What is Social Innovation and What are the business opportunities?

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What is Social Innovation and What are the business opportunities? - What is Social Innovation and What Are the Business Opportunities?

has social responsibility a long way in come the last 10 years. Once a term used by large companies as a marketing tactic, there was for businesses of all shapes and sizes big leaps forward have been that community embrace that they in work.

has

brought this growth in popularity with a whole new vocabulary of terms that are difficult to distinguish from each other. In an effort to demystify the social world, we have listed below the common terms used when discussing social innovation to and how they are applied.

Social Enterprise

Social enterprises are enterprises whose main purpose is to serve the common good. You know what they do, who they want to help and how they plan to do it. You sell or produce goods or services to generate income, which is used to achieve its social objectives. All profits and assets are used to give back and are not distributed to shareholders. Instead, success of the measurement of profit, they measure the Triple Bottom Line, a balanced relationship between the two social and financial values ​​

. Example: Potluck Café and Catering

Potluck Café and Catering are a good example of a social enterprise. Beginning in 01, this Small Business BC Awards nominees was to help original vision, the lives of people in Vancouver Downtown Eastside transformation of jobs and food for those in need. Today, they have over 16,0 free nutritious meals per year and employment, training and life support for Vancouver's most vulnerable residents. Known as a leader in social business both in Vancouver and abroad, they have received many awards received for their community programs.

Triple Bottom Line

Often shortened TBL or 3BL, the Triple Bottom Line is an accounting measure concept of social, environmental and financial impact of a company. It is a framework that is used by for-profit and not-for-profit organizations alike

. Example: Eclipse Awards

Small Business BC Best Green Business Award winner, Toby Barazzuol the journey applies Bottom line theory to its business and employees. Eclipse Awards have has built on their sustainable journey since 04 Toby an inspiring and healthy workplace with his team that he believes that a part of what motivated his team coming back and bring their best. never compete Vowing about the price, press instead the value of their products and how they relate. for their community

Social Entrepreneurs

Social entrepreneurs are individuals who recognize and use them to find their entrepreneurial skills to create a program or business process, a solution is a social problem. While often associated with the non-profit sector, they are only limited

in this sector. Example: Mark Brand

One known from BC Social Entrepreneurs is Mark brand. With a show on the Oprah Network and TEDTalks under his belt, its mission is to share the importance of sustainable business models. After opening in 2011, a number of restaurants, clothing labels and breweries in BC, he began his biggest project to date, when he (DTES) bought Symbol Downtown Eastside to store meat. After restoring back its prime, the building, he went on the Community Rejuvenation in resided, more than 65 employees who live in the community. The company now has a meal program that serves 450 people a day, seven days a week.

Social Innovation

Social innovation is used to describe the type of initiative, product, process or program, the social landscape has been improving, developed. It is the idea of ​​social entrepreneur understands that the social enterprise to build

Example :. Lunapads were

created

Lunapads Madeleine Shaw, fashion designer, who wanted an alternative to disposable pads and tampons. After discovering how they made her feel like she trying to start a company to share this gift with others. She met Suzanne Siemens, have access to better health four years later and together made a plan women around the world to help them donate their pads women in nations by their Pads4Girls campaigns and Imagine1Day group to develop the girls who otherwise missing school would help to be delivered due to lack of sufficient menstrual.

Social Finance

Non-profit organizations, which are often financed by government grants and philanthropy. Today social enterprises are to find financing from traditional business investors with financial and technology backgrounds, the new financing structures develop triple bottom line returns to recognize. As a result, investment has become much more available than ever

Example :. Vancity

was founded Vancity

on values-based banks. They focus on customers who are looking to improve their social, ethical and environmental performance in their community. You agree in turn to their own environmental sustainability and ethical business practices, education, and financial literacy programs.

Social Shopping

The companies are not only always aware of the impact their business has on the community, but what impact the companies who choose to buy from also. Social buying is to procure the process elements for your business, based on environmental, social and ethical implications and value for money

. Example: Soil-Mate

Matt Gomez founded Floor Mate, press the message 'local buy'. He believes in the importance of health, community and sustainability, and that is to know how our food is grown established, where and by whom. His message is simple: Know your farmer, know your food. His goal is for the communities to be as self-sustaining as possible and connect with their surroundings.

The growing world of social innovation

The results of social innovation are all around us everywhere. Self build homes, community gardens, consumer cooperatives, holistic health, medicine and social purchasing portals. We live in an innovative province where these new ideas can be applied to the communities we do in a better place to live.

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