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Introduction to Part 1

This theoretical section deals successively with the analysis of the foundations of societal strategies based on the creation of shared value (CSV), the role that these strategies play in correcting and/or anticipating potential damage to the company, social and environmental innovations, as well as in analyzing ecosystems capable of facilitating the implementation of this type of strategy, the key steps in calculating the value of the impact investment and, finally, the development of innovative business models based on CSV.

The radical liberal conception of business has evolved towards a contractual conception of CSR. It is no longer a question of whether the value created by a company is private income for shareholders alone, but that it is also a partnership value for its other stakeholders. The CSV concept proposed by Porter and Kramer (2006) assumes that the firm must develop a societal strategy, while at the same time, extending its governance to its stakeholders. CSR strategies can enable a company to reduce the negative societal externalities brought about by its activities, and produce positive externalities. Moreover, they can limit the pressures exerted by stakeholders, by taking into account their specific expectations and the power and resources they hold which are necessary for the company. Regulatory or hard power authorities intervene at the regulatory level. Soft power players are a powerful source of influence and persuasion, which encourages the company to behave in a way that is acceptable to society. Societal practices will then reinforce the classic attributes of products with tangible and intangible product differentiation attributes. This differentiation is only effective if the company uses labels as a management tool to allow customers to make inferences when making purchases. But these eco-responsible purchasing acts will only increase if customers have a better understanding of the positive issues of CSR for society. The challenge in implementing CSV-based societal strategies is developing an organization capable of innovation in the company’s industry. Managers must give priority to societal, technological and organizational innovations that generate CSV for the company, by supporting its overall business strategy; they must also promote the establishment of fruitful collaborations with various actors in their business ecosystems (BE). To accelerate change, the traditional BE must be transformed into a regional societal business ecosystem (RSBE), without constraints and/or additional costs. If businesses want to be more resilient, they will adopt different approaches based on three levers: vision, societal project and partnership. Their competitive advantage will be linked to finding and selecting effective innovation strategies that other stakeholders can buy into. This implies that impact investment will allocate capital to projects that will generate social and environmental benefits, as well as benefits for companies. Some prospective methodology has been developed to estimate the potential benefits of such projects, by calculating a new indicator called the Impact Multiple of Money (IMM), based on the results of relevant foothold studies. Depending on their history and sector, companies must adopt a business model that refers to their value chain and its impact on the competitive environment, industrial investment choices and product life cycles. They can choose between three types of business models: repair (if they do not practice CSR), innovation (if they develop a new business) or the creation of a business from scratch. In all of the business models, they will have to achieve specific competitive and societal objectives.