subscribe to news
MEDIA, JOBS & RESOURCES for the COMMON GOOD
NEWS  |  Corporate Engagement, Good Business

NFPs Need to Create Shared Value Partnerships


Tuesday, 23rd July 2013 at 11:32 am
Staff Reporter, Journalist
World Vision CEO Tim Costello has told Not for Profit organisations that the sector is entering a new phase of convergence with corporate partnerships and shared value.

Tuesday, 23rd July 2013
at 11:32 am
Staff Reporter, Journalist


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
NFPs Need to Create Shared Value Partnerships
Tuesday, 23rd July 2013 at 11:32 am

World Vision CEO Tim Costello has told Not for Profit organisations that the sector is entering a new phase of convergence with corporate partnerships and shared value.

Speaking at the Not for Profit and Corporate Partnerships conference in Sydney this morning, Costello said the categories of how poverty can be beaten has changed.

"It used to be that if we raised the dollars here and transferred it to them there, that’s our job done," he said.

"Now World Vision is into social ventures.

"These categories of Not for Profit and business, not just in fundraising but in terms of what you do, is converging.

"It seems to make sense for businesses and NGOs to work much more closely around shared value.

"We both depend on stakeholder and consumer perception.

"The convergence is happening and we are seeing it right down at the ground level."

But Costello reiterated the importance of creating a strong relationship with corporate business partners.

"You need to understand your partners or prospective partners," he said.

"We just don't take a fantastic grant that takes us into another area just because it is there, that's not our purpose.

"We need to keep a focus on our purpose, our key assets.

"Our grassroots knowledge, our awareness of challenges and trends is important for corporates.

Costello said the time was right for convergence because the Not for Profit sector itself had transformed and was working better together, no longer being fragmented.

"These [corporate partnership] opportunities haven't traditionally been ours because we have actually seen ourselves as competing for the charitable dollars with each other," he said.

"The collaboration of the sector has been fragmented but we need to overcome that."

Costello said a co-creating relationship between Not for Profit organisations and For Profit businesses was key.

"We can't wave magic wands, we can't change the world on our own…but we can bring in things that co-create.

"Partnering is a bit of a courtship."

Costello said there was three key principles in a successful partnership:

1.Transparency

2.Equality

3.Mutual benefit

"In the 21st Century our sectors are converging, build trust and take those processes seriously," he said.


Staff Reporter  |  Journalist  |  @ProBonoNews



Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers?

Get in touch at news@probonoaustralia.com.au


Write a Reply or Comment

Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

The Boundaries are Blurring Between Philanthropy and Business

Michael Moody

Thursday, 21st February 2019 at 8:44 am

Predictions for 2019 – B Corp

Andrea DeAlmeida

Wednesday, 6th February 2019 at 8:10 am

Identifying and Selecting Opportunities to Diversify Revenue Streams

Contributor

Tuesday, 29th January 2019 at 7:45 am

Record Philanthropic Purchase to Protect Murray Darling Wetland

Maggie Coggan

Friday, 25th January 2019 at 4:49 pm

POPULAR

Culturally Diverse People With Disability Struggling to Engage With NDIS

Luke Michael

Friday, 8th February 2019 at 4:42 pm

‘Toxic’ Amnesty Workplace Sparks Criticism of Australian Social Sector Culture

Maggie Coggan

Wednesday, 13th February 2019 at 5:29 pm

Program Looks to Halve Electricity Costs for Charities

Luke Michael

Tuesday, 12th February 2019 at 4:26 pm

Disability Accommodation Reforms to Increase Choice and Control

Maggie Coggan

Friday, 8th February 2019 at 5:11 pm

subscribe to news
pba inverse logo
Subscribe Twitter Facebook

Get the social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!