Engaging various types of stakeholders in your business model has great innovative potential. Your business is not an island, but is dependent on other stakeholders whether customer groups, government, suppliers, competitors, NGOs and other organisations to strive. They might either block your way or help your product or service to succeed. Edward Freeman is one of the big thinkers within stakeholder theory. He addresses the importance of giving equal importance to all of your stakeholders as they might be a bigger asset to your business than you think.
What is Stakeholder Theory? - R. Edward Freeman
“The 21st Century is one of “Managing for Stakeholders.” The task of executives is to create as much value as possible for stakeholders without resorting to tradeoffs." - R. Freeman
Long-term value creation can—and should—take into account the interests of all stakeholders.
Accelerating public-private collaboration towards a global solution for non-financial reporting.
Literature on stakeholder theory:
Freeman, E. et al. 2010. Stakeholder theory - the state of the art. Cambridge University.
Freeman, E. et al. 2007. Managing for Stakeholders: Survival, Reputation, and Success. Yale university press.
Donaldson, T. Werhane, P., Van Zandt, J. 2008. Ethical issues in business: a philosophical approach. 8th edition. Pearson.