In a recent article featured by Manager Today, Yieh-Tez Hsieh, an Associate Professor at National Tsing Hua University's College of Technology Management, sheds light on the essence of social innovation and its critical role in corporate sustainability. According to Professor Hsieh, the core of social innovation aligns closely with the principles DOMI Earth advocates: leveraging innovative solutions to address pressing social and environmental challenges.
This article is a summary of the full piece published in Manager Today. (Note: the original article is in Traditional Chinese.)
Spotlight on Power to Change
The article emphasizes the convergence of social responsibility, environmental stewardship, and corporate governance — collectively known as ESG — in shaping a sustainable future. It highlights the transformative collaboration between DOMI Earth and partners like Taishin Bank and Power to Change in the Energy Prosperity Project. This project champions the transition to digital billing to minimize carbon emissions and re-directs the savings toward supporting energy-poor families, embodying a practical application of social-innovation strategies.
The importance of social innovation and social enterprises
Professor Hsieh advocates for a multifaceted approach to social innovation, where diverse societal issues act as catalysts for mobilizing broad-based participation. This perspective resonates with DOMI Earth's efforts in fostering a culture of sustainability that transcends traditional environmentalism, advocating for a holistic approach deeply integrated with the community's fabric.
The article discusses the collaboration between various organizations — including social enterprises and B Corporations like DOMI Earth — in driving meaningful change. Such partnerships underscore the potential for social innovation to bridge the gap between different sectors, achieving a harmonious blend of business and social values.
DOMI Earth's mission
At DOMI Earth, we believe in the power of innovation and collaboration to solve complex societal issues. The insights from Professor Hsieh reinforce our commitment to social contribution and innovation, inspiring us to continue working towards a greener, more equitable world.
As we navigate the challenges of sustainable development, DOMI remains dedicated to exploring and implementing innovative solutions that benefit both society and the environment. Through initiatives like Power to Change and collaborations across sectors, we are making strides toward realizing our vision of a sustainable future for all.
Taishin Bank's partnership with Power to Change: a beacon of hope in sustainable banking
Taishin International Bank faced a significant challenge in its digital-transformation journey, struggling to encourage customers to switch from paper to digital statements — a move critical for both reducing environmental impact and operational costs. Simultaneously, the issue of energy poverty in Taiwan left families living without adequate lighting, making basic activities like studying difficult for children. Recognizing the need for a holistic solution, Taishin Bank turned to Power to Change, a program designed to forge connections between corporate sustainability efforts and tangible social improvement.
The collaboration led to a groundbreaking campaign that not only addressed the bank's digitalization challenge but also alleviated energy poverty. By leveraging strategic partnerships with NGOs and corporate allies and mobilizing a vast volunteer network, Power to Change significantly amplified the campaign's reach and efficacy. The initiative resulted in Taishin Bank achieving US$4M in annual operational savings and the digitization of over 1.2 million customer statements by 2021. Moreover, it illuminated the lives of 360 families since 2018 — captured in the grateful words of one family, "Thank you, auntie! The house has become so bright." This partnership exemplifies the synergy between digital transformation and social responsibility.
Shaping sustainable futures: AGC Transition Institute's role in corporate transformation with Shiangcheng
The AGC Transition Institute integrates sustainable development into corporate strategy, leveraging sustainability-consensus workshops to guide businesses towards ESG goals. The journey of Shiangcheng, a venerable lubricant distributor in Taiwan, showcases the transformative impact of such workshops. Guided by the AGC Transition Institute and in partnership with DOMI Earth, Shiangcheng embarked on an ambitious path to adopt sustainable practices, aiming to achieve B Corporation status — a significant step towards operational sustainability and industry leadership.
This endeavor showcases the pivotal role of social innovation in business and the effectiveness of consensus workshops in fostering a culture of sustainability within corporations. Through the AGC Transition Institute's efforts, Shiangcheng has emerged as a model for how companies can drive meaningful environmental and social change, illustrating the power of strategic collaboration and education in achieving sustainable-development goals.
Frequently asked questions
- How does an academic frame DOMI Earth's work?
- Professor Yieh-Tez Hsieh of National Tsing Hua University, writing in Manager Today, frames DOMI Earth's work as social innovation: using innovative solutions to address pressing social and environmental challenges and bridging the gap between business and social value.
- What results did Taishin Bank achieve through Power to Change?
- Taishin Bank reached US$4M in annual operational savings and digitized over 1.2 million customer statements by 2021, while illuminating the lives of 360 energy-poor families since 2018 by funding lighting from the savings.
- How does Power to Change connect banking and social impact?
- It champions a switch from paper to digital billing that cuts banks' carbon emissions and operating costs, then redirects those savings to support energy-poor families — turning a digital-transformation goal into tangible social improvement.
- What did Shiangcheng's transformation involve?
- Guided by the AGC Transition Institute and DOMI Earth, the lubricant distributor Shiangcheng used sustainability-consensus workshops to adopt sustainable practices and pursue B Corporation status, becoming a model for corporate ESG transformation.