Fortune Favours the Brave a £100 Billion Opportunity in Innovation and Sustainable Growth for UK Plc

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Fortune Favours the Brave a £100 Billion Opportunity in Innovation and Sustainable Growth for UK Plc Fortune Favours the Brave A £100 billion opportunity in innovation and sustainable growth for UK plc #fortunefavoursthebrave Copyright © Marks & Spencer and Accenture, 2013 02 / 71 Copyright © Marks & Spencer and Accenture, 2013 Fortune Favours the Brave 03 / 71 Contents Contents and Acknowledgements Foreword 04 The authors would like to thank the following business leaders who gave up their Additional Thanks Executive Summary 06 time and helped inform the messages in this Report. While the views expressed The authors wish to thank the Ellen in this study do not reflect the totality of opinions received from all contributing MacArthur Foundation for providing 1.0 Introduction 15 executives, their participation and guidance has been critical. data to support the section on the 2.0 New Areas for Innovation 18 Circular Economy in this Report. 3.0 Capturing the Prize 52 Andy Wood Chris Sullivan Colin Matthews 4.0 A Call to Action 64 Chief Executive, Chief Executive, Chief Executive Officer, In addition the authors would like to Adnams plc Corporate Banking Heathrow Airport thank Mike Barry and Adam Elman Division, RBS Group Holdings Limited Appendices 66 from Marks & Spencer; James Arnott, Authors Estelle Brachlianoff Ian Cheshire Ian Livingston Melissa Barrett, Bruno Berthon, Chief Executive Officer, Group Chief Executive, Chief Executive, Aimie Chapple, Camilla Drejer, Oliver Richard Gillies Veolia Environmental Kingfisher plc BT Group Grange, Rod Kay, Nijma Khan, Peter Director Plan A, Services (UK) Marks & Spencer Lacy, Hannah Mansour, Aimy Ngo Carmel McQuaid John Hayes Keith Williams Marc Bolland from Accenture; Victoria Gilbert, Gail Sustainability Manager, Chief Executive, Chief Executive Officer, Chief Executive, Greengross, Patrick O’Meara from Marks & Spencer Axis British Airways Marks & Spencer BITC and also Peter Bragg, Niall Dunne, Justin Keeble Managing Director, Jonathan Garrett, Matt Gorman, Accenture Sustainability Services, Mark Allen Matt Brittin Nicolas Petrovic Marcela Navarro and the team at Europe, Africa and Latin America Chief Executive, Vice President Chief Executive Officer, Dragon Rouge. Harry Morrison Dairy Crest Northern & Central Eurostar Director, Europe, Google Accenture Sustainability Services Further Information & References Zomo Fisher Olly Benzecry Paul Drechsler Paul Sheffield Senior Consultant, Managing Director Chief Executive, Chief Executive, Accenture Sustainability Services UK & Ireland, Wates Group Limited Kier Group plc The Sustainable Business Accenture Toolkit is available on the BITC website at Project Advisers Paul Walsh Dr Ralf Speth Stephen Howard Chief Executive, Chief Executive Officer, Chief Executive, sustainablebusiness.bitc.org.uk Alan Knight Diageo Jaguar Land Rover Business in the Marketplace Sustainability Director, Community Business in the Community Join the conversation: #fortunefavoursthebrave Emma Price-Thomas Steven Holliday Tony Lenehan Marketplace Sustainability Manager, Chief Executive, Chief Executive Officer, Business in the Community National Grid Styles&Wood Designed by Dragon Rouge Copyright © Marks & Spencer and Accenture, 2013 Foreword 04 / 71 Foreword UK businesses have the opportunity to unlock £100 billion a year in value from five opportunities for innovation. Companies in the UK face a complex and fast-changing landscape. Consumer values are shifting and businesses need to work hard to win trust and build community support. At the same time resource constraints and environmental concerns put pressure on supply chains and profitability. Faced with these challenges, there is a compelling need for innovation. We must accelerate progress in order to meet the changing hopes, needs and aspirations of customers, while operating in a way that wider society deems acceptable, now and in future generations. The commercial imperative for action is clear. Our research shows that UK businesses have the opportunity to unlock around £100 billion a year in value from new innovation opportunities that address social and environmental challenges1. By designing higher quality sustainable products, adapting the way of doing business, innovating in supply chains and engaging communities, business can better meet customer needs simultaneously creating value as well as environmental and social benefit. In other words become sustainable businesses. Copyright © Marks & Spencer and Accenture, 2013 Foreword 05 / 71 Foreword Through consultation with Chief Executive Officers across different Marc Bolland industries in the UK, we have identified five opportunity areas Chief Executive, for innovation. In order to support businesses to tap into these Marks & Spencer opportunities and drive sustainable growth, we are launching the Business in the Community Sustainable Business Toolkit alongside this report. The toolkit provides essential resources for companies to start the journey of change – to ‘Think, Test and Deliver’ a better approach to business that creates Olly Benzecry value for shareholders, employees and communities alike. Managing Director UK & Ireland, Accenture Marks & Spencer, Accenture and Business in the Community are grateful for the time and insight of all those who have contributed to our research and supported development of this report. Stephen Howard We encourage businesses to take forward the messages in Chief Executive, this report, and use the Business in the Community Sustainable Business in the Community Business Toolkit. We are confident that the creative power of business can address the challenges of today and unlock a more prosperous and sustainable future for us all. Copyright © Marks & Spencer and Accenture, 2013 06 / 71 Executive Summary In a tough global economic environment, “ We need to make UK companies are seeking to future- sustainability part proof their businesses and to identify of our targets and new options for growth. an intrinsic part of The economic situation is compounded by pressing social our Brands.” and environmental issues: a lack of trust in business; youth Marc Bolland, Chief Executive, unemployment coupled with skills shortages; and the depletion Marks & Spencer of natural resources on which business depends. Leading Chief Executive Officers (CEOs) recognise that innovation is essential to addressing these challenges and achieving long-term success. Five key innovations identified in this report provide the potential to catalyse direct economic and commercial benefits: “ Everybody wants a – Productivity gains worth an estimated £100 billion each racing car – But even year in the UK2. a racing car can be fuel – Access to rapidly growing markets already worth almost 3 efficient. We need to £200 billion annually in the UK alone. make sustainability By capturing these opportunities businesses can increase desirable, appealing competitiveness and deliver sustainable growth whilst and relevant, and by simultaneously addressing customer needs, improving responding to customer environmental performance, creating jobs and supporting social progress. wants, UK business will have more impact.” Marc Bolland, Chief Executive, Marks & Spencer Executive Summary 07 / 71 Capturing these opportunities will likely require a major shift “ Traditional approaches in business thinking. Companies may need to go beyond to sustainability aren’t Corporate Social Responsibility (CSR), sustainability reporting and philanthropy to ground sustainability performance at the heart sufficient – they’re not of business strategy. Companies that wish to achieve sustainable sufficiently positive growth should align their core purpose and vision with the delivery to be motivating and of positive societal and environmental outcomes. don’t provoke the level At the same time businesses must work harder to engage their of change required.” customers by making sustainable lifestyles an accessible, easy Ian Cheshire, Group Chief Executive, and better choice. Sustainability is too complicated for most Kingfisher plc customers today, and companies have a key role in educating and enabling customers whilst improving quality of life at the same time. This shift together with innovation in how businesses drive supply chain efficiency and resilience can unlock the path to a “ Real material more dynamic UK economy. change will only come from innovation Without building and maintaining adequate social and natural capital, businesses will struggle to grow and function in the way that enhances the they do today. The new generation of business leaders need to customer value unlock the innovation potential and creative drive of business proposition whilst to deliver growth in a very different economic environment. driving sustainability outcomes.” Olly Benzecry, Managing Director UK & Ireland, Accenture Copyright © Marks & Spencer and Accenture, 2013 Executive Summary 08 / 71 New areas for innovation Five innovation areas offer the potential to transform business “ There is real power in the UK by delivering more sustainable growth, making in seeing that people sustainable lifestyles accessible and aspirational for customers, at the top are taking creating positive social outcomes and building lasting value. action – it inspires In the UK alone the market for Future growth potential is high. These innovations now need to people to follow.” these opportunities is already For example, over the past five be scaled effectively to catalyse worth almost £200 billion years, clean technology and prosperity and growth for the Chris Sullivan, Chief Executive, Corporate Banking Division,
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