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Pursuing the Ideals of Sharing and Common Good, MEAN WELL Builds Strength Through Sustainability

Pursuing the Ideals of Sharing and Common Good, MEAN WELL Builds Strength Through Sustainability

Source:MEAN WELL

In spite of a fluctuating global situation, MEAN WELL, the top standard power supply brand, is still making outstanding achievements. In addition to pursuing growth, the company, dedicated to the concepts of sharing and the common good, continues to devote itself to public welfare. The mantra of doing things “With Good Intentions” serves as a foundation for the company’s sustainable development.

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Pursuing the Ideals of Sharing and Common Good, MEAN WELL Builds Strength Through Sustainability

By MEAN WELL
Sponsored Content

Have you ever heard of companies issuing their own “quasi money?” Jerry Lin, the founder of MEAN WELL, has launched the eponymous Jerry’s Dollar to encourage partners to come together in pursuit of growth.

“On obtaining this coupon, everyone’s first instinct is to ‘cash it in;’ with this US$100 commitment, employees and partners will keep the pursuit of progress and growth in mind,” Patrick Wang, MEAN WELL’s director of sustainability, explained. Jerry’s Dollars can be cashed in for double the invested amount only when MEAN WELL’s annual revenue reaches a certain target, thereby inspiring determination to work together.

“You can think of it as a seed that is sprouting into a collaborative mentality,” Wang stated. The main purpose is to encourage partners to work together in the industry value network. For example, the company’s latest goal is to reach US$2 billion by 2024 in annual revenue, and investments will double only when this goal is reached.

Looking back, these banknotes, featuring Lin’s smiling face, first originated in 2014 at the European distributors’ conference in Budapest. At that time, Jerry’s Dollars, each worth US$100, were issued, with the promise that when annual revenue reached US$1 billion, the notes would double in worth to $200, inspiring distributors and partners to work together.

By the end of 2018, MEAN WELL’s annual revenue had hit US$1 billion for the first time, and, at the end of the following year, German distributors were the first to cash in Jerry’s Dollars. As word of this promotion spread, Lin decided to expand it, digitizing Jerry’s Dollar and distributing to members through the SDG Sustainable Development Network, forming another force solidifying the MEAN WELL trust circle.

Developing the SDG Member Ecosystem through Member Network

Since 2021, MEAN WELL has been actively working towards the establishment of the SDG Sustainable Development Network, inviting employees, distributors, and ESG business partners to join. In addition to communicating the concept of “Using the SDG Group to build an ESG enterprise,” the biggest highlight is the use of “SDG points” in tandem with various activities. The points can be exchanged for different goods.

The SDG Group adheres to the concept of “reliable partners, sustainable development,” combining partners to build an SDG industrial value network.

“SDG points are actually an extension of the industrial value network platform, conveying the community concept of ‘you are not alone,’” Wang explained. Through the SDG Sustainable Development Network, groups can connect and exchange ideas while building consensus and synergizing information to promote shared concepts.

Currently, SDG Sustainable Development Network rewards include the iPhone14 Pro and other consumer electronics, which are very popular with members. More than 50% of redeemable products will be combined with social enterprises and social welfare groups in order to promote public welfare all while giving back to members.

In addition, the SDG Sustainable Development Network is developing a sharing mechanism, so that MEAN WELL’s long-term promotions can be carried out more efficiently. For example, tickets for the MEAN WELL public welfare concert held at the end of each year will be available online through the SDG Sustainable Development Network. Audience members can enter the venue directly by swiping a QR code without needing physical tickets. Also, for the I Love Tamsui River event held every spring by MEAN WELL, paper coupons used in the past to encourage participants to purchase public welfare group products will be swapped out in favor of electronic ones, which are more convenient and environmentally friendly to boot.

“Through the sharing mechanism, the network can hold onto member information and participation records, which will make it easier to analyze event data and events can be constantly improved,” Wang pointed out. Future lectures or courses can also be held online through the SDG Sustainable Development Network, making time and space constraints irrelevant.

A Share-based Industry-Academia Cooperation and Social Services 

The SDG points mentioned above can also be linked with industry-academia cooperation. For example, MEAN WELL is considering how to use the concepts of “sharing economy” and “time bank” to encourage students to invest in social services. “For instance, if college students go to nursing homes to chat with residents, or invest in helping to develop a care mechanism, we can reward them through SDG public welfare points. This way, public welfare activities can be more closely integrated with the Sustainable Development Network.”

SDG Group recently launched the SDG SHARE+ app as a platform to promote a sharing economy through development of sharing system services. Currently, five service functions are planned, including meetings, training, event guides, caring, and the giveaway platform. More services will be added gradually in the future.

This year MEAN WELL has been working intensively on SDG industry-academia cooperation with Fu Jen University’s College of Management. The “Industry-Academia Sustainable Innovation Co-Creation Contest” in particular has attracted the most attention. Through this event, students in their third year of university up to graduate school can submit SDG creative proposals covering topics such as the environment, society (sharing mechanisms), corporate governance, and sustainable development. MEAN WELL employees will also participate in the contest as a team.

“After the primary selection, each group will need to make a three-minute video, before finally publishing their finalized content in June of 2023, with a grand prize of NTD$100,000,” Wang explained. The SDG development strategies will not only be applied at MEAN WELL, but hopefully will help further cultivate education to take root in the next generation.

Through industry-academia competitions, students and the MEAN WELL team can stimulate creativity. Ownership of these ideas will belong to the students, and MEAN WELL can use this creativity to try out more SDG innovations, a win-win for both sides.

Establish Internal SDG Academy to Promote External Environmental Initiatives and Public Welfare

MEAN WELL established its SDG Academy in March of this year with the hopes of building SDG cooperation among internal and external partners.

“In the process of growing towards SDG, we have been learning by doing and doing by learning.” Wang went on to explain that after taking stock of resources, MEAN WELL decided to combine resources with Fu Jen’s College of Management to formally establish an SDG Academy at its headquarters in March 2022. This academy offers various courses, from organizational management, innovation management, financial management, investment, leadership, international affairs, public welfare, and other topics. This way, the team can dive deeper into all aspects and meanings of SDG development, with the goal of stimulating innovation and increasing internationalization.

In terms of public welfare activities, 2023 will see events such as the 13th I Love Tamsui River event, which advocates for waterway protection, as well as the fourth iteration of Commonwealth Magazine’s “Do One Thing for Tamsui River” event. This environmental protection forum will take place both on- and offline to call on people from all walks of life to better cherish the river.

Looking to the future, MEAN WELL has two more philanthropic initiatives in the works. The first is to lock-in donations for a “Public Welfare Building,” a project with the goal of aiding an aging society. At present, MEAN WELL is negotiating with the local government in hopes of adopting more land with public sector assistance, then using the MEAN WELL building donation model to contribute funds. “In the future, in addition to providing social welfare groups, we also hope to develop day- or long-term care services to better provide for the elderly.”

In addition, MEAN WELL plans to create an “Environment Classroom” in Zhuolan Township, Miaoli County. Using its 40 years of expertise in the power industry, the company will demonstrate the construction and application of green energy, energy storage, power supply, and power grids. Wang mentioned that in the future, they may cooperate with institutions of higher learning to explore the concept of circular economy, at once developing plans for environmentally-friendly farms and “fishery and electricity symbiosis” while combining ecological construction methods, AI environmental control, LED lighting, and intelligent power control systems to demonstrate exploration of future lifestyles while placing an emphasis on making learning fun. 

“In the future, we could design a tour of the eco-friendly farm and list it on the SDG network so that people can trade in points to participate,” Wang described. All sustainable development strategies can be linked together, making the benefits more obvious and easier to expand upon. “This means that MEAN WELL will not only serve its current partners in the future, but also open up to the rest of the world and extend its social care farther and wider.”

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