Creating shared value is the core of the Group’s business strategy. Shared value redirects the gaze of corporate, NGO and government leaders, enabling them to see new opportunities for private enterprises to solve public problems. Treating businesses as businesses rather than as charitable donors and engaging with them directly instead of through public relations are some of the most powerful tools there is for social progress.
The birth of a new business pillar: The STILE plays a crucial role in our optimisation plan
Stan Tang, the chairman of Stan Group, is a leading social innovator and shared value advocate in Hong Kong. Under his leadership, the Group’s structure has been optimised and integrated to align with the creating shared value (“CSV”) business model. A fifth business pillar, The STILE, was also added.
A showcase for CSV, THE WAVE supports local entrepreneurial development
The Group saw a shared value opportunity for a new type of business centre in Kowloon East, a new Central Business District and Hong Kong's second-largest commercial business district. Attracting small, cost-sensitive companies in search of affordable, modestly-sized offices, the area has gained prominence as a startup hub. However, the growth of a startup doesn’t just depend on its physical location, but on the social conditions found in its local entrepreneurial ecosystem. Without adequate community support, the failure rate for new startups in their first year of operation can be as high as 90%.
Government officials visit THE WAVE to see Stan Group’s vision of building a shared value entrepreneurial ecosystem
In February 2018, Financial Secretary of Hong Kong Mr. Paul Chan Mo-po led officials from the Home Affairs Bureau, along with Dr. Chan Chung-bun, on a visit to THE WAVE, where they met startup entrepreneurs and learned about this unique entrepreneurial ecosystem.
Last year, Chief Secretary for Administration Mr. Matthew Cheung Kin-chung, along with a HKSAR government delegation, toured THE WAVE. They also learned about its ecosystem during the final pitching and award presentation ceremony of the SI CEO Competition for Tertiary Students, which was co-organised by the Social Innovation and Entrepreneurship Development Fund and
Turning problems into opportunities that benefit our communities
Looking through a shared value lens helped the Group see the problems faced by startups as business opportunities. By revitalising an industrial building, adding co-working spaces, providing technical services and developing customised solutions to address various business issues, we facilitated the spontaneous emergence of a win-win-win situation. As service suppliers made a profit, startups overcame their challenges, thus generating a positive social-economic impact for our community. Additionally, the community held training camps for members while also hosting networking events for the industry. By the end of the first year of operation, a startup community of over 300 members was thriving.
Stan Group looks toward business models that can assist established businesses and young startups grow further. Inspired by the success of THE WAVE in Kwun Tong, Stan Group is planning to establish additional projects in other districts to cater to different communities and extend our influence and impact.
In 2018, the Group will continue exploring CSV projects through an integrated senior wellness hub that takes elderly care to a new level through the power of the entrepreneurial spirit.