Corporate Citizenship recently conducted a global survey of corporate foundations from more than 20 countries. With over 100 responses, the survey found that change is afoot. Many Foundations are upping their game and embracing some truly innovative strategies.
The report demonstrates that, whilst financial support is vital, there can be so much more to the relationship between a business and its foundation. The leading foundations don’t isolate themselves. They harness the business acumen and networks of the founding company to create impactful change – then measure the results. In analysing results of the global survey, Corporate Citizenship has identified six key characteristics that game-changing corporate foundations are exploring in order to innovate for impact:
Business acumen - Leveraging the expertise and knowledge of the parent company such as employee skills
Focused - Targeting programmes in a small number of areas rather than trying to tackle everything
Impact measurement - Ensuring that long-term change is measured consistently
Strategic alignment - Aligning with the parent company’s focus by addressing issues relevant to their industry or geography
Engaging - Collaborating with external actors in partnerships to advocate change
Sustainable financing - Exploring funding options that generate both a financial return and social impact
They survey also found that whilst 78% of corporate foundations want to measure their long-term impacts, just over half (54%) say that they currently do.
In addition, around two thirds of corporate foundations say they can imagine their foundation developing a new product or service that delivers a social benefit to society in the future. The aspiration for game-changing innovation is high.
To find out more, download a copy of the report.