Making Waves

Making Waves

25

A Caribbean Social Innovation Guide

Private Sector

Companies and businesses play an important role in bringing ideas to market and to scale. They develop products and services, create jobs, invest in innovation, purchase goods and services from local innovators, open supply chains, provide technical expertise and introduce new technologies. Caribbean Examples • Flow Barbados (telecommunications and cable provider company) • Grupo Popular, S.A. (commercial banking services company) • The Jamaica Public Service Company (JPS) (public electricity distributor company) • Bajan Fusion (Fitness lifestyle service)

01 . Understanding Social Innovation in the Caribbean

The private sector helps turn promising ideas into sustainable solutions by providing markets, partnerships, expertise and investment. It also has the ability to influence how business is done by adopting more inclusive and environmentally responsible practices.

Corporate Foundations

Some large companies set aside money, staff time and other resources to support causes that matter to the communities they serve. They often do this through corporate foundations or corporate social responsibility (CSR) programmes, which provide grants, partnerships and other forms of support for social and environmental initiatives. Caribbean Examples • Fundación Popular (inclusive community development) • Digicel Jamaica Foundation (community building nonprofit funded by the Digicel Group, a digital connectivity and telecommunications provider) • CIBC Caribbean ComTrust Foundation (charitable and governing body for CIBC Caribbean’s corporate social responsibility initiatives. CIBC Caribbean is a financial services company) • The ANSA McAL Foundation (the philanthropic arm of the ANSA McAL Group. ANSA McAL is a diversified public conglomerate)

Corporate foundations can help turn good ideas into bigger opportunities by providing early funding, connecting organisations that can work together and supporting projects that create lasting benefits for communities.