Doing well by doing good innovations: alleviation of social problems in emerging markets through corporate social innovations

Doing well by doing good (DWDG) innovations refer to the implementation of new products, processes and practices, and modifications of existing products, processes and practices by firms that benefit society by contributing toward alleviation of specific social problems, and enhancing performance of firms. Social problems refer to certain objective conditions that are perceived by society as undesirable, and as requiring remedial actions. Certain social problems stem from quality and quantity gaps in public goods such as education, electricity and water. Certain other social problems stem from affordability, awareness, availability, and adoptability gaps associated with private goods, resulting in population groups at the base of the market pyramid being non-consumers of various quality of life enhancing private goods, and need services such as healthcare. This paper presents an overview of potential opportunities for DWDG innovations, with an emphasis on innovations for alleviating specific social problems in emerging and less developed markets.