What is social innovation?
When we hear the term innovation, on top of our heads, it would be the creation of something new that provides value to the humanity. For instance, we are probably familiar with the innovation of new technology like the internet, and high-quality camera. Although we may grasp what innovation in technology field is, it is also crucial to understand the innovation in the field of social well-being, hence the term βsocial innovationβ.
The term itself may give a glimpse of its meaning, which refers to the creation of new designs and implementation of new solutions to tackle emerging social problems that result in the development of the citizens' social welfare. Different groups including individuals, non-governmental entities, or the government, can initiate social innovation. An efficient and trendy example would be creating an online learning platform to assist in knowledge sharing across the globe.
Why do we need social innovation?
Why do we need social innovation? Or is a social innovation necessary? You may ask. The obvious answer is that social innovation is essential, which can be explained by these points.
#1. Social innovation leads to economic growth
As a citizen of your own nation, there are times you would compare and imagine your country would also be developed and prospers as another country, thinking that cities are filled with beautiful skyscrapers, roads are well-constructed, people are well educated, and the poverty rate is minimal. Some may forget that citizens, especially merchants and entrepreneurs, play an essential role in contributing to the prosperity of a country through innovation.
The saddest truth about society is that it consists of various problems ranging from serious social issues such as hunger, poverty, and disease to less severe problems such as lack of internet service and difficulties in the shopping process. The happy truth now is that these social issues can be solved through consistent innovation, through creating something new to solve an existing problem that has been around for so long. Moreover, some cases have been around for so long; it has now become a norm that needs new and up to dates solutions to tackle that leads to higher productivity, enhanced more significant outcome, and, therefore, economic growth.
#2. Gain trust and value for the business
Creating something new to solve societal problems does benefit your company as a business owner before the countryβs economy. With the need for development in economies and solutions to tackle societal issues, the world is demanding social innovations. Therefore, it is significant for the implementation of businesses to enhance the trust and value of the company. Imagine you as a customer having to choose between two companies, one with new creative ideas and innovations and another that is basic. You would be more likely to choose the company that innovates as it provides more value than other companies. Moreover, the business that innovates creates more trust from the customers as more reliable and trustworthy. With the declining confidence level of the public, those companies who can link societal issues to their businesses are more likely to gain public support and reliability.
#3 Create long-term success
A business with a social innovation mindset is also beneficial for the process internally. Each member can have innovative ideas to seek solutions to social issues, increasing the team's connection and value. Other than that, it provides long-term stability because future stakeholders look not only at the profitability or revenue the company gives but the value; as the social innovation tackles social and environmental problems, it provides long-term success.
Steps to good social innovation
You may say, if it is that easy, then why is the world not filled with innovation already? Well, social innovation is anything but easy. Creating something unique and, at the same time, solving societal problems need time and effort. However, a few points can be essential to follow:
#1. Create an innovation culture
Innovation is not something that could be done overnight, it takes consistent time and progress, and the first thing to start is to have a culture of innovation within the team. Thus, if youβre the leader or the owner of the business, you would need to remind and boost the innovation mindset of every team member to keep track of ideas and problems within the society.
One way to initiate an innovation culture is to start slow by going with one idea and seek feedback or output from all the members for suggestions or improvement. By doing this frequently, the members would be fired up with creative and innovative ideas.
#2. Expand partnership
Innovative business ideas frequently lack funding or financial support; this is when creating partnerships and investments are essential. Pitch your ideas to various investors, communicate, and expand your image and reputation, which can gain investors' trust and receive feedback to improve your thoughts.
Conclusion
Social innovation, which emphasizes creating solutions to societal issues, is indeed crucial for the development of society in terms of social wellbeing and economic growth. Other than that, it is vital for businesses and entrepreneurs as it gives additional value for companies to achieve long-term sustainability.
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