Overview
Innovation is the practical implementation of ideas that result in new or improved goods or services offered to customers. Innovation helps companies grow, remain relevant and differentiate themselves from the competition. Innovation can also improve outcomes for other stakeholders orbiting the company through social innovation.
Social innovation is concerned with developing and deploying effective solutions to challenging and often systemic social and environmental issues. Whether these come from national policies or governmental/ non-governmental entities, such solutions should meet social needs better than before.
A truly prosperous society in our days consists of both economic prosperity and social prosperity.
Social innovation should have a long-term impact on a large scale. Traditionally pursued through the endeavours of non-profit organisations, the business community is now encouraged to address society’s challenges too.
