Mapping the Corporate Innovation Landscape Through CSR

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T-Hub Hyderabad

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Corporate Innovation Program and Corporate Social Responsibility (CSR)
The total CSR (Corporate Social Responsibility) spend by the top 500 Indian companies crossed Rs. 50,000 cr in the four financial fiscals from 2014–2018, and with new amendments to the Companies Act, this could gain impetus.
While companies could invest these resources in traditional CSR initiatives, in our experience, there is also the potential to create social impact through corporate innovation programs.
Here, corporate innovation was driving substantive social impact.
Further, academic incubators operating in science, technology, engineering and medicine will especially benefit from investments from corporates who wish to usher in innovation in these areas.
Since India needs to step up its efforts to become a global R&D hub, corporates can opt to spend the mandatory two per cent CSR fund on critical research projects that need to be proved on the ground before they are implemented in communities.
L & T will use its CSR funds to find innovative technological solutions to develop assistive devices for the differently-abled.
Corporates that want to stay at the forefront of innovation should collaborate with corporate innovation programs like those hosted by T-Hub to reach their social and business goals.
Undoubtedly, the need of the hour is for corporates to invest CSR funds in facilitating progressive projects.
However, CSR funds should also be utilised in non-social impact areas such as innovation hackathons, as it would enhance the ecosystem.
Towards this end, T-Hub’s corporate innovation programs seek to find a synergistic connect between startups and corporates.
The coming years are expected to witness more CSR expenditure for corporate innovation programs created by corporates and incubators.
One of the primary reasons why corporates are not flocking in droves to invest CSR funds into incubators is due to lack of awareness

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