Hocol
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Publication Date:
March 15, 2011
Source:
Social Enterprise Knowledge Network
This business case illustrates how Hocol competed in the exploration and extraction of oil in Colombia. What distinguished this oil company was the dynamic construction of a particular business model based on a deep understanding of the external context, allowing the simultaneous creation of economic value (profitability) and social value (promotion of social development). Hocol conceived a business model based on the conciliation and mutual reinforcement of different forces that impacted its performance at different moments in its history.
The case describes the ability of Hocol to understand and transform multiple contextual forces, adverse and convergent, to develop internal capacities and to apply its business competencies to achieve positive results in the economic, social and environmental realms. Hocol designed a business model under the following principle: “the success of the company is founded on the success of the people and groups that surround it.” While the company claimed “not to have a model,” it was clear that it was one of learning, experimentation and incremental and permanent adaptation to the demands of its external context. The conception of a business model with these characteristics redirected the development of Hocol´s activities, in particular the work of the Government and Community Affairs and Industrial Protection team, and shaped the activities of the Foundation wherever it operated. Hocol maintained that to achieve better economic and social results it needed to understand and manage a variety of pressures that stemmed from the environment in which it worked. At the same time, it needed to build internal resources and abilities that would allow it to convert threats into opportunities and to respond to the expectations of shareholders, sub-contractors, surrounding communities and other stakeholders. In sum, Hocol sought to understand the evolution of needs in the society of which it was a part and to help satisfy these needs through strengthening community-based organizations and governmental institutions.
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Hocol
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