What is "Social Innovation"?
“A social innovation is a novel solution to a social problem that is more effective, efficient, sustainable, or just than current solutions. The value created accrues primarily to society rather than to private individuals.”
Stanford Social Innovation Review
Social Innovation is designed to help you understand and develop viable solutions to pressing social and environmental problems. There are many approaches to addressing societal concerns including governmental policy and social activism. Social Innovators engage these sectors but also utilize the entrepreneurial practices of the business sector to build solutions that are self-sustaining and scalable and are not dependent on charitable contributions or government funding.
Examples of Social Innovation
Circular Economy
Microfinance
Microfinance is a social innovation that brings financial services to low-income individuals or to those who do not have access to typical banking services.
One-for-One
One-for-One business models are those where for each product a consumer buys, a second identical product is donated to a charitable cause. Toms Shoes was a pioneer, but now many products and communities are innovating with the approach.
Base of the Pyramid Products
Many social innovators are developing products or services that address the needs of low-income or marginalized communities. LifeStraw, for example, is a cheap, portable water purifier that serves communities without access to clear water.
Mason's Pop-Up Pantry
