This study seeks to understand the nature and process of social innovation driven by mature social economy enterprises, and the innovative capability that supports it. The research examines enterprise capabilities by means of the institutional approach to social innovation and the Resource-Based View theory (RBV). Based on grounded theory, this research focuses on a single case, the creation of the Desjardins Environment Fund (DEF). Launched 25 years ago, 1 DEF is the first mutual fund in North America to include extra-financial criteria in its evaluation of business environmental management practices (fund securities) for the information of individual investors. The findings of this empirical research show how a major cooperative bank can generate social innovation and how this entails organizational innovations. The findings also reveal how these innovations benefit from the strategic and process resources that the Desjardins Movement managed to develop while taking into account both its core business (as a bank) and its purpose (as a cooperative). This study shows that the innovative potential of the mature social economy enterprise should not be underestimated.

The evolution of the collective enterprise may be conceptualized in three phases throwing into relief five strategies for the creation of value. The first corresponds to the emergence of a collective enterprise, an innovation in itself. The second, the spread of the innovation by replication, is linked to federalization and to the beginning of standardization. The tension between innovation and standardization begin to make a difference as early as this replication phase, but later it becomes more critical. It forces the collective enterprise to avoid wholesale standardization, an outmoded option, and instead allows space for considering one of the two strategies for the creation of value in keeping both with its distinctive social economy identity and with the new strategic approaches centred on the competences of the enterprise and the creation of value for the user. Thus, the collective user enterprise may move forward by focusing, i.e., by even greater innovation in its provision for a target group of members. The collective enterprise may also progress by hybridization, i.e., through re-combining in a better way the innovation and standardization required to respond, effectively and efficiently, to a group of owners that is not only very large, but also highly diversified. The authors identify the organizational configuration for each pattern of value-creation by concentrating on governance structures and the role of managers. * Marie-Claire.Malo@hec.ca, Martine.Vezina@hec.ca ** Résumé en fin d'article; Zusammenfassung am Ende des Artikels; resumen al fin del artículo. #CIRIEC 2004. Published by Blackwell Publishing

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