What Is Tri-Sector Innovation?

The Problem: We are a nation of innovators, a world rich with resources, yet we are falling short in our collective ability to drive innovation forward on solving societal problems. 

The Answer: We believe that by accessing resources from across the public, private, and social sectors, we can unlock the barriers to improving people’s lives. In the US alone, we have over $250 trillion in assets available to us. How can we better leverage, repurpose, and align self-interests to more smartly unlock those assets and drive ROI? At NewImpact, we believe it takes an “all of society” approach to uncover and connect vital resources and insights often overlooked or underutilized. This approach enables faster and better innovation. And, in the end, everyone benefits.  

Consider this: We already live in a tri-sector world…

 

..from the moment we wake in our beds to the sound of our alarm clocks, both manufactured in the private sector, take hot showers using public water (where available), brew a fair-trade, organic-certified coffee blend, and board the public bus to the privately-owned companies where we work.  

 

The tri-sector lens, or mindset is one in which we understand this reality and recognize opportunities to innovate and solve pressing problems by aligning resources and interests from private enterprise (businesses), the public sector (government), and social sectors (nonprofits). By adopting a tri-sector mindset, organizations can break down sector silos, unlock assets, and provide impactful solutions that create common benefit.

 
 
 

Tri-Sector Business Models Are Strengthened by Aligned Self-Interests

NewImpact helps entrepreneurs—as well as innovators across all sectors and impact areas—create stronger, more impactful business models that effectively leverage the resources of companies, nonprofits, and governments in ways that align self-interests. Our framework utilizes data, technology, interviewing, mapping and a final “connecting the dots” to create innovative new solutions. In the end, everyone wins.

 
 

NewImpact engages with:

  • Accelerators and incubators, to augment program content and inspire cohorts of early-stage startups to build stronger business models, scale their efforts and impact, and attract more funding from investors. 

  • Entrepreneurs and Innovators, to support business model ideation and refinement in varying levels of depth. 

  • Community Stakeholders in nonprofits, governments, and the community at large, to identify the needs of their community and promote an understanding of tri-sector strategies. 

  • Universities, to train the next generation of leaders to see opportunity beyond their silos and begin asking key questions to inspire innovation.  

  • Investors, to understand tri-sector business models as opportunities to create competitive advantage, achieve greater return, and provide a pipeline of new deals. 

To begin unlocking your organization’s potential, we ask tri-sector innovators in all sectors and impact areas to explore NewImpact’s three key questions:

 

  • What is your private sector strategy?

  • What is your social sector strategy?

  • What is your public sector strategy?

The answers to these questions are the launching point of tri-sector innovation.

Interested in finding out more about tri-sector innovation or how your organization could benefit from a tri-sector business model? Contact us!