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Topic: Social innovation

Presenter: JENNIFER VU HUONG

Huongvuvu.hut@gmail.com

Subject: Product Organization – Trends in innovation

Course: BITM

MyBank

MyBnk-Jennifer

– Topic – Justify the choice

– Who is MyBnk?– History – Canvas business model of MyBnk

– Social Enterprise – Social Innovation – MyBnk’s strategies

Contents

1 INTRODUCTION

2 COMPANY OVERVIEW

3 MYBNK AND SOCIAL INNOVATION

4 CONCLUSIONS

– Topic – Verify the choice

– Who is MyBnk?– History – Canvas business model of MyBnk

– Social Enterprise – Social Innovation – MyBnk’s strategies

Contents

1 INTRODUCTION

2 Company overview

3 Mybnk and social innovation

M y B n k - J e n n i f e r

4 Conclusions

MyBnk-Jennifer

Introduction – Justify the choice MY FAVORITE TOPIC

Introduction – Justify the choice Old Skool Café  San Patrignano

Solar Sister Food Cycle

Gives women access to employment

Results from Internet

Pizzeria and home design to horse shows and graphic

arts

Food, music and service

MyBnk-Jennifer

Introduction – Justify the choice Old Skool Café  San Patrignano

Solar Sister Food Cycle

MyBnk-Jennifer

Introduction – Justify the choice

– Topic – Veri fy the choice

– Who is MyBnk?– History – Canvas business model of MyBnk

– Social Enterprise – Social Innovat ion – MyBnk’s strategies

Contents

1 Introduction

2 COMPANY OVERVIEW

3 Mybnk and social innovation

M y B n k - J e n n i f e r

4 Conclusions

MyBnk-Jennifer

Company overview – who is MyBnk?

MyBnk is a social enterprise that aims to build young people's knowledge, skills and

confidence to manage their money effectively and be more entrepreneurial

http://mybnk.org/

Company overview – who is MyBnk?

MyBnk are a social enterprise that aims to build young people's knowledge, skills and

confidence to manage their money effectively and be more entrepreneurial

http://mybnk.org/

To build young people´s knowledge, skills and conidence to manage their money and make enterprising choices

throughout their lives

Sector – 85 education Size- small Location –

the UK

MyBnk-Jennifer

Company overview - history

The first thing I did was write a letter to ten people I knew, or didn’t know but who I wanted to be involved because I thought they could help,” she says. “I wrote and told them I had this crazy idea, and

it’s going to help young people deal with money and be enterprising, and did they want to be involved? And they all wrote

back and said yes

MyBnk-Jennifer

Company overview - history

Founder: Lily LapennaInvolved in microfinance work

in Bangladesh

Created a project working withyoung people in the UK

Met Michael Norton OBE

Created the first MyBnk-in-a-Box branch in Tower Hamlets in 2007

75,000 young people in over 450 schools and youth organisations

Need for Financial EducationNeed for Enterprise Education

MyBnk-Jennifer

The Business Model Canvas

MyBnk Design by: Jennifer

24032014

KEY PARTNERSSecondaryschools, Academies, Further Education,Colleges,Pupil Referral Units, Youth organisationsFunders

KEY ACTIVITIES

Financial Education Programmes

Enterprise Education Programmes

VALUE PROPOSITIONSAlwayslearning and adapting to stayincredible

Being driven and relentless in thepursuit of our mission

CUSTOMER RELATIONSHIPS Young people is the heart

CUSTOMER SEGMENTSYoung people 11-25 year olds in schools and youth organisations

CHANNELSNational and international branches Website CommunitySocial network

KEY RESOURCESThe team Programmes Funders

COST STRUCTUREEducational activitiesGovernance cost

REVENUE STREAMSVoluntary incomeActivities for generating fundsInvestment incomeEducational activities

MyBnk-Jennifer

KEY ACTIVITIES

Financial Education Programmes

Enterprise Education Programmes

MyBnk-Jennifer

The Business Model Canvas

MyBnk Design by: Jennifer

24032014

KEY PARTNERSSecondaryschools, Academies, Further Education,Colleges,Pupil Referral Units, Youth organisationsFunders

KEY ACTIVITIES

Financial Education Programmes

Enterprise Education Programmes

VALUE PROPOSITIONSAlwayslearning and adapting to stayincredible

Being driven and relentless in thepursuit of our mission

CUSTOMER RELATIONSHIPS Young people is the heart

CUSTOMER SEGMENTSYoung people 11-25 year olds in schools and youth organisations

CHANNELSNational and international branches Website CommunitySocial network

KEY RESOURCESThe team Programmes Funders

COST STRUCTUREEducational activitiesGovernance cost

REVENUE STREAMSVoluntary incomeActivities for generating fundsInvestment incomeEducational activities

MyBnk-Jennifer

Channels

5 branches in the UK 5 Internationalbranches in Ghana, Nepal, China,

Colombia, Italy

Branches

MyBnk-Jennifer

Channels Branches

Social network

MyBnk-Jennifer

The Business Model Canvas

MyBnk Design by: Jennifer

24032014

KEY PARTNERSSecondaryschools, Academies, Further Education,Colleges,Pupil Referral Units, Youth organisationsFunders

KEY ACTIVITIES

Financial Education Programmes

Enterprise Education Programmes

VALUE PROPOSITIONSAlwayslearning and adapting to stayincredible

Being driven and relentless in thepursuit of our mission

CUSTOMER RELATIONSHIPS Young people is the heart

CUSTOMER SEGMENTSYoung people 11-25 year olds in schools and youth organisations

CHANNELSNational and international branches Website CommunitySocial network

KEY RESOURCESThe team Programmes Funders

COST STRUCTUREEducational activitiesGovernance cost

REVENUE STREAMSVoluntary incomeActivities for generating fundsInvestment incomeEducational activities

MyBnk-Jennifer

Key value

Keep usdoing what we do

Always learning and adapting to stay

incredible

Being transparent, independent andknowledgeable

Allowing youngpeople to make the right

decisionsfor themselves

Pursuit of our mission

MyBnk-Jennifer

The Business Model Canvas

MyBnk Design by: Jennifer

24032014

KEY PARTNERSSecondaryschools, Academies, Further Education,Colleges,Pupil Referral Units, Youth organisationsFunders

KEY ACTIVITIES

Financial Education Programmes

Enterprise Education Programmes

VALUE PROPOSITIONSAlwayslearning and adapting to stayincredible

Being driven and relentless in thepursuit of our mission

CUSTOMER RELATIONSHIPS Young people is the heart

CUSTOMER

Young people 11-25 year olds in schools and youth organisations

CHANNELSNational and international branches Website CommunitySocial network

KEY RESOURCESThe team Programmes Funders

COST STRUCTUREEducational activitiesGovernance cost

REVENUE STREAMSVoluntary incomeActivities for generating fundsInvestment incomeEducational activities

MyBnk-Jennifer

Revenue streams 2012/2013

– Topic – Veri fy the choice

– Who is MyBnk?– History – Canvas business model of MyBnk

– Social Enterprise – Social Innovation – MyBnk’s strategies

Contents

1 Introduction

2 Company overview

3 MYBNK AND SOCIAL INNOVATION

M y B n k - J e n n i f e r

4 Conclusions

MyBnk-Jennifer

MyBnk and Social Innovation

Communication from the European Commission , 2011/682 final

A social enterprise is an operator in the social economy whose main objective is to have a social impact rather

than make a profit for their owners or shareholders. It operates by providing goods and services for the

market in an entrepreneurial and innovative fashion and uses its profits primarily to achieve social objectives. It is managed in an open and responsible manner and, in

particular, involves employees, consumers and stakeholders affected by its commercial activities

Social Enterprise?

MyBnk-Jennifer

Social innovation

Innovation is the multi-stage process whereby organizations transform ideas into new/improved products, service or processes, in order to advance, compete

and differentiate themselves successfully in their marketplace

Baregheh A, Rowley J and Sambrook S.(2009) “Towards a multidisciplinary definition of innovation”, Management decision, vol. 47, no. 8, pp. 1323‐1339 

A Social innovation is a complex process of introducing new products, processes or programs that profoundly change the basic routines, resource and authority flows, or beliefs of the social system in which the innovation occurs. Such successful social

innovations have durability and broad impact

(FRANCES WESTLEY, PhD, The Innovation Journal: The Public Sector Innovation Journal, Vol. 15(2), 2010, article 2)

Social innovations are new ideas (products, services and models) that simultaneously meet social needs (more effectively than alternatives) and create new

social relationships or collaborations

(Book of Social Innovation, Murray, Calulier-Grice and Mulgan, March 2010, Communication from the European Commission)

MyBnk-Jennifer

Social innovation

MyBnk-Jennifer

Social Entrepreneurship, Social enterprise, Social Innovation

Interorganizational

Organizational

Interpersonal

Individual

Social innovation

Socialenterprise

Socialentrepreneuship

Inputs Enterprise

Outputs

Social needs Social impacts

System

MyBnk-Jennifer

Mybnk is a Social Enterprise?

Need for Financial Education

Financial skills for young people

THE NEEDS MYBNK

16-25 YEAR OLDS ARE THE BIGGEST USERS OF PAYDAY LOANS

NEARLY A 1/4 OF YOUNG PEOPLE ON LOW INCOMES HAVE NO SAVINGS AT ALL

Sources: Barnardo’s, YouGov, Centre for Social Justice and Bradley Report

MyBnk-Jennifer

Mybnk is a Social Enterprise?

YOUNG PEOPLE ARE 3 TIMES MORE LIKELY TO BE UNEMPLOYEDTHAN ADULTS

54% OF 18 TO 30 YEAR OLDS WANT TO START THEIR OWN BUSINESS ORENTERPRISE , COMPARED TO JUST 36% OF THE ADULT POPULATION

Need for Financial Education

Financial skills for young people

THE NEEDS MYBNK

Need for Enterprise Education

Financial knowledge to compete in the job market

Sources: ONS, RBS Youth Enterprise Tracker and International Labour Org

MyBnk-Jennifer

Mybnk is a Social Enterprise?

To build young people´s knowledge, skills and conidence to manage their money and make enterprising choices throughout their lives

Main objective is to have a social

impact

SOCIAL ENTERPRISE MYBNK

Managing Money

Enterprise

90%

90% can prioritisetheir needs and

wants

18,880 young people 903 MyBnk financial education programmes

90%

90% feel confident in making money decisions

MyBnk-Jennifer

Mybnk is a Social Enterprise?

To build young people´s knowledge, skills and conidence to manage their money and make enterprising choices throughout their lives

Main objective is to have a social

impact

SOCIAL ENTERPRISE MYBNK

Managing Money

Enterprise96%

96% Understand what a social en-terprise is

83%

83% would like toset up their ownbusiness in the

future

48 programmes1141 people

MyBnk-Jennifer

Independent Assessment

Based on 441survey responses

MyBnk-Jennifer

Socially innovative approach?

Development of new products

and services

Entry into previously untapped markets

Socially innovative approach

A B

Attraction and engagement of employees

and future talent

DDifferentiation

from competitors

C

Benefits

MyBnk-Jennifer

Strategies leads to social innovation

Social innovationSocial innovation

Higher impact on society

Cooperate with pioneering

social entrepreneurs

Build networks within and outside the company

Secure dedicated spaces to

facilitate social innovation

MyBnk’s strategies

MyBnk-Jennifer

Strategies leads to social innovation

Social innovationSocial innovation

Higher impact on society

Cooperate with pioneering social

entrepreneurs

MyBnk’s strategies

ING Direct said Mybank share the culture of wantingto contribute to society and achieve innovation

MyBnk-Jennifer

Strategies leads to social innovation

Social innovationSocial innovation

Higher impact on society

Build networks within and outside the company

MyBnk’s strategies

Dedicate to support local organizations: work with major social organizations Ex: Work with Save and Children to provide consultancy services

MyBnk-Jennifer

Key resources

Deputy CEO

Education Director

Education Officers

Money Advice Service Officer

Education Project Manager

Training and Quality Manager

Partnership Manager

28 members

Founder & CEO

The team Expert trainers are experienced

teachers and youth workers who are able to build rapport with young

people and respond to their changing needs

Youth Advisory Panel

Patrons & Trustees

MyBnk-Jennifer

Key partners

Secondaryschools

Youth organisations Academies

Further Education

Colleges Pupil Referral Units

Ex: 2012/2013: 251 host organisations across UK

MyBnk-Jennifer

Funders

– Topic – Veri fy the choice

– Who is MyBnk?– History – Canvas business model of MyBnk

– Social Enterprise – Social Innovat ion – MyBnk’s strategies

Contents

1 Introduction

2 Company overview

3 Mybnk and social innovation

M y B n k - J e n n i f e r

4 CONCLUSIONS

MyBnk-Jennifer

Conclusion

Mybnk – lessons learned

My opinions: All ages?Distance learning?

MyBnk-Jennifer

Conclusion

My idea!

“I’m encouraging young people to become social business entrepreneurs and contribute to the world, rather than just making money. Making money is no fun. Contributing to and changing the world is a

lot more fun.” -Muhammad Yunus

MyBnk-Jennifer

Reference

Lecture of Prof. Josep LlachMyBnk websiteSocial Innovation in Business Japan-UK Learning

Journey 2012

MyBnk-Jennifer