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9/23/2015 SME Magazines Small Business Entrepreneurs Magazine Online in India
http://smeworld.asia/Focus.aspx?Focus=Focus91/fiinovationforgingpartnershipsbetweencorporationsandcsos#.VgIru8uqqkp 1/3
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SME WORLD BureauSeptember, 2015
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Fiinovation Forging Partnerships Between Corporations and CSOs
The corporations including SMEs have today realized the necessity ofdeveloping the society in which it operates, besides generating profit. Thishas increased their involvement in lending funds for improvement of thecommunity at large. However, their good deeds face bottlenecks due to lackof expertise in monitoring, implementation and evaluation of utilization offunds, which are crucial in assessing whether any real change is beingbrought on ground. Similarly , the CSOs or the organizations working forsocietal development on ground are unable to implement the projects, andthus, are forced to discontinue their operations.
Channelise the CSR
The developing Indian economy is experiencing a widening gap betweenhuman development index and industrial profits. This is where the idea of
Fiinovation was established as a link between the requirement and the need. Our social development sector experience suggested that in order to creategreater impact, there needs to be proper research and consultation towards creating a platform to channelise the CSR investments in the right direction.Many corporations are finding it difficult to align their business objectives with their CSR goals whereas many civ il society organizations are languishingwithout funds. It is, thus, important to strategize a plan that addresses the challenges of all the stakeholders.
Therefore, when we develop a CSR policy for a corporation, we try to align their business objectives with social imperatives. We also advise them toimplement their CSR initiatives with the help of civ il society organizations who are experts in their own domain like the corporations who are experts intheir own field. Having a pool of over 4000 NGOs, Fiinovation has been working towards facilitating a connect between the right NGO with the corporation.Thus, we forge a partnership between corporations and civ il society organisations. This partnership directly impacts the communities who are the ultimatebeneficiaries of the CSR initiatives. Based on triple bottom line approach and tailor made projects, Fiinovation suggests corporations on ways of allocatingfunds in a particular project. From implementation, monitoring and evaluation to its assessment.
Management Framework
Fiinovation ensures funds are followed by onground impact. The initiatives are designed on the result based management framework with special emphasison sustainability ensuring that positive impact is being created in social, economic and environmental areas. We have different practices such as initiativedesign and management, CSOCSR partnership, impact assessment and sustainability reporting that help ensure these CSR objectives of the corporationsare met.
We started our journey in 2008 with a fourmember team, and now we are 100 member team that is working to bring a change in the social sector, acrossfour areas education, health, livelihood and environment. We are known for hav ing Asia's first proposal research laboratory primarily focused on health,education, livelihood and environment. With the help of the team, Fiinovation aims to enhance quality through innovation and extensive work acrossorganizational value chain. Over the years, Fiinovation has successfully created a niche for itself in the CSR domain.
CSR and Sustainability
Similar to all start ups, we had our own set of challenges. But what made our hurdles even more unique was we came from a very niche domain, wherein, wenot only had to make people aware about our serv ices but handhold them towards comprehending the importance of CSR. One can gauge the difficulty fromthe fact that a handful, of about 100 companies, was involved in CSR. It proved to be a task for us to make others take the social development sectorseriously . We concentrated our focus on sectoral research in our inhouse proposal research laboratory bringing in professionals from the field in our team.To further spread the awareness, we shared our v iews at various national and international conferences while lending v iews on the importance of CSR andsustainability with industry leaders and CSR professionals. These interactions helped us in bringing out the best research and strategies.
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9/23/2015 SME Magazines Small Business Entrepreneurs Magazine Online in India
http://smeworld.asia/Focus.aspx?Focus=Focus91/fiinovationforgingpartnershipsbetweencorporationsandcsos#.VgIru8uqqkp 2/3
In order to better connect CSOs with corporations, the government of India introduced the new Companies Law in 2014. This has opened doors for a widespectrum of opportunities for the CSOs and corporations to work collectively on a common platform and find implementable and simplified solutions tosocietal issues. As part of a niche industry such as CSR, which has only started to gain ground, it is understandable that it will take time for the change toreally take effect, but the process has started.
Away Forward
Fiinovation understands CSR is here to stay , especially after the recent mandate by the government. Even though it is still evolv ing and at a nascent stage,corporations will now actively get involved on ground while CSOs have been presented with a huge opportunity to get the support they have been lookingfor. As a CSR consultancy , we also have to continuously evolve with time with new innovative ideas and strategies that are implementable. We also need tomeet the expectations of both the corporations as well as the civ il society organizations. It is a talked about sector and a much needed one for thedegradation that the society at large is facing, the effects of which will be witnessed in times to come if nothing is done now. We believe CSR is the wayforward.
Within a short span of time, we have been acknowledged at international and national platforms. Our efforts led us to win 'CSR Team of the Y ear' at theGlobal CSR Excellence & Leadership Awards 2015 and 'Caring Company Award' at the World CSR Congress 2015 in Mumbai. Apart from this, we wereadjudged the 'Manager of the Y ear' & 'Best Enterprise of the Y ear in the field of Health, Education, Environment and Livelihood with a focus on CSR &Sustainability ' Socrates Awards by European Business Assembly at Summit of Leaders 2014 at Oxford. We were also adjudged the 'Best Innovation: Productor Serv ice' for CSR & Sustainability at the World CSR Congress 2014 held in Mumbai, India.
About Soumitro Chakraborty
Soumitro Chakraborty , created a niche in the CSR and Sustainability industry and established Fiinovation in 2008. He has strategized and implemented CSRand Sustainability programmes across India in partnership with various corporations and NGOs working in the field of health, env ironment, education andlivelihood. With fiinovation, he put together 'Asia's First Proposal Design and Research Laboratory ' on CSR and Sustainability , which works towardsconverting challenges into opportunities by conducting thorough research and prov iding simple and strategic solutions to organisation.
Backed by a rich experience in the serv ices and social sector, Chakraborty serves on the board of several organizations as an advisor for sustainabledevelopment, corporate social responsibility and environment management. He is also a v isiting faculty to some institutions like the Institute of Directorsfor 'Sustainability Corporate, Social and Environmental Responsibility ' and has participated at various events as a panelist, speaker, jury and moderatorand has also contributed his v iews on CSR & Sustainability in numerous publications. Chakraborty has been a part of several seminars and conferencesincluding Institute of Directors (IOD) National Convention on Corporate Governance and Sustainability , CII Conference on 'Bridging the Gap: BuildingEcosystem for Inclusive Value Creation' 2014, IOD 14th Global London Convention 2014, 16th World Congress on Environment Management in 2014, andmany more.
Under Chakraborty 's able leadership, fiinovation was conferred with the 'CSR Team of the Y ear' at the Global CSR Excellence & Leadership Awards 2015 and'Caring Company Award' at the World CSR Congress, Mumbai. He was bestowed with the medal of 'Manager of the Y ear' and 'Best Enterprise of the Y ear' inthe field of health, education, env ironment and livelihood with a focus on CSR & Sustainability by the European Business Assembly , and the 'Summit ofLeaders' Socrates Award Ceremony in 2014 at Oxford, UK. He is also the recipient of the 'Best Innovation: Product or Serv ice' award at the SocialInnovation Awards, 2014' at the World CSR Day and has also won accolades for his innovative ideas and his dynamic leadership at fiinovation.
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