SAP, one of the biggest software companies in the world, is financing a Social Business Fund in Haiti with Prof. Yunus.
This is very important, because investing in a Social Business, rather than just giving money away for one-time donations to projects that must be refinanced every year, is a much wiser and effective way to invest the CSR budget that many companies have.
I've talked to SAP people at the Grameen Global Social Businss Summit, where I also met people from Adidas, ArcelorMittal, BASF, Credit Agricole, Deutsche Telekom, GE Healthcare, Google, Danone, Humana, Johnson & Johnson, Microsoft, Pepsi, Swarovski, UNIQLO and Volkswagen
This is another important step for a broader acceptance and adoption of the Social Business concept created by Prof. Yunus.
Congrats to SAP for their vision and execution, and I hope to see in the next months many more companies embracing social business, directly and/or indirectly.
An excerpt of the press release
Jim Hagemann Snabe, co-CEO of SAP AG. "We have brought that same focus to our relief efforts in Haiti over the past year and are moving beyond the 'one-time donation' concept by partnering with Professor Yunus on long-term economic development with the goal of creating enduring prosperity for the people of Haiti."
Sustainable Employment Through Social Businesses
SAP and its partners are providing support to new social businesses through the YY Haiti (Yunus & You) Social Business Fund and the newly created Grameen Creative Lab Haiti. The businesses will focus on solving specific social problems in sectors in areas such as vocational training, agriculture, nutrition, environmental stewardship and information technology (IT). The first social business pilots, including a cocoa processing factory in Camp-Perrin and an eco-hotel in Cap Haitien, will be launched soon, with additional social business ideas in the planning phase.
"The Grameen Creative Lab Haiti will promote economic empowerment for Haitians by fostering the creation of social businesses in Haiti," said Professor Muhammad Yunus, CEO of the Grameen Bank, founder of the Yunus Centre and originator of the microcredit and social business concept. "We are proud to partner with SAP, whose passion and expertise will contribute to the long-term success of job creation in Haiti."
The entire SAP press release
