China-based Internet titan Tencent announces today its strategy of “promoting sustainable innovations for social value, alongside nurturing the consumer Internet and embracing the industrial Internet”.
Specifically, Tencent will merge the existing Tencent Foundation and Corporate Social Responsibility activities into a new Sustainable Social Value Organization (SSV) within its Corporate Development Group (CDG).
This is a further strategic upgrade following Tencent’s “930 Reform” in 2018. From “nurturing the consumer Internet and embracing the industrial Internet” to “promoting sustainable innovations for social value”, Tencent is taking a step forward.
Tencent claims that it will invest an initial capital of RMB 50 billion (USD 7.67 billion) to fund initiatives in areas including basic science, education innovation, rural revitalization, carbon neutrality, food/energy/water provision, assisting with public emergencies, technology for senior citizens and public welfare.
Leveraging technology and platform strengths, the traditional charity approach will be upgraded to encourage both charitable donations and sustainable innovations, creating new values for society.
The new SSV will link the company's products and businesses to create an integrated model of social value innovation. Specifically, the Organization houses the Tech-for-Good Lab Cluster, which adopts a flexible internal entrepreneurial model, incubating projects in various areas including technology innovation, education innovation, rural revitalization, and carbon neutrality. These projects will be spun off from the Lab Cluster when they are mature and become independent studios in their respective areas. The Cluster will adopt a mission-driven business evaluation, which should facilitate an open operating structure.