Social innovation 101: What you need to know about it

Social innovation is defined as the creation and enactment of innovative, workable responses to environmental or social issues. Unlike social enterprise, which refers to the business model that optimizes social and financial returns, social innovation lasts long and has a large-scale impact. It can be implemented by both the government and private institutions, including non-profit sectors. Social innovation is also different from social entrepreneurship, which focuses on co-designing solutions with the community to ensure longevity and results. Instead of just focusing on the solution, social entrepreneurs demonstrate implications and desire scale, making them innovative as well as rigorous in their outlook. Corporate social innovation, on the other hand, is business and social innovation in one, and it holds companies accountable for their activities while making them more susceptible to public sentiment. Social innovation is important because it contributes a new element to innovation while maintaining socio-economic development. It provides opportunities for business development, enhances brand image, provides competitive employees, and yields a robust supply chain. Some examples of social innovation include the Route for charging e-vehicles in Sweden and the first 3D community in the world built in the Tabasco region of Mexico.