This week's lecture talks about creating Shared Value which of late has caught attention of big and Multi-National Corporations. This approach is unconventional in that this approach doesn't focus on short term profits but helps corporations build long-term relationship with the society it has to thrive in.
The London Organizing Committee for the Olympic Games and Paralympics Games (LOCOG ) responsible for planning, organizing and delivering Games in 2012 is a great example to illustrate the importance of creating the shared value.
LOCOG is a privately held company with a budget of little over £2 billion for London 2012 Games and was in charge of the planning, funding, preparation and staging London 2012 Games. Olympics are an event of a great magnitude that draws attention from all over the world. The event is funded by number of sources both public and private. Investing such huge amount to have a long term impact on London communities and also the world needs a good strategy.In addition to managing the events, LOCOG created an official London 2012 education program. This program gives young people around the world to learn about the games through their interactive websites. To make sure the program is a success, they rewarded the schools which encouraged the students to take part in the program.
London 2012 wasn't just about the sporting events. The event justified the amount it spent by creating a world class event where it literally welcomes all the world countries, and also building the infrastructure in and around the Olympics venues. Such development in the infrastructure is there for years to come and also puts the cities involved in the world event on the world map. There are also wealth of benefits to the wider community, such as cross-city transport improvements in London and the chance for a wide range of businesses to be involved. The Games will also leave a legacy of national benefits in the areas of culture, sport, volunteering, business and tourism.
London Olympics shows that the event is not just a six week event. The impact it has lasts very long after the event