bottom line benefits – social, economic and environmental. This concept is driven across the three dimensions. The first dimension focuses on reconceiving and reconfiguring the products, services and markets. The second dimension focuses on redefining the productivity of the value chain. The third dimension involves cluster based approach thereby building a collaborative network of stakeholders at the company’s locations. It has been defined by Michael E. Porter and Mark R. Kramer in the article “Creating Shared Value” published by Harvard Business Review.“
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Institute for Competitiveness, India, joined hands with the Shared Value Initiative to introduce the shared value paradigm among the organizations in India in the year 2015. The Indian body, known as the Shared Value Initiative India (SVII), is the exclusive Regional Partner of Shared Value Initiative in the U.S. It also shares a collaborative partnership with Shared Value Project based in Australia. The initiative is an attempt to reshape the fundamental aspects of capitalism and society in India, which is one of the fastest developing economies in the world.
Shared Value Initiative India connects the business and community leaders towards defining the practices of shared value in India. The initiative commits to bringing forward the realization, understanding, adoption and implementation of the best practices for creating shared value among the companies, civil society and government organizations in India. Shared value practices will accelerate the economic and social progress towards a more equitable and sustainable world.
SVII is a non-profit undertaking and intends to remain a non-partisan, non-governmental organization. It aims to influence the change in focus and approach of the organizations and institutions in India towards conscious capitalism. It embraces shift towards conscious capitalism by creating awareness among companies, civil society and government organizations to leverage the power of market-based competition in addressing social problems. A unique effort for delivering ideas and best practices among shared value practitioners, proponents and stakeholders via peer-to-peer exchange, research insights, networking, strategy and implementation support programs.
The initiative has multiple dimensions. First, it will explore, engage and bring forward the shared value engagements practiced by the organizations in India. Second, it will introduce the conceptual framework, underlying challenges and benefits in quantifying the shared value outcome. Third, it will engage and bring together the interested organizations on the collaborative platform as a shared value community.
It will comprise a community of corporate CXOs, government, media, investors, academic communities, and civil society leaders. Leaders who find business opportunities in societal challenges thereby leading to the economic prosperity of all Indians. Also, it is not intended to be a lobbying group, in fact, it will explore, engage and bring forward the shared value engagements practiced by the organizations in India