For these 24 organizations, social innovation is simply a smart business decision

What happens when 24 companies decide to take a stance on social innovation? You get a growing movement steadily reshaping how the corporate world thinks about its role in building a more equitable and sustainable future.

In a significant milestone for social innovation, 11 additional companies have signed the Schwab Foundation’s Rise Ahead Pledge, joining the 13 initial signatories. Launched in January 2024, this pledge seeks to increase private sector support for social innovation and, amongst other efforts, address the $1.1 trillion funding need by social enterprises worldwide.

These ambitions signal a broader shift in how companies approach social innovation — not merely as a corporate social responsibility (CSR) activity but as an essential business capability, informing core strategy. Integrating social innovation into business operations is seen as a way to strengthen resilience, engage stakeholders more effectively and drive lasting change in the communities they serve. The Schwab Foundation’s Corporate Social Innovation Compass highlights the benefits in five key areas:

1. Accelerate innovation: The mission-oriented approach of social enterprises and their ability to innovate within limited resources can help companies develop competitive advantages by exploring new, disruptive business models.

2. Expand into new markets: With their deep understanding and roots in local communities, social enterprises provide valuable insights into new and hard-to-reach markets.

3. Generate financial and social returns: Companies can achieve dual returns on both financial and social objectives, aligning their business goals with social impact objectives.

4. Achieve social impact goals and improve brand perception: Collaborations with social enterprises help companies meet their sustainability and social impact goals and achieve regulatory compliance.

5. Attract, develop and retain talent: Social enterprise engagements boost companies' ability to attract and retain talent, especially among younger generations who prioritize ethical values.

Advanced technologies like artificial intelligence (AI) are a key factor in driving social innovation but also have the potential to exacerbate disparities and, with that, eliminate progress made by social innovators. Two previous signatories of the Rise Ahead Pledge, Microsoft and EY, have supported the Schwab Foundation’s AI for Social Innovation initiative, leading to insights and new partnerships. The foundation’s latest report, Strengthening AI Ecosystems for Social Innovation, emphasizes the vast potential of AI to address societal challenges while highlighting the need for responsible and intentional investment. It finds that less than 1% of global AI investments are currently directed towards social impact programmes. This provides a significant opportunity for businesses to lead in this area by prioritizing AI initiatives that contribute to social good. However, simply increasing the resources provided to AI for impact may not be a solution either. The report shows that most programmes are still focused on Western markets with a significant gap for low- and middle-income countries, while many programmes are designed top-down with little involvement of ecosystem actors or social innovators — making them ill-equipped for purpose.

Starting in January 2025, the signatories of the Rise Ahead Pledge will begin to quantify their collective investments in social innovation. This step will demonstrate the seriousness of their ambitions and the potential for these investments to drive transformative change.

In the coming months, the Schwab Foundation will highlight the specific commitments and initiatives of the 11 new signatories, illustrating how each company plans to support the social economy and contribute to global social innovation. These stories will be examples for other businesses seeking to make a similar impact. Anyone can follow the Schwab Foundation for continuous updates on the Rise Ahead Pledge and corporate investments in social innovation.

The expansion of the Rise Ahead Pledge underscores the growing importance of social innovation in the business world. By making social innovation a core part of their strategies, these companies are contributing to a more equitable and sustainable future and unlocking significant business benefits.

As this movement continues to gain momentum, it will redefine what it means to be a responsible and successful business in today’s world.

The new signatories of the Rise Ahead Pledge pledge are diverse in geography and industry: the Jubilant Bhartia Group is the first Indian company to sign the pledge, while Banco Davivienda iss the first company from Latin America in the group of signatories. With Renault Group, the pledge is welcoming its first automotive company.

Automation Anywhere empowers nonprofits and improves lives through technology. Its AI-powered automation software increases efficiency in nonprofits of all sizes, enhancing productivity to better serve their missions. By streamlining operations for nonprofits, Automation Anywhere drives social impact and demonstrates the versatility and effectiveness of its solutions in the social sector. The company is also committed to upskilling and reskilling efforts, driving digital inclusion and bringing “future of work” jobs to all segments of society.

Banco Davivienda aims to deepen and expand its support for social innovators through enhanced strategic initiatives and partnerships. The bank’s pledge includes expanding two existing platforms, Social Skin and Efecto, which have already made significant strides in supporting social and environmental enterprises in Colombia, Central America and Mexico. By supporting these platforms, Banco DaVivienda deepens its engagement in local communities and expands its market reach, solidifying customer loyalty in these regions.

EDP invests more than €30 million annually in more than 500 social projects across the regions worldwide where it is present (Iberia, Europe, North America, South America, Asia-Pacific and also Africa through its Access to Energy CSR fund), focusing on multiple initiatives to promote and support a fair and inclusive energy transition. EDP pledges to foster an environment where social innovators can thrive and act as agents of change in their communities by reinforcing its financial and non-financial support. By investing in projects of social innovation, EDP reinforces its positioning as a leader of the energy transition, opening up new market opportunities, making a strong positive impact on society and strengthening relationships with local communities.

The GE HealthCare Foundation trains primary care providers, including midwives, doulas and community health workers, to bridge the gap between essential diagnostic technology and well-trained individuals to deliver care. The Foundation pledges to expand knowledge-sharing, expertise and best practices to improve maternal healthcare outcomes and reduce maternal mortality. This initiative addresses critical healthcare needs and enhances GE HealthCare’s reputation in emerging markets, paving the way for further business expansion in the healthcare sector.

Hewlett Packard Enterprise (HPE) Foundation addresses the social innovation funding and technology gap by supporting incubators and accelerators, specifically in health tech, climate tech and solutions that support human rights. HPE is committed to supporting the broader innovation ecosystem with expertise, technology and partnerships to serve those often underserved by venture capital and philanthropy. This commitment allows HPE to foster innovation in key growth sectors, enhancing its technological leadership and creating new business opportunities in high-impact industries.

The Jubilant Bhartia Group has long supported social innovation in India, focusing on healthcare, education and sustainable development. For the last 15 years, it has organized India’s “Social Entrepreneur of the Year Award” with the Schwab Foundation. The company now pledges to amplify its impact by establishing a dedicated incubation centre for social enterprises in India. This centre will foster social innovation by providing incubation spaces, mentorship and training to social entrepreneurs, enabling them to address pressing social challenges effectively. By nurturing these ventures, Jubilant Bhartia contributes to sustainable community development and enhances its reputation as a catalyst for positive social change, strengthening its market position and aligning with long-term business sustainability goals.

Philips Foundation provides donations, in-kind and financial support such as loans and equity investments through its impact investments vehicle to aid innovative healthcare ventures. It pledges to increase and provide access to quality healthcare for underserved communities worldwide by collaborating with social entrepreneurs who tackle those challenges through disruptive approaches and innovative technologies. By backing these ventures, Philips Foundation complements the company’s ability to enter and expand in underserved markets, driving impact in the healthcare industry.

Reckitt provides seed funding and cross-functional expert mentorship to support social entrepreneurs in scaling their innovative models. The company is committed to integrating these solutions into its value chain. It plans to scale such purpose partnerships over the next five years to support 100 impactful enterprises across the globe. By embedding these solutions into business operations, Reckitt enhances its supply chain efficiency and strengthens its market position by aligning its brand with innovation and sustainability.

Renault Group’s social entrepreneurship programme is a key lever for the company's performance and transformation. Through partnerships in the social innovation ecosystem, the company provides financial and non-financial support to entrepreneurs with solutions that enable inclusion through mobility. This focus on inclusive mobility solutions positions Renault as a forward-thinking leader in the automotive industry, opening up new market segments and enhancing its brand equity.

TikTok is committed to harnessing the power of creativity and technology to drive social innovation and empower communities globally. By signing the Rise Ahead Pledge, TikTok has reaffirm its dedication to supporting social entrepreneurs and fostering an inclusive digital economy that champions sustainable and equitable growth. The company support millions of small and medium-sized businesses worldwide, including social enterprises that use the platform to amplify their impact, connect with diverse audiences and tell their stories. TikTok’s vision is to continue empowering social innovators, enabling them to drive meaningful change and build a better future for all.

Zurich Insurance Group has invested over $25 million into social enterprises through its social procurement programme, which focuses on integrating social enterprises into Zurich's supply chain, training programmes and collaborations with local and regional networks. The organization is expanding the programme across Latin America and Europe.