What is the benefit or value you're creating for your business?
The benefit we are creating for our bank is that which can not be obtained financially. Its value created by making real change people’s lives and adding real value. It’s a tool that the business world calls “Corporate Social Responsibility”. We help the bank stay in people’s minds for the long run.
How are you leveraging internal resources (funds, time, knowledge, etc.) to support this initiative?
The bank’s brand promise is to be “Here for Good”, to be here for the long run as well as to be here for every good cause. As much as it is strong, highly liquid and financially sound, the bank strongly believes in bettering lives of people and societies in which it operates. As social intrapreneurs, we believe that business that makes a real change in people’s lives stands the test of time and makes a greater impact. A classic example is that of Merck Pharmaceuticals. We would like to create such value for our bank leveraging on the skill, discipline, experience and expertise of the top notch managers and mentors within the organization.
Expand on your answer, explaining the long-term funding and support plan.
Since the whole process will operate like a unit trust/fund, the management and administration fees collected will ensure sustainable financing of the project. In addition, a fee will be charged for waste collection to cover transport and other costs in the same way that municipalities operate. Increase the number of people depositing waste through this centrally managed system, i.e. people gather garbage and on given days they dump it at the designated sites. Influence government to introduce incentives to encourage companies to invest in such businesses. The government should introduce policies to ensure people deposit waste at designated areas/spots. Have good levels of efficiency to encourage people to support the project. Since the bank has expressed interest in adopting the good idea
Tell us about your partnerships across your company and externally that are key to your project's success.
Within the company, Standard Chartered Group has extended its support to its international graduates (management trainees who are highly talented and ambitious individuals groomed to be future leaders). The strong partnerships and networks created through the international graduate programme of the bank are key to success within the business circles as well as the banking industry.
What internal support have you gotten for your project? What kind of push-back have you received?
The bank (Standard Chartered Bank) has opened its doors to support all social intrapreneurs with great ideas. So as long as the idea is good the bank will adopt it and finance. The bank has identified a group of talented individuals to whom it has opened its doors and extended its support in this regard.