Social Innovation

Social innovation in its various forms has existed for several decades, but its full potential has only emerged in recent times, especially in its ability to address several societal challenges. The recent incarnation of social innovation is geared to address the gaps in the fulfillment of societal human needs and act as the needs’ satisfiers. The generally accepted premise is that social innovations are not profit-maximizing endeavors and increase social welfare. Furthermore, the idea of social innovations has evolved to different types of innovations where social innovations are derived and embedded in technological innovations, address a social cause, and are expected to generate profits.