Social Innovation and Entrepreneurship - MIT ID Innovation

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Role of Social Innovation in Entrepreneurship MIT
ID Innovation
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Famous architect, inventor, designer, and
developer of the geodesic dome R. Buckminster
Fuller once said that we need to build new models
that render existing models obsolete to change
something. A multitude of crises plagues todays
worldclimate change, food insecurity,
pandemics, poverty, and many moreand so radical
solutions that go against the grain of convention
and bring about positive change have become the
need of the hour.
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What is Social Innovation?
Social Innovation is the process of reimagining
societal structures to make them conducive for
positive and often necessary change. Such a
paradigm shift can help foster new solutions for
a wide range of social and environmental
challenges. These include issues like
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• Social Justice
• Education
• Environmental protection
• Sustainable Development
• Governance
• Social Entrepreneurship, on the other hand,
  involves innovating and creating new products and
  services to address specific social or
  environmental concerns in a for-profit business
  model.

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Adding the flare of social innovation to
entrepreneurship is another aspect of businesses
addressing environmental, social, and governance
(ESG) concerns through innovative practices,
products, and policies. All of these go
hand-in-hand, and in many cases, the lines
between them are blurred.
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How Can Social Innovation be Incorporated into
Entrepreneurship
Social entrepreneurs have in recent years come up
with brilliant solutions to many issues, from
innovative ultrafast diagnostic kits to clothing
that absorbs carbon dioxide from the air to
groundbreaking treatments and drugs for diseases
like cancer.
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• But it need not be as radical as thatthere are
  relatively simpler practices that companies can
  adopt to bring a more socially conscious ethos to
  their brand. Some examples include
• Adopting a carbon neutral or carbon negative
  business model
• Avoiding plastic use in products
• Empowering employees through paid leave
• Taking care and providing services for employees
  mental health

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These seemingly simple practices combined with
innovation are a step in the right direction. The
point is that instead of focusing on shareholders
as the sole beneficiary, the focus is shifted
towards the wider community and the environment
so that businesses are beneficial to them rather
than detrimental.
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Interestingly, a trend has been noticed in recent
years whereby stakeholders have also been moving
towards more socially conscious business models
and are demanding ESG issues be at the forefront
of the businesses they invest in. A study
by Harvard Business Review that involved 70
executives from more than 40 global investment
firms revealed that ESG concerns were at the top
of their priority.
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Courses in Innovation
The importance of social innovation and
entrepreneurship and its role in the betterment
of society as a whole calls for courses in
innovation to revamp their curriculum to be more
socially conscious. Educating leaders to innovate
as a force for good, rather than merely for
profit, must be a key mission undertaken by
educators across the country and the world to
make a better place for future generations.
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Moreover, businesses and investors alike are
readjusting their focus on addressing key ESG
concerns. Therefore, incorporating social
innovation into new entrepreneurial ventures is
fundamental to improving the state of the world
and keeping up with the competition while
ensuring growth in todays market.
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Innovation Courses.
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