Watami and Yunus Centre have entered in an agreement which signals the start of a restaurant social business that hopes to create jobs, foster local cuisine and training skills, and provide healthy and affordable food for those who live in Bangladesh. Founded about 25 years ago, Watami is the leading food and beverage company in Japan and comprises over 600 restaurants. The memorandum of understanding was signed last week by Muhammad Yunus and the CEO of Watami Group, Mr. Miki Watanabe.
The social business will not deliver profits to either Yunus Centre or Watami. The Yunus Centre expanded on what this means for all parties involved: "The joint venture aims to spread the business in the rural parts of Bangladesh as well and also training schools for young people to become professional chefs for both domestic and international employment."
The Watami and Yunus Centre venture in Bangladesh is part of an emerging trend of corporations partnering with social businesses to create their own independent spinoff that harnesses the resources of both parties in the group to create a hybrid organization with the oomph and mission to positively impact their respective sectors.
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Watami and the Yunus Centre Sign MOU to Create a Social Business
1. Social Business Partnerships - There is an emerging trend of corporations partnering with social businesses to create hybrid organizations with greater impact.
2. Rural Expansion - The joint venture aims to spread the restaurant social business in the rural parts of Bangladesh, which represents an untapped market with high potential for growth.
3. Professional Chef Training - The creation of training schools for young people to become professional chefs for both domestic and international employment represents an opportunity to train and retain talent in the culinary industry.
1. Food and Beverage - The agreement between Watami and Yunus Centre represents an opportunity for companies in food and beverage to partner with social businesses to create sustainable models that promote local cuisine and sustainable food production.
2. Hospitality - The creation of training schools for young people to become professional chefs represents a disruption in the hospitality industry by offering a new and diverse pool of talent for employment.
3. Social Enterprises - The joint venture between Watami and Yunus Centre represents an opportunity for other social enterprises to partner with corporations and leverage their resources to create hybrid organizations with a unique mission and greater impact.