The Future of Public-Private Partnerships
For many years, corporations driven by the ideologies of capitalism have reigned over the world, pushing societies forward, creating technologies capable of accomplishing the impossible, and innovating within and beyond all known industries. However, there has been one sector that continues to push forward in a different direction, fueled not by profits but instead by the ability to maximize social impact. In addition to this admirable mission, the unique nature of the global development sector comes from the wide variety of stakeholders that are part of the complex ecosystem, including wealthy taxpayers, local and international governmental bodies, Non-Governmental Organizations (NGOs), aid agencies, foundations, private sector corporations (PSCs), philanthropists and many more. International Non-Governmental Organizations (INGOs) are one of the key players when it comes to global development work, but often get criticized by the inefficiencies and results of their work. Currently, there is a growing number of researchers addressing these inefficiencies and how engaging with the private sector may help alleviate some of the issues within this domain. By optimizing positive relationships with the private sector, a refreshingly innovative approach to development can be conducted that may generate additional funds for the INGOs, offer new ways of engaging with their target demographics, allow for technology to make a key impact, as well as paving a new path towards sustainable, efficient, and collaborative work to amplify the benefits to the social sector.
While these advantages are being discussed by increasing amounts of scholars and practitioners in the development space, employees working at INGOs are often overburdened, strapped for resources, face a high employee turnover rate, and lack the support to explore a radically different way of doing collaborative development work. These common occurring constraints lead to a struggle to generate private sector partners and capitalize on the potentials of a sustainable and long-term relationship with the private sector.
Even so, according to the Journal of Social Science Research, when a partnership is eventually formed, it is often unsustainable because of the substantial difficulties engaging with the private sector over shared missions and values, even when both entities in general wish to strengthen these relationships.
By analyzing the missions, visions, and values of a company, it’s possible to discern a robust and comprehensive strategy to generate more impactful relationships in the end.
This is why Philanthrofi takes a three-pronged cycle to revolutionizing private-public partnerships: We form a comprehensive analysis on a company and their landscape, then curate a multi-faceted partnership strategy and finally, guide companies through the engagement process from start to finish.
By taking this approach, a firm understanding of both parties will be generated which in turn is used to identify strengths and weaknesses within the way they function to ultimately bolster the positive effects both parties can have on society. By examining the goals and missions of PSCs, the ability to optimize the relationship between INGOs and the private sector as it pertains to developing key partnerships for amplifying social good can be improved. This work is significant in ensuring that private sector corporations can generate sustainable and impact-driven collaborative relationships with INGOs to ultimately increase the efficacy of these organizations’ social initiatives and help achieve the UN’s 2030 Sustainable Development Goals.
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