11 more companies join the Rise Ahead Pledge, a Schwab Foundation initiative to address the $1.125 trillion funding need of the world’s 10 million social innovators.
FinTech BizNews Service
Mumbai, September 24, 2024: Eleven more companies have now joined the Schwab Foundation’s Rise Ahead Pledge bringing the total signatories to 24, highlighting the growing corporate commitment to investing in social innovation and building a more sustainable, equitable world for all.
The Rise Ahead Pledge was launched in January 2024 with 13 signatory companies who have today been joined by 11 new organizations. This growing group of industry leaders is backing an ambitious initiative aimed at addressing the estimated $1.125 trillion funding need that social enterprises face worldwide and maximizing the full potential of social innovation. With its first signatories from Asia and Latin America, the pledge also signals that social innovation is relevant globally.
“The Rise Ahead Pledge presents an exciting and much-needed opportunity for the private sector to collaborate with and support social entrepreneurs worldwide,” said Daniel Nowack, Head of the Global Alliance for Social Entrepreneurship, Schwab Foundation. “The growing number of signatories reflects how social innovation is becoming a strategic business capability, addressing sustainability issues and business objectives. We encourage other companies to join the pledge and benefit from the shared value created by the social economy."
The new signatories are: Automation Anywhere, Banco Davivienda, EDP, GE HealthCare Foundation, Hewlett Packard Enterprise (HPE) Foundation, Jubilant Bhartia Group, Philips Foundation, Reckitt, Renault Group, TikTok and Zurich Insurance Group.
"Social innovation is a key driver of equitable development and we are committed to supporting it through the Rise Ahead Pledge. By working together with other forward-thinking businesses, we can unlock opportunities for social entrepreneurs to make an even greater impact,” said Hari S. Bhartia, Founder and Co-Chairman, Jubilant Bhartia Group, India.
Social innovation is the creation and scaling of transformative solutions to critical social and environmental challenges based on a commitment to equity, inclusivity and sustainability and are aimed at improving lives, notably of marginalized or underserved communities.
By endorsing the Rise Ahead Pledge, companies collectively aim to increase their engagement in social innovation and significantly bolster the social economy by 2030, in line with the UN Sustainable Development Goals. Signatories commit to starting new initiatives or expanding on existing activities in at least two of six engagement areas: providing financial support to social innovators; providing non-financial support to social innovators; buying from social innovators (social procurement); providing financial support to the social innovation ecosystem; integrating social innovation principles into core business operations; and implementing or expanding programmes to support employees to develop social innovation initiatives internally.
Furthermore, signatories commit to creating collective quantitative targets for their activities in time for the World Economic Forum Annual Meeting 2025. A report outlining the impact of investments so far by the signatories – including the total cumulative financial contributions made – will be published in early 2025.
"The challenges our society faces demand innovative solutions and social entrepreneurs are leading the way. By joining the Rise Ahead Pledge, we are not only enhancing our support for social innovators but also fostering collaborations that can scale their solutions across Latin America,” said Javier Suarez Esparragoza, Chief Executive Officer, Banco Davivienda, Colombia.
“Building a more just, equitable and sustainable future begins with innovation. The Rise Ahead Pledge is a powerful catalyst for the impact we know the global network of social innovators and entrepreneurs can achieve. The HPE Foundation is dedicated to unlocking as many opportunities as possible for this vibrant community," said John Schultz, Executive Vice-President and Chief Operating Officer, Hewlett Packard Enterprise.
The Rise Ahead Pledge is complemented by a new report released by the Schwab Foundation during the Sustainable Development Impact Meetings. AI for Impact: Strengthening AI Ecosystems for Social Innovation was developed in collaboration with EY and Microsoft. The report emphasizes the need to bolster support for social innovators by employing novel technologies, such as artificial intelligence, to drive positive change. The report notes that while AI could benefit countless lives worldwide, less than 1% of AI investments today focus on impact-driven initiatives.
Through a series of case studies, the report indicates that the private sector, in partnership with intermediaries, can play a key role in nurturing AI for impact by providing funding, technology and capacity-building support. For instance, the report shows how SAP, a pledge signatory, is advancing AI skills for youth and social enterprises through educational programmes, helping to bridge the digital divide and ensuring inclusive benefits from AI advancements.
IBM’s partnership with LifeBank, a Nigeria-based medical distribution company, is another example. Developed in-house, LifeBank’s blood-tracking tool ensures the delivery of safe blood by leveraging blockchain to improve its traceability across the supply chain. Its partnership with IBM has enabled the enterprise to overcome infrastructural limits, regulatory barriers and skill gaps to scale the solution.
Rise Ahead Pledge signatories
New signatories:
Automation Anywhere, Banco Davivienda, TikTok, EDP, GE HealthCare Foundation, Hewlett Packard Enterprises (HPE) Foundation, Jubilant Bhartia, Philips Foundation, Reckitt, Renault Group, Zurich Insurance Group
Signatories since January 2024:
Adecco Group's Innovation Foundation, Bayer Foundation, EY, IKEA Social Entrepreneurship, Kale Group, Lex Mundi Pro Bono Foundation, Medtronic Labs, Melitta Group, Microsoft, Foundation S – Sanofi, SAP, SK Group's Center for Social Value Enhancement Studies, SUEZ
