Redefining the next (fourth) sector
Updated: Oct 3
Over the past few decades, the boundaries between the public (government), private (business), and social (non-profit) sectors have been blurring as many pioneering organizations are blending social and environmental aims with business approaches.
Businesses are dedicating more resources to delivering social and environmental benefits. Cause-based marketing, the triple bottom line, and corporate social responsibility are a few buzzwords that have come into usage in recent years as part of this trend. Meanwhile, public and social sector organizations are attempting to operate in a more businesslike manner.
While the mission and method of many organizations in the business, government and non-profit sectors are increasingly becoming more similar, something more than a simple blurring of boundaries is occurring. Pioneering organizations in the three sectors are in fact converging toward a fundamentally new business model that integrates social purposes with business methods, while leveraging on technology as an enabler to reach masses and scale.