The Rise Ahead Pledge: Mobilizing Private Sector Commitments for Global Social Innovation
The Schwab Foundation’s Global Alliance for Social Entrepreneurship has unveiled the Rise Ahead Pledge, an ambitious initiative that seeks to raise $1.125 trillion in funding for social enterprises around the world. The pledge has already garnered support from over a dozen leading companies, which have committed to increasing their engagement in social innovation by 2030. This landmark effort aims to address pressing global challenges such as climate change, inequality, and political polarization, and build a more just, sustainable, and equitable world.
Led by the Schwab Foundation and the Global Alliance, in partnership with the World Economic Forum, the Rise Ahead Pledge calls on the private sector to champion social innovation and reinforce the transformative value of the social economy. By combining the resources and efficiency of the private sector with the problem-solving skills of social enterprises, this initiative aims to deliver innovative, impact-driven solutions to key global challenges.
Hilde Schwab, Chairperson of the Schwab Foundation for Social Entrepreneurship, expressed her optimism about the pledge, stating, This synergy can help deliver innovative, impact-driven solutions to key global challenges and foster a brighter, fairer future for all.
Complementing the pledge is a comprehensive report titled The Corporate Social Innovation Compass: Accelerating Impact through Social Enterprise Partnerships. Developed in collaboration between the Global Alliance for Social Entrepreneurship, Deloitte, and the Schwab Foundation, the report provides an in-depth analysis of best practices for corporate engagement in social innovation. Drawing from over 40 interviews and consultations, the report outlines 11 mechanisms for effective partnerships with social enterprises, highlighting the wide array of business benefits that collaboration with mission-driven organizations can offer.
The Rise Ahead Pledge signifies a pivotal moment in the rise of the social economy. According to data compiled by the Schwab Foundation and members of the Global Alliance, social entrepreneurs generate approximately $2 trillion in revenue annually. By this measure, the social entrepreneurship sector surpasses the apparel industry and holds significant potential for further growth.
Recognizing the transformative potential of social innovation, the public sector has already taken steps to support social enterprises in addressing societal challenges. Initiatives such as the UN Resolution on the Social and Solidarity Economy, the EU Action Plan, and the African Union’s 10-Year Strategy underscore the growing recognition of social innovation as a catalyst for positive change.
Julia White, Executive Board Member and Chief Marketing and Solutions Officer of SAP, emphasized the pledge’s significance, stating, Our commitment to the pledge goes beyond corporate responsibility; it is about the future of business and about being part of a global movement towards an inclusive economy.
Signatories of the Rise Ahead Pledge commit to taking concrete action by 2030, aligned with the UN Sustainable Development Goals. Companies pledge to engage in activities such as providing financial and non-financial support to social innovators, buying from social innovators through social procurement, supporting the social innovation ecosystem, integrating social innovation principles into core business operations, and implementing or expanding programs to support employees in developing social innovation initiatives internally. Furthermore, signatories commit to establishing collective quantitative targets for their activities by the World Economic Forum Annual Meeting in 2025.
A diverse group of industry leaders has already endorsed the pledge, including companies such as Microsoft, EY, IKEA Social Entrepreneurship, and SAP. The Schwab Foundation invites other industry leaders to join the initiative and contribute to the global social innovation movement.
The Rise Ahead Pledge represents a significant milestone in mobilizing private sector commitments for global social innovation. By joining forces, companies can contribute meaningfully to addressing societal challenges, driving sustainable growth, and fostering a more equitable world for all.
To learn more about the Rise Ahead Pledge and access the Corporate Social Innovation Compass report, visit the World Economic Forum’s website. Join the conversation and share your thoughts on social media using the hashtag #wef24. Together, we can shape a better future through social innovation and drive positive change on a global scale.
